Tacoma mortgage rates can be affected by several factors, from national interest rates to local real estate market trends. The real estate and mortgage industries are closely intertwined which is why most potential homeowners look to market statistics as they are making decisions about their finances and the home they want to purchase.
Some of the most recent reports have shown a slight but steady increase in Tacoma home prices over the past few months, which is very typical for this time of the year.
Between October and December of last year, the median price of Tacoma homes listed on a reputable real estate website was constant at around $250,000. That median price rose to roughly $278,000 as the market headed into April this year.
The good news for buyers looking in the local area is that the median price has actually started to drop over the last month and is now closer to $250,000 again, as of May 2017.
Broken down by neighborhood, the median estimate home value is now around:
Northeast Tacoma – $338,500
North End – $334,800
West End – $288,200
New Tacoma – $231,800
Central – $218,700
South End – $195,600
Eastside-ENACT – $193,300
South Tacoma – $180,800
Local market statistics can be extremely helpful information, whether you are looking to purchase a home, move to a different location or refinance the existing mortgage on your current home. All of these scenarios are something we can help you with at Primary Residential Mortgage, Inc.
As a full-service mortgage and financial company, we are proud to offer a wide variety of mortgage products and services to assist with the needs of every client. Whether you fit into one of the previously mentioned categories or have questions about Tacoma mortgage rates or our other mortgage options, give us a call today!