Property prices are constantly moving up and down.
Normally, property values appreciate in the long term.
But, of course, there are no guarantees in real estate.
When your home appreciates you have a greater asset to borrow against, and you'll realize a greater profit when you sell.
There are various reasons why property values in Mission Viejo shift. So, how do you know what you're investing in right now will appreciate over time?
The most important element is that you select an agent in Mission Viejo who understands the factors that influence local prices.
The economy is assumed to be the top factor impacting real estate appreciation.
Obviously,
mortgage rates, unemployment, business growth, government programs and numerous other national factors have a noticeable impact on your home's value.
But the most influential issues that figure your property's value are particular to the local Mission Viejo economy and residential market.
Access to services - Being close to schools, work and amenities like shopping, restaurants and entertainment is a priority to many buyers and will greatly influence home values.
So when it comes to retaining their value, these regions consistently appreciate the best.
Recent sales - Your real estate agent should give you figures on the recent real estate 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.
History of appreciation - In the past 5-10 years, have property prices gone up or down? Does location or affordability affect how desirable the area is believed to be?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a fair mix of business in an area, or does it count on just one industry?
Each of these items plays a role.