Factors Affecting Seattle Real Estate Pricing

Seattle real estate pricing involves the different ways of rating and putting a price tag on a home or property. The price of a house can be affected by different factors.

The best measure for estimating Seattle real estate pricing for different locations is using median prices of homes over a period of time. These prices are usually stated per square meter or per square foot. Any real estate investor should take these factors into account before making a decision regarding where to buy or build real estate.

• Location

One of the main factors affecting the cost of real estate is the location. Seattle property that is located in a good neighborhood that is easily accessible to the downtown core will obviously cost more. The demand for such property is higher and this drives the pricing up.

• Quality

Two houses can be the exact same size and be in the same Seattle neighborhood but the cost may differ by a large margin. This can simply be due to the quality of construction and finishes used to build the property. Using good construction material and classy finishing is an easy way to add to the value of a property.

• Size

As would be expected, houses differ in price based on their size. This also applies to the size of land they are sitting on.

• Demand

If a property is located in an area in Seattle where demand is higher than supply, the price of that property will be high and vice versa.

• Mortgages

The vast majority of people purchase a home using a mortgage. The ability of people to access and meet the requirements of a high mortgage will have an effect on the price of real estate in certain areas.

You can use these simple factors to help you make a decision on the best location to invest in real estate and what to look for. This will help you make the best return from your investment either for rentals or for a future re-sale.

This blog is courtesy of Adrian Willanger at Coldwell Banker Danforth & Associates 206 909-7536 helping people buy and sale homes in the Greater Seattle area.

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