In the summer months, real estate starts to take off; and while 2020 hasn’t been normal by any stretch of the term, it’s still a great time to sell or buy.

That's why we reached out to our friends at Pacific Alliance Title for the most important information you need to know right now about Yakima's housing market.

1) Yakima’s Market is Hot

This might come as a surprise considering the negative impact from COVID-19, but our housing market in Yakima remains hot. People are still wanting to find a home they can call their own.

2) Home Values are Up

The median home value is $249,354 in Yakima – a 13.2% increase since 2019 and a steady climb year over year. When it comes time to sell, most home owners will come out “on-top” with making money for the purchase of their next home.

3) Low Interest Rates

Interest rates remain low at 3.18% for a 30-year fixed rate loan. This factor is huge when assessing the current market: low interest rates keep buyers on the lookout for their next home.

4) Seller’s Market

Yakima is very much a seller’s market; meaning, the seller has more bargaining power on the sale of their home. Now, pair that with Yakima’s low inventory of homes and it creates a multiple offer scenario on many homes between $200K and $400K. The low interest rates are keeping buyers a plenty allowing for the bids to roll in.

5) Average Sale Price

The average sale price of homes sold is $276,000 – a slight increase from the average home value. Another good advantage for sellers, but also an important note for buyers looking for homes at a certain price point.

When it comes to buying or selling your home, the local team of experts at Pacific Alliance Title are here to help guide you through the Title and Escrow process.

Check out the videos below to understand the basics of Title and Escrow.

What is Title?

What is Escrow?

A great guide through the title and escrow process (click to view larger)

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Pacific Alliance Title is your best choice for title insurance and escrow services in Yakima County. Contact them today!

Yakima 509.225.6809
Sunnyside 509.839.4787
www.pacificalliancetitle.com

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