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!
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!
Happy New Year!!!
Thanksgiving is just around the corner, mornings are colder and does it seem like everything is slowing down? Not necessarily in the housing market! The infographic below is taken from the Northwest Multiple listing service and shows the statistics from 23 counties around Washington state. Here is also a link to just Snohomish county 2019 October Stats and a few tidbits on King county. With 2020 just ahead I wonder what the year will hold for us and the housing market. Sure wish I had a crystal ball!
Wow! November is here. Put the Halloween costumes and decorations away it’s Turkey time!
Don’t get all wet. Prepare for the rainy season while it’s dry.
As Benjamin Franklin once said, an ounce of prevention is worth a pound of cure.
We know. The last thing you are thinking about at the summer barbecue is preparing for the stormy season. But it really is worth taking a look around your house during fair weather, because finding out you have a problem during inclement conditions is at best inconvenient and at worst very costly.
Check your rain gutters.
Clear them out and make sure they are in good working order to prevent damage to the roof or house.
Look at your roof.
If you see loose or damaged shingles, get them repaired. Look for tears and buckling on flashing. Check the chimney and look for damaged bricks, cap or cracked joints. Don’t forget the flashing there too.
Check indoors for signs of roof leaks.
Look for discoloration and peeling paint on ceilings and walls. Check in the attic for damp rafters.
Check the trees.
Trim back branches and cut sections that could fall in a rainstorm.
Check doors and windows.
Make sure there are properly insulated with weather stripping.
Look for water collecting at the base of the house.
Redirect water with trenches or drains.
Keep sandbags on hand.
if your area is prone to flooding, keep them filled and at the ready.
Check for erosion.
This is important if you live near a hillside. Shore them up if necessary.
Most importantly enjoy the fall and all the beauty it holds.
Why an Economic Slowdown Will NOT Crush Real Estate this Time
Last week, the National Association for Business Economics released their February 2019 Economic Policy Survey. The survey revealed that a majority of the panel believe an economic slowdown is in the near future:
“While only 10% of panelists expect a recession in 2019, 42% say a recession will happen in 2020, and 25% expect one in 2021.”
Their findings coincide with three previous surveys calling for a slowdown sometime in the next two years:
- The Pulsenomics Survey of Market Analysts
- The Wall Street Journal Survey of Economists
- The Duke University Survey of American CFOs
That raises the question: Will the real estate market be impacted like it was during the last recession?
A recession does not equal a housing crisis. According to the dictionary definition, a recession is:
“A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.”
During the last recession, prices fell dramatically because the housing collapse caused the recession. However, if we look at the previous four recessions, we can see that home values weren’t negatively impacted:
- January 1980 to July 1980: Home values rose 4.5%
- July 1981 to November 1982: Home values rose 1.9%
- July 1990 to March 1991: Home values fell less than 1%
- March 2001 to November 2001: Home values rose 4.8%
Most experts agree with Ralph McLaughlin, CoreLogic’s Deputy Chief Economist, who recently explained:
“There’s no reason to panic right now, even if we may be headed for a recession. We’re seeing a cooling of the housing market, but nothing that indicates a crash.”
The housing market is just “normalizing”. Inventory is starting to increase and home prices are finally stabilizing. This is a good thing for both buyers and sellers as we move forward.
If there is an economic slowdown in our near future, there is no need for fear to set in. As renowned financial analyst, Morgan Housel, recently tweeted:
“An interesting thing is the widespread assumption that the next recession will be as bad as 2008. Natural to think that way, but, statistically, highly unlikely. Could be over before you realized it began.”