Property values are continually changing.
For the most part, house values appreciate in the long term.
But, in real estate there is always a certain amount of risk.
When your property appreciates you have a bigger asset to borrow against, and you'll make a larger profit when you sell.
Property values in Mission Viejo shift for a variety of reasons, so how do you know what you're buying right now won't depreciate the day after you close?
Choosing a real estate agent in Mission Viejo who recognizes the factors that influence local prices is the most important element.
What is the top factor affecting real estate appreciation? Many think that it's the economy.
It goes without saying that
mortgage rates, unemployment, job growth, government programs and quite a few other national determinants have a measurable impact on your home's worth.
But the most important things that figure your home'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 a big deal to many families and will greatly influence home values.
So when it comes to holding their value, these communities usually appreciate better than others.
Recent sales - Your REALTOR® should provide you with information on the recent home sales in the neighborhoods that you're interested in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have property prices increased or decreased over the last 5 to 10 years? Is the community thought 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 nice combination of business in an area, or does it rely upon just one industry? Is the blend of commercial and residential zoning changing?
All these play a role.