Real Estate news you can use!

Check out these articles for great information about our community and the real estate industry.

New home sales hit highest level in 9 years! 

Millennials still believe in the homeownership dream even if they can’t afford to buy

Housing market across the U.S. finally starting to look healthy

MORTGAGE & FINANCE news

Salary needed to buy a home in 19 major U.S. cities

Tips for staying out of debt

Calculate how much house you can afford

HOME trends

King County’s eco-remodeling tool provide tips for going green for your next home renovation

Four colors that may hurt a home’s sales price

LOCAL news

7 percent of Puget Sound homes are underwater, compared with 12 percent nationally

A teardown a day: Bulldozing the way for bigger homes in Seattle, suburbs

BLS stats show Seattle-Tacoma-Bellevue is #7 Metro area for fastest job growth

What does Vancouver’s housing market implosion mean for Seattle?

seattle

Seattle home-sale market provides small hint of slowdown

You need an annual salary of $83K to afford a home in Seattle

Everett welcomes the film industry, an important economic driver for local businesses

WEEKLY DOSE OF awesomeness

Happy 100th Birthday U.S. National Parks

 

 I hope your week is a great one! 

Jen Murrweiss | Remax Elite | 425-422-7243

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Check out the HomePath listings in Snohomish County!

These properties are available. Some have special incentives! Select the property address to find out more information or call me.

Click Link to View Property 28522 STATE ROUTE 9 NE
ARLINGTON, WA 98223

3.0 br, 2.0 ba | 1152 sq. ft.
MLS ID: 1006294
$179,900
Just Listed

 

Click Link to View Property 13015 ADMIRALTY WAY
EVERETT, WA 98204

3.0 br, 2.5 ba | 1566 sq. ft.
MLS ID: 760108
$432,900
Just Listed

 

Click Link to View Property 25208 OLD 99 N
ARLINGTON, WA 98223

3.0 br, 2.5 ba | 1440 sq. ft.
MLS ID: 1009474
$364,900
Just Listed

 

Click Link to View Property 30 F SARATOGA DR
HAT ISLAND, WA 98206

3.0 br, 3.0 ba | 0 sq. ft.
MLS ID: 956230
$175,500
Price Reduced

 

Click Link to View Property 3702 142ND ST NW
MARYSVILLE, WA 98271

3.0 br, 2.0 ba | 1418 sq. ft.
MLS ID: 974005
$299,900
Price Reduced

 

Click Link to View Property 21221 CYPRESS WAY
LYNNWOOD, WA 98036

3.0 br, 2.0 ba | 1560 sq. ft.
MLS ID: 959715
$399,900
Active

 

Click Link to View Property 202 74TH ST SE
EVERETT, WA 98203

2.0 br, 1.0 ba | 812 sq. ft.
MLS ID: 972702
$219,900
Active

 

Click Link to View Property 17316 117TH PL NE
ARLINGTON, WA 98223

3.0 br, 1.0 ba | 1049 sq. ft.
MLS ID: 1001692
$214,900
Active

 

Click Link to View Property 4404 106TH PL NE
MARYSVILLE, WA 98271

4.0 br, 3.0 ba | 1512 sq. ft.
MLS ID: 972859
$319,900
Active

 

Click Link to View Property 115 124TH ST SE APT E7
EVERETT, WA 98208

2.0 br, 1.5 ba | 911 sq. ft.
MLS ID: 1003563
$164,900
Active

Snohomish County Statistics July 2016

Snohomish County HomeSnohomish County HomeSnohomish County Home

Active Inventory

Prices are up 5% over last year same time July 2016 vs. July 2015

2141 brand new listings in July that is up 53 from last month. 2141 total active at the end of the month.

Pending Transactions

Up +3% July 2016 vs. July 2015

2079 units went pending last month that is 62 less however than June.  

Sold Transactions

+9% July 2016 vs. July 2015.

1673 units +11 more than last month

Days on Market

Snohomish County Active to pending 25 days vs. 36 a year ago. Incredible!

Median home price in Snohomish County $387,000!!

Median home price in King County $523,000. Snohomish county is gaining however the gap between King and Snohomish is growing.

Months of inventory

If no additional homes would be put on the market, there would be no inventory left after 1.25 months in Snohomish County. In King County that figure is 1.2 months. A balanced “normal” market is 3-6 months. Buyers’ market more than 6 and Sellers less than 3 months.

Area price % growth based on last Quarter

Bothell + 14%, Edmonds/Lynnwood +5%. Everett/Mukilteo +11%

Snohomish/Monroe + 11%. Lake Stevens/Granite Falls/Arlington/Darrington +7 %. Marysville +7%

New Construction is included in these percentages.  

July 2016 Market Characteristics:

  • Sellers: position your home to get premium pricing.
  • Buyers: need to be Buyer-Ready, Day-One™ to get a home in today’s market.
  • The market continues to be more intense than during the same time in year 2015.
  • Sales activity in King and Snohomish County is lower than a year ago but July 2015 was the best July on record. If we had more homes for sale, we would have had more sales activity.
  • There’s a severe shortage of homes for sale close to job centers. We are virtually sold out, and each new property on the market is getting instant action and most of the time multiple offers.
  • More new listings will lead to a higher level of sales activity.
  • Prices are increasing in the price ranges and the market areas where 90 percent of the sales activity is taking place, leading to premium pricing for sellers in those areas.
  • Interest rates continue to be in the upper threes.
  • Multiple offer everything
  • More new listings come on market from March through October than November through February.
  • More selection but also more intense.

 

Bank Owned deals & squeals~

Find Homes | First Look

Check out the HomePath listings in Snohomish County!

 

Click Link to View Property 1018 E KESSLER DR
SULTAN, WA 98294

3.0 br, 2.0 ba | 1334 sq. ft.
$274,900
Just Listed
Click Link to View Property 17316 117TH PL NE
ARLINGTON, WA 98223

3.0 br, 1.0 ba | 1049 sq. ft.
MLS ID: 1001692
$214,900
Just Listed
Click Link to View Property 115 124TH ST SE APT E7
EVERETT, WA 98208

2.0 br, 1.5 ba | 911 sq. ft.
MLS ID: 1003563
$164,900
Just Listed
Click Link to View Property 6304 98TH PL NE
MARYSVILLE, WA 98270

4.0 br, 3.5 ba | 1044 sq. ft.
MLS ID: 972682
$209,900
Back on Market
Click Link to View Property 202 74TH ST SE
EVERETT, WA 98203

2.0 br, 1.0 ba | 812 sq. ft.
MLS ID: 972702
$219,900
Price Reduced
Click Link to View Property 4404 106TH PL NE
MARYSVILLE, WA 98271

4.0 br, 3.0 ba | 1512 sq. ft.
MLS ID: 972859
$319,900
Price Reduced
Click Link to View Property 21221 CYPRESS WAY
LYNNWOOD, WA 98036

3.0 br, 2.0 ba | 1560 sq. ft.
MLS ID: 959715
$399,900
Active
Click Link to View Property 30 F SARATOGA DR
HAT ISLAND, WA 98206

3.0 br, 3.0 ba | 0 sq. ft.
MLS ID: 956230
$200,500
Active
Click Link to View Property 3702 142ND ST NW
MARYSVILLE, WA 98271

3.0 br, 2.0 ba | 1418 sq. ft.
MLS ID: 974005
$315,500
Active
Click Link to View Property 1505 W CASINO RD # 8
EVERETT, WA 98204

2.0 br, 2.0 ba | 0 sq. ft.
MLS ID: 950835
$169,900
Active

HomePath Agent Matters

Check out our latest newsletter.

Housing Inventory Shortage persists

KIRKLAND, Washington (June 6, 2016) – Just as expected, the month of May had an uptick in new listings (12,272), but just as many buyers (12,275) made offers on homes during the month to keep inventory depleted, according to the latest figures from Northwest Multiple Listing Service.

“Inventory is being squeezed from all directions,” reported Frank Wilson, branch managing broker at John L. Scott in Poulsbo. He said the pool of house-hunters includes young first-time buyers, renters whose rents are escalating, buyers who are returning to the market after recovering from a foreclosure or short sale, investors, and baby boomers who are purchasing for their retirement needs. Additionally, in Kitsap County where his office is located, there are military families who are transferring to a base there and want to buy.

By month end, member brokers reported 15,198 active listings in the Northwest MLS database. That’s down more than 22 percent from a year ago when buyers could choose from an inventory of 19,515 listings across the 23 counties served by the listing service.

“The May housing market was not just hot, it was frenzy hot,” commented J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. “Brokers are working like bees in a hive as the housing market creates a buzz of sales activity in the Seattle-Central Puget Sound area.”  By his analysis, 80 percent of the homes coming on the market in King and Snohomish counties are selling within the first 30 days. “Many sell within the first week,” Scott reported, adding, “A healthy/normal market would have 30 percent selling in the first 30 days.”

MLS figures show there is only 1.76 months of supply system-wide. In both King and Snohomish counties, there is barely more than one month of supply – well below the 4-to-6 months that many experts use as an indicator of a balanced market.

“With less than two months of inventory, every new listing seems to draw multiple offers,” Wilson remarked. He also said homeowners who want to move up in this same market know they face a conundrum: “If we sell today, will we be able to buy tomorrow?”

Buyers are becoming more and more aggressive with offers and pricing, and that concerns some brokers, said Northwest MLS director George Moorhead. As the gap between pricing and value widens, some would-be buyers may overextend themselves. Also, appraisers are struggling with a lack of comparable sales versus multiple offers that escalate well beyond the listing price, said Moorhead, the designated broker at Bentley Properties. Since lenders base loans on appraised values, buyers will likely need to make up the shortfall.

Even though brokers say paltry inventory is limiting sales, the year-over-year volume of pending sales rose more than 7.4 percent last month. Members reported 12,275 mutually accepted offers, up from the year-ago total of 11,425. MLS data going back to 2004 shows that one-month total is the highest on record.

Prices also rose. The median price area-wide for last month’s 8,630 closed sales of single family homes and condominiums (combined) was $339,950. That’s up more than 7.2 percent from twelve months ago when purchasers paid $317,000 for the median-priced home. Ten counties reported double-digit price hikes.

In King County, the median price jumped more than 11.7 percent, from $434,000 to $485,000. Prices on single family homes surged nearly 16.5 percent, rising from $480,942 to $560,000. Condo prices were up 9 percent, but finding one proved challenging as inventory dropped 29 percent in King County.

Former MLS board member Ken Anderson, the president/owner of Coldwell Banker Evergreen Olympic Realty in Olympia, said last month set records for both pending and closed sales. “Low inventory coupled with the huge number of buyers has our market moving at a record pace,” according to his calculations. “Well-priced homes are selling in an average of just 12 days – a full month faster than the peak of the market in 2006,” he commented.

Brokers offer various suggestions to prospective buyers as they vie for scarce inventory:

  • “The best advice I can offer to potential first-time buyers is to think outside the box” said Gary O’Leyar, a past chairman of the Northwest MLS board. He encourages buyers to consider purchasing a “stepping stone” property. Since the close-in neighborhoods in Seattle and Bellevue hold little opportunity for first-time buyers, their best option is to look further out, he suggests. “Consider future growth, such as in areas near light rail or other transit services, and areas that have good public schools,” said O’Leyar, the owner and designated broker at Berkshire Hathaway Home Services Signature Properties in Seattle. “Waiting on the sidelines to buy will likely lead to increasing rental costs, so why not make a real estate investment purchase and have some hedge against future inflation,” he added.
  • “Relationships are paramount in this market,” said Lennox Scott. “If you’re looking for a home, make sure your broker knows your story and can convey it in a compelling way.”
  • “Buyers must carefully study the market so they can make decisive but smart offers when new listings arrive on the market,” emphasized Anderson. “With the robust activity, success for buyers means making an offer that stands above the competition.” He also urges buyers to not forgo important protections like home inspection contingencies.

Wilson and other brokers do not see an easing in the inventory crunch “for some time to come.” Even if the Fed raises interest rates, he believes shortages will persist because of the backlog of buyers.

Moorhead noted new home construction is also seeing prices soar as many of the defunct projects from 2008 to 2012 are being completed and built out. “Finding land for new home plats is forcing more teardowns and pushing builders/developers farther out where services are not as prevalent. He said first-time buyers tend to be hardest hit since they’re priced out of many close-in areas and must look at commute times of 45 minutes or more.

“There’s good news for luxury homebuyers,” Scott suggests. It’s prime time to showcase such properties, he explains, and “this is the season when more luxury inventory hits the market. The good selection in King County is easing the pressure for homebuyers in the luxury ($1 million and above) market. A search of the MLS database shows there are currently more than 900 listings in King County with asking prices of $1 million or more.

Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership of nearly 2,100 member offices includes more than 25,000 real estate professionals. The organization, based in Kirkland, Wash., currently serves 23 counties in Washington state.

 

Real Estate news and more

Happy Friday! I hope you enjoy this Real Estate round up of our area and other interesting articles plus some fun stuff too.seattle

REAL ESTATE news

Real estate getting bubbly but unlikely to pop, Seattle “is on fire across every sector

 

Number of million-dollar homes in Seattle area has tripled since 2012

U.S. existing home sales rise for a second straight month

MORTGAGE & FINANCE news

3 financial apps that will transform how you manage money

Will Millennials ever be able to retire?

The 7 biggest investment mistakes celebrities make

 

 fireplace

HOME trends

From ceiling space to playroom

10 tips for budget-friendly lawn care

7 weird ways to stay cool this summer

LOCAL news

Massive frozen food recall in Washington State

Seattle No. 3 on top 25 best cities to find great jobs

Seattle to host 2018 Special Olympics

Is Seattle a better bicycle city than Portland?

Seattle homes selling faster than anywhere else in the U.S.

Seattle growth was 11th fastest according to just released Census data, now 18th on list of biggest U.S. cities

Facebook unveils Frank Gehry design for its new South Lake Union offices

Snohomish County looking to increase bike tourism

Snohomish county offers top teacher salaries in the state

City of Edmonds to develop an affordable housing strategy by 2019

WEEKLY DOSE OF awesomeness

House made from cardboard for is not your kid’s refrigerator box

 

 Have a spectacular weekend everyone! 

#snohomishcountyhomes

 

 

 

Memorial Day Ceremony

Come and join us for this special event! Edmonds Community College in partnership with the VFW, the Triton Student Veterans’ Association, and other organizations on campus and in our community is hosting a Memorial Day Ceremony and Wreath Laying to honor America’s fallen service members, and to strengthen relations between Veterans, the college and the local community.  The ceremony will include a ceremonial lowering of the campus flags to half-mast, a presentation in the Mukilteo Hall Black Box Theater, musical performances and a procession to the Boots to Books and Beyond Memorial for a Wreath-Laying Ceremony.

I will be there and afterwards at the reception handing out drinks to all. Please come join us and help make this celebration special!

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