Real estate values are forever in flux.
Over a long enough period of time, property values almost always go up.
But, of course, in real estate there are no "sure things".
When your home appreciates you have a bigger asset to borrow against, and you'll produce a higher profit when you sell.
There are different reasons why property values in Puyallup fluctuate. So, how will you be sure what you're investing in right now will appreciate over time?
The most important factor to consider is that you choose a real estate agent in Puyallup who knows the factors that influence local prices.
What is the major factor impacting real estate appreciation? Many assume that it's the economy.
Clearly,
there are numerous factors on a national level that affect your home's value: unemployment, mortgage rates, inflation, and more.
However, your home's value and the components that play the biggest role in its appreciation depend on the local Puyallup economy and housing market.
Location in a community - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is important to a lot of buyers and will greatly influence home values.
So when it comes to holding their value, these communities often appreciate better than others.
Recent sales - Your REALTOR® should give you stats 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 risen or declined over the past 5-10 years? Is the neighborhood considered desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a nice mix of job types in an area, or does it rely upon just one industry? Is the mix of commercial and residential development changing?
All these play a role.