The year 2020 has been a busy one for the real estate market. But what will 2021 be like? Check out this infographic to learn more.
Washington State is home to a lot of hot housing markets, and Everett happens to be one of them. The real estate market in 2020 was very healthy in 2020, but where will things go in 2021 in Everett, WA?
Home prices in Everett, Washington have been rising quickly over recent years. In fact, the real estate market in Everett has been hot over the past year and is expected to continue to be hot over the coming months in 2021.
Everett Real Estate Forecast: Prices Heating Up in 2021
According to the housing research team at Zillow, the median home price in Everett, Washington rose by 13.0% year-over-year from January 2020 to January 2021. The median price was around $479,721 when this article was published, in January 2021. The company’s economists anticipate that home values in the city will rise by another 11.8% during the next 12 months.
Home-price appreciation has been steady in Everett, and the forecast for the city’s real estate market is still strong compared to the national outlook. Zillow expects house values nationwide to rise by 10.3% in the next 12 months.
Essentially, the Everett real estate market is relatively comparable to statewide and nation-wide occurrences, as the Washington State and US housing markets are both very hot, much like that of Everett.
While Everett has plenty to offer on its own, the city also benefits from its close proximity to the Seattle Metro Area. The population of the broader metro area has risen steadily in recent years, bringing more home buyers into the real estate market and boosting home prices.
Seattle is very high up on the list for population growth among the nation’s 50 largest cities. This is partly why nearby cities like Tacoma and Everett have such strong real estate forecasts for 2021.
Higher Loan Limits in 2021
Here’s some good news for Everett home buyers and mortgage shoppers. In 2021, conforming and FHA loan limits are higher than they were in 2020. Federal housing officials made these changes in response to the significant home-price gains that occurred during 2020.
In 2021, the loan limit for a single-family property in Everett (Snohomish County) is $776,250. This applies to conventional and FHA-insured home loans. For VA loans, loan limits have been eliminated, except for those who already have more than one VA loan or who have defaulted on a loan in the past.
Mortgage Rates Continue on a Downward Trend
Here is another trend and forecast that is affecting the Everett, Washington real estate market in 2021. In November 2018, mortgage rates began a declining trend and dipped to an all-time low several times throughout 2020.
Right now, mortgage rates for a 30-year fixed-rate mortgage is currently at 2.67% as of January 2021. Here’s an easy prediction for the Everett housing market in 2021: We will continue to see the year have very low mortgage rates than the same time a year ago. The Mortgage Bankers Association expects rates to remain under the 3% mark throughout 2021.
With rising home prices and low interest rates, home buyers considering a purchase might want to move sooner rather than later. Postponing a purchase until later in 2021 or into 2022 could result in higher housing costs.
Disclaimer: This article includes forecasts and predictions for the Everett, Washington real estate market in 2021. Data and projections were provided by third parties not associated with our company. We have compiled them here as an educational service to our readers.
Have Questions About Mortgages in Everett, WA?
Is buying a home in Everett on your radar for 2021? If so, get your mortgage with Sammamish Mortgage! We are a local, family-owned company based in Bellevue, Washington and currently lend in all of Washington, Oregon, Idaho and Colorado. We have been offering a number of mortgage programs for you to choose from since 1992. Please contact us if you have mortgage-related questions.