Real estate values are forever in flux.
Over a long enough period of time, house values usually go up.
But, in real estate there is always a certain amount of risk.
When your home appreciates you have a larger asset to borrow against, and you'll create a larger profit when you sell.
But how can you be sure what you're investing in this year will appreciate over time? Property values in Mission Viejo waver for a variety of reasons.
It's important that you pick a real estate agent in Mission Viejo who knows the factors that affect local prices.
What is the most important factor affecting real estate appreciation? Many guess that it's the economy.
mortgage rates, employment, job growth, government programs and a handful of other national factors have a definite influence on your house's value.
But the most significant things that determine your house's value depend on the local Mission Viejo economy and residential market.
Access to services - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is a priority to many families and will greatly influence home values.
So these areas generally appreciate, or keep their value, best.
Recent home sales - You should receive figures on the recent real estate sales in the districts that you're asking about from your REALTOR®. You'll need to learn data like how long a house stays on the market and seller discounts.
History of appreciation - In the last 5 to 10 years, have property prices gone up or down? Does location or affordability affect how desirable the area is thought to be?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a good blend of job types in an area, or does it rely on just one industry? Is the mix of commercial and residential development changing?
Each of these things plays a role.