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If you’re a homebuyer looking to make a home purchase in Washington State in 2026, there are a few things you should know first before you take the leap. This article will go over some important things all homebuyers in Washington should know.
Do you plan to buy a home and take out a mortgage in Washington State in 2026? If so, you’ll want to bring yourself up to speed on current real estate conditions. Because a lot has changed over the last couple of years. Here are five things you should know before buying a home in Washington State in 2026.
Home buyers who purchase a home in Washington State in 2026 could have lower mortgage rates compared to buyers who bought the last couple of years.
According to the weekly market survey conducted by Freddie Mac, the average rate for a 30-year fixed mortgage loan is 6.15% as of early January 2026. This could be a challenge for anyone buying a home in Washington State in 2026. That said, experts believe that rates will dip throughout the year and end off 2026 at around 6% or even lower.
Side note: Sammamish Mortgage offers highly competitive rates on a variety of mortgage loan products. Contact us today for a free instant rate quote in Washington.
In many cities in Washington State, home prices were relatively stagnant during 2026. Certain markets have even seen home prices dip slightly over the past 12 months. Seattle’s home prices are finally starting to pick up, and mortgage rate increasing are slowing down. Affordability continues to be a concern for anyone buying a home in Washington State in 2026.
Earlier this year, a report by the real estate research company Zillow showed that home prices in Washington have dipped 0.4% over the past year, painting the picture of a cooler market. That said, prices are expected to rise modestly this year. So, those who buy a home in 2026 could encounter slightly higher housing costs than those who purchased in the past.
As of January 2026, the median home price for Washington State was $587,696, as per Zillow. In Seattle, the median value for homes is $837,800.
Rising home prices often lead to higher loan limits, and that’s exactly what has happened this year. Federal housing officials announced near the end of 2025 that they have increased the conforming loan limits and FHA loan limits for 2026. This will apply to anyone buying a home in Washington State in 2026, as the changes have taken effect as of January 1, 2026.
Note: Loan limits vary by county.
Washington State attracts residents from elsewhere in the country, and for a variety of reasons. This increases demand for housing on both the rental and purchase side. But at the same time, there is currently limited inventory in most parts of the state. In Seattle, for instance, there is just over a 2.2-month supply of single family homes available for buyers.
A balanced market is characterized by around 5- or 6-months supply of homes, so you can see how tight the inventory currently is in centers like Seattle.
If you’re planning to buy a home in Washington State in 2026, be prepared for some competition. Anything you can do to make yourself more competitive is worth the effort. And that brings us to item #5.
It’s important to have your financing squared away, before making an offer on a home. This will increase your chance for success. If you’re making an all-cash offer, the sellers will probably want to see proof that you have the funds in the bank. If you’re using a mortgage loan, most sellers will want to see a pre-approval letter from a lender.
Related: Seattle home buyer survival guide
Mortgage pre-approval is when you work with a mortgage company before finding a home, to determine how much you’re able to borrow. This helps you in several ways. Once you’ve been pre-approved for a certain amount, you’ll be able to focus your shopping efforts within that price range. Additionally, sellers will be more inclined to accept your offer.
Pre-approval is a good place to start when buying a home in Washington State.
Using an online mortgage calculator helps buyers quickly estimate their potential loan costs before applying for financing. These tools provide a clear snapshot of monthly payments, interest charges, and how factors like loan amount, rate, and term affect affordability. By testing different scenarios, borrowers can better plan their budget, compare options, and avoid surprises later in the process.
A mortgage calculator also saves time by helping buyers narrow their price range and understand how a loan fits into their overall financial picture.
If you’re in the market to buy a home in Washington State, Sammamish Mortgage is available to help. We offer a wide variety of mortgage programs and tools with flexible qualification criteria, Diamond Homebuyer Program, Cash Buyer Program, and Bridge Loans, among many others.. We’ve been helping buyers obtain the mortgages they need in Oregon, Washington, Colorado, Idaho, and California since 1992, and we’d love to help you too. Please contact us today to get started.
Whether you’re buying a home or ready to refinance, our professionals can help.
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