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If you have been putting off buying a home or investing in real estate in Renton, WA, because you want to time it with the lowest mortgage rates possible, then the most recent economic data for the Renton real estate market can help. In this article, we’ll discuss current Renton real estate market trends, forecasts for the rest of 2021, and more.
At the moment, in the U.S., we are in the midst of the most active time of year for buying a home and refinancing one’s mortgage. This is especially true for major cities and suburbs in Washington state. Looking especially at the Renton real estate market, one thing is clear—2021 has been a good year for those looking to purchase and sell real estate.
Homes in Renton are very much in demand, and home sales for both new as well as existing houses are high. Not only has the number of new homes coming on the market each month in Renton increased by 24.58%, but the number of homes sold each month has also increased by 15.07% over the past 12 months.
If this is your first time considering Renton or you are a first-time buyer, it is worth noting that Renton is a lively suburb of Seattle on the southeast shore of Lake Washington, situated in King County. Here you will find a thriving suburb that consists of 6 neighborhoods.
Overall, Renton does offer a variety of affordable housing, has ample green spaces, nearby beaches, a low crime rate, a top-rated educational system, and more. Yet depending on your desired location within this Seattle suburb, you can expect to see slightly higher home price tags.
And though it is much more affordable than living in Seattle, living in Renton, Washington, is still pretty expensive. For example, the cost of housing, in particular, is well above the national average due to the fact that it’s so close to Seattle.
Nevertheless, in terms of current market trends and 2021 predictions, Renton, much like the area itself, has a lot to offer.
Presently, current market data shows that the median list price in Renton is $699,999, which is 4 percent higher than last month. In June 2021, the average house in Renton cost $665,000 and sold after an average of 6 days on the market, compared to 11 days last year.
In general, homes for sale typically range from $60,000 to $8,900,000. Since Renton has so much to offer, it is not too surprising that most homes tend to get multiple offers.
Moreover, as of June 2021, the average homes sell for about 8% above the list price. Average homes for sale go pending in around five days. In contrast, highly sought-after homes sell for roughly 15% above their listed price and go pending in approximately four days.
As of late August, mortgage rates for a 30-year fixed-rate mortgage and 5/1 arms are currently still at record lows. And the same is true for jumbo loans (30-year fixed-rate mortgages and 5/1 arms). So, there is good news for Renton home buyers looking to get a mortgage right now as rates are still much lower than they were a year or two years ago.
Similarly, refinancing rates are lower than in previous years. That said, despite the fact that current interest rates have been going down, it is important to keep in mind that they may start to move up again at any time. Thus, you are not alone if you are wondering what the forecast will be for Renton mortgage rates for the latter half of 2021 and beyond.
Renton is and has been one of the largest and most competitive markets in the state for some time now; however, the predicted future home values/prices within the Renton real estate market are high. But increased home values and prices mean that Renton can be a profitable property investment option for those looking to invest in real estate in this area or for homes for sale with good flipping profit.
As briefly mentioned, Renton is a part of King County, part of the Seattle-Bellevue-Everett WA Metropolitan Division, a term the U.S. Census Bureau uses to designate areas with strong economic ties.
As a result, housing market forecasts predict that this area will experience continued home-price appreciation over the coming months, at which point mortgage rates are also expected to rise steadily —though by how much will depend on the available home supply. Since there are so few homes on the market and so many buyers out there seeking properties to purchase—analysts predict that these housing market trends will likely persist into 2022 and possibly beyond that as well.
These trends are also expected to continue fueling the bold home-price forecasts for the entire King County real estate market for the latter half of 2021 and into 2022.
According to the majority of experts and the latest data from Freddie Mac, it is safe to say that mortgage rates will not dramatically change throughout the rest of 2021. And in the next few months, mortgage rates are expected to remain low. So, if you plan to purchase a home or refinance a current loan, this is definitely something to think about.
Ultimately, if you are trying to buy a home or refinance a property in Renton, there are plenty of things to take into consideration—as noted above. That said, if you do not know where to start, we can help. And with the proper assistance, you can figure out what makes the most sense for your financial situation and homeownership goals. So what are you waiting for? Get answers to any questions you have about the local market or mortgages, access to rate insights, and more.
Disclaimer: This article includes mortgage rate forecasts and predictions from third-party sources not associated with our company. We have simply compiled this information as an educational service for our readers. Mortgage rates tend to vary based on geography, loan features, and credit qualifications. Please contact us if you would like to receive a quote or click the link below.
Do you have questions about mortgages, or would you like more information about the home buying or refi process in Renton? If so, Sammamish Mortgage can help. We are a local mortgage company from Bellevue, Washington, serving the entire state, as well as Oregon, Idaho, and Colorado. We offer many mortgage programs online to buyers all over the Pacific Northwest and have been in the business of doing so since 1992. Contact us today with any questions you have about mortgages.
Home prices have increased steadily in King County, prompting federal housing officials to decide to raise conforming loan limits in the county for 2021. Read on to find out more and to check out our loan limits tool.
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