Home values are continually changing.
Typically, house values appreciate in the long term.
But, of course, there are no "sure things" in real estate.
When your home appreciates you have a larger asset to borrow against, and you'll generate a better profit when you sell.
Property values in Mission Viejo change for various reasons, so how do you know what you're investing in presently won't depreciate the day after you close?
It's important that you pick a REALTOR® in Mission Viejo who can identify the factors that influence local prices.
The economy is believed to be the most crucial factor impacting real estate appreciation.
It goes without saying that
interest rates, employment, job growth, government programs and quite a few other national determinants have a measurable influence on your house's worth.
However, your home's value and the components that play the most significant role in its appreciation are particular to the local Mission Viejo economy and housing market.
Location in a community - Most people want homes in the areas with the easiest access to features, like our work and schools.
So these areas usually appreciate, or retain their value consistently, year to year.
Recent sales - Your agent should give you stats on the recent home sales in the areas that you're interested in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the community considered desirable because of its location or affordability? Have property prices risen or declined over the last 5 to 10 years?
Local economy - Is there a nice mix of business in an area, or does it rely upon just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
Each of these elements plays a part.