Over time, the worth of a piece of real estate will go up and down.
Almost always, property values appreciate in the long term.
But, in real estate there are no "sure things".
When your property appreciates you have a larger asset to borrow against, and you'll produce a bigger profit when you sell.
There are different reasons why property values in Colorado Springs change. So, how can you be sure what you're purchasing now will appreciate over time?
The most important factor to consider is that you go with a real estate agent in Colorado Springs who recognizes the factors that influence local prices.
Many are convinced that the economy is the most influential factor affecting real estate appreciation.
interest rates, unemployment, job growth, government programs and several other national determinants have a definite effect on your property's worth.
But the most important factors that decide your house's value are particular to the local Colorado Springs economy and residential market.
Location in a community - Most people want homes in the regions with the most convenient places we go often or everyday, such as our schools and jobs.
So those communities usually appreciate, or retain their value, best.
The latest home sales - You should receive figures on the recent real estate sales in the areas that you're asking about from your real estate agent. You'll need to learn data like time on market and seller discounts.
The appreciation history - Is the neighborhood thought to be desirable because of its location or affordability? Have home prices risen or declined over the past 5 to 10 years?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a fair combination of jobs in an area, or does it depend on just one industry? Is the mix of commercial and residential zoning changing?
Each of these pieces plays a role.