Over time, the worth of a house will fluctuate up and down.
Typically, house 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 see a better profit when you sell.
But how will you know what you're buying right now will appreciate over time? Property values in Colorado Springs waver for a variety of reasons.
The most important element to consider is that you choose a REALTOR® in Colorado Springs who understands the factors that influence local prices.
What is the greatest factor affecting real estate appreciation? Many are convinced that it's the economy.
It goes without saying that
there are a lot of factors on a national level that change your house's value: unemployment, mortgage rates, consumer confidence, and more.
But the most significant issues that figure your home's value are particular to the local Colorado Springs economy and housing market.
Access to services - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is a big deal to a lot of families and will greatly influence home values.
So these regions generally appreciate, or retain their value consistently, year to year.
Recent sales - Your real estate agent should provide you with facts and figures on the recent home sales in the regions that you're asking about. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5-10 years, have house prices increased or decreased? Does location or affordability affect how desirable the community is believed to be?
Local economy - Is there a good mixture of job types in an area, or does it rely upon just one industry? Have companies moved into or away from an area? Are local companies hiring?
These items play a part.