Knowing how much your home is worth is important, even if you don't plan to sell any time soon. Here are some tips to help you determine how much your home is worth in today's market.
Summary: The Seattle area has plenty of desirable neighborhoods to live in, but what’s ranked as the best? This article will explain.
According to Niche.com, the northeast Seattle neighborhood of North Redmond is currently the best place to buy a house in the Seattle Metro Area, as of 2020. Here’s what you should know about it.
The Best Seattle Neighborhoods for Home Buyers
In 2020, the neighborhood of North Redmond was ranked as one of the best places in the Seattle area to buy a home. These rankings were compiled by Niche, a company that offers rankings and reviews of schools and neighborhoods across the country. They use both public and proprietary data, along with feedback from actual residents, to determine their rankings.
The best places to buy a house in Seattle were determined by a variety of factors including home values, the rate of homeownership, property taxes, and other real estate trends. Niche also used data provided by Zillow, the U.S. Census Bureau, and other sources.
All of these criteria were given a certain weight, in order to determine the rankings for best places to live and buy a house in Seattle.
Here are four of the most heavily weighted criteria:
- Home value to income ratio. This is a comparison between the median home value in the Seattle area and the median household income among residents. A lower ratio is considered better, because it indicates a higher level of affordability for home buyers.
- Public schools grade. The company uses its own “K-12 Overall Grade”for every public school that serves the Seattle area, weighted by the number of students it serves.
- Monthly housing costs. This is the median monthly housing cost for homeowners in the Seattle area, and in the Wedgwood neighborhood in particular, based on U.S. Census Bureau data.
- Cost of living. This grade was calculated based on the consumer price index and access to affordable housing within each area that was studied.
Based on all of this analysis, they determined that North Redmond is one of the best neighborhoods for home buyers in the Seattle area. South Hollywood Hill and Sammamish Plateau rounded out the top three.
Of course, this is just a data-based analysis of the best places to buy a home in Seattle. North Redmond might look good on paper, based on these particular criteria. But is it right for you? Here are a few things you should know about this particular neighborhood.
North Redmond at a Glance
Located in the northeast part of Seattle and across Lake Washington, North Redmond is a predominantly middle-class residential neighborhood.
While it’s located close to Seattle proper, the neighborhood of North Redmond might seem miles away from the bustle of city life. It is a very walkable neighborhood with a small-town feel, according to local residents. Of course, the North Redmond neighborhood is still part of the metro Seattle area, which means it too has experiencing soaring home prices over the last few years.
You’ll need a pretty substantial home-buying budget to buy a house in the North Redmond neighborhood. According to the real estate information company Zillow, the median home value in North Redmond rose to over $1.2 million in June 2020. That was an increase of 6% from the same month a year before.
While home prices across the Seattle area are expected to slow down a bit over the coming months, they could continue rising through the end of 2020 and into 2021 as the coronavirus pandemic diminishes. So if you’re thinking about buying a home in the North Redmond neighborhood of the Seattle Metro Area, you might consider making your purchase sooner rather than later, to avoid higher housing costs.
Need a Home Loan?
Sammamish Mortgage has been helping Seattle-area home buyers finance their purchases for more than 20 years. We are a local, family-owned company based in Bellevue, Washington. Please contact us if you have mortgage-related questions about buying a home in the Wedgwood neighborhood, or anywhere else in the Seattle metro area.