Buying A Home In Washington State ((HOT))
Note: Your home buying experience may differ slightly from the one outlined below, due to a variety of factors. With that being said, most home buyers in Washington State will go through most of the steps outlined below.
buying a home in washington state
For many first-time homebuyers in Washington state, the challenge is navigating a market with low inventory and high prices. Aspiring homeowners, however, should not give up hope just yet. You could get into a home sooner than you think if you qualify for one of the many homeownership programs available.
Remember, unlike purchasing homes straight from the seller or a traditional active listing, when buying a foreclosed property you are dealing directly with the bank or institution that owns the home. Working with a real estate agent who has experience in buying foreclosed homes can help. Experienced agents or ones who specialize in foreclosed properties can assist in the entire journey from looking for a property to closing the sale.
The healthy economy, retiree-friendly tax climate, and reasonable housing prices in Washington State are drawing the interest of home-buyers. If you are considering buying a house in Washington State, whether as your primary residence or an investment property, you are likely aware of the challenges finding a mortgage can present.
Home loans in Washington State work the same as in other states. For many prospective homeowners, a mortgage is necessary to make a purchase. In order to apply for a mortgage, you need to take the following steps:
At Griffin Funding, we pride ourselves on the diversity of our mortgage programs to help customers in varying financial situations make their dream of homeownership or real estate investment a reality. In addition to FHA loans, some of our most sought after home loans in Washington State include:
The median listing for house prices in Washington State is currently $419,000 while the median selling price is $375,200. Though Washington State is not among the least expensive places in the U.S. to buy a home, it is more affordable than some other coastal states like California.
While home prices in Washington State may be lower, buying a home here will present similar challenges as other states. For example, you will need to meet certain requirements to buy a house in Washington State, including:
From a transactional standpoint, there exists some modest crossover between attorneys and real estate agents. One clear difference is that an attorney is licensed by the state to provide legal advice to a prospective buyer. Comparatively, real estate brokers are limited to advising clients on narrow legal concerns related closely to the real estate transaction and its ancillary processes. For example, a real estate agent may be able to walk-through a purchase and sale agreement with their clients, and answer basic questions about its terms. However, if a legal question arises outside the scope of that agreement, (such as a concern about the implications of an easement on the property or homeowners association issues), the agent is obligated to recommend that the client seek advice from an attorney.
Depending on the prospective buyer, utilizing an attorney to purchase a home is not always ideal. Attorneys are excellent at facilitating the transaction by drafting the necessary documentation and helping explain to the client the various legalities associated with it. BUT, they are not designed to directly assist the client with sales-related activities such as viewing the home or interpreting housing market trends. If you need that sort of assistance, then perhaps a real estate agent would be better-suited to assist you. However, given that the vast majority of information needed to make a well-informed purchase is located on the internet, use of a real estate agent is likely optional.
In the legal world, there is often a division of practice emphasis between litigation (fighting in court) and transactional work. Attorneys who assist with transactions are typically responsible for preparing the necessary documentation to facilitate the transaction, but also, they serve to simply guiding the process through to completion. In the context of buying a home, a real estate attorney will usually follow the following procedure:
From there, we applied a standard 30-year mortgage with a 3.9% interest rate to work out the monthly payment. We did not take into account PMI, taxes, down payment size, or home insurance, since those differ greatly within states and based on individual circumstances.
The only state to be named after a president is too expensive to buy a house. As the fifth-most expensive place to buy a home, the state of Washington is appealing to most people for its rich history, Space Needle and coffee.
To calculate the exact amount of property tax you will owe requires your property's assessed value and the property tax rates based on your property's address. Please note that we can only estimate your property tax based on median property taxes in your area. There are typically multiple rates in a given area, because your state, county, local schools and emergency responders each receive funding partly through these taxes. In our calculator, we take your home value and multiply that by your county's effective property tax rate. This is equal to the median property tax paid as a percentage of the median home value in your county.
The average effective property tax rate in King County is 1.05%. It's also the county with the state's highest median annual property tax payment at $6,328. Rates in many King County cities have been falling as home values have been increasing. Since there is a cap on the growth in levies, steep increases in home prices are often balanced by falling rates.
Clark County is located along the Columbia River, just north of Portland, Oregon. Its largest city is Vancouver. It is named for the early 19th century explorer, William Clark. The median annual property tax paid by homeowners in Clark County is $3,855, fourth-highest in the state and over $1,000 higher than the national median.
Situated at the south end of the Puget Sound, Thurston County is a largely rural county but contains the state capital, Olympia. The average effective rate in the county is 1.14%. If you owned a home worth $200,000 in this county, you'd pay $2,280 in a year in property taxes.
Kitsap County is located on the Kitsap Peninsula in the Puget Sound. It also includes Blake Island and Bainbridge Island (which is connected to Seattle by way of a ferry). The median annual property tax paid by homeowners in Kitsap County is $3,719. That is the sixth-highest mark on a statewide basis.
With a population of over 256,000, Yakima County is the eighth-largest county in Washington State. It is located in central Washington, just east of the Cascade crest. According to the U.S. Census Bureau, the median home value in Yakima County is $191,400, among the lowest in the state. So, while tax rates in Yakima County are a bit above average, tax payments are relatively low. The median annual property tax payment in the county is $2,027.
Once you hire a home inspector that stands by their inspection, review it carefully with the inspector and your real estate broker. Make sure you understand the consequences of the identified defects and if it is possible for the defect to exist in other areas of the home. If the home inspector says no, have them put it in writing.
The Improving Homeownership Rates for Black, Indigenous and People of Color in Washington report released today is the culmination of nine months of work by the Homeownership Disparities Work Group. The work group developed 27 recommendations, 12 of which are deemed actionable in the next several years to remove housing barriers for BIPOC households in Washington. A total of 32 stakeholders with diverse backgrounds in housing, including work group members with experience buying homes through the Housing Trust Fund low-income homeownership program, participated in the extensive effort detailed in the report. Commerce Director Lisa Brown chaired the work.
The work group recommendations include changes to the real estate and lending industries. They also suggested policy revisions and funding priorities across all levels of government to unlock housing supply, direct affordable homeownership units toward BIPOC communities, and increase immediate assistance to prospective and current BIPOC homeowners.
Commerce will also seek $60 million through the 2023-2025 state budget to enact more report recommendations, including seeking$50 million for capital homeownership projects, 50% of which is to be awarded to organizations with documented homeownership disparities. Additionally, the department is working with the Harriet Tubman Foundation for Safe Passage to develop a statewide plan to invest Community Reinvestment Account (CRA) funds to address racial, economic, and social disparities created by the historical design and enforcement of state and federal criminal laws and penalties for drug possession. Homeownership is one of the four areas in which CRA money will be invested to address these historic impacts. Learn more on the Commerce website.
Real estate agents in fire-prone corners of the state talk with homebuyers about the risk of fires, any high-risk features on the home (say, a shake roof in a timbered area) and how to mitigate risks, as well as referring them to local firefighting agencies, said Savage, the Windermere broker.
To reduce risk, the state recommends keeping the area surrounding the home free of leaves and rubbish, removing tree limbs within 15 feet of the ground, trimming dead branches that hang over the roof and stacking firewood at least 100 feet away and uphill. More tips are available at firewise.org and dnr.wa.gov on the wildfire resources page.
This leaves many people asking whether building would be a better option than buying. How much more expensive is it, anyway? Get to know the cost of building a house vs. buying in Washington and how to start the process in this state. 041b061a72