Home prices are continually changing.
Property values appreciate in the long term almost always.
But, of course, there are no guarantees in real estate.
When your house appreciates you have more equity to borrow against, and you'll make a larger profit when you sell.
There is a variety of reasons why property values in Colorado Springs go up and down. So, how do you know what you're investing in today will appreciate over time?
It's critical that you go with a real estate agent in Colorado Springs who can identify the factors that drive local prices.
Many believe that the economy is the major factor affecting real estate appreciation.
mortgage rates, employment, business growth, government programs and numerous other national factors have a noticeable impact on your property's worth.
But the most important things that decide your house's value are specific to the local Colorado Springs economy and housing market.
Access to services - Most people want homes in the regions with the most accommodating places we go often or everyday, like our schools and work.
So these areas generally appreciate, or retain their value, best.
The latest home sales - You should receive stats on the recent real estate sales in the districts that you'd like to live in from your REALTOR®. You'll need to know figures like how long a house stays on the market and seller discounts.
Appreciation history - Have house prices increased or decreased over the last 5 to 10 years? Is the neighborhood thought to be 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 fair mixture of jobs in an area, or does it count on just one industry?
Each of these pieces plays a part.
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