Property prices are constantly moving up and down.
Almost always, house values appreciate in the long term.
But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have more resources to borrow against, and you'll generate a bigger profit when you sell.
Property values in Oakland fluctuate for different reasons, so how can you be sure what you're buying right now won't depreciate the day after you close?
The most important thing to consider is that you go with a real estate agent in Oakland who understands the factors that influence 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 adjust your house's value: unemployment, mortgage rates, quarterly earnings reports, and more.
But the most influential issues that figure your property's value are specific to the local Oakland economy and housing market.
Location in a community - Being close to schools, work and amenities like shopping, restaurants and entertainment is a big deal to a lot of us and will greatly influence home values.
So when it comes to retaining their value, these areas often appreciate better than others.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? Are sellers needing to discount much or offer concessions A lot of data can be obtained 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 5-10 years, have property prices increased or decreased? Does location or affordability affect how desirable the community is considered?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a fair blend of business in an area, or does it rely on just one industry? Is the mix of commercial and residential development changing?
These items play a role.