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The state of Washington has plenty of desirable cities that attract people from all over the state, as well as the surrounding Pacific Northwest. Among them is Bellevue, Washington, which has long been one of the most enticing places to live in the region.
Known for its bustling tech sector, stunning natural landscapes, highly-rated schools, and vibrant downtown, Bellevue continues to draw in new residents each year; however, there is often not enough housing to accommodate the demand.
Given Bellevue’s limited housing inventory, many homebuyers turn to new home construction as a viable alternative.
In this guide, we’ll explore everything you home buyers need to know about new construction homes in Bellevue, WA. We’ll look at factors including current market trends, perks of buying new, top neighborhoods, and mortgage financing tips.
There are plenty of reasons why you may want to consider buying new home construction in Bellevue, WA, in 2025 or beyond.
New construction homes in Bellevue are typically outfitted with the most modern features and amenities, particularly in terms of technology, smart home features, style, and comfort.
With the latest styles, newly constructed homes tend to meet today’s sophisticated tastes, without requiring time-consuming and costly renovations to bring a home up to par with current standards in home style and decor.
Today’s new builds in Bellevue are constructed to meet the latest standards for energy efficiency. This includes features such as high-efficiency HVAC systems, energy-efficient doors and windows, tankless water heaters, and solar panels and roofs.
Features such as these can lead to significant savings on utility bills and a reduced carbon footprint.
Modifying plans before the home is constructed eliminates the hassle of remodeling after the fact, leaving home buyers with a house that meets their standards.
Home buyers can customize floor plans, upgrade kitchen cabinets and appliances, choose countertops, and even configure rooms to suit specific needs and lifestyles.
New, more modern finishes and energy-efficient features often mean lower maintenance costs. For instance, new appliances, roofing, flooring, and systems are much less likely to break down and require repair or replacement when they’re new.
As such, new construction homes in Bellevue provide home buyers with a lower-maintenance house that they likely won’t have to worry about having to maintain for years. Plus, most new home builders offer warranties that cover major systems and structural components, providing buyers in Bellevue with investment protection and peace of mind.
Navigating the specialized new home construction lending landscape requires an understanding of the loan options available and partnering with the right experts in home loans. Securing the right mortgage for a new construction home is crucial for covering the cost of this purchase.
Here are a few tips to consider.
In a fluctuating interest rate environment, you may want to consider inquiring about long-term rate locks. Given how much time may elapse while the home is being constructed, the going interest rate may change.
If you’re able to secure an affordable rate when you initially agree to a home loan, consider locking in your rate to prevent any fluctuations over time.
Many builders have in-house lenders they work with, and often offer incentives to use their preferred lender. Such perks may include:
While these perks may sound attractive, buyers should consider if the savings they offer outweigh any cost savings or better rates they may get from a different mortgage lender. It’s not uncommon for some builders to build these “savings” into their pricing, making it look like buyers are getting a good deal when they could realistically get a better deal elsewhere.
A local mortgage company in Bellevue can help you navigate the complexities of new build mortgages in Bellevue. Given the nuances of such loans, it’s crucial to have a seasoned expert in your corner to ensure that you cover all your bases and fully understand the scope of such financing.
Before formally applying for financing, consider getting a pre-approval for a new construction home. This is an essential step in the mortgage process before the construction begins.
As part of the mortgage pre-approval process, the lender will assess your credit score, income, and debt-to-income ratio to decide how much you’re eligible to borrow. Keep in mind that pre-construction mortgage approvals expire after a certain time has elapsed.
Bellevue’s new construction market is booming thanks to factors such as the growth in the tech industry and high demand for modern homes. The city continues to draw in buyers and investors alike as a result of its strong economy and increasing property values.
Here are some current market trends in the new construction scene in Bellevue worth noting.
Bellevue’s labor market is strong, driven largely by the influx and growth of firms such as the Amazon and Microsoft expansion in BelRed.
As these organizations continue to expand their employee rosters, the demand for housing will undoubtedly continue rising. This includes modern homes, which has sparked a slew of new construction projects across Bellevue and nearby centers.
As land continues to become increasingly limited for land development, many new construction projects tend to focus more on urban developments and high rises, including townhouses and condominiums. These projects foster more walkable neighborhoods that offer close proximity to parks, restaurants, and public transit, appealing to residents in all phases of life.
High-end builders are incorporating luxury design with sustainability in their building practices. Features like green roofing, environmentally friendly materials, and high-quality insulation are becoming the norm in Bellevue’s new construction realm.
When it comes to new home construction in the city, Bellevue has a few important neighborhoods to keep an eye on:
Currently, Bellevue’s mortgage rates are as follows, based on the following variables:
| Rate | APR | Points | |
| 30-Year Fixed | 6.000% | 6.219% | 2.168 |
| 15-Year Fixed | 5.125% | 5.509% | 2.342 |
Keep in mind that rates change frequently. Please check back to our rate quote page regularly to find the most up-to-date rates and APRs.
Several loan options are available for first-time home buyers looking to purchase new construction, including government-backed loans (like FHA and VA loans), fixed-rate and adjustable-rate mortgages, and specialized new construction mortgages.
Loan requirements for new construction loans in Washington vary by lender. That said, they typically include good credit, a sizable down payment, details about the home, and proper documentation.
To find the best mortgage lenders in Bellevue, check out online reviews, compare interest rates, evaluate closing speed, and ask for recommendations from people you know.
The average price of a home in Bellevue is currently $1,585,848, a year-over-year increase of 8.5%.
If you’re looking to take out a mortgage to finance a new home build in Bellevue, WA, we can help. At Sammamish Mortgage, we’ve been servicing clients all over the Pacific Northwest since 1992, and we’re ready to help you too. Reach out to get a rate quote and get the mortgage process started today!
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.