Photo courtesy lempelziv
While it has taken a while for the real estate market to come back to pre-crisis levels, the Seattle PI reports that home values in King and Snohomish counties are rising back to peak rates from 2007. The median home price of a home in Seattle for July was $543K, up 16.9% from a year ago and up 8.9% from July. On the Eastside, median home price rose to $630K. Though economic forecasters don’t expect that rate to continue to grow so quickly. Zillow predicts home prices will continue to rise more slowly at 8.2% within the next year.
The market continues to have more buyers than sellers. Almost 40% of homes sold for more than their list price and sellers are receiving multiple offers, often up to 20 bids.
Despite the bidding wars, it’s still a great time to purchase a home while interest rates hover around 4-4.5% for a 30-year fixed mortgage.