Summary: Home prices in Sammamish have changed over the recent past, as have mortgage interest rates. Click here to find out the climate of the market today and what homebuying in Sammamish is like in 2019.
Are you thinking about buying a home in Sammamish, Washington in 2019? If so, you probably have a lot of questions about the local real estate market. And boy has it changed over the last few years. Here’s a look at current housing market conditions in Sammamish, for those buying a home in 2019.
More Inventory Has Eased Competition Among Buyers
The inventory situation across the Seattle metro area has increased over the past month. This becomes clear when you look at certain metrics, such as the median number of “days on market.” This is the midpoint, measured in days, for how long homes are listed for sale before going under contract.
Nationally, homes spent a median of 26 days on the market in May 2019. But in the Sammamish, Washington real estate market, the median during that same period was much higher at 47 days. This means homes are not selling as quickly as they once were, pointing to the cooling of the market in Sammamish and surrounding areas.
That’s the first thing you should know about buying a home in Sammamish in 2019. Buyers are not competing as fiercely as they may have before.
Waiting too long to make an offer, or quibbling with the seller over small-ticket items, could result in a missed opportunity. But it seems that buyers might have a little more time in the current market in Sammamish.
Home Prices in Sammamish Have Dipped
The Seattle metro area is becoming one of the most expensive places in the United States for home buyers, joining the ranks of Silicon Valley, New York City, and other high-priced markets.
That said, the median sale price for homes sold in Sammamish dipped to around $904,400 as of June 2019, a decline of 2.3 percent over the past year. And Zillow predicts they will fall another 2.4% within the next year.
As a result of these trends, those buying a home in Sammamish in 2019 may encounter higher housing costs compared to other parts of the country, though prices have slowed somewhat in the area.
You’ll Want to Arrange Your Financing Ahead of Time
In a slow-moving real estate market, where there is plenty of inventory to go around, a home buyer could potentially make an offer before having the financing arranged. And even though the market is not as fast-moving in Sammamish than it may have been over the recent past, it’s still wise for buyers to get their financing in order well before they begin their search for a new home.
If you are planning to use a mortgage loan to buy a home in Sammamish, it would be wise to get pre-approved by a mortgage lender before shopping for a house. Please contact us if you have questions about getting pre-approved for a loan.
King County Loan Limits Might Rise in 2018
Even though home prices have dipped somewhat, the single-family loan limit has been increased to $726,525 for 2019 in King County. That means that loan limits across King County could go up in 2019.
The current (2019) loan limit for a single-family home purchase in King County of $726,525. applies to conventional, FHA and VA mortgages. The median house price for the county has now risen to $715,000, as of June 2019.
Loan limits are based on median home values, and they are reviewed every year. So there is a chance federal housing officials will increase the limits for FHA, VA and conventional mortgage loans in 2019. We will know more in November or December — that’s usually when revisions are announced.