Over time, the worth of a piece of real estate will fluctuate up and down.
Over a long enough period of time, home values generally appreciate.
But there is always a certain amount of risk in real estate, of course.
When your property appreciates you have more equity to borrow against, and you'll see a greater profit when you sell.
Property values in Bellevue rise and fall for many different reasons, so how will you be sure what you're purchasing right now won't depreciate the day after you close?
The most important aspect to consider is that you select a REALTOR® in Bellevue who is familiar with the factors that affect local prices.
The economy is believed to be the greatest factor affecting real estate appreciation.
interest rates, unemployment, business growth, government programs and some other national factors have a definite impact on your home's worth.
But the most influential issues that figure your property's value are particular to the local Bellevue economy and residential market.
Location in a community - Many of us prefer to live in districts with the most convenient traits for households to succeed, such as a close proximity to jobs and schools.
So these communities usually appreciate, or retain their value, best.
Real estate sales trends - How long do homes typically stay up for sale before closing? Are sellers needing to discount much? A lot of data can be obtained from public records, but a good agent with a login to the local MLS will usually provide a more complete picture.
The appreciation history - Is the community considered desirable because of its location or affordability? Have house prices gone up or down over the last 5 to 10 years?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a fair combination of business in an area, or does it count on just one industry? Is the blend of commercial and residential zoning changing?
Each of these elements plays a role.