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.
What can buyers looking in King County, Washington expect from the housing market going into 2021? Prices will increase quickly throughout the year, prompting buyers to get into the market sooner before prices really start to take off.
The competition will still be strong in 2021 as it was throughout 2020. Prices will continue to soar throughout the coming months as they did last year. In fact, King County’s real estate market is considered quite hot right now.
King County Housing Market Forecasts Through 2021
King County housing predictions suggest that home prices will rise quite a bit through 2021.
According to a Zillow, median home prices in King County increased 12.7% over the course of 2020.
As of January 2021, the median home value for King County was about $705,082. That’s an increase of about $67,000 over the past year.
This is largely the result of higher demand and tight inventory across the county, as well as continued pent-up demand among buyers who delayed their entrance into the real estate market as a result of the health crisis.
The economists at Zillow, expect the median house value for the county to increase by 11.5% over the next year. That’s a hefty increase, especially when coupled with the 12.7% increase from the previous 12 months.
Expect Continued Inventory Shortages in King County in 2021
As we’ve already discussed, the King County housing market will continue to be hot in 2021 and will be characterized by soaring home prices. And it is still characterized by tight inventory. That means buyers will still be facing tough competition among other buyers.
However, now may be a great time for buyers to get into the market before prices really start to take off, as well as to take advantage of continued low mortgage rates.
Related: Will King County loan limits rise?
According to Zillow, the median home value in Washington is $458,313. The value of homes in Washington state have increased by 12.1% over the past year, with economists at Zillow expecting them to increase 11.3% over the next year.
How King County Buyers Can Succeed in 2021
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 2021 (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?
At Sammamish Mortgage, we offer various mortgage programs to buyers in King County, as well as the rest of Washington State. We also serve the greater Pacific Northwest region, including Colorado, Idaho, and Oregon. We are a family-run business and have been helping borrowers realize their dreams of homeownership since 1992. Contact us today if you have questions about applying for a mortgage.