Over time, the value of a home will go up and down.
House values appreciate in the long term normally.
But, in real estate there are no "sure things".
When your property appreciates you have a more valuable asset to borrow against, and you'll make a higher profit when you sell.
But how can you be sure what you're buying now will appreciate over time? Property values in Mission Viejo fluctuate for various reasons.
Choosing a REALTOR® in Mission Viejo who understands the factors that affect local prices is the most important element to consider.
A lot of people guess that the economy is the most crucial factor affecting real estate appreciation.
It goes without saying that
there are a handful of issues on a national level that adjust your home's value: unemployment, mortgage rates, business growth, and more.
But the most important issues that determine your home's value depend on the local Mission Viejo economy and housing market.
Location in a community - People typically want homes in the areas with the most convenient places we go often or everyday, like our jobs and schools.
So these communities consistently appreciate, or carry their value consistently, year to year.
Trends in home sales - Are homes on the market 30, 60, or 90 days or even longer? What was the final sales amount compared to the asking price? A lot of data can often be retrieved from public records, but a good agent with access to the local MLS will usually be able to provide a more complete picture.
History of appreciation - In the last 5-10 years, have property prices increased or decreased? Does location or affordability affect how desirable the neighborhood is thought to be?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a nice mixture of work in an area, or does it rely on just one industry? Is the mix of commercial and residential zoning changing?
Each of these elements plays a part.