There are several important factors you should consider before you refinance your mortgage this year, including current rates and your financial situation.
Washington State is currently a very hot housing market right now, and many centers across the state are experiencing similar market temperatures. That includes Bremerton, Spokane, and Tacoma. This article will go into greater detail about the current state of the market in these cities and what they’re expected to be like over the coming months.
In This Article:
- Strong Markets in Bremerton, Spokane, and Tacoma
- Forecasts For 2021
- Less Inventory Available
According to recent data, several cities in Washington State are leading the nation in terms of home-price appreciation. Bremerton, Spokane, and Tacoma were all ranked within the strongest housing markets. This particular forecast covers the 12-month period from March 2020 to March 2021.
Strong Markets in Bremerton, Spokane, and Tacoma
Washington is currently considered to be a very hot market right now. Home prices have increased 12.7% over the past year and now sit at $470,304. Prices have been on a steady incline over the years in Washington State, and are expected to continue on that path throughout 2021.
Some of the hottest strongest housing markets in the country are right here in Washington State, and that includes Bremerton, Spokane, and Tacoma.
The market in Bremerton is extremely competitive right now. The majority of homes receive multiple offers, many of which have their contingencies waived. Homes sell quickly and for about 2% over the listing price, on average. Hot properties can sell even faster, in as little as 3 days after being listed.
The average home price in Bremerton is now $384,462 and has risen 16.5% over the past 12 months, according to Zillow.
The situation is very similar in Spokane, with homes often getting into multiple offer situations and going pending in a short period of time, on average around 6 days after listing. Hot homes sell in as little as 3 days and often go over the listing price.
Right now, prices in Spokane are averaging $303,564 and have increased 18.4% over the past 12 months.
Tacoma is also seeing a very hot market right now, with the average home price having increased 17.5% over the past 12 months and now sits at $403,028. Multiple offers are commonplace, and homes sell on average 6 days after being listed.
The real estate market temperature for the nation as a whole is also very hot. According to Zillow, the average home price in the US is currently $269,039 and has increased 9.1% over the past 12-month period. So the metro-area real estate markets listed above are actually much higher than national rate.
Forecasts For 2021
Just recently, the forecasts for Bremerton, Spokane, and Tacoma were very strong and optimistic. The same can be said for Washington State and the nation as a whole.
But with the current coronavirus pandemic cursing the country and the world, forecasts are somewhat restrained right now. With so much uncertainty over the virus and the economy, industry experts are hesitant to make positive forecasts for housing markets.
Only time will tell how the markets will do as the pandemic continues and hopefully dwindles as time passes.
Less Inventory Available
In the past couple of years, there has been an increase in housing inventory in most cities across Washington. The trend was most noticeable in the Seattle area, but it happened elsewhere as well. That was good news for home buyers because it meant there would be more properties to choose from, compared to the shortages of the past.
But inventory is very tight right now, with far fewer homes available for sale to meet the demand. There may also be fewer sellers out there who are looking to sell because of the current health crisis.
Need a Home Loan in Washington State?
Will you need mortgage financing to buy a home in Washington State? We can help. Sammamish Mortgage has been serving buyers across Washington, Oregon, Idaho, and Colorado since 1992. We offer a wide variety of mortgage products and programs with flexible qualification criteria. Please contact us today with any financing-related questions you have.