Over time, the value of a home will fluctuate up and down.
Property values appreciate in the long term in most cases.
But there is always a certain amount of risk in real estate, of course.
When your house appreciates you have a larger asset to borrow against, and you'll see a higher profit when you sell.
But how will you be sure what you're investing in this year will appreciate over time? Property values in Oakland shift for many different reasons.
The most important element is that you go with a REALTOR® in Oakland who can identify the factors that influence local prices.
The economy is thought to be the most influential factor impacting real estate appreciation.
It goes without saying that
mortgage rates, employment, job growth, government programs and numerous other national determinants have a noticeable impact on your home's worth.
But the most influential things that decide your house's value depend on the local Oakland economy and residential market.
Access to services - Proximity to work and schools also have a major influence on all home buyers' decisions.
So these areas consistently appreciate, or keep their value, best.
Trends in home sales - How long are homes on the market? What was the selling price versus the asking price? Some information can often be retrieved from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
History of appreciation - In the past 5 to 10 years, have home prices gone up or down? Does location or affordability affect how desirable the neighborhood is thought of as?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a good mix of jobs in an area, or does it depend on just one industry? Is the mix of commercial and residential zoning changing?
Each of these elements plays a part.