Are you relocating to the Seattle area? Whether you are moving due to a new job or to grow a family, you might wonder if Kirkland is right for you. Recently named the third best place to live in the country, Kirkland is a great city for its thriving downtown sector and plenty of lakefront parks. There are also suburban and family-friendly residential neighborhoods throughout Kirkland. Read on for an extensive guide on everything homebuyers need to know when buying a home in Kirkland, Wash.
Why should you buy a house in Kirkland, WA?
Kirkland, Wash., is a large coastal city located next to the tranquil Moss Bay and across Lake Washington from Seattle. Over the past decade, rapid inward migration has occurred as Kirkland’s population doubled to over 100,000 inhabitants. Here’s why many are flocking to this scenic seaside city.
Beautiful views
As a city along the coast, Kirkland gives you magnificent views of the water, plus the Seattle cityscape in the distance. Whether lounging from your spacious balcony or strolling through downtown Kirkland, you will be amazed at the enchanting waterscape and lush greenery.
Excellent school system
Families with kids will be pleased to know Kirkland has many top-rated schools. Many parents enroll their kids in the schools operated by the Lake Washington School District. For example, International Community School and Nikola Tesla STEM High School rank among the best schools in Washington. With many students scoring well above the state average on standardized tests, you can be assured that your students will get a world-class education that will prepare them for college and beyond.
Rising home values
Excellent schools often correlate with increased home values. In Kirkland, home values and the city’s population have grown steadily; we expect Kirkland real estate will continue on this upward trajectory. Consult your trusted agent or visit city hall to research how much a home will likely rise in value. You can learn what constructions or demolitions are planned for a given neighborhood.
Best neighborhoods in Kirkland, WA
There are many beautiful neighborhoods in Kirkland, each of which varies from the pace of life to the amenities offered. What follows are three top upscale neighborhoods you should consider.
Lakeview
Lakeview is a premier urban neighborhood located adjacent to the coast. With scenic views and spacious modern residential homes, Lakeview puts a new luxurious style to waterfront living. Locals love playing sand volleyball and catching sunsets at the shoreline parks.
Norkirk
Located a few blocks from the water, Norkirk offers beautiful modern home styles surrounded by many lush green parks. As the second most walkable neighborhood in the city, Norkirk boasts tree-lined streets and sidewalks, and you can accomplish some errands on foot.
Finn Hill
Finn Hill boasts many spacious, stately homes with high real estate appreciation rates. This neighborhood offers a comfortable lifestyle preferred by executives and workers commuting to Seattle.
What to know about buying a house in Kirkland, WA
If you are considering buying a home in Kirkland, WA, there are certain costs you need to know to be better prepared for homeownership.
Median house price
Homes in Kirkland regularly sell in the seven figures, putting the median house price at about $1.5 million in early 2023. Despite the rising prices, homes are taking longer to sell, and some are selling for under the asking price, indicating buyers are not without leverage in negotiations.
Closing costs
As a buyer, you can expect to pay between 2% and 5% of the home's total purchase price in closing costs. What is included in the closing costs are fees related to escrow, title insurance, homeowners insurance, and mortgage.
Property taxes
Another expense you will have to prepare for is property taxes. In Kirkland, you can expect to pay a property tax rate of 1.05% per year. Specifically, you can expect to pay approximately $10,500 annually for a million-dollar home.
Requirements for buying a house in Kirkland, WA
If you plan on financing a new property, you need to know your options.
Conventional loans
A conventional loan is a standard loan that many homebuyers choose to apply for. When applying for a conventional loan, you typically need a credit score of at least 620, a low debt-to-income ratio, and a 20% down payment.
FHA loans
For those homebuyers who might need a mortgage loan with less stringent requirements, the FHA loan would be a good option. As a mortgage loan backed by the federal government, an FHA loan offers low down payment and credit score requirements.
VA loans
If you are a military service member, retiree, or spouse, you might be eligible to apply for a VA loan. A VA loan has no down payment requirement, low-interest rates, and minimal closing costs.
Other tips for buying a home in Kirkland, WA
Buying a home can be an extensive endeavor. Here are some tips that can help you to maximize your budget.
Find the best mortgage rate
When applying for financing, it is advisable to shop around to find the best rate. You will find that every lender offers a different mortgage, from the loan length to the interest rate. Evaluate each offer and consider which one would best fit your needs. Remember that you can simultaneously apply for a few mortgage loans without adversely affecting your credit score.
Use a bigger down payment to keep monthly payments down
Many lenders recommend putting down a 20% down payment. However, you can choose to pay a bigger down payment. By paying more, you will reduce the overall term of the loan and ultimately maximize your budget.
Increase your credit score
Typically, you can get a better rate on your mortgage loan by increasing your credit score. You can increase your credit score by paying down debt and making payments on time.
Use a commission rebate to maximize your budget
When buying a home, ask your experienced real estate agent if they offer a commission rebate. A commission rebate is a percentage of the closing costs you can recoup as a refund. You can always negotiate the exact rate with your real estate agent.
Interested in buying a home in Kirkland? If so, it’s time to schedule a consultation with experienced real estate agent John Stone. As a homebuyer, you can count on John for everything from writing an enticing offer letter to negotiating quickly. John can help you find a dream Kirkland home that aligns with as many of your must-haves as possible! Reach John directly by phone or email.
