Over time, the worth of a home will fluctuate up and down.
Home values appreciate in the long term in most cases.
But there is always a certain amount of risk in real estate, of course.
When your house appreciates you have more resources to borrow against, and you'll generate a better profit when you sell.
Property values in Colorado Springs go up and down for numerous reasons, so how will you know what you're buying right now won't depreciate the day after you close?
The most important thing to consider is that you choose a REALTOR® in Colorado Springs who is familiar with the factors that influence local prices.
The economy is believed to be the most important factor affecting real estate appreciation.
interest rates, employment, business growth, government programs and numerous other national determinants have a definite impact on your property's worth.
However, your property's value and the things that play the biggest role in its appreciation are particular to the local Colorado Springs economy and housing market.
Location in a community - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is a priority to a lot of us and will greatly influence home values.
So these areas usually appreciate, or hold their value, best.
Recent home sales - You should receive figures on the recent real estate sales in the areas that you're asking about from your REALTOR®. You'll want to analyze things like how long a house stays on the market and listing price versus selling price.
Appreciation history - Have home prices risen or declined over the past 5 to 10 years? Is the community thought of as desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a nice combination of jobs in an area, or does it count on just one industry?
All these play a role.