Real estate prices are continually changing.
House values appreciate in the long term by and large.
But, in real estate there are no "sure things".
When your house appreciates you have a larger asset to borrow against, and you get a better profit when you sell.
Property values in Mission Viejo vary for various reasons, so how will you know what you're buying right now won't depreciate the day after you close?
Choosing an agent in Mission Viejo who can identify the factors that influence local prices is the most important element to consider.
Many believe that the economy is the top factor affecting real estate appreciation.
Obviously,
mortgage rates, employment, business growth, government programs and a handful of other national determinants have a noticeable influence on your property's worth.
But the most influential things that determine your property's value depend on the local Mission Viejo economy and residential market.
Location in a community - Being close to schools, employment and amenities like shopping, restaurants and entertainment is important to many families and will greatly influence home values.
So when it comes to retaining their value, these areas usually appreciate much more reliably than areas lacking key features.
Recent sales - Your real estate agent should provide you with facts and figures on the recent home 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.
The appreciation history - Is the community believed to be desirable because of its location or affordability? Have home prices risen or declined over the last 5-10 years?
Local economy - Is there a nice combination of work in an area, or does it count on just one industry? Have businesses moved into or away from an area? Are local companies hiring?
Each of these things plays a role.