Washington Home Prices Increasing 3 Times Faster Than Wages
From the Good News/Bad News Department: Which do you want first?
Well, you saw the bad news in the headline, so let me tell you the good news. If you haven't had your home appraised in a few years or more, I'm pretty sure you'll be thrilled when you do. For those wanting to sell their homes, property values in Washington have increased dramatically.
However, if you plan on selling your home here just to buy another one in Washington, chances are you'll have to sink any profits into the next home. The real winners here are those that are selling homes and moving out of state where the same basic home might be much cheaper.
If you've owned your home for at least a year, you might want to look into refinancing. Rates are pretty good right now and you might be able to put some equity in the bank if you choose. The housing affordability crisis is not just in Washington State, however. You can see the full report from Construction Coverage below.