Bellevue, a jewel nestled in the heart of Washington state, has gained popularity over the years as an exceptional place to call home. Its charm, thriving economy, and natural beauty have made it a magnet for many aspiring homeowners. According to
Niche.com, Bellevue boasts an overall score of A+ for livability. With such accolades, it's no wonder many are considering Bellevue as their next home. If you're among them, here's a guide to help you navigate the home-buying journey in this lovely city.
Bellevue real estate market insights
For anyone keen on understanding the dynamics of the Bellevue housing market, staying updated with current trends is essential. As of 2023, the Bellevue
housing market showcases the following:
- Housing supply in June 2023 was 1.1 months, a decrease from 2 months in March 2023.
- Current average days on the market for Bellevue homes is just seven days.
- The average mortgage rate as of August 2nd was 6.93%.
- Home purchase applications decreased 3% week over week and were down 26% year over year as of August 2nd.
- Home prices in Bellevue are down 1.8% year over year. The median price is $800,000, which is double the national median.
- Zillow's average home value for Bellevue is nearly $1.3 million, reflecting an 11% decrease year over year.
Predictions for the market in the coming months:
- The Seattle and Bellevue housing markets are perceived as stable and robust.
- Bellevue continues to be high in demand, and prices are expected to rise as interest rates potentially ease over the next 6 to 18 months.
Types of residences available
Bellevue is not just a city; it's a tapestry of various lifestyles & cultures. Beyond the cozy condos and sprawling estates, there are mid-century homes that narrate stories of the city's evolution, townhomes that offer community living without compromising individuality, artist lofts that breathe creativity and upscale planned communities. Every property type here speaks of a different aspiration. For those drawn to nature, there are residences nestled among spacious parks, while others offer panoramic views of Lake Washington, mountains and evergreen forests. Bellevue's high-rise skyline also reflects the city's pulsating modern energy.
Creating your buying strategy
Purchasing a home is often the biggest financial decision that you may ever make. Buying real estate is also a complicated process. So it’s important to seek the advice of an experienced broker who can help you be successful in locating and securing the home of your dreams.
The importance of financial readiness
Buyers sometimes assume that it makes sense to look for a home before starting the loan qualification process. However, there is nothing more frustrating than investing the time in locating your dream home only to lose it to another buyer, because you are not fully prepared to submit a viable offer to the seller.
Many prospective buyers make the mistake of only shopping for interest rates in choosing a lender. There are many other critical factors in choosing a lender resource with a successful track record of closing loans on time and meeting contractual deadlines. It’s also important for your lender to be available 7 days a week and outside of regular business hours to submit revised documents for offers.
Seeking professional guidance
Whether you’re an experienced real estate investor or a first-time home buyer, to ensure success and avoid costly mistakes it’s important to seek the guidance of a knowledgeable broker who can educate and advise you about the complexities of the home buying process.
Navigating competitive offers
In the competitive greater Seattle market, multiple offers for desirable properties are quite common. Your choice of representation will play a key role in your ability to, potentially, win a multiple offer scenario for your dream home. Less experienced agents rarely successfully advise or strategize for their clients to experience success in those situations. It’s crucial to have an agent with experience who has a trust rapport and can determine key details with the listing agent and seller in detailed back channel communications.
Mary Pong has submitted the winning offer for her clientele when competing against as many as 35 other prospective buyers in a multiple offer scenario.
Delving into neighborhood nuances
Bellevue is a tapestry of diverse, niche neighborhoods, each with its unique charm and character. Naturally, one might wonder, "Do property prices vary across these neighborhoods?" Indeed, they do. Some areas, with their rich histories, prime locations or views will demand higher prices. Often, an experienced broker like Mary Pong can also introduce her clients to neighborhoods that are a better fit and more affordable than their initial choices.
Timing the Bellevue market
"When is the perfect time to buy a home in Bellevue?" Questions of this nature require a crystal ball and no one has one of those. However, history tells us that the longer you wait, the higher home prices are likely to be in the future. The best time for you personally may vary with your financial readiness and other factors. Sometimes, the stars align with a favorable market, and at other times, it's your heart's tug, urging you to leap. Consulting with an experienced broker can often be extremely helpful in connecting you with viable, proven lender resources who can better advise you about personal financial timing issues. Often they may be able to assist you in qualifying sooner than expected.
About Mary Pong
With two decades experience in Seattle's real estate market,
Mary offers unsurpassed, concierge level client experience at every price point. Over that time, she has consistently been an award-winning, top-producing broker. Her clients appreciate her engaging and warm personal approach that makes the buying or selling process enjoyable, stress-free and successful. “I absolutely love what I do,” Mary says. “It makes me happy to see my clients experience a successful, smooth real estate transaction. I also understand that this is an important decision in their lives, so honesty and transparency are cornerstones of my business model. If you're looking to buy or sell a home or have any questions about the Bellevue real estate market, contact
Mary Pong today.
*Header photo courtesy of Mary Pong
