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If you’ve owned a home in Washington State for a while, there’s a good chance your house is worth more now than when you bought it. And with rates still at relatively low levels, it might be a good time to refinance in 2022.
Homeowners in Washington often want to know how much their homes are worth. Some are just curious, while others are thinking about selling or refinancing and need to know their equity position. And here’s the good news. If you’ve owned a home in Washington for a year or more, it’s probably worth more now than it was when you first purchased it.
According to the real estate data company Zillow, the median home value for the state of Washington currently sits at $573,071 as of January 2022. That was an increase of 23.2% from the same month a year earlier. In the costlier Seattle area, the median house value is $900,084. And home values in the state continue to climb.
So you might be surprised to find out how much your house in Washington is worth right now, as we continue on in 2022. The chances are good that it has increased in value since you purchased it — especially if you’ve owned your home for several years.
A recent report from the Mortgage Bankers Association (MBA) showed a decrease in mortgage refinancing applications. This is largely due to an upward trend in interest rates we’ve seen over the past year.
Having said that, homeowners are still taking advantage of relatively low rates these days as well as a spike in equity in their homes thanks to an increase in home prices. Rates are expected to reach 4% by the end of the year, according to the MBA. That said, only time will tell where they will head by the time 2022 comes to a close.
Recent tax changes are also influencing refinance activity. Interest paid on home equity loans is no longer deductible, which may encourage more people toward cash-out refinances as a way of converting equity into cash.
“Okay. So home prices have risen. But how much is my home worth?”
There are several ways to find out how much a house in Washington might be worth in the current market. Real estate market forces, such as supply and demand, are what determine value. And across much of the state, there’s plenty of demand right now but not enough supply. That’s why prices have risen.
You could find out how much your home in Washington is worth by hiring a professional home appraiser. But why go to all of that trouble? We offer a web-based tool that allows you to get an estimate of your property value based on current market conditions. And unlike a full appraisal, it’s free.
Click here to get started. You’ll gain some valuable insight into how much your home might be worth, as well as other houses in your immediate area. This is a great starting point for your market research.
Are you ready to refinance your home to take advantage of today’s super-low interest rates? Sammamish Mortgage can help. We are a local mortgage company serving the broader Pacific Northwest region since 1992, including Washington state, Idaho, Colorado, and Oregon. We are proud to offer a wide variety of mortgage programs and products with flexible qualification criteria. Please contact us if you have any questions or are ready to apply for a home loan.
Whether you’re buying a home or ready to refinance, our professionals can help.
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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.