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.
The 2023 holiday season has officially begun! We hope you are as excited as we are.
We’d like to take a moment to express our gratitude to all of you this Thanksgiving. We have met some truly wonderful people, and we’re proud to have helped so many reach their real estate goals over the years. We wouldn’t be where we are today without all of your support.
Enjoy your Thanksgiving dinner—that’s what we plan to do!
In the meantime, please don’t hesitate to reach out to us if you have any real estate questions. We would be happy to help you.
If you're in the exciting process of purchasing your dream home, you may be wondering what it takes to be successful. Buying your dream home can be both thrilling and challenging, but with the right strategies, you can make the journey smoother and increase your chances of landing that perfect property. Here are three essential tips to help you achieve success in securing your dream home.
1. Get pre-approved. Before you start house hunting, it's crucial to get pre-approved for a mortgage loan, and if possible, consider getting pre-underwritten. Pre-approval involves a thorough review of your financial situation by a lender, increasing your credibility as a serious buyer. This pre-approval not only makes you more attractive to sellers but can even put you in a competitive position, potentially rivaling cash offers. Being pre-approved or pre-underwritten positions you as a strong contender, whether you're competing against other offers or not.
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Securing your dream home requires a strategic approach.
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2. Craft a competitive and attractive offer. In a competitive market with multiple offers, finding ways to make your offer more appealing to the seller can make a significant difference. Consider conducting a pre-inspection on the property or tailor your offer to meet the seller's specific needs and circumstances. However, you can still make your offer more enticing even in a less competitive market. Pay attention to what matters to the seller, and you might even ask for credits towards your closing costs to sweeten the deal. Tailor your offer to each property's unique situation to increase your chances of success.
3. Work with a real estate professional. One of the most crucial steps in the home-buying process is to partner with a professional real estate agent. They bring valuable experience, knowledge, and insights to the table. A real estate professional can help you navigate complex contracts and create offers that stand out to sellers. They can also identify opportunities you might not have considered, such as off-market properties or negotiating favorable terms based on the seller's motivation. Collaborating with a real estate expert ensures you are making informed decisions and helps safeguard you from potential risks throughout the buying process.
By following these steps, you can position yourself for success and increase your chances of making your dream home a reality. Remember, every situation is different, so it's essential to tailor your approach to your specific needs. Feel free to reach out by phone or email for personalized guidance on your home-buying journey. Your dream home may be closer than you think!
In today's challenging real estate market, both buyers and sellers are grappling with a significant problem – low inventory. If you've been on the hunt for your dream home recently, you've probably noticed the limited options available. In fact, inventory levels are currently at their second-lowest point for this time of year in the last decade. This scarcity of available homes presents a unique set of challenges and opportunities for both parties involved.
As a prospective buyer, the first step in tackling the low inventory issue is to understand what you truly desire in a home. This clarity will help you identify off-market properties that align with your preferences, saving you time and effort in the search process. Off-market properties are those not publicly listed for sale, and they can offer a hidden world of opportunities.
Working with a real estate professional is a valuable approach to uncovering off-market listings. These professionals have the expertise to locate these properties and bring them to your attention. However, keep in mind that off-market sellers often require more serious buyers. Therefore, being preapproved and having a clear vision of what you want is essential when reaching out to these sellers. They're not interested in entertaining non-serious inquiries.
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Low inventory offers unique opportunities
for those willing to explore alternative avenues.
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So, where can you find these off-market listings? Several sources can help you discover these hidden gems:
For Sale by Owner (FSBO) Properties: Owners who choose to sell their homes without a real estate agent's assistance often don't list their properties on the open market. A knowledgeable real estate professional can keep track of these listings.
Expired and Canceled Listings: Sometimes, properties were previously listed but didn't sell for various reasons. As market conditions change, these sellers may become more motivated or realistic in their pricing.
Foreclosures: Identifying properties heading for auction can be a lucrative opportunity for buyers.
New Construction: Builders often offer pre-market listings for properties under construction. This can be advantageous for buyers, as they may secure better financing rates through the builder's preferred lenders.
For sellers, the challenge lies not only in selling their current property but also in finding their next home. Making this transition seamlessly is a key concern. However, there are various solutions to consider:
Renting Back Your Current Home: After the sale, consider renting back your current home for a period, giving you time to find your next property without the pressure of a looming move.
Bridge Loans: These loans can provide financial flexibility for homeowners. They bridge the gap between selling your current home and purchasing a new one.
In this slower-moving inventory market, sellers have the advantage of time and may find a smoother transition into their next home
If you're a buyer or seller navigating the complexities of today's real estate market and need guidance, don't hesitate to reach out to me by phone or email. I can provide valuable insights and assistance tailored to your specific situation.
There’s one question on buyers’ minds right now: “Does it make sense to purchase a home, or should I wait?” There are plenty of reasons why someone might want to wait to buy right now, like higher interest rates and low inventory. However, I still believe there are fantastic opportunities in this market if you just know where to look.
You can listen to my full explanation in the video above or skip to each topic using the timestamps provided:
0:00 — Introduction
0:48 — Interest rates are higher
1:46 — Low inventory is affecting buyers
2:45 — If rates increase, demand and prices will fall
3:30 — What could cause prices to increase?
4:08 — Hold off at your own risk
4:51 — Wrapping things up
If you have questions about this topic or anything else, please call or email me. I am always willing to help!
Today, I want to discuss repairs that may not provide the best return on investment when preparing your home for sale. When you're getting your house ready to sell, the goal is to make it as appealing as possible to potential buyers.
Many homeowners rush into making repairs, believing that every improvement will increase their home's value. However, not every repair yields a significant return. It's crucial to carefully select where you invest your time and money to maximize your home's market appeal:
1. Minor HVAC, electrical, and plumbing issues. Major issues affecting safety, livability, or comfort should be addressed, as they significantly impact your home's value. However, minor problems like a slight water leak or electrical outlet issues won't deter buyers and won't significantly affect your home's value. Sometimes, it's reasonable to leave these minor issues for the next owner to handle if they choose.
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It's crucial to carefully select where you invest
your time and money to maximize your home's market appeal.
”
2. Old appliances and windows. While new appliances can add value, it's case-dependent. Simply installing new appliances in an older kitchen may not yield a substantial return. Similarly, with windows, unless they affect functionality, issues like a broken seal are primarily cosmetic and may not be worth addressing, given the high replacement cost.
3. Partial room upgrades. Inconsistent upgrades throughout the house can raise questions about the quality of work and professionalism. It's often better to maintain a consistent feel throughout the home.
Every home and situation is unique, so it's essential to assess which repairs will provide the best return on investment before putting your home on the market. If you'd like more guidance, please don't hesitate to call or email me. I’m always happy to help.
Are you struggling to sell your home? If you’re a homeowner who is having difficulty selling, know that you’re not alone. Fortunately, there are ways to combat this issue, and we’re here today to talk about them. Here are the top three reasons why your home may not be selling and what to do about them:
1. Pricing problems. This is a very common issue, as many homeowners price their homes too high in hopes that it will leave room for them to negotiate down. However, this may end up turning buyers away and losing you money in the end. Buyers are comparing your home to others at a higher price range. They’ll likely think that they won’t be able to purchase your home for less than the asking price because the market is hot and the average home is selling for above asking at the moment. This ultimately leads to buyers being turned away from your home before they ever get the chance to consider it. And then as time on the market starts to stack up, buyers will see your home as a potential opportunity to negotiate a lower price for themselves and you’ll get lowball offers.
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These issues have stopped many sellers in
the past, but they don’t have to stop you!
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2. Product problems. Sometimes, there may be a problem with your home. Again, listen to what people say at your open houses and respond to the feedback. Maybe there are renovations or updates you need to make. However, sometimes it can be as simple as decluttering to show that the home has more space. Also, a common problem is staging. The correct staging (including curb appeal, decorations, paint, and much more) will make a huge difference. Another thing that can help you identify problems with the condition of the home before you ever even put it on the market is to have a pre-inspection and consider addressing those items before you go on the market. Work with a professional agent who knows what issues are going to be most concerning to buyers.
3. Marketing problems. The truth is that you won’t sell your home if buyers don’t even hear about it. Make sure you work with an agent who has a top-notch marketing plan. The majority of consumers start their home search by looking online, so make sure you have an excellent listing. Work with someone who knows how to aggressively market your home and get your listing seen by the most people possible. That strategy is going to include things like social media, open houses, potentially staging the home and getting professional photography done.
Know that you’re not the first person to run into one or more of these three problems. They have stopped many sellers in the past, but they don’t have to stop you! If you need help getting over these issues and successfully selling your home, don’t hesitate to reach out. You can call or email us anytime, and we will be happy to serve you.
As we step into the latter half of the year, it's important to keep a close eye on the evolving real estate market. The transition from August to September often marks shifts that both buyers and sellers should be aware of. Let's delve into the insights that highlight the changing dynamics in King and Snohomish County real estate.
In both King and Snohomish County, a noticeable change is brewing as we venture into the fall season. Sales prices are gradually starting to level out, indicating a potential stabilization in the market. With the shift in seasons, the frenzied demand that characterized the summer months might subside. However, it's worth noting that the inventory is also expected to decrease in the coming months.
King County is displaying a marginal flattening, with a slight increase in the number of available homes. Conversely, Snohomish County has experienced a slight decline in inventory. This might suggest that Snohomish County has reached its peak in terms of available properties, remaining notably lower compared to previous years.
Currently, we're facing an inventory scarcity, setting the stage for possible future scenarios. If demand surges due to factors like lowered interest rates or increased buyer activity, housing prices could see an upward trajectory. To put it into perspective, our present inventory levels are approximately 20% lower than what we experienced in 2020 and slightly higher than 2021.
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In this ever-changing market, every situation
is unique.
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Although inventory might be tightening, demand has also shifted. The days on the market have notably extended compared to previous years. In 2020 and 2021, properties could see an average of ten days on the market before being snatched up. Today, the average days on the market in both King and Snohomish Counties are 20 and 22, respectively.
For sellers, this market offers a unique advantage. While competition might not be as fierce, the potential buyers are likely to be more committed and intentional. The reduced pool of options could make your property stand out, even though you might not receive as many showings.
Buyers, on the other hand, might find this to be an opportune time. With demand not at its peak and inventory levels still tight, negotiating for favorable terms could be in the cards. However, it's essential to consider the current interest rates, which are relatively high. Exploring ways to mitigate the impact of a high interest rate is crucial, and seeking advice from real estate professionals can be beneficial.
In this ever-changing market, every situation is unique. Whether you're looking to buy or sell, understanding the trends and their implications on your goals is essential. If you're seeking guidance on making informed decisions in the current market, don't hesitate to reach out. A conversation with a knowledgeable real estate professional can provide valuable insights tailored to your specific needs and aspirations.
One way for homebuyers to find a great deal on a property is by purchasing a foreclosed home. This is a home that has been repossessed by the bank or a lender after the owner failed to make mortgage payments. According to real estate data curator ATTOM, although still below pandemic levels, the number of foreclosed homes has increased from February 2022 to February 2023, so now is a great time to consider this option.
However, buying a foreclosure can be a complex process and sometimes more difficult than buying a traditional listing. To help you secure a great deal in today's market, consider these three important points when searching for and buying a foreclosure:
1. Hire an experienced real estate agent. By partnering with an experienced agent who specializes in foreclosures, you can gain access to listings that may not be available to the general public. They can also provide insight into the local market, help you understand the risks and benefits of purchasing a foreclosure, and walk you through the legal requirements and paperwork involved. Plus, they can negotiate on your behalf and help you secure the best possible deal.
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Buyers can find a great deal on a
foreclosure property and potentially turn it into
a profitable investment.
”
2. Research and identify foreclosed homes. This may involve looking at properties in different neighborhoods and considering homes in different stages of foreclosure. Your agent will be your best resource for finding foreclosed homes, but you may want to investigate yourself. Most of the time, these listings can be found on real estate or government websites. You can also check with local banks and lenders that may have foreclosed properties they are trying to sell.
3. Inspect the home thoroughly. Foreclosed homes are usually sold as-is, which means that the seller is not responsible for any repairs or issues with the property. To avoid any unpleasant surprises, have a professional home inspector take a look at the property before you make an offer. If the inspector finds any issues, you can use this information to negotiate a lower price or to decide whether or not to move forward with the purchase.
With careful planning and research, buyers can find a great deal on a foreclosed property and potentially turn it into a profitable investment. If you need any help buying one, call or email me anytime. I’d be happy to help you!
When it comes to selling your home, first impressions matter. Properly staging your home can significantly impact its perceived value and attract potential buyers. By strategically arranging and presenting your space, you can create an inviting atmosphere that resonates with prospective buyers and boosts your home's selling price. To help with this, I’m sharing three key tips for staging your home to maximize its appeal and increase its market value:
1. Declutter and depersonalize. Remove any excessive personal items, family photographs, and collectibles. Streamline the décor to create a neutral canvas that allows potential buyers to envision themselves living in the space. Minimizing clutter not only helps showcase the home's features but also creates a sense of spaciousness and cleanliness. Consider donating or storing unnecessary items to open up the rooms and make them feel more inviting.
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Properly staging your home can
significantly impact its perceived value.
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2. Highlight key features. Identify the unique selling points of your property and ensure they are showcased effectively. Whether it's a beautiful fireplace, a spacious kitchen, or a stunning view, draw attention to these standout elements. Arrange furniture and accessories to enhance these features and create focal points within each room. Proper lighting can also play a significant role in highlighting architectural details and creating a warm ambiance. Use a combination of natural and artificial lighting to maximize the appeal of your home's key areas.
3. Create a warm and inviting atmosphere. Potential buyers should feel welcomed and instantly at ease when they step into your home. Pay attention to the overall ambiance and create a warm and inviting atmosphere. Consider adding fresh flowers or indoor plants to bring life and vibrancy to the space. Utilize soft, neutral-colored furnishings and décor to create a sense of comfort. Thoughtful touches such as scented candles, fresh linens, or a cozy reading nook can evoke positive emotions and leave a lasting impression on buyers.
Staging your home effectively is a proven strategy to increase its selling price and attract potential buyers. Plus, it accelerates the selling process. Invest time and effort in staging and you'll be well on your way to a successful sale.
If you have any questions about how to stage your home to boost its price or real estate in general, please don’t hesitate to reach out to me by phone call or email. I would be happy to serve as your resource for all of your real estate needs.
While new listings are flooding the market, the equilibrium between supply and demand has created an environment where inventory levels remain stable. Let's delve into the details and explore what this means for buyers and sellers.
The surge in new listings has been met with robust demand, resulting in a favorable market condition. Properties are being purchased as swiftly as they are listed, leading to a decrease in days on the market. In King County, homes are selling in approximately 24 days, while in Snohomish County, the average stands at 22 days. This trend indicates a remarkable improvement compared to the previous month.
Furthermore, sellers are now experiencing greater satisfaction, as homes are selling for 100% of their list price on average in both King and Snohomish counties. This marks a positive shift from previous months, where concessions were more common. Although individual situations may vary, the market average suggests that sellers are no longer required to make compromises.
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Work with a real estate professional who
has the experience to guide you
through this process.
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As the demand continues to outpace supply, prices in King and Snohomish counties have observed slight but consistent growth. Month over month, King County saw an increase of approximately 1%, while Snohomish County experienced a more significant rise of about 5%. With inventory levels remaining low, it is likely that this upward price trend will persist throughout the summer months.
It is important to note that interest rates have seen a recent uptick, currently averaging around 6.7% to 6.8%. However, these rates may fluctuate between now and when you are reading this article. It will be interesting to monitor how these changes impact market demand. As a buyer, it is advisable to be prepared for stiff competition due to limited inventory. However, if a property has been on the market for an extended period, there may be room for negotiation.
With the summer season typically fostering increased buyer interest, now might be an excellent time to consider listing your property for a quick sale. Remember, each real estate transaction is unique, so if you have any specific questions or concerns, please don't hesitate to reach out to me by phone call or email. I look forward to hearing from you!