Property values are continually changing.
Over a long enough period of time, house values , in most cases, go up.
But, of course, in real estate there is always a certain amount of risk.
When your property appreciates you have a more valuable asset to borrow against, and you get a greater profit when you sell.
Property values in Mission Viejo change for different reasons, so how will you be sure what you're investing in today won't depreciate the day after you close?
It's critical that you select a REALTOR® in Mission Viejo who is familiar with the factors that drive local prices.
A lot of people believe that the economy is the greatest factor impacting real estate appreciation.
there are quite a few issues on a national level that influence your home's value: unemployment, interest rates, the stock market, and more.
However, your house's value and the components that play the biggest role in its appreciation are specific to the local Mission Viejo economy and housing market.
Location in a community - Most people want homes in the areas with the most useful amenities, like our schools, jobs, and shopping.
So when it comes to keeping their value, these communities typically appreciate the best.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? What was the selling price versus the listing price? Some information can be retrieved 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 to 10 years, have property prices risen or declined? Does location or affordability affect how desirable the community is considered?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a good blend of business in an area, or does it depend on just one industry?
These items play a role.