Over time, the worth of a piece of real estate will fluctuate up and down.
Over a long enough period of time, home values generally appreciate.
But there are no guarantees in real estate, of course.
When your home appreciates you have a greater asset to borrow against, and you get a greater profit when you sell.
But how do you know what you're buying today will appreciate over time? Property values in Colorado Springs shift for numerous reasons.
Choosing a REALTOR® in Colorado Springs who is familiar with the factors that affect local prices is the most important factor.
The economy is thought to be the most important factor affecting real estate appreciation.
After all,
there are numerous issues on a national level that impact your property's value: unemployment, interest rates, consumer confidence, and more.
But the most significant factors that figure your property's value are specific to the local Colorado Springs economy and housing market.
Access to services - Being close to schools, work and amenities like shopping, restaurants and entertainment is important to a lot of us and will greatly influence home values.
So those communities often appreciate, or carry their value consistently, year to year.
Recent home sales - You should receive data on the recent real estate sales in the regions that you're asking about from your REALTOR®. You'll need to know data like time on market and seller discounts.
Appreciation history - Have home prices risen or declined over the last 5-10 years? Is the community considered desirable because of its location or affordability?
Local economy - Is there a fair mix of business in an area, or does it rely on just one industry? Have companies moved into or away from an area? Are local companies hiring?
These items play a part.