Home values are constantly moving up and down.
Over a long enough period of time, home values usually appreciate.
But, of course, there is always a certain amount of risk in real estate.
When your house appreciates you have more equity to borrow against, and you'll create a better profit when you sell.
There are different reasons why property values in Colorado Springs change. So, how will you be sure what you're buying today will appreciate over time?
Choosing an agent in Colorado Springs who is familiar with the factors that affect local prices is the most important aspect to consider.
What is the biggest factor impacting real estate appreciation? Many are convinced that it's the economy.
It goes without saying that
interest rates, employment, job growth, government programs and many other national determinants have a measurable impact on your home's value.
But the most important factors that determine your home's value are particular to the local Colorado Springs economy and housing market.
Location in a community - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is important to a lot of families and will greatly influence home values.
So those areas typically appreciate, or keep their value, best.
Recent sales - Your real estate agent should give you reports on the recent real estate sales in the regions that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have home 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?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a good blend of job types in an area, or does it rely upon just one industry? Is the mix of commercial and residential zoning changing?
All these play a role.