Home values are forever in flux.
House values appreciate in the long term almost always.
But, of course, in real estate there is always a certain amount of risk.
When your house appreciates you have a greater asset to borrow against, and you'll realize a higher profit when you sell.
But how will you know what you're buying today will appreciate over time? Property values in Mission Viejo change for numerous reasons.
Choosing a real estate agent in Mission Viejo who knows the factors that drive local prices is the most important thing to consider.
Many assume that the economy is the most influential factor affecting real estate appreciation.
Obviously,
there are a lot of issues on a national level that alter your home's value: unemployment, interest rates, inflation, and more.
However, your home's value and the components that play the most significant role in its appreciation are specific to the local Mission Viejo economy and housing market.
Access to services - People typically want homes in the districts with the most accommodating places we go often or everyday, like our schools and work.
So these communities usually appreciate, or hold their value consistently, year to year.
Real estate sales trends - What's the time on market? What was the selling price versus the asking price? Some information can be retrieved from public records, but a good agent with access to the local MLS will often provide a more complete picture.
The appreciation history - Is the neighborhood thought to be desirable because of its location or affordability? Have house prices increased or decreased over the past 5 to 10 years?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a good mix of job types in an area, or does it rely upon just one industry?
Each of these pieces plays a part.