Property values are constantly moving up and down.
Property values appreciate in the long term in most cases.
But there is always a certain amount of risk in real estate, of course.
When your house appreciates you have a bigger asset to borrow against, and you'll realize a better profit when you sell.
But how will you be sure what you're purchasing today will appreciate over time? Property values in Orland Park shift for a variety of reasons.
It's important that you go with a REALTOR® in Orland Park who knows the factors that affect local prices.
The economy is believed to be the most important factor affecting real estate appreciation.
there are a handful of issues on a national level that impact your property's value: unemployment, interest rates, quarterly earnings reports, and more.
But the most important things that decide your home's value are particular to the local Orland Park economy and residential market.
Access to services - Proximity to schools and jobs also have a huge effect on almost all home buyers' choices.
So when it comes to retaining their value, these communities consistently appreciate much more reliably than areas lacking key features.
Recent home sales - How long do homes typically stay up for sale before closing? What was the final sales amount versus the asking price? A lot of data can be retrieved from public records, but a good agent with a login to the local MLS will usually provide a more complete picture.
History of appreciation - In the past 5 to 10 years, have property prices increased or decreased? Does location or affordability affect how desirable the area is thought to be?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a good mix of jobs in an area, or does it rely upon just one industry?
All these play a role.