Washington Buyers Agents

Buying a home in Washington—what to know.

• Climate Variability: The climate in Washington varies greatly depending on the region. Western Washington typically experiences mild, wet winters and dry summers, while Eastern Washington has a semi-arid climate with hot summers and cold winters.
• Cost of Living: The cost of living in Washington varies depending on the city and region. Cities like Seattle tend to have a higher cost of living compared to smaller towns and rural areas.
• Economic Opportunities: Washington’s economy is diverse, with major industries including technology, aerospace, agriculture, and tourism. Cities like Seattle, Bellevue, and Redmond are hubs for tech companies like Amazon, Microsoft, and Boeing.
• No State Income Tax: Washington is one of nine states without a state income tax. This means residents keep more of their earnings, as they’re not taxed on income earned in or from the state, unlike residents in states with income taxes.
• Abundant Access to Nature: During summer, residents enjoy boating on Lake Union and Lake Washington, or exploring Lake Chelan and the Columbia River in central Washington. In winter, skiing or snowboarding is popular at Crystal Mountain, Mt. Baker, Stevens Pass, Mission Ridge, or Mt. Spokane.
• Vibrant Sports Culture: Washington’s lively sports scene boasts teams from various leagues, including the Seahawks, Mariners, Sounders, Kraken, Storm, and OL Reign. Sports legends like Sue Bird, Ken Griffey Jr., Gary Payton, and Shawn Kemp hail from the state. Fans can catch games at venues like Climate Pledge Arena, Lumen Field, and T-Mobile Park.
• Diverse Culinary Offerings: Washington offers a diverse culinary scene beyond its coffee capital status. Enjoy fine dining at wineries like Chateau Ste. Michelle, Col Solare, Columbia Crest, and Hogue Cellars. Don’t miss local favorites like Musang, Matt’s at the Market, Beecher’s Cheese, Dick’s Burgers, and Ivar’s Seafood.

Washington buyers agents provide Key Tips for Homebuyers in Washington in 2024:

• Assess Your Finances: To start your homebuying journey, assess your finances. Consider factors like property size, location, down payment, interest rates, and homeowners insurance to determine your budget. A mortgage calculator can help adjust variables like loan term to refine your budget further.
• Get Pre-approved for a Mortgage: Prior to commencing your home search, obtaining pre-approval for a mortgage is essential. This entails consulting with a lender who will assess your credit, verify your income, and confirm your assets based on documents such as W2s, tax returns, bank statements, and paychecks.
• Find a Real Estate Agent: Ease house-hunting stress with a skilled real estate agent. They navigate market intricacies, crucial in limited inventory scenarios. Their expertise uncovers listings you might miss, particularly useful for out-of-state searches.
• Shop for Your Dream Home: Enjoy the excitement of searching for your ideal home. Attend open houses, browse listings, and explore neighborhoods that pique your interest to discover potential properties.
• Hire a Home Inspector: Prior to making an offer, hire a home inspector. They assess the property’s condition, identifying needed repairs like water damage or rot. Their scrutiny ensures issues are resolved before closing or agreed upon with the seller. Lenders often mandate inspections for loan approval.
• Find Homeowners Insurance and Complete the Closing Process: Obtain homeowners insurance to protect your home and belongings from disasters like floods, fires, or theft. Lenders usually require insurance before closing due to their financial interest in your property. After meeting all requirements, complete the closing process to officially become a homeowner.

Is 2024 a Good Time to Buy a House in Washington? 

Considering the current trajectory of the Washington housing market, seizing a lucrative opportunity on your dream home is more feasible now than in 2024. Here are our forecasts:

Anticipated Rise in Mortgage Rates: Economic variables, inflationary pressures, and shifts in central bank policies may contribute to an uptick in mortgage rates in 2024.

Favorable Conditions for Sellers: With limited inventory available, sellers stand to benefit from a seller’s market, potentially yielding swifter sales and elevated prices for their properties.

Diminished Competition: Escalating mortgage rates act as a deterrent for prospective buyers, consequently dampening demand and reducing competition within the housing market.

Implications and Trends

Average Home Prices: The median home price in Washington stands at $602,100, marking a 2% year-over-year increase. This trend is expected to persist in 2024, with marginal increments driven by the state’s constrained inventory. The sale-to-list price ratio sits at 99.60%, representing a 0.7 percentage point increase compared to September 2022.

Home Sales: According to data from September 2023, home sales experienced a notable decline of 27.5% year-over-year. In September 2023, only 7,191 homes were sold, down from 9,919 in the same period of 2022.

Average Rent Prices: Rental costs vary across Washington. In Vancouver, the average tenant pays $1,746, while in Seattle, the average rent stands at $2,260.

Median Days on Market: The median days on the market for homes for sale increased to 19 days, up by 6 days year-over-year.

Pending Sales: The number of homes available for sale decreased by 21% compared to 2022. Currently, there are approximately 23,000 homes for sale in Washington.

Months of Supply: Washington’s housing market faces a scarcity, with an average of only 2 months of supply. The high demand coupled with low supply indicates a housing shortage more severe than the national market.

Washington Housing Market Predictions 2024 

Home Sellers Expected to Reenter the Market in 2024: Sellers who remained on the sidelines in 2023 are anticipated to return, particularly those compelled by new job opportunities or seeking affordability in relocation. Analyst Whitney, renowned for accurately predicting the 2008 financial crisis, forecasts that baby boomers aiming to downsize will contribute to an additional 30 million housing units. Remarkable!

Mortgage Interest Rates Projected to Stabilize in the Second Half of 2024: After reaching 7.79% in October 2023, the highest level in 23 years, mortgage rates saw a decline to 7.35% in November, influenced by a softening labor market and a decelerating economy. Concurrently, the annual inflation rate decreased from 3.7% to 3.2%. It is anticipated that rates will persist above 6%, but stabilization is expected in the latter part of the year.

Rise in Home Buyers Anticipated: Historically high interest rates deterred buyers in 2023, but with mortgage demand rebounding following the decline to 7.35% in November, the easing inflation and stabilizing rates are projected to attract prospective homeowners once again.

Continued Increase in Home Prices: Home prices experienced a steady upward trajectory in major metropolitan areas across Washington year-over-year, culminating in $602,000 by September 2023. Experts suggest that home prices will maintain their ascent until the equilibrium between low supply and high demand shifts.

Boost Expected in New Home Construction Sales: According to the Washington Building Permits Survey, authorization for 20,454 new private housing units marked a 12.8% increase from 2022. Washington’s housing market remains in high demand owing to factors such as a growing population, low unemployment rates, and a diminished housing inventory.