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How Much Is My Washington Home Worth in 2021 and 2022?

Published:
January 11, 2018
Last updated:
November 23, 2021
How Much Is My Washington Home Worth

If you’ve owned a home in Washington State for a while, there’s a good chance your house is worth more now than when you bought it. And with rates hovering at historically-low levels, it might be a good time to refinance in 2021 and 2022.

In This Article

Homeowners in Washington often want to know how much their homes are worth. Some are just curious, while others are thinking about selling or refinancing and need to know their equity position. And here’s the good news. If you’ve owned a home in Washington for a year or more, it’s probably worth more now than it was when you first purchased it.

How Much Is Your Home Worth in Washington?

According to the real estate data company Zillow, the median home value for the state of Washington currently sits at $548,280 as of November 2021. That was an increase of 22.8% from the same month a year earlier. In the costlier Seattle area, the median house value is $875,450. And home values in the state continue to climb.

So you might be surprised to find out how much your house in Washington is worth right now, as we continue on in 2022. The chances are good that it has increased in value since you purchased it — especially if you’ve owned your home for several years.

Mortgage Refinancing in 2021 and 2022

A recent report from the Mortgage Bankers Association (MBA) showed an increase in mortgage refinancing applications. This is largely due to the continued low interest rate environment we find ourselves in. Just recently, rates hit an all-time low, fueling homeowners in Washington and nationwide are rushing to refinance while rates stay at this level.

Homeowners may be taking advantage of lower rates these days because they’re worried that interest rates will increase this year. But rates have been on a steady decline over the past couple of years, though have been steadily increasing over the past few months and are expected to hit about 4.0% until the end of 2022. That said, only time will tell where they will head by the time 2022 comes to a close.

An increase in cash-out refinancing among Washington homeowners is also being seen lately as a result of low interest rates. In fact, low interest rates have driven cash-out refinances to an 11-year high. Plus, recent tax changes are also fueling this trend. Interest paid on home equity loans is no longer deductible, which may encourage more people toward cash-out refinances as a way of converting equity into cash.

View Washington State Mortgage Rates

Find Your Property Value and Neighborhood Comps

“Okay. So home prices have risen. But how much is my home worth?”

There are several ways to find out how much a house in Washington might be worth in the current market. Real estate market forces, such as supply and demand, are what determine value. And across much of the state, there’s plenty of demand right now but not enough supply. That’s why prices have risen.

You could find out how much your home in Washington is worth by hiring a professional home appraiser. But why go to all of that trouble? We offer a web-based tool that allows you to get an estimate of your property value based on current market conditions. And unlike a full appraisal, it’s free.

Click here to get started. You’ll gain some valuable insight into how much your home might be worth, as well as other houses in your immediate area. This is a great starting point for your market research.

Get an Instant Mortgage Rate Quote Today

Is it Time to Refinance?

Are you ready to refinance your home to take advantage of today’s super-low interest rates? Sammamish Mortgage can help. We are a local mortgage company serving the broader Pacific Northwest region since 1992, including Washington state, Idaho, Colorado, and Oregon. We are proud to offer a wide variety of mortgage programs and products with flexible qualification criteria. Please contact us if you have any questions or are ready to apply for a home loan.

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