Property prices are forever in flux.
Home values appreciate in the long term by and large.
But, of course, there are no "sure things" in real estate.
When your house appreciates you have a larger asset to borrow against, and you'll generate a greater profit when you sell.
There is a variety of reasons why property values in Colorado Springs fluctuate. So, how can you be sure what you're investing in right now will appreciate over time?
Choosing a REALTOR® in Colorado Springs who can identify the factors that drive local prices is the most important aspect.
The economy is believed to be the most crucial factor affecting real estate appreciation.
It goes without saying that
there are some issues on a national level that influence your home's value: unemployment, mortgage rates, quarterly earnings reports, and more.
However, your home's value and the features that play the biggest role in its appreciation depend on the local Colorado Springs economy and housing market.
Access to services - Proximity to schools and work also have a huge effect on most home buyers' choices.
So those regions usually appreciate, or carry their value consistently, year to year.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? What was the selling price compared to the asking price? Some information can often be obtained from public records, but a good agent with access to the local MLS will often be able to provide a more complete picture.
The appreciation history - Is the neighborhood thought of as desirable because of its location or affordability? Have property prices increased or decreased over the past 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a good mix of job types in an area, or does it depend on just one industry?
These items play a part.