Kirkland is a picturesque suburban area along the northeastern shore of Lake Washington. Residents within the area have majestic views of the lake, Mt. Rainer, and the Seattle skyline. With a modest population and multiple routes for traveling to nearby larger cities, it is the ideal location for those who love the captivating beauty of the Northwest. An abundance of parks and recreational activities further adds to its appeal.
If you wish to capture a piece of all Kirkland offers for yourself, you should become familiar with the current housing market, trends, and forecasts for 2023. Kevin Donovan is here to help you discover the pros and cons of investing your money in Kirkland real estate.
Kirkland Real Estate Market Forecast 2023
Kirkland is a quaint suburban area just outside Seattle's bright lights, making it ideal for many people. While downtown Kirkland is home to various shops, dining, and relaxation options, the residential area is perfect for residents who work from home or simply crave a peaceful respite. With so much to offer, residents can have everything they need without traveling to the bigger city.
This is also why Kirkland sellers often attain sale prices that meet or exceed their asking price. The housing market promises to show further growth potential this year and into the future. Higher interest in large, luxurious homes from residents seeking to escape the city has resulted in faster home sales, with many sellers getting bids within a couple of weeks of listing.
Decreasing mortgage interest rates
According to the National Association of Realtors® (NAR), interest rates in the U.S. are decreasing. This is based on the economy leveling off after the inflation we recently experienced. Currently, you can expect to pay between 6.52% on a 15-year fixed mortgage and 7.28% for a 30-year fixed mortgage in Washington. Your average interest rates may change based on several factors.
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Your credit score.
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Your budget and down payment options.
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The type of mortgage you want.
The most important thing to do is decide what type of mortgage you want based on your long-term goals, including whether you want:
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A conventional loan: This fixed-rate loan may have lower borrowing costs, but you may also be required to pay private mortgage insurance.
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A fixed-rate loan: This mortgage won't fluctuate over time, so it is easier to budget for, but it may also have a higher interest rate and higher rates long term.
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An adjustable-rate mortgage: This loan offers lower interest rates. However, it may cause higher monthly payments due to fluctuating interest rates.
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A government-backed loan: This type of loan can be helpful if you qualify for Veterans Affairs loans.
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A jumbo loan: This loan allows you to invest in a more upscale home, but it will require you to have a higher credit score and down payment.
Your chosen loan type will affect your monthly payment and total mortgage loan amount. For instance, choosing a 30-year fixed jumbo loan could bring your interest rates down to 6.805% over a 15- or 30-year fixed mortgage. An adjustable-rate mortgage could average between 6.64% to 6.99%.
Although mortgage rates are decreasing, it's crucial to explore all your options before buying a home. To find the best options for your situation, speak to your realtor about home prices and your lender about your potential mortgage rate options.
Kirkland has income potential for landlords
It is important to note that most people living in Kirkland are homeowners. However, those wanting to use their Kirkland luxury estate as a rental property may find success with people seeking a quieter lifestyle that don't have the necessary income to become a homeowner. As more people explore their ability to escape city living, there could be an increase in demand for rental properties in the future.
Kirkland's population growth potential
Seattle is an area that is consistently growing. More homes are being built to combat the increased need for affordable housing and the influx of people moving into the Northwest. Suburban areas will also grow with a higher demand for more housing options.
Therefore, Kirkland's population is expected to grow as people step away from the city, opting for a slower lifestyle.
Therefore, Kirkland's population is expected to grow as people step away from the city, opting for a slower lifestyle.
Current Market Trends in Kirkland
In recent years, the Kirkland real estate market has seen a decrease in housing costs. Over the last year, sellers were pricing and selling homes at approximately 11.8% less than the previous year. This makes it possible for buyers in today's market to get more real estate for less cost. This trend is not expected to last, and even holding onto the property for just a couple of years could allow you to increase your profits. You simply have to own the home until the housing market once again becomes a seller's market, which could give you peace of mind if you're not sure you want your Kirkland home to be your forever home.
Capture your piece of Kirkland today!
Whether you long for a fabulous home situated on Lake Washington or one set amid the hills overlooking the beauty of the surrounding area, it is all possible in Kirkland's upscale housing market. You can make a solid investment in your future by buying a luxurious home now, with decreasing mortgage rates and reasonable prices.
Kevin Donovan is a top Kirkland real estate agent here to help you reach your goals and find your dream home. Our team can help you find the best home investment options for your budget based on the Kirkland real estate market prices, trends, and forecasts. Get started on your future as a homeowner in the hot Kirkland real estate market, and contact us today.
