Understanding Oklahoma City home prices

Home prices are constantly moving up and down. Almost always, house values appreciate in the long term. But, of course, in real estate there are no "sure things".

When your house appreciates you have a bigger asset to borrow against, and you'll realize a greater profit when you sell. Property values in Oklahoma City vary for different reasons, so how can you be sure what you're buying today won't depreciate the day after you close? Choosing a REALTOR^® in Oklahoma City who knows the factors that influence local prices is the most important element to consider.

A lot of people guess that the economy is the most important factor impacting real estate appreciation. Obviously, there are some factors on a national level that impact your home's value: unemployment, interest rates, the stock market, and more. But the most significant issues that decide your home's value are specific to the local Oklahoma City economy and housing market.

Access to services - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is important to many buyers and will greatly influence home values. So these areas typically appreciate, or hold their value, best.

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

Appreciation history - Have house prices increased or decreased over the last 5-10 years? Is the area considered desirable because of its location or affordability?

The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a fair combination of work in an area, or does it depend on just one industry? Is the mix of commercial and residential development changing? Each of these pieces plays a part.