Last weekâs housing-related economic events included the Case-Shiller Home Price Index reports for April, the Commerce Departmentâs Pending Home Sales report and a report on Construction Spending. In other economic news, Non-Farm Payrolls, the ADP Employment report and Consumer Confidence reports were released. Freddie Macâs mortgage rates summary and the weekly unemployment claims report were released as usual.
Summary: What can buyers looking in King County, Washington expect from the housing market going into the second half of 2019? A cooling off of the real estate market with prices stabilizing and even dipping temporarily.
What can home buyers expect from the King County, Washington real estate market in 2019? While the competition might still be somewhat strong, it won’t be as hot as last year in 2018. In fact, King County’s housing market is cooling.
King County Housing Market Forecasts Through Summer and Fall 2019
King County housing predictions suggest that home prices could continue rising slowly through the end of this year and into next, though they’re more likely to flatten to some degree.
According to a Zillow, median home prices in King County dipped by 1.63% in June from the month before.
As of June 2019, the median home value for King County was $611,000. That’s a decrease of about $30,000 from the same month a year earlier.
This is largely the result of more listings coming out and more inventory alleviating pressure and giving buyers more to choose from.
Related: 5 things buyers should know in 2019
More affordable and mid-price ranges are expected going forward through 2019. Price appreciation is anticipated to flatten into the second half of 2019 with more listings coming out over the summer, distributing buyer energy more evenly.
The economists at Zillow, for example, expect the median house value for the county to fall by 3.1% over the next year. That’s just one of several projections that suggest a continued decline in home prices countywide.
Expect King County to Return to a Balanced Housing Market
While it’s not necessarily a buyer’s market just yet, it’s certainly not a sizzling hot seller’s market as it was not long ago in King County. That said, the market is certainly more balanced today than it was only a few months ago, making it more even between both buyers and sellers and not necessarily favoring one group over another.
However, now may be a great time for buyers to get into the market with cooling prices and continued low mortgage rates.
According to Zillow, the median home value in Washington is $387,100. The value of homes in Washington state have increased by 5.2% over the past year, with economists at Zillow expecting them to will increase 2.4% over the next year.
How King County Buyers Can Succeed in 2019
Not long ago, we published a “survival guide” for first-time buyers in the Seattle housing market. Many of those lessons can be applied across King County as well. Home buyers countywide can benefit from those lessons. Here are some of the highlights:
- When buying a home in King County, Washington, be prepared for some healthy competition from other buyers. The current inventory situation across the county makes for a competitive real estate market.
- Do some budgeting ahead of time to determine how much you can afford to pay each month in housing costs. While you’re at it, research recent sales prices in the area where you want to buy. This will help you narrow your search and make a strong, realistic offer when the right property comes along.
- Getting pre-approved for a mortgage loan is also beneficial, when buying a home in a competitive real estate market like King County. Most sellers will expect it. Being pre-approved by a lender will also help you focus your home search to the kinds of properties you can afford. This kind of efficiency is important in a hot housing market.
Disclaimer: This article includes forecasts and predictions for the King County real estate market through 2019 (among other data). Those projections were offered by third parties not associated with our company. We have presented them here as an educational service to our readers.
Looking to Apply for a Mortgage in King County?
If you have questions about King County mortgages, we’d love to chat to answer them for you. Whether you’re just looking for answers or are ready to apply for a mortgage, we can help.
Sammamish Mortgage is a local, family-owned company serving the entire state of Washington, as well as the Pacific Northwest region encompassing Oregon, Colorado & Idaho. Get in touch with us today with all your questions! Last Updated: