In the Federal Way real estate market, grabbing properties before your competition is essential for making the best deals. Although real estate investors sometimes go the traditional route and seek bank loans, the process is anything but speedy.
When time is of the essence, waiting for the lengthy process of getting approval is not an option for most investors. Federal Way hard money lenders specialize in providing hard money loans which provide quick funds to investors. These loans are for a non owner occupied property or in some cases for business purpose loans.
Federal Way Hard Money Lender FAQ’S
Below are some of the most frequently asked questions we get regarding hard money loans and lenders in Federal Way.
What Do Federal Way Hard Money Lenders Specialize in?
Federal Way hard money lenders specialize in providing short-term, creative financing for real estate investors. If you seek a conventional lender to purchase an investment property, your loan request will be based on the property’s value and your assets. Your credit score, job, and finances will be scrutinized intensely. Hard money lenders base their final loan decisions on the after-repair value. The ARV represents the potential value of a property after all repairs have been accomplished.
What are the Benefits of Federal Way Hard Money Loans?
Federal Way hard money loans offer advantages that traditional banks cannot. Lenders like Acamnet Financial offer a higher level of flexibility than banks. When qualifying for this type of loan, lenders do not delve too deeply into the finances of real estate investors. In most cases, simply present the property and your plans, which saves you the hassle of gathering countless financial documents.
Do Federal Way Hard Money Lenders Look at my Credit Score?
One of the greatest benefits of working with Federal Way hard money lenders is the lack of credit score requirements. One of the first things a bank does is check your credit score. You can get approved for a hard money loan in Federal Way even if you have bad credit or poor credit, bankruptcies, and foreclosures in the past. Federal Way Hard money lenders primarily care about the property you are purchasing.
What is the Interest Rate & Points for Hard Money Loans in Federal Way?
Interest rates for hard money loans in Federal Way are typically higher than traditional bank loans (conventional loans) because of the greater risk lenders must take on when approving loans. When searching for a hard money lender near me in Federal Way, you will find average interest rate is between 8%-15%. You should also be aware that lenders sometimes charge points that are meant to offset their administrative costs. Each point represents 1% of the total loan amount. The average points lenders charge is between 1 to 3. Some lenders may charge up to 10 points. These points are due upfront or at closing, depending on the lender.
What Should I Look for in a Federal Way Hard Money Lender?
There are many benefits to working with a Federal Way hard money lender. You just need to make sure you are working with the right lender. You can rely on Acamnet Financial Group when you need us most. We offer reliability, consistency, experience, and support. As a real estate investor, you know the importance of grabbing the best property deals when they become available.
How can Hard Money Lenders in Federal Way Help Me?
Whether you are new to real estate and real estate projects or an old pro, you know having the capital to purchase real estate is essential. Without funds, you will miss out on real estate transactions. When you partner with hard money lenders in Federal Way, you will quickly get the money you need without jumping through the hoops of traditional bank lenders.
How do I get a Hard Money Loan in Federal Way?
When you want a hard money loan in Federal Way, begin by preparing the property information. Location, size, purchase price, after repair value, repair costs, etc. In most cases, the financing will be based on these numbers. Then, apply for a hard money loan in Federal Way using this information and supply some financial information. Then, an appraisal will be ordered to assess the loan-to-value ratio, which will influence the loan amount.
How do I Refinance a Federal Way Hard Money Loan?
Refinance a Federal Way hard money loan will involve moving from a high interest, short term loan to a longer term, usually lower interest rate loan. Typically a conventional type of loan. When refinancing a Federal Way hard money loan you will find it will have a more stringent set of guidelines. You will need to have sufficient credit and income qualifications. As the lending landscaping and regulations constantly change, you want to consult a knowledgeable conventional loan expert.
Here’s other cites we can help with in Washington: Washington hard money loans
Current Real Estate Trends In Federal Way (2024)
The real estate trends in Federal Way, Washington, point to a seller’s market with high demand and limited supply. In October 2023, the median listing home price was $599,000, showing a year-over-year growth of 4.2%.
The median listing home price per square foot was $314, with the average home value in Federal Way remaining level at $558,348 over the past year.
The housing market in Federal Way is fast-paced, with homes typically going pending in about 12 days.
However, investing in a house in Federal Way may not be profitable in the short-term, as forecasts indicate a negative trend in the near future. A real estate market analysis platform, recommends looking into alternative cities for better investment opportunities.
Long-term projections suggest that the average home price could reach $439,747 by 2028.
The housing market in Federal Way is currently experiencing a seller’s market due to the combination of high demand and limited supply. As of October 31, 2023, there were 168 homes available for sale, with 72 new listings. This indicates that the inventory of homes on the market is relatively low.
In September 2023, the median sale-to-list ratio was 1.000, which means that homes were selling at their list price. This suggests that sellers were able to achieve their desired asking price without having to negotiate or lower their prices.
The median sale price for homes in Federal Way was $537,667, while the median list price was $608,317. This indicates that there may be some room for negotiation, as the median sale price is lower than the median list price. However, it’s important to note that 44.9% of sales were above the list price, indicating that competition among buyers may drive prices higher.
Additionally, the median days to pending, which measures the time it takes for a home to go under contract after being listed, was 12 days. This suggests that homes in Federal Way are selling relatively quickly, further highlighting the high demand in the market.
Overall, these market indicators provide insight into the average home value in Federal Way and suggest that sellers may have an advantage in the current market conditions.
Average Home Value
The residential properties in Federal Way have maintained their value over the past year, showing a consistent market for potential buyers. The average home value is currently at $558,348 and has not changed significantly. Homes in Federal Way usually go pending within 12 days.
This steady market provides a feeling of safety for buyers, as it suggests a balanced supply and demand in the housing market of Federal Way. This stability is attractive for people looking for a dependable investment in the area.
Investors in Federal Way may find a reliable opportunity for long-term investment due to its stable and balanced housing market. The average home value is currently at $558,348, with no change in the past year. Homes tend to go to pending in around 12 days, which is indicative of a quick turnover in the market.
In addition, the market has seen a positive trend in the past three years, as median home values have increased by 174.094% in the last 12 months. While investors may not expect high returns in the short term, the projected price of an average home in Federal Way is likely to reach $439,747 by 2028, indicating potential for long-term growth.
However, some estimations indicate a negative trend in the near future, so potential investors should look into other cities for real estate investments.
All About Federal Way
Welcome to Federal Way! If you’re searching for a city with a rich past, different demographics, and numerous attractions, you’ve come to the right spot. Nestled between Seattle and Tacoma in Washington state, Federal Way offers a blend of history, culture, outdoor entertainment, and economic opportunities.
It was once dubbed after the Federal Highway U.S. 99, and this city has seen tremendous growth over the years. From the combining of five schools to the formation of a lively downtown, Federal Way has experienced substantial expansion and progress.
You’ll find a variety of commerce and attractions here, including the former headquarters of Weyerhaeuser, botanical gardens, and the US headquarters of World Vision International. Nature enthusiasts don’t have to worry either, Federal Way has major parks and outdoor areas, ideal for appreciating nature.
Whether you’re interested in visiting historical sites, appreciating outdoor activities, or immersing yourself in the local culture, Federal Way has something for everyone. So come over and discover all that this dynamic city has to offer.
History and Formation
Federal Way has a rich past that goes back to 1929 when it was named after U.S. 99. The Chamber of Commerce later adopted the name in the 1950s and the city has been growing ever since.
An important event in the city’s history was the formation of School District #210, which was the outcome of the consolidation of five schools. This development created a unified and comprehensive education system in the region.
In 1990, the residents of Federal Way voted to make it an official city, which allowed it to have its own local government.
Federal Way has a lot to offer in terms of commerce and attractions. There are various shops, restaurants, and entertainment spots throughout the city. There are also numerous parks, trails, and other outdoor activities available.
In summary, Federal Way has a long and rich history that has enabled it to become a vibrant and diverse city. It has a variety of attractions and activities that make it an ideal place to live and visit.
Commerce and Attractions
Discover the vibrant commerce and attractions that make Federal Way such an enthralling destination. Begin your journey at the former headquarters of Weyerhaeuser, a renowned company in the logging industry.
Experience the grandeur of the Rhododendron Species Foundation and Botanical Garden, where you can admire a glorious collection of rhododendrons and other plants. To experience something extraordinary, go to the Pacific Bonsai Museum, which shows the art of bonsai through its remarkable collection.
In addition to these cultural spots, Federal Way is also the location of the US headquarters of World Vision International, a worldwide humanitarian organization. Adventure seekers can enjoy the Weyerhaeuser King County Aquatic Center, which offers a range of aquatic sports and activities. And of course, a visit to Federal Way wouldn’t be complete without a trip to the Wild Waves Theme Water Park, with its exciting rides and refreshing water on hot summer days.
Now, explore the natural beauty of the city and state parks in Federal Way.
City and State Parks
Discover the serene beauty of Steel Lake Park, where you can relax and enjoy the peaceful atmosphere. This picturesque park offers a variety of activities for people of all ages.
Take a stroll along the walking paths that meander through the lush greenery, or find a shady spot to have a picnic with family and friends.
If you’re feeling adventurous, you can rent a paddleboat and cruise the tranquil waters of Steel Lake. The park also has a sandy beach area where you can soak up the sun and go for a dip during the warmer months.
Fishermen will appreciate the variety of fish species that can be found in Steel Lake, making it a great spot for casting a line and trying your luck.
As you explore Steel Lake Park, you’ll be immersed in the natural beauty of the area, making it an ideal place to unwind and connect with nature.
Now, let’s take a look at the exciting downtown development projects that are shaping the future of Federal Way.
Downtown Development Projects
Explore the exciting future of downtown Federal Way as you discover the transformative development projects that are reshaping the landscape.
The city has made remarkable progress in reviving its downtown, with a number of ambitious projects underway.
Of particular note is the downtown tower project, managed by Twin Development, which features a revised design for the tower.
In addition, the downtown park and plaza complex is in the works, with Town Square Park already established from a repaved lot.
However, there has been some contention over the funding and sustainability of the Performing Arts Event Center (PAEC), which opened in 2017.
These development projects will change the downtown area, bringing more visitors and increasing the overall appeal of Federal Way.
Landmarks and Monuments
Discover the stories behind Federal Way’s iconic landmarks and monuments and explore the rich history and cultural significance of downtown.
One of the city’s oldest buildings is Barker Cabin, built in the 1880s. This historical structure offers a glimpse into the past and reminds us of the settlers who shaped the area.
Another noteworthy building is Denny Cabin, constructed in 1889 as a real-estate office. Its rustic charm and historical value make it a must-see for all history fans.
On South 320th Street stands a 60-foot flagpole proudly displaying the American flag. This majestic landmark serves as a symbol of patriotism and unity, leaving a lasting impression on both visitors and locals.
These landmarks and monuments aren’t just buildings or structures; they represent the city’s heritage and tell the stories of those who have called Federal Way home. By preserving and celebrating these historical treasures, the city honors its past and builds a connection to its roots.
Take a stroll through downtown Federal Way to immerse yourself in the history and culture these landmarks and monuments have to offer.