Mar 04 2008
Washington State Population Growth
What fuels real estate appreciation?
Real Estate values are controlled by supply and demand. If supply stays constant and demand increases, values will naturally increase.
Washington State Population Growth
Investors and home owners can feel good about today’s report from Washington Realtors Association. Washington State is projected to grown from 6,488,000 in 2008 to 7,742,844 by 2020. That means over the next 12 years, we will see an annual average population increase of 104,570 or 1.6%.
My crystal ball says…
With today’s report, it is clear that pressure on housing inventory will be a long term trend. Additionally, when consumer confidence returns to the market, today’s oversupply will quickly evaporate, and we will once again have a housing shortage. Great news for homeowners, who will see the long term appreciation trends continue. If you are a buyer, don’t wait too long. Todays home prices, and low interest rates will only be with us for a little while. You have a small window of opportunity to take advantage of today’s buyers market.
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