Real estate values are continually changing.
Usually, home values appreciate in the long term.
But there are no "sure things" in real estate, of course.
When your home appreciates you have a more valuable asset to borrow against, and you'll create a bigger profit when you sell.
Property values in Mission Viejo change for various reasons, so how will you be sure what you're buying right now won't depreciate the day after you close?
Choosing a real estate agent in Mission Viejo who knows the factors that drive local prices is the most important element.
Many assume that the economy is the top factor impacting real estate appreciation.
interest rates, unemployment, job growth, government programs and quite a few other national factors have a definite impact on your property's value.
But the most significant things that figure your property's value depend on the local Mission Viejo economy and housing market.
Access to services - Being close to schools, employment and amenities like shopping, restaurants and entertainment is a priority to a lot of us and will greatly influence home values.
So these regions usually appreciate, or hold their value, best.
Prior home sales - Are homes on the market 30, 60, or 90 days or even longer? Are sellers needing to discount much or offer concessions A lot of data can be obtained from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
History of appreciation - In the past 5-10 years, have home prices risen or declined? Does location or affordability affect how desirable the community is considered?
Local economy - Is there a good blend of business in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local companies hiring?
These items play a role.