Over time, the worth of a property will fluctuate up and down.
Over a long enough period of time, home values generally go up.
But, of course, in real estate there are no "sure things".
When your home appreciates you have a greater asset to borrow against, and you'll create a greater profit when you sell.
But how do you know what you're investing in this year will appreciate over time? Property values in Oakland rise and fall for various reasons.
Choosing an agent in Oakland who is familiar with the factors that drive local prices is the most important aspect to consider.
A lot of people think that the economy is the most influential factor impacting real estate appreciation.
After all,
interest rates, employment, job growth, government programs and quite a few other national factors have a noticeable influence on your home's value.
But the most significant issues that determine your home's value depend on the local Oakland economy and residential market.
Location in a community - Most people want homes in the areas with the most useful places we go often or everyday, like our schools and work.
So when it comes to retaining their value, these areas consistently appreciate much more reliably than areas lacking key features.
Recent sales - Your REALTOR® should give you data on the recent real estate sales in the areas that you're interested in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5 to 10 years, have home prices risen or declined? Does location or affordability affect how desirable the community is considered?
Local economy - Is there a fair mixture of work in an area, or does it count on just one industry? Have companies moved into or away from an area? Are local businesses hiring?
These items play a part.