Zillow predicts home values in Everett will increase by 5.7% over the next year. I don't put a lot a of weight in predictions, but I do think the history of the Real Estate market tells us a lot. Over the years, the market has always had dips. The market will go up and up and up, and then down. But then it always starts going back up again, higher than it ever was before.
These cycles in the Real Estate market make sense. Land and resources are not becoming any more abundant, but people certainly are. Considering the lessening supply of resources mixed with an increasing population, it makes sense that Real Estate market values would continue to trend upwards over the long haul.
Lets be more conservative than Zillow's 5.7% prediction for this next year, and lets say your Everett home appreciates an average of 5% in the coming years (which is about average in general).
In 5 years, your $300,000 home would be worth over $382,000.
In 10 years, your $300,000 home would be worth over $488,000.
Not bad. Especially considering if you were to pay $1,000/ month for rent for 10 years, you'd be flushing away $120,000 over that same time period. That's a big difference in the direction of your net worth.
We're confident in the future of the Everett Real Estate market. Between all the new development happening (Aero, Grand Bridge, Waterfront Place, etc) and stellar new spots opening around town (Crucible, Bluewater, Potala Marketplace, etc.), we believe Everett is only going to keep getting better and better. Not to mentioned the steady flow of folks who'll continue migrating North from crazily priced Seattle.
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