Property prices are forever in flux.
By and large, property values appreciate in the long term.
But, in real estate there is always a certain amount of risk.
When your home appreciates you have a greater asset to borrow against, and you'll generate a larger profit when you sell.
Property values in Colorado Springs move up and down for various reasons, so how do you know what you're buying this year won't depreciate the day after you close?
Choosing a REALTOR® in Colorado Springs who recognizes the factors that affect local prices is the most important part.
The economy is assumed to be the most influential factor impacting real estate appreciation.
Clearly,
mortgage rates, employment, job growth, government programs and many other national determinants have a measurable influence on your house's value.
However, your home's value and the elements that play the biggest role in its appreciation are specific to the local Colorado Springs economy and housing market.
Access to services - Proximity to schools and jobs also have a major influence on many home buyers' decisions.
So these areas often appreciate, or hold their value consistently, year to year.
Recent sales - Your agent should provide you with data on the recent home sales in the areas that you're interested in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the community thought of as desirable because of its location or affordability? Have home prices gone up or down over the last 5-10 years?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a nice combination of work in an area, or does it depend on just one industry? Is the blend of commercial and residential development changing?
All these play a part.