Real estate values are constantly moving up and down.
For the most part, property values appreciate in the long term.
But, of course, in real estate there are no guarantees.
When your house appreciates you have a greater asset to borrow against, and you'll produce a larger profit when you sell.
Property values in Mission Viejo fluctuate for different reasons, so how will you know what you're buying presently won't depreciate the day after you close?
It's imperative that you pick a real estate agent in Mission Viejo who knows the factors that influence local prices.
A lot of people think that the economy is the most critical factor affecting real estate appreciation.
After all,
there are a lot of factors on a national level that impact your property's value: unemployment, interest rates, consumer confidence, and more.
But the most significant issues that decide your property's value are specific to the local Mission Viejo economy and residential market.
Location in a community - Many consumers choose to live in areas with the most conducive components for households to grow, such as a close proximity to schools and work.
So when it comes to keeping their value, these communities usually appreciate the best.
Recent sales - Your real estate agent should provide you with stats on the recent home sales in the areas 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 considered desirable because of its location or affordability? Have house prices risen or declined over the last 5-10 years?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a good mixture of job types in an area, or does it rely upon just one industry?
All these play a role.