Olympia home prices: Need some help understanding why they appreciate?

Real estate values are forever in flux. Usually, property values appreciate in the long term. But there are no "sure things" in real estate, of course.

When your property appreciates you have a larger asset to borrow against, and you'll see a bigger profit when you sell. But how will you be sure what you're buying this year will appreciate over time? Property values in Olympia fluctuate for different reasons. Choosing a real estate agent in Olympia who knows the factors that affect local prices is the most important factor.

The economy is thought to be the top factor impacting real estate appreciation. It goes without saying that there are numerous factors on a national level that adjust your home's value: unemployment, interest rates, business growth, and more. But the most important factors that determine your property's value are specific to the local Olympia economy and residential market.

Let Weichert Reynolds Real Estate help you with your first home purchase in Olympia Location in a community - Proximity to work and schools also have a great impact on most home buyers' decisions. So those regions typically appreciate, or keep their value consistently, year to year.

Recent sales - Your agent should give you information on the recent real estate sales in the neighborhoods that you're asking about. You'll want to know average time on market, selling versus listing price and more.

Appreciation history - Have home prices increased or decreased over the past 5-10 years? Is the community thought of as desirable because of its location or affordability?

Local economy - Is there a fair mixture of jobs in an area, or does it rely on just one industry? Have businesses moved into or away from an area? Are local businesses hiring? All these play a part.

Identifying the factors that play into your home's worth is important. Get an estimation of your property's value here. Call us at 360-412-6731 or e-mail us if you have any questions at all. We would love to hear from you.

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