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Washington State is home to a lot of hot housing markets, and Everett happens to be one of them. The real estate market this past year was very healthy, but where will things go in 2022 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 2022.
According to the housing research team at Zillow, the median home price in Everett, Washington rose by 27.9% year-over-year from December 2020 to December 2021. The median price was around $612,651 when this article was published, in December 2021. The median price per square foot was $339.
Experts do not see much slowdown in price increases in sight, predominantly as a result of continued constraints in housing inventory.
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 14.3% 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 2022.
Here’s some good news for Everett home buyers and mortgage shoppers. In 2022, FHA and conforming loan limits are higher than they were in 2021. Federal housing officials made these changes in response to the significant home-price gains that occurred during 2021.
In 2022, the loan limit for a single-family property in Everett (Snohomish County) is $891,250. 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.
Here is another trend and forecast that is affecting the Everett, Washington real estate market in 2022. 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 3.1% as of mid-December 2021. Here’s an easy prediction for the Everett housing market in 2022: We will continue to see the year have low mortgage rates, though they may be slightly higher in 2022 than they were the previous year. The Mortgage Bankers Association (MBA) expects rates to reach around 4% by the end of 2022.
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 2022 could result in higher housing costs.
Disclaimer: This article includes forecasts and predictions for the Everett, Washington real estate market in 2022. 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.
Is buying a home in Everett on your radar for 2022? 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.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.