Property Valuation
In Washington's Puget Sound market, the primary driver affecting residential property values compared to other Washington markets is:
AAgricultural output
BTechnology industry employment and in-migration✓ Correct
CTourism and seasonal rentals
DGovernment employment only
Explanation
The Puget Sound region (Seattle-Tacoma-Bellevue) has been driven by the technology industry — including Amazon, Microsoft, and Boeing — creating significant employment, in-migration, and upward price pressure.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
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