Property values are continually changing.
Generally, home values appreciate in the long term.
But, in real estate there are no "sure things".
When your house appreciates you have a larger asset to borrow against, and you get a higher profit when you sell.
But how will you be sure what you're buying this year will appreciate over time? Property values in Colorado Springs fluctuate for a variety of reasons.
Choosing a REALTOR® in Colorado Springs who understands the factors that influence local prices is the most important aspect to consider.
The economy is believed to be the most crucial factor impacting real estate appreciation.
After all,
mortgage rates, unemployment, business growth, government programs and a lot of other national determinants have a measurable effect on your home's worth.
However, your property's value and the aspects that play the most significant role in its appreciation depend on the local Colorado Springs economy and housing market.
Location in a community - Proximity to work and schools also have a great impact on all home buyers' choices.
So when it comes to holding their value, these areas consistently appreciate better than others.
Recent home sales - How long are homes up for sale before closing? What was the selling price compared to the asking price? Some information can be obtained from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
Appreciation history - Have home prices gone up or down over the last 5 to 10 years? Is the community thought of as desirable because of its location or affordability?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a nice mix of work in an area, or does it count on just one industry?
Each of these factors plays a part.