Thurston County, WA home appreciation tops 9% in last year
The Olympian newspaper reported that Thurston County’s average home appreciation from July, 2017 through July, 2018 was just over 9.0%. The average median price of homes increased to $318,000. (This compares to 12.6% and $663,000 in Seattle, WA, the highest appreciating area in the US for the same period). This means in Thurston County current home values are now at least 10% over the prerecession highs of 2007.
What does this mean to local homeowners today? Here are some benefits:
Those who bought in the early 2000s and used a combination “80/20” percent first and second mortgage may now have enough equity to consolidate and refinance both loans into one new, lower interest rate first mortgage.
This is a good time to look at options to consolidate other debts, get cash, or eliminate mortgage insurance using the increased equity in their home.
30 year rates are hovering around 4.75% based on good credit and a half per cent lower on government loans (VA, FHA, and USDA) but are expected to rise at least another half per cent before the end of 2018. Now is the time to check out refinancing options before rates do increase.
FOR MORE INFORMATION OR QUESTIONS, CALL RANDY LUKE, SOUTH SOUND HOME LOANS AT (360) 888-7442 or email: email@example.com