Understanding Oakland property appreciation

Over time, the value of a house will go up and down. Over a long enough period of time, property values generally appreciate. But, of course, in real estate there is always a certain amount of risk.

When your property appreciates you have more equity to borrow against, and you'll generate a greater profit when you sell. Property values in Oakland waver for a variety of reasons, so how will you know what you're purchasing today won't depreciate the day after you close? It's critical that you select a real estate agent in Oakland who understands the factors that affect local prices.

A lot of people believe that the economy is the biggest factor impacting real estate appreciation. Naturally, mortgage rates, unemployment, job growth, government programs and quite a few other national factors have a definite effect on your home's worth. However, your house's value and the features that play the biggest role in its appreciation depend on the local Oakland economy and housing market.

Let Thomas-Chambers Company<br>BRE # 01208644 help you with your first home purchase in Oakland Access to services - People typically want homes in the districts with the most accommodating features, such as our schools and work. So when it comes to holding their value, these communities usually appreciate the best.

Real estate sales trends - How long are homes up for sale before closing? What was the selling price versus the asking price? A lot of data can be retrieved from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.

Appreciation history - Have home prices risen or declined over the last 5-10 years? Is the area considered desirable because of its location or affordability?

The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a good combination of work in an area, or does it count on just one industry? Is the blend of commercial and residential development changing? These items play a role.

It's wise to learn about the factors that affect your house's price. Click here to get an assessment of your home's value. Please call me at 5106010116 or e-mail me with any questions.

Thomas-Chambers Company
BRE # 01208644

449 W MacArthur Blvd.
Oakland, CA 94609