Home prices are continually changing. Property values appreciate in the long term generally. But, of course, there are no "sure things" in real estate.
When your property appreciates you have a greater asset to borrow against, and you'll realize a better profit when you sell. Property values in Colorado Springs rise and fall for numerous reasons, so how do you know what you're investing in today won't depreciate the day after you close? The most important factor is that you pick an agent in Colorado Springs who recognizes the factors that affect local prices.
Many are convinced that the economy is the most critical factor impacting real estate appreciation. It goes without saying that interest rates, employment, business growth, government programs and several other national factors have a definite impact on your home's worth. But the most significant factors that figure your home's value depend on the local Colorado Springs economy and housing market.
Access to services - People typically want homes in the districts with the easiest access to amenities, like our schools and jobs. So when it comes to keeping their value, these regions typically appreciate better than others.
Real estate sales trends - What's the time on market? What was the final sales amount compared to the asking price? A lot of data can often be retrieved from public records, but a good agent with a login to the local MLS will often provide a more complete picture.
Appreciation history - Have home prices risen or declined over the past 5 to 10 years? Is the area considered desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a fair blend of business in an area, or does it depend on just one industry? Is the mix of commercial and residential zoning changing? All these play a role.
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.