Property values are forever in flux.
Property values appreciate in the long term typically.
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 bigger profit when you sell.
Property values in Mission Viejo change for various reasons, so how can you be sure what you're purchasing right now won't depreciate the day after you close?
The most important part is that you go with an agent in Mission Viejo who recognizes the factors that drive local prices.
A lot of people think that the economy is the most crucial factor impacting real estate appreciation.
Clearly,
interest rates, unemployment, job growth, government programs and many other national determinants have a measurable impact on your property's worth.
However, your home's value and the elements that play the biggest role in its appreciation are particular to the local Mission Viejo economy and housing market.
Access to services - People typically want homes in the regions with the best and most convenient amenities, such as our work and schools.
So those areas often appreciate, or carry their value consistently, year to year.
Recent home sales - You should receive figures on the recent real estate sales in the regions that you'd like to live in from your REALTOR®. You'll need to learn data like time on market and asking price versus selling price.
History of appreciation - In the past 5-10 years, have property prices gone up or down? Does location or affordability affect how desirable the community is thought of as?
Local economy - Is there a fair mix of job types in an area, or does it depend on just one industry? Have companies moved into or away from an area? Are local businesses hiring?
These items play a role.