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If you’ve been contemplating buying a home in Sammamish, there are a few important considerations to make. And perhaps one of the most important ones is the average home price in Sammamish, WA.
Knowing how much homes are selling for in Sammamish is important before you begin the house-hunting process. And once you know what that number is, you’ll then want to sit down with a mortgage specialist and assess your finances to determine how much you can afford to spend on a home. Understanding the average price for a home in Sammamish versus what your budget is will help you get off on the right foot.
It’s also a good idea to get familiar with the temperature of the housing market in the area. This will give you a clear picture of how competitive the market currently is and what type of competition you’ll be facing when you put in an offer on a home.
It’s important to understand that home prices never stay as they are for very long. They’re always changing. What the average price of a home may be today could be different tomorrow. That’s why it’s important to always keep your finger on the pulse of what the market and home prices are doing.
When it comes to Sammamish, one thing is for certain: home prices are pretty high, especially when compared to other cities in Washington as well as compared to the state-wide average.
Let’s take a closer look at Sammamish and find out the average home price in this part of the Evergreen State to help you understand how much you might have to spend to make a home purchase.
Sammamish is located in King County and currently has a population of 64,674 as of the 2019 census. The city is bordered by Lake Sammamish and the Snoqualmie Valley, so the natural landscape is absolutely stunning. Plus, Beaver Lake and Pine Lake are located within the city limits, adding even more natural features to the area that make for an amazing place for those who appreciate the great outdoors.
There are many reasons why Sammamish is a desirable place to live, which in turn is why home prices are quite expensive here. Overall, it’s a great place to raise a family thanks to the plethora of good schools and ample greenspace and parks. It’s also a relatively safe place to live.
Sammamish is just a half-hour drive away from Seattle, so all the employment opportunities and amenities that Seattle has to offer are easily accessible from Sammamish. That said, Sammamish has plenty of job opportunities and features itself. It’s a great place to live, work, and play.
As of May 2021, the housing market in Sammamish is extremely hot. Homes are selling within days and many are fetching prices above listing prices. It’s certainly a competitive market right now, with many buyers vying for the same properties, which is driving prices up.
According to RedFin, the majority of homes receive multiple offers, and it’s not uncommon for contingencies to be waived. In fact, the average home sells for about 11% over the asking price and goes pending in 4 days. And hot properties can sell for as much as 20% over the listing price and go pending in as little as 2 days.
The current supply cannot keep up with the demand, which is why home prices are increasing as quickly as they are. According to real estate research firm Zillow, the average home price in Sammamish WA is $1,141,969, which is 14.9% higher than May 2020. Compare that to the state-wide home price average of $497,180.
If you decide to purchase a home in Sammamish, you’ll want to team up with an experienced mortgage professional and real estate agent to increase your chances of a successful transaction.
Do you have questions about mortgages in Sammamish? If so, Sammamish Mortgage can help. We are a local mortgage company from Bellevue, Washington, serving the entire state, as well as Oregon, Idaho, and Colorado. We offer many mortgage programs to buyers all over the Pacific Northwest and have been doing so since 1992. Contact us today with any questions you have about mortgages.
S&P Case-Shiller Home Price Indices reported the fastest pace of U.S home price growth since 2005.
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