Over time, the value of a home will go up and down.
Property values appreciate in the long term normally.
But there are no "sure things" in real estate, of course.
When your home appreciates you have more equity to borrow against, and you get a bigger profit when you sell.
But how do you know what you're purchasing this year will appreciate over time? Property values in Colorado Springs change for a variety of reasons.
Choosing an agent in Colorado Springs who understands the factors that affect local prices is the most important aspect.
What is the most critical factor affecting real estate appreciation? Many think that it's the economy.
Naturally,
mortgage rates, unemployment, job growth, government programs and a lot of other national determinants have a definite effect on your property's worth.
However, your property's value and the components that play the most significant role in its appreciation 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 buyers and will greatly influence home values.
So those communities usually appreciate, or keep their value, best.
The latest home sales - You should receive data on the recent real estate sales in the neighborhoods that you're interested in from your agent. You'll need to analyze data like time on market and seller discounts.
The appreciation history - Is the area considered desirable because of its location or affordability? Have home prices gone up or down over the last 5-10 years?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a fair mix of job types in an area, or does it depend on just one industry?
Each of these things plays a role.