No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.
If you’re a homebuyer looking to make a home purchase in Washington State in 2024, there are a few things you should know first before you take the leap. This article will go over some important things all homebuyers in Washington should know.
Do you plan to buy a home in Washington State in 2024? If so, you’ll want to bring yourself up to speed on current real estate conditions. Because a lot has changed over the last couple of years. Here are five things you should know before buying a home in Washington State in 2024.
Home buyers who purchase a home in Washington State in 2024 could have lower mortgage rates compared to buyers who bought the last couple of years.
According to the weekly market survey conducted by Freddie Mac, the average rate for a 30-year fixed mortgage loan is 6.64% as of early February 2024. This could be a challenge for anyone buying a home in Washington State in 2024. That said, experts believe that rates will dip throughout the year and end off 2024 at around 6%.
Side note: Sammamish Mortgage offers highly competitive rates on a variety of mortgage loan products. Contact us today for a free quote.
In nearly every city in Washington State, home prices rose very modestly during 2024. Certain markets have even seen home prices dip slightly over the past 12 months. Seattle’s home prices are finally starting to pick up, and mortgage rate increasing are slowing down. Affordability continues to be a concern for anyone buying a home in Washington State in 2024.
Earlier this year, a report by the real estate research company Zillow showed that home prices in Washington have risen 13% over the past year, painting the picture of a hot market. So those who buy a home in 2024 will encounter higher housing costs than those who purchased in the past.
As of February 2024, the median home price for Washington State was $563,764. In Seattle, the median value for homes is $815,858.
Rising home prices often lead to higher loan limits, and that’s exactly what has happened this year. Federal housing officials announced near the end of 2023 that they have increased the maximum loan limits for conventional, FHA and VA loans for 2024. This will apply to anyone buying a home in Washington State in 2024, as the changes have taken effect as of January 1, 2024.
Loan limits vary by county. You can view limits for every county in Washington State on this page of our website. (Note that there are links at the top of the page for FHA, VA and conventional.)
Washington State attracts residents from elsewhere in the country, and for a variety of reasons. This increases demand for housing on both the rental and purchase side. But at the same time, there is currently limited inventory in most parts of the state. In Seattle, for instance, there is just over a 1.6-month supply of single family homes available for buyers.
A balanced market is characterized by around 5- or 6-months supply of homes, so you can see how tight the inventory currently is in centers like Seattle.
If you’re planning to buy a home in Washington State in 2024, be prepared for some competition. Anything you can do to make yourself more competitive is worth the effort. And that brings us to item #5.
It’s important to have your financing squared away, before making an offer on a home. This will increase your chance for success. If you’re making an all-cash offer, the sellers will probably want to see proof that you have the funds in the bank. If you’re using a mortgage loan, most sellers will want to see a pre-approval letter from a lender.
Related: Seattle home buyer survival guide
Pre-approval is when you work with a mortgage company before finding a home, to determine how much you’re able to borrow. This helps you in several ways. Once you’ve been pre-approved for a certain amount, you’ll be able to focus your shopping efforts within that price range. Additionally, sellers will be more inclined to accept your offer. Pre-approval is a good place to start when buying a home in Washington State.
If you’re in the market to buy a home in Washington State, Sammamish Mortgage is available to help. We offer a wide variety of mortgage programs and tools with flexible qualification criteria. We’ve been helping buyers obtain the mortgages they need in Oregon, Washington, Colorado, and Idaho since 1992, and we’d love to help you too. Please contact us today to get started.
Whether you’re buying a home or ready to refinance, our professionals can help.
{hours_open} - {hours_closed} Pacific
No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.