Property prices are constantly moving up and down.
Property values appreciate in the long term normally.
But there is always a certain amount of risk in real estate.
When your property appreciates you have a greater asset to borrow against, and you'll realize a higher profit when you sell.
Property values in Colorado Springs rise and fall for many different reasons, so how will you know what you're buying right now won't depreciate the day after you close?
Choosing a REALTOR® in Colorado Springs who understands the factors that influence local prices is the most important factor to consider.
Many are convinced that the economy is the number one factor affecting real estate appreciation.
After all,
there are some factors on a national level that impact your property's value: unemployment, mortgage rates, the stock market, and more.
But the most significant things that determine your home's value are specific to the local Colorado Springs economy and residential market.
Location in a community - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is a big deal to a lot of buyers and will greatly influence home values.
So when it comes to keeping their value, these areas consistently appreciate much more reliably than areas lacking key features.
Recent sales - Your real estate agent should provide you with figures on the recent real estate sales in the regions that you're interested in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have house prices gone up or down over the last 5 to 10 years? Is the area 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 good blend of job types in an area, or does it rely upon just one industry?
Each of these elements plays a role.