The Seattle times recently ran a story about rising home prices in the Puget Sound where they found that while home prices in general are on the rise across King and Snohomish County, some areas are appreciating much faster than others.
What does this mean for Homeowners or people that would like to own a home in Federal Way?
It means that if you are sitting back and waiting to make your next home purchase, you're already going to pay, on average, about 26.1% more for the average home over what you would have paid last year at this time in Dash Point and Federal Way. It almost seems like you've missed your chance to get a great deal, right?
The story goes on to further discuss the affordability of homes in the region and more specifically in Federal Way.
"At the end of last year, only 38 percent of homes in the Seattle metro area were affordable for a home shopper earning the median household income of $67,944, assuming a 20 percent down payment and a 30-year fixed-rate mortgage......
About 75 percent of homes in Federal Way’s 98023 ZIP code were considered affordable."
*source: Seattle times
This is still great news for someone looking to buy in certain areas of Federal Way. Check out some of these great homes for sale right now for under $250K in Federal Way. And if you have the means to extend a little bit further, there are some really great deals on homes for sale between $400K and $500K in Federal Way.
(when I say really great deals, I'm talking homes with sweeping views of the sound, there's a 7 bedroom home in that group, many of these homes have awesome fixtures; wood flooring, stainless steel appliances, granite counters, huge closets.......just about everything you want in your dream home in Federal Way!)
What's the Big Lesson for Buyers?
Get off the sidelines! We still haven't reached a point where home prices in Federal Way have risen all the way back to peak numbers from the market we saw five years ago. With home prices remaining affordable in many areas of Federal Way for households with a median income (in 2011, that meant as a household you made $51,687/year), the longer you wait, the less house your money will buy.
Wondering how much house you can afford right now? Let us help you get an answer!
What Does This All Mean If You Are Thinking about Selling?
Currently in Federal Way, there are only 68 homes on the market between $200,000 and $300,000. Many of these homes are getting multiple offers within the first couple of days of hitting the market. We've seen large numbers of first time home buyers coming through open houses that we've hosted on homes in this market and we recently sold one of our listings in this price range in 3 days of the home hitting the market.
It's a great time to be a seller.....especially one considering trading up to a larger home in Federal Way. Because we still have affordable options available in most price ranges, and we have a large number of buyers looking in lower price ranges, the perfect storm is brewing for people looking to sell their home and trade up to something more accomodating.
It's a good time in the real estate market in Federal Way, no matter where you sit.......unless it's on the sidelines!
If you'd like an estimate on how much you could sell your Federal Way home for, click that link and we'll get started figuring out how much your home specifically will sell for.
Anderson Homes & Land
Broker ~ Partner