The Veterans Day holiday on Monday contributed to a quiet week for economic news. On Wednesday the reading for the federal budget deficit for October fell from September's reading of -$120 billion to -$92 billion.
Seattle is expected to see a rise in home values over the next year, with some areas exceeding pre-recession highs.
A recent analysis done by Zillow, reveals that 17 zip codes in the Seattle-Metro Area are likely to see home values rise beyond pre-recession peaks. In the last year, the median price of a home has gone up 11.8%, with an expected 8% increase over the next year. While there are other areas of the country in which home values are gradually sliding out of the recession, cities like Seattle, Sacramento, Riverside, Los Angeles, and Las Vegas are leading the resurgence.
Additionally, some zip codes in the Seattle area have already surpassed their pre-recession highs; The University District in Seattle, the zip code 98105, is the post-recession leader, its median home value peaked in December and has since been on a steady rise.
Now may be the time for those considering purchasing or financing a home in Seattle to make their move. If the trend continues in this way, residential spaces will only become more expensive, and those looking to invest will see only find more competition.
If you are looking to take advantage of the current home prices and what’s to come, be sure to get in contact with the trusted mortgage specialists at Sammamish Mortgage.