Daily Real Estate Blog

We hope you enjoy keeping up on the latest happenings in Snohomish and King County Real Estate market, trends, and real estate tips for buyers and sellers. 

Nov. 28, 2022

Why You Shouldn’t Wait Too Long To Buy

 

How to decide if you should try to time the market for a cheaper price. 

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Should you wait until prices come down before purchasing a home? It's important to remember that there are many factors that go into determining the price of a home including interest rates, the local economy, the economy of the whole country, and even the season. A lot more goes into this than just trying to predict when the market will crash. 

 

Industry experts are saying different things, but it's important to understand that prices have come down this year primarily because interest rates have gone up, so affordability hasn't gotten any better. In fact, it might be less affordable now than it was at the beginning of the year when prices were much higher. There is a balancing act of getting the best price, which will set you up for long-term equity, and the affordability of how much your monthly payment is going to be over the long term or over the short term if you're planning on refinancing.

 

   
Many factors go into determining the price of a home.

 

Most experts predict that the market will continue to trend downward. Robert Dietz, the chief economist for the National Association of Homebuilders, says, “You want to be strategic and patient—patience is different from waiting for a crash.” Take your time, do research, and come up with a strategy that will make you successful. In this market, buyers have much more time to do that. However, that's different than waiting around for the market to crash and trying to time the absolute bottom. If you do that, you may just end up missing the chance. As always, all these things come down to personal factors, the local market, and your goals.

 

If you'd like to reach out and talk about a personalized plan, contact me by phone or email. I’d love to be your real estate resource.

Posted in Home Buyers
Nov. 11, 2022

Sellers: Make Your Home Stand Out This Fall and Winter

 

These three tips will help make your home stand out this season.

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During the fall and winter seasons, there's less inventory in the market, which means your home has a better chance of catching the eyes of buyers. To make your house stand out this fall, here are a few tips you can follow:

1. Let natural light into your home. Get rid of some of your personal belongings, stage your home a bit, and make sure the windows are open and you're letting in natural light.

2. Don’t go overboard with holiday decorations. It's okay to put some decorations out, but you don't want to detract the buyers from the house itself.

3. Take advantage of the weather. Make the home feel cozy. Play up the warmth and the welcoming aspects of your house to make buyers feel an emotional connection with it.

If you need more help prepping your home for the fall and winter markets, call or email me. I’m happy to be your real estate consultant.

 

Posted in Sellers
Oct. 28, 2022

What Buyers & Sellers Can Expect in Our Market

 

An update for both buyers and sellers on today’s changing market.

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As the seasons change, so does the market. It’s shifting a lot as we head into the winter months, so it’s important to stay up to date. If you’re thinking about buying or selling anytime soon, this information will help you make a solid plan.

 

First, interest rates have been changing quickly—that has been the driving force of the market this year. Currently, rates are just over 7%, while in July, they were at 5.5%. That makes a huge difference in affordability and the monthly cost to get a mortgage in this market. Therefore, both supply and demand have slowed down a bit, as we saw a reduction in inventory in Snohomish County and King County.

 

   
It's a great time to act with the
information that we have right now.

 

This means that sellers have a chance to stand out because they likely won't have as much competition until we get a couple of months into next year. For buyers, there aren’t going to be quite as many options, but there's not going to be as much competition for them either. Also, sellers will be more willing to negotiate with buyers, especially if they have a timeline or motivation to sell.

Seasonally, we usually see the market start taking off in the spring, starting in February or March. However, this year is an anomaly because of the changes in the interest rate and because there are so many factors that are outside of our control. We can’t know for sure what the future holds, so I think it's a great time to act with the information that we have right now. 

 

If you have questions about your specific situation and how you can meet your goals, please feel free to reach out anytime through phone call or email. I would love to help you in any way that I can.

Posted in Market Reports
Oct. 14, 2022

Homes Still Sell in the Fall and Winter

 

Some of the advantages of selling your home in the fall and winter

Buying a home? Click here to perform a full home search
Selling a home? Click here for an instant Home Price Valuation

 

Today I want to discuss what it means to sell in the fall and winter, and what are some of the advantages of selling during this time of year versus waiting until the spring or summer.

 

During the colder seasons, fewer buyers are looking for homes; we also have much less activity on the seller’s side during this time of year. Due to these factors, some opportunities become available to sellers. Here are a few reasons why it’s a fantastic time to sell during fall and winter:

 

1. Limited inventory. This gives your home a better chance of standing out. There will still be a lot of buyers who were looking over the summer and didn’t find anything—they’ll still be watching the market as we head into the fall. If your home catches their eye, there’s a great chance you’ll find a serious buyer.

 

 

   
There’s a great chance you’ll find a serious
buyer during the fall or winter season.

 

2. More serious buyers. During the summer, you’ll have people who drive out, see an open house, and stop by. Whereas, you tend to get more serious buyers in the fall season, who come out in the rain and snow to see your home. That indicates there’s a level of seriousness there.

3. The market slowdown. The market has come down from where it was at the beginning of the year, and that’s primarily because of the rising interest rates. Still, properties are moving pretty effectively, with 25 days on market being the average in King and Snohomish Counties. So houses are still moving at a good pace and the market is still good.

 

Ultimately, it comes down to your individual needs, your individual house, and what you’re trying to accomplish with the sale of your home. Feel free to reach out to me to discuss the details of your specific situation by giving me a call at (425) 877-8415 or visiting my website.

Posted in Sellers
Sept. 29, 2022

3 Crucial Factors When Selling Your Home

 

Here are three things to consider if your home just won’t sell.

Buying a home? Click here to perform a full home search
Selling a home? Click here for an instant Home Price Valuation

 

“Why isn’t my home selling?” As our market shifts, more people have been asking me this question. There are three main factors you can control that determine whether or not your home will sell: condition, marketing, and price. Today I’ll cover what you can do to make sure each one of these variables is as good as they can be. 

 

1. Condition. This is more than just how nice your home is; it’s how people perceive it. For this reason, professional photos are crucial. An easy way to beef up your condition is to touch up your landscaping. This will give buyers a good first impression of your property, and it won’t cost much time or money.

 

 

   
Professional photos are crucial.

 

2. Marketing. You need to get as many eyes on your home as possible, so who you work with matters. If you’d like to learn more about what I can do to market your home, just reach out; I’d love to speak with you. 

3. Price. If your condition is as good as it can be, and you have a great team marketing your property, but it still won’t sell, your price is probably too high. Your goal should be to find a sweet spot. One common strategy is to price your home a little under market value. This will attract competition among buyers and drive the price up naturally. 

 

If you have questions about this topic or anything else, please call or email me. I look forward to hearing from you. 

Posted in Sellers
Sept. 13, 2022

What To Expect From the September Market

 

The market is balancing out, but it isn’t a buyer’s market yet.

 

Buying a home? Click here to perform a full home search
Selling a home? Click here for an instant Home Price Valuation

 

 

We just got the latest statistics from the August market, and today, I want to update you on what you can expect this September. In August, we had some interesting changes in the market for the first time since the beginning of this year. For the first time since the market started to shift, we saw a decrease in inventory.

 

We are also seeing a continued increase in the days on the market. At the beginning of this year, we were around 10 days on market on average. Now we're seeing a jump up to 22 days on market in both Snohomish and King Counties.

 

As we head into September, interest rates have started to go up again. I mentioned in my last market update video that we had peaked in June and saw stabilization in the low 5% range. Well, just this last week the Federal Reserve announced that another rate hike is coming, and we've seen that interest rates have jumped yet again. It'll be interesting to follow that and see if they come down at all or if they stabilize at that level.

 

 

   
We still haven’t reached a strong buyers market.

 

 

Demand might fall a little bit more. Luckily, with supply coming down, those will hopefully balance each other out. However, sellers will need to be aggressive in getting their homes sold and ensure they're not chasing the market down. They need to be priced ahead of the market and be aggressive.

 

With all that being said, we still haven’t reached a strong buyers market at this point. This sounds favorable for buyers because recently things have been so unfavorable for sellers, but we still have a good amount of scarcity and low inventory levels. We still haven't surpassed where we were in 2019, which was still a seller's market where prices were rising. Ultimately, it's going to come down to the specifics of your situation because it's a very localized market.

 

There are still areas that also are very competitive and there are areas that are starting to cool off more. So feel free to reach out to me via phone or email to discuss the specifics of your situation and the area and type of property that you're looking at. Have a great day.

Posted in Market Reports
Aug. 23, 2022

How Our Market Has Changed

 

How the recent changes have affected our real estate market.

 

Buying a home? Click here to perform a full home search
Selling a home? Click here for an instant Home Price Valuation

 

 

Where is our market heading? Let’s take a look at the recent data and find out. 

 

Our average sales prices have decreased every month since the peak in April, but they are still higher than last year. In King County, the average sales price is up 3% year over year at a little over $1 million, while in Snohomish County, it's up 12% at just above $750,000.

 

In both King and Snohomish Counties, we’ve seen a decrease in the number of new listings. The growth of inventory is starting to level off somewhat. There might not be as much competition for sellers soon, and buyers may see fewer options than in recent months.

 

 

   
The market is changing in a healthy way.

 

Interest rates have also had a huge impact on our market. As they’ve climbed, we’ve seen a significant drop in demand. In June, interest rates peaked at 5.7%, but recently they’ve stabilized around the 5.2% range. Homes are more affordable than they were in June, and people are starting to get comfortable with our more stable rates. Hopefully we will see more buyers enter the market, but we are headed toward a slower part of the year.

 

Overall, it looks like the market is changing in a healthy way. If you have any questions about why our market is shifting and where things are going, feel free to call or email me. I’d love to help.

Posted in Market Reports
Aug. 5, 2022

Are You Ready for Rising Interest Rates?

 

Here are three easy methods to deal with rising interest rates.

 

Buying a home? Click here to perform a full home search
Selling a home? Click here for an instant Home Price Valuation

 

 

“I want to purchase a home, but how can I deal with higher interest rates?” Many clients have reached out to ask me this question recently. In case you don’t know, the Federal Reserve recently raised rates by 75 basis points—the largest increase since 1994. Mortgage rates have already responded, and they’re likely to increase further throughout the year. Rates are still low historically, but there’s no denying that recent increases make it more difficult to purchase a home. If you’re looking to buy, what can you do? 

 

Fortunately, there are tons of creative ways to adjust your strategy and prepare for higher rates, and I want to share three of them with you today:

 

1. Improve your credit. You may think your credit score is already as good as it can be, but there is always room for improvement. Start by paying off your debt little by little. This will lower your debt-to-income ratio, which is what lenders use to determine your creditworthiness. You can also save up for a bigger down payment to improve your credit and lower your rate. Talk with your lender as soon as possible to get started.

 

 

   
The longer you wait, the more expensive homes will become.

 

 

2. Lock in your mortgage rate when it makes sense. If your lender is offering you a good rate, consider locking it in. Rates are expected to continue rising to combat inflation, but you won’t have to worry about that if your rate is locked in. Remember that you can only lock your rate for one to two months so you need to find a home in that period.

 

3. Pay mortgage points at closing. Also known as “discount points,” mortgage points are fees you can pay to lower your interest rate. One point typically costs 1% of your loan, so a point on a $700,000 mortgage would cost $7,000. This would save you hundreds of dollars per month in mortgage payments. Some people opt not to do this in the hope that rates will drop so they can refinance.

 

There are a lot of strategies to creatively deal with rising interest rates. If you have any questions about interest rates or purchasing a home, please call or email me. I am always willing to help!

Posted in Home Buyers
July 18, 2022

How Can You Prep Your Home for the Market?

 

 

Three tips to prep your home for the market and sell for top dollar.

 

Buying a home? Click here to perform a full home search
Selling a home? Click here for an instant Home Price Valuation

 

 

As we shift into a bit more of a buyers' market, it's more important than ever to prepare your home before you sell. Today I'll share my best three tips to transform your home into an attractive property that will make buyers want to pay top dollar:

 

1. Clean up your curb appeal. Landscaping your property's exterior can go a long way. Trim the bushes and shrubs and maybe add some fresh mulch to make it look clean and crisp. Check for peeling paint and rotting wood, and do repairs if needed. All this will improve your home's curb appeal drastically.


2. Present the interior in the best way possible. When I get ready to list a property, I bring out an interior designer to help showcase the beauty of the home's interior. Other factors such as improving the carpet or paint can help you achieve the best possible presentation.

 

 

   
Landscaping your property's exterior can go a long way.

 

 

3. Make sure everything is in good working condition. You have to service the furnace ahead of time, check for signs of water damage, make sure the crawl spaces are clean, and maybe even get a pre-inspection so that buyers won't have any reason to return to the negotiating table.

 

Show the buyer that you have a great home and follow through by delivering a fantastic product. Every house is unique and will face challenges depending on the situation. If you need more help preparing your home for the market or have any real estate questions, don't hesitate to call or email me. I'll be happy to help!

Posted in Sellers
July 5, 2022

3 Things To Know About Our Uncertain Market

 

 

Three key factors can help you understand our uncertain market.

 

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These are uncertain times for the real estate market, and if you’re like most people, you’re wondering what you should do. Some sources say we’re in a housing bubble, while others say we’re not. Today I want to clear up some of that uncertainty and talk about three key factors that will help you understand what’s happening in our market:

 

1. Home prices don’t usually fall during recessions. Home prices fell across the nation in 2008 because the housing market was one of the causes behind the recession.

 

 

2. This market is different from the one in 2008. In 2008, we had 19,000 homes available in King County and 8,800 properties for sale in Snohomish County. Today, we only have 3,400 homes in King County and 1,400 homes in Snohomish County. We had five to six times more inventory in 2008 than we have today, and interest rates were about the same. 

 

 

 

   
No one can predict the future, but real estate still makes sense as a long-term investment.

 

 

3. The Seattle market is one of the strongest in the country. We have one of the strongest economies and the highest rates of job growth in the U.S., and home builders simply haven’t kept up with the demand in our market. 

 

No one can predict the future, but over the long term, real estate is still a great investment. If you want to sell your home, it is still a strong seller’s market, even if it is cooling off a bit. 

 

Call or email me if you want to talk more about your specific situation. I’d love to help.

Posted in Market Reports