Property values are constantly moving up and down.
Generally, house values appreciate in the long term.
But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have a larger asset to borrow against, and you'll produce a better profit when you sell.
But how can you be sure what you're buying today will appreciate over time? Property values in Mission Viejo go up and down for different reasons.
Choosing a REALTOR® in Mission Viejo who is familiar with the factors that drive local prices is the most important thing to consider.
What is the number one factor impacting real estate appreciation? Many are convinced that it's the economy.
there are a handful of issues on a national level that affect your house's value: unemployment, interest rates, consumer confidence, and more.
However, your house's value and the features that play the most significant role in its appreciation are particular to the local Mission Viejo economy and housing market.
Location in a community - Many consumers wish to live in areas with the most accommodating elements for households to succeed, such as a close proximity to schools and work.
So those regions typically appreciate, or keep their value consistently, year to year.
The latest home sales - You should receive statistics on the recent real estate sales in the neighborhoods that you'd like to live in from your REALTOR®. You'll need to analyze things like how long a house stays on the market and listing price as opposed to selling price.
History of appreciation - In the last 5-10 years, have property prices gone up or down? Does location or affordability affect how desirable the area is believed to be?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a nice mixture of business in an area, or does it count on just one industry?
Each of these things plays a part.