If you’ve entered the real estate market as a buyer or a seller, you’ve inevitably heard the mantra “location, location, location” in reference to identical homes increasing or decreasing in value based on where they’re located.
Currently, home prices are appreciating quickly. However, it’s important to know that not every home appreciates at the same rate. The map below demonstrates that point on a state-by-state basis using data from the National Association of Realtors.
Demand often dictates value, even for houses in the same area of the country. High demand for starter and trade-up homes have driven up prices by nearly 10% over the past year. Meanwhile, those in the premium markets have appreciated at closer to 6%.
If you are debating whether or not to buy and/or sell a home this year, let’s get together to help you figure out exactly what’s going on in our market. Contact us today.
To get updates on Denver’s real estate market, receive tips and tricks for seasonal home care, or to just keep up with the shelter team, be sure to follow us on Facebook.