Over time, the value of a house will fluctuate up and down.
Over a long enough period of time, property values , by and large, appreciate.
But, in real estate there is always a certain amount of risk.
When your home appreciates you have a larger asset to borrow against, and you make a bigger profit when you sell.
But how will you be sure what you're purchasing presently will appreciate over time? Property values in Mission Viejo waver for numerous reasons.
The most important aspect is that you go with an agent in Mission Viejo who can identify the factors that drive local prices.
A lot of people think that the economy is the number one factor affecting real estate appreciation.
mortgage rates, unemployment, business growth, government programs and many other national factors have a definite influence on your home's worth.
But the most influential issues that decide your home's value depend on the local Mission Viejo economy and housing market.
Access to services - Proximity to schools, jobs, and amenities also have a significant impact on all home buyers' choices.
So when it comes to holding their value, these areas usually appreciate the best.
Recent sales - Your REALTOR® should provide you with figures on the recent home sales in the regions that you're interested in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have property prices risen or declined over the last 5-10 years? Is the area believed to be desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a fair combination of business in an area, or does it depend on just one industry?
These items play a role.