Property values are forever in flux.
Usually, property values appreciate in the long term.
But there is always a certain amount of risk in real estate, of course.
When your property appreciates you have more resources to borrow against, and you'll generate a larger profit when you sell.
There is a variety of reasons why property values in Mission Viejo vary. So, how do you know what you're investing in right now will appreciate over time?
The most important thing to consider is that you go with a real estate agent in Mission Viejo who knows the factors that influence local prices.
What is the most crucial factor impacting real estate appreciation? Many are convinced that it's the economy.
It goes without saying that
there are a handful of factors on a national level that change your house's value: unemployment, interest rates, the stock market, and more.
However, your house's value and the elements that play the biggest role in its appreciation are specific to the local Mission Viejo economy and housing market.
Access to services - People typically want homes in the areas with the most accommodating amenities, like our schools, jobs, and shopping.
So those regions typically appreciate, or hold their value, best.
Recent sales - Your REALTOR® should provide you with facts and figures on the recent home sales in the districts that you're interested in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the community believed to be desirable because of its location or affordability? Have house prices increased or decreased over the last 5 to 10 years?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a nice mix of work in an area, or does it rely upon just one industry? Is the blend of commercial and residential zoning changing?
Each of these pieces plays a role.