Mountlake Terrace: Hidden Gem of the Greater Seattle Area
Mountlake Terrace is another one of those frequently overlooked areas in the Greater Seattle region. This is due to the fact that, in recent years, nearly all the attention has been shifted toward the “hot” markets of this region. People focus on the hot, upscale markets of the east side, for instance: Kirkland, Redmond, Bellevue, Sammamish, and so forth. These east side areas attract loads of tech employees and other well-paid workers. And, of course, Seattle proper gets a great deal of attention these days. But one of the things we’ve tried to do recently is give attention to some of the markets on the periphery of Seattle and the hot east side markets. Some of the lesser known markets have a lot to offer; this is certainly the case with Mountlake Terrace.
Wedged in between Lynnwood, Lake Forest Park and Brier, the town of Mountlake Terrace gives residents convenient access both to downtown Seattle to the south and Everett to the north. This makes it perfect for someone employed with one of the big firms in the city of Everett, such as Boeing, because it provides an easy commute and then quick access to all the perks of the big city of Seattle. If you’re thinking about migrating out of Seattle proper – and, as we’ve discussed, many, many buyers are contemplating this right now – you need to give serious consideration to Mountlake Terrace. Let’s look at the data in the buyer market and average rental prices in the renter market.
Current Market Data for Buyers
Now may be a very good time to jump into the buyer market of Mountlake Terrace. Although Zillow doesn’t currently officially classify the Mountlake Terrace market as a “cold” – meaning “buyer’s” – market, the numbers indicate that it is pretty cool. Over the past 12 months, home values in Mountlake Terrace have declined by a figure of 0.5%, and are predicted to fall by a further 2.1% over of the upcoming 12 months. Again, this points to cool market which favors buyers. If you enter the Mountlake Terrace market, you’re not likely to encounter a competing offer and may have an advantage during the selling price negotiation process. The current median home value is currently (as of August 31, 2019) $445,700. The median price of a listing in Mountlake Terrace is currently $439,990 – so a bit below median value – and the median sold listing is $418,900.
Current Price Data for Renters
The rental market of Mountlake Terrace is much kinder to renters than Seattle. It’s a lot kinder. Current data from Rent Jungle establish this fact with good clarity. The average price for a 1 bedroom apartment in Mountlake Terrace is $1,378; the average price for a 2 bedroom apartment is $1,661. The average rental price for all apartments, regardless of number of bedrooms, is $1,503. The average rental price for a 2 bedroom in the city of Seattle is a whopping $2,789 – more than $1,000 higher than the average for a 2 bedroom in Mountlake Terrace! All of these figures are current as of April, 2019, but there’s good reasons to suppose that current figures as of October, 2019, are quite similar. Mountlake Terrace is therefore a good spot to choose if you’re looking for more affordable housing while you’re still perusing the buyer market. If you rent in this town, you’ll be able to squirrel away savings at a much faster pace and give yourself time to find your dream home.
Down Payment Statistics
We’ve looked at down payment statistics for other areas in previous blog posts. We’ve done this to give potential buyers a sense of what they may need to put down in a given market. Fortunately, given the current state of the Mountlake Terrace market, potential buyers will need to put down quite a bit less than what would be necessary in other markets. If a buyer want to put down 20% on a median value home in Mountlake Terrace you’d be looking at a down payment of $89,140. Certainly not a small sum, by any means, but also not the sort of astronomical amount you’d need to acquire if you want to buy in Seattle or Bellevue. If you’re able to procure a mortgage loan for less than 20% down, then you’ll be in an even better situation. Long story short: if you decide to plant down roots in Mountlake Terrace, one perk is that you’ll need to come up with far less at the closing table when compared with other markets.
Image credit: fimoculous