I hope you’ve been soaking up everything our beautiful Pacific Northwest has to offer this summer! From backyard BBQs and community events to making memories with family and friends, August is one of my favorite times of year.
The real estate market continues to provide opportunities for both buyers and sellers, and this month’s newsletter includes a quick market update along with some simple tips to help keep your home feeling fresh and comfortable during these warm summer months.
As always, whether you’re simply curious about your home’s value, thinking about making a move, or just have a real estate question, I’m always happy to help—no pressure, just honest advice.
Wishing you a wonderful August filled with sunshine, adventure, and time spent with the people you love!
One thing is common among all properties that receive multiple offers these days: the home is in a good location. Location is nearly always what drives homebuyers in their search. Before considering price, number of bedrooms or size of home, a buyer looks for location.
If your home is on a busy street, not in the best school district or near a freeway on/off ramp, chances are you won’t receive the kind of activity that a well-located home would. In that case, work closely with your agent to price the home correctly.
Must be priced right
Buyers in any market look for perceived value. Homes priced 10 percent (or more) over their market value won’t get noticed. Pricing isn’t an exact science, and it’s nearly impossible to pin a precise number to a home until buyer and seller sign a contract and close. Then, the price officially becomes the home’s market value. Until that time, agents can provide sellers with a value range. Have a good location? Does your home show well? Are you in a strong sellers’ market? Price your home on the bottom of that price range and you’ll be sure to attract buyers — and possibly multiple offers.
Must show well
A generation ago, sellers simply did some deep cleaning and maybe some de-cluttering before their first open house. Presentation wasn’t as important then as it is today, given online listings. More buyers today develop an emotional connection to a home. They want to imagine themselves in your home and not feel like they’re a guest. What does that mean? Appeal to the masses. If you have a good location and you plan to price your home realistically, then you need to make sure you give buyers what they want. If you can afford it, make cosmetic upgrades; invest in some staging and work to turn your home into a “product.” Emotionally disconnect from your home and try to see it more objectively.
Plan on having the home in perfect condition for the photo shoot. A buyer’s first impression of your home likely will be via the Internet or an email from their agent. Make them want to step inside. The more buyers you attract to your home, the more activity.
Know your market
Don’t assume that national trends apply to your region, city or neighborhood. If you’re not in a strong sellers’ market or you spend a fortune on last-minute upgrades, you could be in for a giant surprise. Just because you hear about bidding wars and multiple offers on the news doesn’t mean that applies to your area. Home selling is like the stock market it is goes up, down and can have a bit of a lull when interest rates go up and what is happening in the news for your area and even around the world.
Work with a good Realtor and, no, not all agents are Realtors learn the difference. A local Realtor knows the area and what has recently sold as well as ones that have sold over the past six months to a year. Knowing those homes, having walked inside and personally knowing the agents who have sold them matters. This is market data that an outsider just doesn’t have access to. This knowledge empowers good local agents to educate their sellers.
In today’s whirlwind real estate market, houses are selling at astonishing speed – from sea to shining sea. Four years ago, the average house spent 39 days on the market. Two years ago, homes were on the market for about 24 days. Today, that number has dropped to just 17 short days. If you’re looking to sell your house quickly and on the best possible terms, today’s market can’t be beat. DM me to discuss how to secure a speedy, top-dollar sale for your house.
Trying something a bit unconventional! If you do not know how the Real estate market is right now I am going to take a quote from the MLS “The economics of scarcity are driving prices up at an unsustainable pace,” said Dick Beeson, managing broker at RE/MAX Northwest. “What will happen this spring and summer will likely be more of the same. The real estate vortex we’re in of depleted inventory and high prices is real and unrelenting.” “If interest rates weren’t historically low, buyers would be unable to afford the escalating cost of housing,” suggested Beeson. “We’re feeling nervous about where this market is headed,” he said, adding, “Help is not on the way. Sellers are almost as rare as the dodo bird.” Although he noted the number of new listings coming onto the market has kept pace or even exceeded last year’s totals in some areas, (Not Snoho county) “new listings are immediately devoured by a plethora of waiting buyers.” The situation has buyers asking, “Am I paying too much?” and sellers asking, “Can we ask more?” That answer for both is “Yes,” says Beeson
Do you know Snohomish county does not even have 2 weeks of inventory? I listed a home in Marysville a few weeks ago and within 2 days I had 18 offers! Many waived everything and, I mean everything. The offer my sellers decided to accept? 140k over asking and covering the difference of a low appraisal! So why am I bothering you with this?We have 5 home buyers that we have been working to find homes and one family that currently has 7 family members living in the same townhome as they have special needs and we want to find them homes! We were just beat out of an offer that we put in for them. Our offer was 50k over asking and waiving all we could plus they would cover a 25k low appraisal. The offer that got it was $80k over listIn almost 11 years in Real Estate I have never experienced anything like what is happening. I rarely do not get my clients the home they want on the first try but, right now there are to many buyers, low interest rates and not enough homes on the market to sell. So I am trying to think outside the box. If you happen to know of anyone thinking of selling within these parameters can you PLEASE consider having them contact me? Believe me I have scoped out everything online, even FSBO, and so I am reaching out.
Local firefighterVeteran wanting to use his VA loan for the first time. They are approved for up to 500k. They would love a small rambler w/garage and a bit of a yard. Flexible on area. Currently looking in Lake Stevens, Marysville and Arlington. 3-bed, 1.5 bath. Home does need to be in good condition for VA financing but if something is called out and if a little something is needed to push I will do it!
Family of seven. Multigenerational family with one of the parents being confined to bed permanently. We are trying to find a home that has 2, or potentially 2, living arrangements. A split maybe for parents to live downstairs and the younger families up? They have 2 small pet goats so no HOA neighborhood. Underwritten approved to 675k.
First time home buyer with 2 small kids and need a home they can keep their laying hens with them. No HOA against chickens. 3 bed/ 1.5 bath with a garage detached or attached. Like homes with a bit of lot. Looking in Marysville, Granite falls, Arlington area. Underwritten approved to 500k.
First time home buyer couple. No kids yet but want to have a couple fur babies soon as they lost there two older ones in the last year. Underwritten approved to 570k, 3 bed, 2 bath. Like newer modern homes but not the zero lot line ones.
First time home buyer expecting their first baby in May. Underwritten approved to 425k. Flexible on location but prefer Everett and going east or north is okay. At least a 2 bedroom, 1 bath.
This is not something I would normally do or ask but I want to do the best for my clients and never hurts to try right?
Please reach out if you know of anyone, wanting or thinking, about selling. That could help my buyers or another family that is looking for a home.
It’s that time again for your monthly newsletter! Notice QR codes seem to be back? While I like QR codes and think they are handy I sure hope we all can “experience” some of the beautiful places the Pacific Northwest has to explore in person and soon!
Welcome to 2020 and happy New Year! I hope it will be an amazing year for you and all of us! The infographic you see below is for Washington in a whole. If you would like to see local stats I am also providing you with the stats for Snohomish County and King County.
December is known for being on the cold side and a sign of a slowing Real Estate market as everyone starts to enjoy the holidays. Not this year however! December was smoking hot. A new record of 16 days inventory pushed buyers to snatch up everything they could and quickly.
Active Inventory
-2% December 2017 vs. December 2016
781 available homes currently on market -347 vs. last month.
Pending Transactions
-4% December 2017 vs. December 2016
1255 units -336 vs. last month
Sold Transactions
+12%!!! December 2017 vs. 2016
1516 units +101 than last month
Days on Market
Snohomish County Active to pending 34 days vs. 39 a year ago. Up 4 days from last month (normal with the holidays).
Median home price in Snohomish County 448,000 +12% last year. Up $4,000 from last month.
Area price % based on last Quarter
All percentages are up and also include new construction
Snohomish/Monroe+ 17%. Lake Stevens/Granite Falls + 15%. Marysville +13%
King County Median home prices are $611,000 + 15% over last year and up $27k from last month.
Woodinville area Median price is $678!!
Of the more than 3,100 counties across the U.S., none saw a bigger net increase than Pierce and Snohomish in movers from other counties. Is this a reflection of people being priced out of King County?
When buyers cannot afford Seattle most head north into Snohomish County therefore we keep a close eye on the housing market all over and these stories paint a clear picture of why so many are moving this way.
Come and see this incredible new listing in the Snohomish School district. Close to all amenities including Mill Creek town center, Historic Snohomish and Boeing.
8/26/2017 from 1-4 11329 47th Ave SE Everett, WA 98208