Puyallup home prices: Need some help understanding why they appreciate?
Over time, the worth of a home will fluctuate up and down.
By and large, house values appreciate in the long term.
But, of course, in real estate there is always a certain amount of risk.
When your home appreciates you have more equity to borrow against, and you'll generate a bigger profit when you sell.
Property values in Puyallup rise and fall for different reasons, so how can you be sure what you're buying right now won't depreciate the day after you close?
It's critical that you choose a REALTOR® in Puyallup who can identify the factors that drive local prices.
A lot of people think that the economy is the most influential factor impacting real estate appreciation.
It goes without saying that
mortgage rates, employment, business growth, government programs and several other national determinants have a definite effect on your property's value.
But the most important things that decide your house's value are particular to the local Puyallup economy and residential market.
Location in a community - Proximity to schools and work also have a significant impact on many home buyers' choices.
So these regions typically appreciate, or retain their value consistently, year to year.
Recent sales - Your real estate agent should give you facts and figures on the recent real estate sales in the regions that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have property prices gone up or down over the past 5 to 10 years? Is the neighborhood considered 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 fair mixture of job types in an area, or does it rely upon just one industry?
These items play a role.
It's smart to learn about the factors that play into your property's value.
Get an estimation of your property's value
here.
Please call me at 253.299.2088 or
e-mail me with any questions.