Over time, the value of a home will fluctuate up and down.
Typically, house 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 a bigger asset to borrow against, and you'll generate a bigger profit when you sell.
But how will you know what you're buying right now will appreciate over time? Property values in Mission Viejo change for a variety of reasons.
It's important that you pick a real estate agent in Mission Viejo who can identify the factors that affect local prices.
Many are convinced that the economy is the number one factor affecting real estate appreciation.
interest rates, employment, job growth, government programs and several other national determinants have a measurable effect on your home's value.
But the most significant things that determine your home's value are particular to the local Mission Viejo economy and housing market.
Location in a community - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is a big deal to a lot of us and will greatly influence home values.
So when it comes to keeping their value, these regions generally appreciate the best.
Recent sales - Your agent should provide you with reports on the recent home sales in the districts that you're asking about. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5-10 years, have house prices increased or decreased? Does location or affordability affect how desirable the neighborhood is believed to be?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a nice blend of jobs in an area, or does it rely upon just one industry? Is the mix of commercial and residential zoning changing?
All these play a role.