There are several important factors you should consider before you refinance your mortgage this year, including current rates and your financial situation.
Which neighborhoods are the most competitive in the country? More specifically, which Washington-based neighborhoods are considered competitive in 2021?
In This Article:
- Tacoma Neighborhood Ranked as Among Most Competitive in US
- Most Competitive Neighborhoods in the Country
- Survival Guide for Seattle Home Buyers
According to a recent report by Redfin, a Seattle Metro Area neighborhood listed as one of the most competitive in the nation right now, from a home-buying perspective.
Tacoma Neighborhood Ranked as Among Most Competitive in U.S.
An increasingly popular neighborhood in the Seattle metro area was recently ranked as one of the most competitive neighborhoods in the country for home buyers. According to a December 2020 report from the real estate company Redfin, the neighborhood of Tacoma very competitive right now.
More specifically, Spanaway was named the number one most competitive neighborhood in the whole country, according to RedFin. Spanaway is located just south of Seattle in the Tacoma metro area. More than one-third of homes sold above the listing price in 2020, and the average home stayed on the market for only 5 days before selling. Home prices increased 20.8% from the year before and housing inventory plummeted 32.7%.
On a larger scale, Tacoma is a mid-sized urban port city in Pierce County, WA and is the third-largest city in the state. As of March 2021, the average price for a home in Tacoma is $403,028, which is 17.5% higher than what prices were in March 2020.
Most Competitive Neighborhoods in the Country
Redfin analyzed real estate trends in a number of metro areas across the country and then ranked the 10 “most competitive” neighborhoods for home buyers during 2020.
Competition was measured based on a number of factors, including the median number of days on the market (before going under contract) and the average sale-to-list price ratio. These are common metrics used to determine how active a real estate market is. The company also looked at price growth and the percentage of homes that sold above the original asking price, another indicator of demand.
The following Washington State neighborhoods made the top 10 list:
- Spanaway, Tacoma, WA
- Lacey, Olympia, WA
- Tacoma, WA
- Eastmont, Seattle, WA
- Frederickson, Tacoma, WA
- Graham, Tacoma, WA
Survival Guide for Seattle Home Buyers
This report just reinforces what most residents in the Seattle area already know. The local real estate market is still very competitive and expensive right now, with a lot of competition among home buyers.
So what’s a buyer to do? How do you navigate this kind of market to find, evaluate and purchase a home? Sammamish Mortgage has you covered.
We’ve created a series of helpful guides, and even a 24-page handbook, to help you succeed in the highly competitive Seattle real estate market.
- For starters, check out our survival guide for first-time buyers.
- You’ll also want to download our free 24-page e-book written specifically for Seattle home buyers.
In a competitive real estate market, it’s also important to have your financing lined up before shopping for a house. This will make you more competitive and increase your chances for success. If you’re planning to use a mortgage loan to buy a home in Seattle, you should seriously consider getting pre-approved before house hunting. Learn more here, or contact us to begin the process!
Have Questions About Mortgages?
If you have any queries about home loans in Washington State or any other part of the Pacific Northwest, Sammamish Mortgage would love to help. We are a family-owned and operated mortgage company based out of Bellevue, WA, serving the Pacific Northwest since 1992. We currently lend in all of Washington, Colorado, Oregon, and Idaho, and are happy to offer many mortgage programs to borrowers across the region. Get in touch with Sammamish Mortgage today!