Over time, the value of a piece of real estate will go up and down.
Over a long enough period of time, home values , for the most part, appreciate.
But, of course, in real estate there is always a certain amount of risk.
When your home appreciates you have more resources to borrow against, and you'll see a bigger profit when you sell.
But how do you know what you're purchasing this year will appreciate over time? Property values in Olympia fluctuate for a variety of reasons.
It's imperative that you pick a REALTOR® in Olympia who understands the factors that affect local prices.
Many assume that the economy is the greatest factor impacting real estate appreciation.
Obviously,
there are a lot of factors on a national level that affect your house's value: unemployment, interest rates, quarterly earnings reports, and more.
However, your house's value and the things that play the most significant role in its appreciation are particular to the local Olympia economy and housing market.
Access to services - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is a big deal to a lot of us and will greatly influence home values.
So these regions often appreciate, or keep their value, best.
Recent home sales - You should receive data on the recent real estate sales in the districts that you're asking about from your agent. You'll need to know data like time on market and listing price versus selling price.
History of appreciation - In the last 5-10 years, have house prices gone up or down? Does location or affordability affect how desirable the neighborhood is thought to be?
Local economy - Is there a nice combination of business in an area, or does it count on just one industry? Have companies moved into or away from an area? Are local companies hiring?
Each of these factors plays a role.