The fall season is officially upon us, which means the holidays are just around the corner. This time of year really gets people in the home buying spirit as they witness the leaves changing colors and all the festive decorations hung everywhere because it gives a more “homey” feel.
The fall time is a quieter time to purchase a home, which means you will not have to stress about feeling rushed to make a decision before the home becomes unavailable. You can browse the residential market at your leisure and talk with a local mortgage lender in Bellevue to go over all your options before you make a decision.
So, to help you get started on the search to find your dream home, the Nicole Vaivadas Team with Primary Residential Mortgage, Inc., has listed the most current market update for the Bellevue area.
Bellevue Market Update
In reference to realtor.com, the residential market for Bellevue, Washington, has been increasing in price over the past three years. In October 2015, the median listing price was $749,950 and increased 15.5% one-year later to $866,000. By October 2017, the median listing price increased by an additional 15% to $998,000. The current median listing price for 2018 is $1.1 million, which is a 10.2% increase from the previous year and is a 46.7% increase since 2015. The current median listing price per square foot is $478,000 and the median sold price for October 2018 is $930,000.
With this constant increase in price every year, it is safe to assume that the median listing price is going to continue to get more expensive. Therefore, if you are looking to purchase a home in the near future, it would be an excellent idea to lock in a rate for a mortgage in Bellevue before the rates get more expensive.
For more details on the current market update or to get started on your home loan application, please contact your local mortgage lender in Bellevue, Nicole Vaivadas, at 425-818-5880.