Home prices are forever in flux.
Home values appreciate in the long term normally.
But, of course, in real estate there are no guarantees.
When your property appreciates you have more equity to borrow against, and you make a bigger profit when you sell.
There are different reasons why property values in Colorado Springs go up and down. So, how will you know what you're buying now will appreciate over time?
The most important aspect is that you go with a REALTOR® in Colorado Springs who knows the factors that drive local prices.
Many believe that the economy is the most critical factor affecting real estate appreciation.
After all,
there are many factors on a national level that change your property's value: unemployment, mortgage rates, inflation, and more.
However, your house's value and the things that play the biggest role in its appreciation are specific to the local Colorado Springs economy and housing market.
Location in a community - People typically want homes in the regions with the most accommodating features, such as our schools, jobs, and shopping.
So when it comes to retaining their value, these regions usually appreciate the best.
Recent home sales - You should receive statistics on the recent real estate sales in the regions that you're asking about from your real estate agent. You'll need to know data like time on market and asking price versus selling price.
Appreciation history - Have home prices gone up or down over the past 5-10 years? Is the community believed to be desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a nice blend of work in an area, or does it depend on just one industry?
These items play a part.