Property prices are continually changing.
House values appreciate in the long term usually.
But, in real estate there are no guarantees.
When your house appreciates you have more equity to borrow against, and you'll see a better profit when you sell.
Property values in Oakland shift for a variety of reasons, so how will you be sure what you're purchasing this year won't depreciate the day after you close?
It's imperative that you select a REALTOR® in Oakland who understands the factors that drive local prices.
The economy is thought to be the biggest factor affecting real estate appreciation.
Naturally,
interest rates, employment, business growth, government programs and several other national factors have a noticeable effect on your home's value.
But the most significant things that determine your house's value depend on the local Oakland economy and residential market.
Location in a community - Many home buyers want to live in regions with the most accommodating components for households to thrive, like a close proximity to jobs and schools.
So when it comes to holding their value, these regions generally appreciate better than others.
Recent home sales - You should receive figures on the recent real estate sales in the areas that you're asking about from your agent. You'll need to analyze things like how long a house stays on the market and seller discounts.
Appreciation history - Have house prices risen or declined over the past 5-10 years? Is the community thought to be desirable because of its location or affordability?
Local economy - Is there a good blend of jobs in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local companies hiring?
All these play a part.