Happy September, friends! 🍂 This month’s newsletter is packed with:
📊 A fresh Eye on the Market
🏡 Fall home décor ideas to cozy up your space
📦 Clever space-saving tips
🎶 Can’t-miss local events around the Sound Grab your coffee ☕ and take a few minutes to check it out—you’ll love what’s inside! 💌
Self-made real estate millionaire Barbara Corcoran says it’s a ‘good time to buy’ because home prices are going to ‘explode’ when mortgage rates drop!
Alena Botros
Fri, June 2, 2023 at 2:00 AM PDT·4 min read
Appearing as a guest on Good Morning America this week, Barbara Corcoran answered several questions from viewers, ranging from when the right time to buy a home is to how to win a bidding war. As for the former, Corcoran said now is the time to buy.
“It’s a good time to buy because the minute interest rates go down, everybody’s waiting for them to go down even by a point, and when they do, they’re going to come rushing back in the market,” Corcoran said. “Prices are going to explode, and you’re going to be paying more for the same house. And you can always refinance, remember, when and if interest rates come down.”
It’s not Corcoran’s first time advising against even attempting to time the market. Previously, on the Chicks in the Office podcast, Corcoran said to forget about the timing, again stressing that now is always the time to buy.
The self-proclaimed “NYC Real Estate Queen,” founded the Corcoran Group with a $1,000 loan in 1973, which she famously turned into $66 million, after selling her business in 2001. She’ll always be a powerhouse within the real estate industry, but now most people know her as the spunky, blunt, and well-dressed shark on ABC’s Shark Tank.
Another viewer asked Corcoran how to win bidding wars, saying that he and his fiancee have been looking for a house but have been out bid every time they’ve found one they like. Corcoran said the key is to look like the “best deal in town,” while playing on the seller’s emotions.
“You have to be prequalified for your mortgage so you can go in there as an all cash deal. I’m an all cash deal, it’s not contingent, I already got my mortgage—you want that power behind you,” Corcoran said. “You also want to go in and realize it’s never just a financial deal. Get a nice piece of stationery and handwrite a note to that owner, and tell them how much you love the house. It makes a difference because people like to sell homes to people who love their house.”
As for the different types of mortgage loans that buyers can choose from, Corcoran said it depends on how long you’re going to live in that home. If you’re going to live there a long time, or at least except you are, Corcoran said a conventional rate mortgage at the shortest term you can afford, is the best option. On the other hand, if you’re only going to be living there for a short period of time, likely under five years, she said you’ll want to get an adjustable rate mortgage because it’s cheaper.
When Corcoran was then asked if there’s any way to get relief as someone who’s “house poor,” a term used to describe someone that’s spending more than 30% of their income on housing, she answered: “you don’t get relief from that.” In coastal cities, Corcoran said, people are spending more than 40% of their income on housing. But there’s a light at the end of the tunnel, in her view—people are forced to save by paying off their mortgage.
“When it comes time to retire, for most of us, it’s the only money we have to retire on,” Corcoran said.
Now if you want to make the most out of your home purchase, she said you’ll always get the best return in a high-traffic area. And if you want to make a killing, buy a home in an up and coming area. Corcoran’s formula for doing so? Follow the creative community and see where they’re living, and check out the nightlife.
And of course, a Corcoran Q&A couldn’t be complete without touching on rentals and renting. As for rent prices, Corcoran said they’re going to continue to go up, and there won’t be any relief. When interest rates go up and chase people into the rental market, rents generally go up. But when interest rates go down, that doesn’t mean rent follows. Corcoran said she’s never met a landlord that brings down their rent, ever. And, most of us know how she feels about renting—that it’s a “no-win game.”
This story was originally featured on Fortune.com
Remember~ date the rate, marry the home. As the famous Will Rogers said ” Don’t wait to buy real estate, by real estate and wait. Good advice everyone and I am just the gal to help you so reach out with all your real esate questions and needs in the Puget Sound region.
What is the most valuable piece of advice you could give your younger self today regarding building financial wealth? 
For me it’s a no brainer “BUY DIRT”! Not only do I love that song by Jordan Davis and Luke Bryant the video just speaks to my heart and soul of what life is all about AND I have seen it repeatedly with many of my clients.
STORY TIME: in June of 2020 I sold the pictured home for $639,950. The buyers have since had a change of life plan and are moving out of state. Thankfully they have been in the home for 2 years as their primary residence so it will save them on the capital gains tax. WHEW! This month, April 2023, the home is now pending under contract and will be closing soon for around $900,000. That is a profit of around 
$260,000 in 2.5 years!!!! Do the math if you must and see the 
appreciation they received in this short time. I may be a Realtor and yes, this is my job but it’s a career I love and I believe very strongly the most solid way to build wealth and secure your future is to buy a home. Your own piece of dirt.
Inventory is still low, prices continue to go up, by the time the rate is where you want it, that price home won’t be what you want anymore, so you will have to spend more to get the same house. I always tell my buyers that it’s important to “marry the house, date the rate” Find the home you want in today’s prices and then when rates go down, refinance to save. If you wait for the rate to go down for 12 months or, more, and prices increase 5-10% during that time, what are you really saving? And, the main reason you are moving cannot be achieved if you stay put (need more space, closer to family, etc. )
You are investing in yourself when you purchase a home. We purchased our first home at 7.5% and that was normal!! Over time home values will always continue to rise, homes are a long term investment and let’s face it it’s better than paying the 100% interest you are currently paying on the rental you have.
Let me know if you want me to help you build your financial wealth!
Warning don’t depend on those pictures you see on the Internet! Do a drive by and talk to your agent. We know what to look for and advise you. Broccoli’s just fine but when you’re wanting a whole muffin it isn’t gonna work.
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.
Monday Meme. 
Dedicated to all the home buyers out there! Today we put in an offer for a home $85,000 over list and made all the details sweet, simple and easy for the seller. Did we get it NO! 
Here is the Snohomish County Homes Team’s home buyer checklist that we give to our buyers besides a side by side comparison sheet and other tips. For your own click here homebuyingchecklist Or better yet contact us and let us help you find a new home!
Every June, we recognize National Homeownership Month as a way to celebrate the many ways buying and owning a home is a solid step forward for American families.
The Snohomish County Homes Team loves to assist home buyers. Whether you are a first time home buyer, or have done this before, we are here to guide you along the way. Our knowledge as a Certified instructor for the Washington State Housing Finance Program has given us a wealth of information to help guide our buyers. Teaching home buyer classes in Snohomish, at Josh Taps and Caps, has been fun and we hope to do so again soon. As a Relocation Specialist I have helped many families move here and saving them money along the way.
Are you Military and relocating? With our Military lender and Homes For Heroes program. We have great bonuses in cash incentives for all Military plus Homes for Heroes also gives large incentives to Law Enforcement, Teachers, Firefighter’s, EMT and Healthcare too!
We have advanced education to serve and give our clients the best possible service and communication. Over 10 years in the industry has fine tuned our service and skills and all to make the path of home ownership successful and fun for you!
Take a moment this month to contact me about your housing goals and the questions you have. We can work together to help you achieve them.
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!
Fircrest Meadows home sitting on a corner lot of a culdesac is a must see! 3 beds/2.5 baths w/custom touches throughout. 1-Year WARRANTY! Wood wrapped windows, designer shades, hardwood floor, skylights, 2 brick fireplace & A/C. Kitchen w/2 dining areas. Spacious living rm, vaulted ceilings & newer carpet. Stretch out in your Master suite showcasing 3d-wall covering, 5-pc bath, rain shower & walk-in-closet. Fully fenced yard w/gazebo & fire pit. 2-car garage, RV park, No HOA, Snohomish schools + close to all!
Click for full info and virtual tour
