Over time, the worth of a property will go up and down.
House values appreciate in the long term in most cases.
But there are no "sure things" in real estate, of course.
When your home appreciates you have more equity to borrow against, and you'll produce a better profit when you sell.
But how do you know what you're buying presently will appreciate over time? Property values in Oakland go up and down for various reasons.
The most important element to consider is that you pick an agent in Oakland who knows the factors that affect local prices.
A lot of people guess that the economy is the most important factor affecting real estate appreciation.
It goes without saying that
there are quite a few issues on a national level that impact your home's value: unemployment, interest rates, quarterly earnings reports, and more.
However, your property's value and the components that play the biggest role in its appreciation are specific to the local Oakland economy and housing market.
Location in a community - People typically want homes in the regions with the most accommodating places we go often or everyday, such as our schools and work.
So when it comes to retaining their value, these communities often appreciate the best.
Real estate sales trends - How fast are homes selling? Are sellers having to discount much? A lot of data can be retrieved from public records, but a good agent with a login to the local MLS will often be able to provide a more complete picture.
History of appreciation - In the past 5 to 10 years, have house prices risen or declined? Does location or affordability affect how desirable the community is thought to be?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a fair mixture of work in an area, or does it rely on just one industry? Is the blend of commercial and residential development changing?
Each of these pieces plays a part.