Property prices are constantly moving up and down.
Over a long enough period of time, home values , for the most part, go up.
But, of course, in real estate there are no "sure things".
When your home appreciates you have a larger asset to borrow against, and you make a bigger profit when you sell.
Property values in Mission Viejo fluctuate for a variety of reasons, so how do you know what you're purchasing today won't depreciate the day after you close?
Choosing an agent in Mission Viejo who understands the factors that drive local prices is the most important factor.
What is the most critical factor impacting real estate appreciation? Many are convinced that it's the economy.
It goes without saying that
there are a handful of factors on a national level that impact your home's value: unemployment, interest rates, consumer confidence, and more.
However, your house's value and the elements that play the biggest role in its appreciation depend on the local Mission Viejo economy and housing market.
Location in a community - Many home buyers wish to live in areas with the most accommodating factors for households to succeed, like a close proximity to jobs and schools.
So these regions typically appreciate, or keep their value consistently, year to year.
Recent home sales - Are homes on the market 30, 60, or 90 days or even longer? What was the final sales amount compared to the listing price? A lot of data can be retrieved from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
Appreciation history - Have property prices gone up or down over the past 5 to 10 years? Is the area thought of as desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a fair blend of job types in an area, or does it rely upon just one industry? Is the blend of commercial and residential zoning changing?
Each of these elements plays a role.