Buying or selling a home is frustrating for many reasons. One of these is housing prices: they’re up, they’re down, they’re fleeting. Most of us know this, but what we might not know is why.
So, let’s look at the factors that influence how much a house goes for in any given market:
Location
Behind door number 1 is location: location, location, location. But what, exactly, makes one location more desirable than another? The quality of schools is the largest factor, but proximity weighs heavily, too. Living where there is lots to do (recreational centers and hiking trails) is a draw. So is living where there is lots of work.
Home updates
There are used homes that look new. Then there are used homes that look used. The former is usually the result of upgrades: time can’t be stopped – that’s why updates are a thing! A home that is updated will always go for a higher price than one that is falling apart. It makes perfect sense: home buyers want a good roof over their heads and not one that’s leaking.
Nearby homes
Another factor that helps dictate the selling price of a home is the nearby houses: appraisers and agents use recent sales to determine a home’s best asking price. There is deviation, of course; size, for instance, is a huge factor. So are the number of bedrooms, updates (as mentioned above), and whether the property has a basement. All of this weighs into the appraisal value, which is the formal process for pricing any given property.
The market
Anyone who tried to sell in 2008 knows that nothing influences the price of a home like the market itself. When the economy is strong, home prices are higher. When the economy struggles, home prices drop. This impact is felt greatest in areas with a lot of housing industry-dependent jobs (like construction), as well as areas that rely on people having disposable income (like Las Vegas).
Interest rates
Interest rates certainly have their say in how the market operates. When the Federal Reserve lowers the interest rate, the banks offer lower mortgages. This makes the overall mortgage more affordable and increases the amount a homeowner can borrow. This allows more people to purchase homes, adding an economic boost.
This all plays a role in what your home will sell for. But, of course, home buying isn’t an exact science and you never know what someone will find enticing.
About David and Karen at Sturm Property Group:
David and Karen are easy to get to know and are fun to be around. They are local experts at selling homes and helping new buyers purchase a home, specifically in the Tehaleh, Bonney Lake, Sumner, Lake Tapps, Lakeland, Orting, Buckley, Enumclaw and Puyallup areas.
Their real estate practice prides itself in offering a personalized concierge level of service, and are with you every step of the way, from your first home selling or buying strategy session to after your move out or move in.
They are your real estate advocate and quickly become your trusted knowledgeable friend who has your back and best interests at heart. They are sensitive to making sure that all your home buying or selling expectations are managed, and their attention to detail will make sure your real estate transaction goes smoothly.
David and Karen, pride themselves in providing a personal approach to Real Estate. As business professionals with over 30 years of successful experience in our respective fields of hospitably and nursing, we have a wealth of experience and knowledge serving others to assist in any situation. They utilize a collaborative approach with fellow real estate agents to get your house bought or sold.
Sturm Property Group utilizes a unique form of real estate marketing strategy when selling your home that includes: Geotargeting, Social Media Advertising, YouTube, and other online platforms. This proprietary process results in your property selling faster at a higher price. Their strength in negotiating is also one of the key components for securing the best real estate deal in this competitive market. We look forward to having a conversation with you, please reach out to us, our contact information is below: Please subscribe to this channel so you will be the first to be notified at: https://www.youtube.com/channel/UCw6g… For more information please reach out to us at: Email: david@sturmpropertygroup.com
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We look forward to meeting you.
David and Karen
