Understanding Norman home prices

Over time, the value of a piece of real estate will go up and down. Home values appreciate in the long term generally. But, of course, in real estate there are no guarantees.

When your house appreciates you have more equity to borrow against, and you make a greater profit when you sell. Property values in Norman move up and down for numerous reasons, so how do you know what you're purchasing right now won't depreciate the day after you close? It's critical that you choose a REALTOR^® in Norman who knows the factors that drive local prices.

Find My Home's Value

The economy is assumed to be the number one factor affecting real estate appreciation. Naturally, mortgage rates, employment, business growth, government programs and many other national factors have a measurable change your home's worth. However, your home's value and the features that play the most significant role in its appreciation are particular to the local Norman economy and housing market.

Let Old Town, REALTORS® help you with your first home purchase in Norman

Let Old Town, REALTORS® help you with your first home purchase in Norman

Location in a community - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is important to many buyers and will greatly influence home values. So those regions generally appreciate, or retain their value, best.

Trends in home sales - How quickly are homes selling? Are sellers having to discount much or offer concessions Some information can be obtained from public records, but a good agent with access to the local MLS will usually be able to provide a more complete picture.

Appreciation history - Have property prices increased or decreased over the past 5 to 10 years? Is the neighborhood thought to be desirable because of its location or affordability?

Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a good blend of work in an area, or does it depend on just one industry? These items play a role.


	Identifying the factors that impact your home's price is important. Get an estimation of your home's value here. And if you have any questions, call me at 405-329-1111 or e-mail me .