Home prices are forever in flux.
By and large, property values appreciate in the long term.
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'll generate a greater profit when you sell.
There are numerous reasons why property values in Oakland shift. So, how will you be sure what you're investing in presently will appreciate over time?
Choosing an agent in Oakland who recognizes the factors that affect local prices is the most important factor to consider.
What is the greatest factor affecting real estate appreciation? Many are convinced that it's the economy.
Naturally,
there are many issues on a national level that alter your house's value: unemployment, interest rates, quarterly earnings reports, and more.
But the most influential things that decide your home's value depend on the local Oakland economy and housing market.
Access to services - Most people want homes in the districts with the best and most convenient places we go often or everyday, like our schools and jobs.
So those regions consistently appreciate, or carry their value, best.
Recent home sales - You should receive reports on the recent real estate sales in the districts that you're interested in from your real estate agent. You'll want to learn figures like time on market and seller discounts.
History of appreciation - In the last 5-10 years, have house prices gone up or down? Does location or affordability affect how desirable the community is thought to be?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a nice mix of business in an area, or does it rely upon just one industry?
These items play a role.