Over time, the value of a home will fluctuate up and down.
House values appreciate in the long term in most cases.
But, in real estate there are no "sure things".
When your property appreciates you have a larger asset to borrow against, and you'll make a greater profit when you sell.
There are numerous reasons why property values in Oakland vary. So, how will you know what you're purchasing this year will appreciate over time?
Choosing an agent in Oakland who can identify the factors that influence local prices is the most important element to consider.
What is the major factor affecting real estate appreciation? Many guess that it's the economy.
Naturally,
interest rates, employment, business growth, government programs and a handful of other national determinants have a measurable impact on your home's value.
But the most significant issues that figure your house's value depend on the local Oakland economy and residential market.
Access to services - Many consumers prefer to live in areas with the most helpful components for homes to succeed, such as a close proximity to jobs and schools.
So when it comes to retaining their value, these communities generally appreciate much more reliably than areas lacking key features.
Real estate sales trends - What's the time on market? What was the selling price 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 often provide a more complete picture.
Appreciation history - Have house prices increased or decreased over the last 5-10 years? Is the community considered desirable because of its location or affordability?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a good blend of business in an area, or does it rely upon just one industry?
These items play a part.