Real estate prices are constantly moving up and down.
Property values appreciate in the long term in most cases.
But, of course, there are no guarantees in real estate.
When your house appreciates you have a greater asset to borrow against, and you'll generate a higher profit when you sell.
Property values in Mission Viejo vary for a variety of reasons, so how can you be sure what you're purchasing presently won't depreciate the day after you close?
Choosing a real estate agent in Mission Viejo who can identify the factors that influence local prices is the most important factor to consider.
The economy is assumed to be the top factor affecting real estate appreciation.
It goes without saying that
there are several issues on a national level that adjust your home's value: unemployment, mortgage rates, consumer confidence, 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.
Access to services - Proximity to schools and jobs also have a major influence on all home buyers' decisions.
So those areas consistently appreciate, or keep their value consistently, year to year.
Recent sales - Your REALTOR® should give you reports on the recent real estate sales in the neighborhoods that you're asking about. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have house prices gone up or down over the last 5 to 10 years? Is the neighborhood thought of as desirable because of its location or affordability?
Local economy - Is there a nice blend of work in an area, or does it rely on just one industry? Have businesses moved into or away from an area? Are local companies hiring?
All these play a part.