KIRKLAND, Wash. — The median price of a single-family home in King County hit $500,000 in June, according to the Northwest Multiple Listing Service.
That's more than a 10 percent increase since June of 2014.
John Meyer and his wife just sold their house in Kirkland after waiting several years for the right moment.
Within a week, they sold it for $529,000, nearly four times what they paid for it 22 years ago.
"It's amazing. I could not afford to come back here and buy into this house," said Meyer, who is retiring to Bellingham.
He said they wondered if they should wait another year, but thought interest rates might climb up by then.
"We thought you know, let's get out of here. Let's get going while the going's good," Meyer said.
Mortgage brokers and appraisers told KIRO 7 current owners find the higher values good for refinancing as well.
"The last six months have just really picked up. It's – we're jammed," said Greg Saffel, who conducted 47 appraisals in June.
Saffel said a lot of the requests are for people refinancing in attempts to get a better deal on mortgage payments.
People who put less than the conventional 20 percent down on a house may have to pay a private mortgage insurance, or PMI, every month.
But if a new appraisal puts the home at a higher value, the owner has more equity and may pass the 20 percent threshold to eliminate a PMI payment.
Owners who got a combo loan can also find themselves consolidating them into one loan for a better rate, if the home value has increased.
Saffel said he also observes more people doing home improvement projects, knowing they will see a return on their investment.
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