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Are you planning to buy a home in Washington in 2024? If so, you’ll to get up-to-speed on the local market to help you make a sound purchasing decision.
Many home buyers across Washington State are wondering if they should buy now, in early 2024, or later in the year. Here are three motivations for buying a house in Washington sooner rather than later.
There are a few good reasons why buyers may want to buy a home sooner in 2024 rather than later, including the following.
Buying a home when mortgage rates are low is a great reason to buy. Even the difference of one percent makes a huge difference on the amount of savings that you can experience over the life of your home loan. And right now, mortgage rates are still relatively low, making today a great time to get into the real estate market.
As of the first week of February 2024, the rate for a 30-year fixed-rate mortgage is 6.00%. That’s much lower than the rate was a few years ago, though it’s higher than it was at the start of last year. In fact, rates have been inching up over the past year.
The Mortgage Bankers Association predicts that the rate will decrease by the end of 2024. Of course, this is just a forecast. And these kinds of predictions have been inaccurate in the past. But the general consensus among economists is that mortgage rates will decrease throughout 2024, though will still remain relatively high.
So that’s one reason to consider buying a home in Washington State sooner rather than later. Buyers who shelve their plans until later in 2022 could encounter higher borrowing costs.
Rising home values are another factor that could affect Washington home buyers in 2024. This is especially true in the Seattle metro area, where prices have risen sharply in recent years. But the trend could affect the entire state of Washington, to some degree.
Right now, the real estate market in the state of Washington is hot. Over the past 12 months, home prices have increased by 1.7%, according to Zillow. And they are expected to continue rising throughout the year, though perhaps not at the same pace. Right now, the average home price in Washington is about $563,764.
This is another big consideration for those planning to buy a home in Washington in 2024. Postponing your purchase until later in the year could cost you.
Real estate markets across the country have experienced inventory shortages over the last couple of years, and nowhere is this more evident in the Seattle area. All major cities across Washington have suffered from supply shortages. But it’s most pronounced in Seattle.
But these shortages aren’t limited to the Seattle area — they will affect home buyers across Washington State in 2024. For example, in King County, there is just 2,699 available homes for sale, and in Seattle, there’s just 1,065 month supply.
Are you considering a home purchase in Washington State and need a loan to finance it? Sammamish Mortgage can help. We’ve been helping home buyers across the Pacific Northwest since 1992 and offer highly competitive rates on a variety of mortgage programs, including FHA, VA and conventional. Please contact us if you have questions, or if you would like to receive a rate quote.
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.