Property prices are forever in flux.
Home values appreciate in the long term by and large.
But, of course, in real estate there are no guarantees.
When your home appreciates you have a more valuable asset to borrow against, and you'll see a bigger profit when you sell.
But how can you be sure what you're buying today will appreciate over time? Property values in Orland Park change for numerous reasons.
The most important element is that you go with a REALTOR® in Orland Park who recognizes the factors that influence local prices.
Many believe that the economy is the biggest factor impacting real estate appreciation.
there are numerous factors on a national level that influence your home's value: unemployment, mortgage rates, quarterly earnings reports, and more.
But the most significant things that figure your house's value are particular to the local Orland Park economy and housing market.
Access to services - Being close to schools, jobs and amenities like shopping, restaurants and entertainment is important to a lot of buyers and will greatly influence home values.
So those areas consistently appreciate, or hold their value consistently, year to year.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? Are sellers having to discount much? Some information can often be obtained from public records, but a good agent with a login to the local MLS will usually provide a more complete picture.
Appreciation history - Have house prices risen or declined over the last 5-10 years? Is the area considered desirable because of its location or affordability?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a good mixture of business in an area, or does it rely on just one industry?
These items play a part.