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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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.

 

Real Estate News

Here are some top articles with Real Estate quick stats and “should knows” if thinking of buying or selling this spring.

Short and Sweet Real Estate News

Single family starts were up a strong 6.0% in March and are up 9.1% over the last two months. The 5-month moving average is the highest since July 2008. Plus, the number of homes under construction (started but not finished) is up 21% over a year ago!

March listings on realtor.com were up 9.5% from a year ago. In addition to better selection, buyers get more time to decide. The median age of inventory was 102 days.

Good News!! So how about those loans? 

Mortgage Lenders Ease Rules for Home Buyers in Hunt for Business

While standards remain tight by historical measures, lenders have started to accept lower credit scores and to reduce down-payment requirements.

Another sign that banks could get less picky: Credit scores for borrowers seeking conventional mortgages also are easing. Scores on purchase mortgages stood at 755 in March, down from 761 a year earlier, according to data from Ellie Mae, a mortgage-software provider. Those on purchase loans backed by the FHA dropped to 684, compared with 696 one year earlier. …

Smaller lenders are accepting even lower scores. Average credit scores on purchase loans closed through a consortium called LendingTree fell to 679 in March, down from the year-earlier 715.

“Tiny fractions of borrowers can do things that they could not a year ago,” said Lou Barnes, a mortgage banker in Boulder, Colo.

No one wants a return to the loose lending standards of the mid-00s – and I hope we never see another Alt-A loan – but I expect standards to loosen over the next few years. From Nick Timiraos and AnnaMaria Andriotis at the WSJ

And finally are you thinking of buying or selling? Here are some great articles and information from Zillow.

Home Shopping Season is Here
Spring marks the start of the home shopping season, when more houses typically come on the market and more buyers are searching for a home. Check out our tips below to ease your home shopping or selling experience.

Strategies for Buyers

Advice for Sellers

 

Smokin deal in Outlook Ridge!

Brian

Had to let you know about this beautiful fully upgraded family home!!  Listed now for $345K~  Make us an offer!

This perfect sized 1900+ sq ft. home on a corner lot features 3 bedrooms, 2.5 bath, w/ Large bonus room or 4th bedroom.

The kitchen is a cook’s dream with warm cherry cabinets, slab granite counter tops, recessed lighting, birch hardwood floors and stainless steel appliances. Great Family neighborhood with community parks, basketball court and generous views of the mountains throughout the neighborhood.

New Snohomish schools and close to everything with a bit of a country feel. You will Love this home!  Outlook Ridge SnohomishBrina2    Outlook Ridge SnohomishOutlook RidgeBrian5Briab6Call me for more details and pictures.

Why Pay A Real Estate Commission??

smile

Considering selling your home by yourself?

Is it worth it?

Only the home owner can answer that question but experience has shown that many for-sale-by-owners find that it’s not. Before making a costly mistake plus an astronomical amount of time and wasted energy consider the benefits, from A to Z, you receive from working with a Real Estate Professional:

Advertising– We have proven marketing strategies to get you the best exposure and your agent should be rocking out the info on your home non-stop.

Bargain– research shows that 77% of sellers felt their commission was “well spent.” For the other 33% I say they should have gotten another agent.  We must work for you to reach a common goal for all! Look I don’t get paid if I don’t do my job and sell your house period. So why would I not want to do my best?

Contract Writing– An agent can supply the standard forms that are written by lawyers to protect all parties in the transaction which in turn speeds things up. If you sell by yourself you need to hire a lawyer to draw up the docs. How much does that cost?

Details– There is millions of them trust me. An agent frees you from handling the many details of selling a home. Getting an offer is the easy part holding the transaction together after  is where the details really count.

Experience and Expertise– In marketing, financing, negotiation and more.  If your agent does not get another one!

Financial Know How– An agent is aware of the many options for financing a sale and can make sure you home qualifies for as many as possible to open up the buyer pool.

Glossary- A real estate professional understands, and can explain, real estate lingo

Homework- Agents are informed through research and experience, an agent will know  your market and the areas they work in daily.

Information– If you have a real estate question and agent will know (or can get the answer)

Juggle showings– We agents handle all showings and the 10 phone calls of anxious buyers who want to be the first one to get in and see.

Keep your best Interests in mind– It’s our job! Selling you home is emotional and you need to trust your agent with information to help them help you.

Laws– A real Estate professional will be up-to-date in real estate laws that affect you.

Multiple Listing Service– Our number one tool to get your home out there to over 5,000 agents with potential buyers. Bringing you both together.

Negotiation– An agent can handles all price and contract negotiations.

Open Houses– A popular marketing technique that gives you exposure.

Prospects– Our network is huge and with reverse prospecting we know what other agents are looking for.  In turn helping to produce potential buyers.

Qualified Buyers– You don’t need any looky-loos you need Pre-approved buyers period or if cash proof of funds. We make sure that is the case.

Realtor- An agent who is a member of the National Association of Realtors and subscribe to a strict code of ethics.

Suggested Price– An agent will do a market analysis to establish a fair price range. I also go a step further and visit other for sale properties in the area to for competition and how we can stand out from the crowd.

Time- How much time are you willing to put into selling on your own? Believe me it can be huge and its one of the most valuable resources that an agent can provide.

Unbiased Opinion– Most owners are too emotional about their home to be objective. Of course they are!  They have lived there, raised their kids, remodeled and have many memories. Someone wanting to buy your home has none of that and honestly does not care. It’s what is in it for them and if it fits their needs. This is one of the hardest thing a home-owner needs to do is emotionally remove themselves from their home. Stand back and look at it from stranger’s eyes. Not an easy task!

VIP– That’s how you will be treated by your agent and if not get another one!  No excuse… period.

Wisdom- A knowledgeable agent can offer the wisdom that comes with experience.

X Marks the spot– An agent is right there with you through the final signing of papers and can help you coordinate moving plus so many things you may have never thought about.

Zero-Hour Support– We are there to support you!

The New Normal??

FOR IMMEDIATE RELEASE: May 6, 2013

Multiple offers are “the new normal” for housing market around Puget Sound

NWMLS, Kirkland, WA, May 6, 2013 – Northwest Multiple Listing Service members notched their highest volume of new listings since June 2011, but the additions did little to ease inventory shortages. Brokers also reported the highest volume of pending sales since May 2007, along with anecdotes of bidding wars.

“Multiple offers have become the new normal,” remarked MLS director Diedre Haines, the Snohomish County regional managing broker at Coldwell Banker Bain. “We have literally gone off the charts in absorption,” she stated, adding the dip in pending sales in that county “is all due to lack of inventory.”

Haines also reported low appraisals remain a problem as appraisers struggle to keep up with the fast paced activity and increasing values.

Northwest MLS figures support Haines’ observations. Brokers added 1,349 new listings to Snohomish County inventory during April, but that activity was outpaced by sales, with members reporting 1,500 pending sales in that county, slightly fewer than a year ago. Prices on sales that closed during the month surged more than 16 percent.

For the MLS market system-wide, new listings, pending sales, closed sales and prices rose compared to twelve months ago, but inventory across the 21 counties dwindled.

Members added 10,351 new listings during April, improving on the year-ago figure of 9,166 for a gain of 12.9 percent. At month end, with the additions, the selection of single family homes and condominiums totaled 19,826 listings, down about 21.6 percent from the year-ago figure of 25,291.

Area-wide pending sales of single family homes and condominiums (combined) rose 9.2 percent, from 8,790 mutually accepted offers to 9,600 transactions. That total is the highest since May 2007, when members tallied 9,743 pending sales.

Closed sales for April jumped nearly 20 percent, rising from 5,177 transactions a year ago to  6,209 completed sales. Year-over-year prices on those sales climbed 12.5 percent. A year ago, the median price for single family homes and condos (combined) that sold was $240,000. Last month, it rose to $269,950.

Through four months, closed sales are outperforming year-ago totals for same period by nearly 3,000 transactions. Haines believes the increase is an indicator “that lending restraints are beginning to ease and there are fewer and fewer short sale transactions being processed.”

Several factors are contributing to a “recipe for a frenzied May real estate market,” suggests John Deely, another member of the Northwest MLS board of directors. “The market pace has not subsided from previous months with low inventory and low interest rates being the primary drivers,” he stated. Also fueling the frenzy is the already fast pace market, news reports touting price increases of 9-plus percent both locally and nationally, positive job growth and record highs for the stock market, noted Deely, the principal managing broker at Coldwell Banker Bain in Seattle.

Prices will continue to rise as current market conditions are sustained, predicts J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. Among the conditions he mentioned are historically low interest rates, pent up buyer demand, and a shortage of available inventory.

Scott said rising prices are prompting questions from sellers on whether now is a good time to sell. In response to such questions, he advises sellers to assess their own situation, considering their plans to purchase another home, including where and what price range.

Prices for last month’s sales of single family homes (excluding condos) rose 12 percent. Area-wide the median sales price for April was $280,000, a $30,000 increase from a year ago. Among the 21 counties in the MLS report, King County had highest median price for single family homes. Last month’s 2,096 closed sales had a median price of $400,000. That’s about 11.1 percent more than the year-ago median selling price of $360,000.

Multiple offers are more commonplace, including in Kitsap County, brokers noted, even though year-over-year prices fell slightly (2.75 percent). A full price offer with an escalation clause is not uncommon on a newly listed home that is priced right, according to Frank Wilson, Kitsap district manager and branch managing broker for John L. Scott in Poulsbo.

“Buyers have to be ready to buy and have an approval in hand from their lender,” suggested Wilson, who also serves as a board member for Northwest MLS. Open houses are drawing crowds, he stated, adding, “Just as sellers had to work harder to get their homes sold a few years ago, today’s buyers have to work harder to succeed in this competitive market.”

Whether the market becomes more balanced may depend on listings. Northwest MLS figures show every county in its service area had year-over-year gains in new listings during April. “Let’s hope this is the start of a positive trend for inventory,” commented Mike Grady, the president and COO of Coldwell Banker Bain, but then added, “Considering the overall market landscape, it’s likely there won’t be enough sellers to fill buyer demand, at least for the short term.”

Gary O’Leyar, designated broker/owner of Prudential Signature Properties in Seattle, said buyers should consider altering their searching strategy, given the limited inventory. For the past six months in many neighborhoods, the supply has averaged around 1.5 months or less, often prompting bidding wars, he noted. “Despite multiple offers on any given listing, the result is only one sale,” O’Leyar remarked.

O’Leyar suggested buyers look at properties that have been on the market for an extended period of time, that meet their basic requirements, but that may need some work. “Oftentimes, getting a better priced property may mean looking outside the immediate metro market and into the nearby suburban markets. The best buys are not always the properties that are newly listed,” he emphasized.

Along with widening their search area, some buyers are adding a step to the process before engaging in competitive bidding. “We are seeing more and more buyers completing pre-inspections on homes they’re interested in,” reported MLS director Haines.

To accommodate demand, builders around the state appear to be ramping up their activity. Figures from one industry group show a surge in permit activity for January, its most current reporting period. The number of permits more than doubled from a year ago, from 969 to 2,213, according to a report from the Building Industry Association of Washington.

A comparison of permits shows a significant shift in the types of housing BIAW members plan to build. This year, the January permits were almost equally divided between single family homes (about 51.6 percent), and multi-family (about 48.4 percent). That compares to the year-ago proportion, when permits for single family homes accounted for about 77 percent of the activity.

While most of Washington is experiencing brisk activity, many areas of the country show only “modest movement,” according to the National Association of Realtors®.

In a news release accompanying NAR’s Pending Home Sales Index (an indicator based on contract signings), Lawrence Yun, NAR chief economist, said the market appears to be leveling off. “Contract activity has been in a narrow range in recent months, not from a pause in demand but because of limited supply. Little movement is expected in near-term sales closings, but they should edge up modestly as the year progresses,” he said. “Job additions and rising household wealth will continue to support housing demand.”

Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership includes more than 21,000 real estate brokers. The organization, based in Kirkland, Wash., currently serves 21 counties in Washington state.

###

Statistical summary and sources quoted follow.

Statistical Summary by Counties: Market Activity Summary – April 2013

Single Family Homes + Condos LISTINGS PENDING SALES CLOSED SALES MONTHS SUPPLY
New Listings

Total Active

# Pending Sales

# Closings

Avg. Price

Median Price

King

3,779

4,146

3,809

2,672

438520

$352,000

1.09

Snohomish

1,349

1,530

1,500

1,020

293010

$275,000

1.02

Pierce

1,517

2,835

1,671

916

242177

$217,000

1.70

Kitsap

577

1,387

482

281

269651

$233,310

2.88

Mason

188

690

84

62

162903

$136,975

8.21

Skagit

254

758

224

125

254396

$228,000

3.38

Grays Hrbor

181

781

93

50

104738

$91,975

8.40

Lewis

155

632

86

68

133711

$126,000

7.35

Cowlitz

162

422

114

80

152421

$138,500

3.70

Grant

152

495

91

49

183218

$175,294

5.44

Thurston

481

1,068

469

270

232588

$225,000

2.28

San Juan

84

368

16

16

492297

$362,000

23.00

Island

259

754

165

91

276178

$247,500

4.57

Kittitas

126

374

88

49

271642

$185,000

4.25

Jefferson

112

408

45

37

281369

$235,000

9.07

Okanogan

82

392

24

15

165960

$174,000

16.33

Whatcom

447

1,303

330

212

276733

$248,250

3.95

Clark

74

133

85

62

273026

$228,500

1.56

Pacific

91

384

42

25

114676

$105,000

9.14

Ferry

10

73

3

2

176250

$176,250

24.33

Clallam

123

387

61

42

206714

$190,250

6.34

Others

148

506

118

65

245819

$209,000

4.29

MLS TOTAL

10,351

19,826

9,600

6,209

333563

$269,950

2.07

4-County Puget Sound Region Pending Sales (SFH + Condo combined) (Totals include King, Snohomish, Pierce & Kitsap counties)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2000 3706 4778 5903 5116 5490 5079 4928 5432 4569 4675 4126 3166
2001 4334 5056 5722 5399 5631 5568 5434 5544 4040 4387 4155 3430
2002 4293 4735 5569 5436 6131 5212 5525 6215 5394 5777 4966 4153
2003 4746 5290 6889 6837 7148 7202 7673 7135 6698 6552 4904 4454
2004 4521 6284 8073 7910 7888 8186 7583 7464 6984 6761 6228 5195

2005

5426 6833 8801 8420 8610 8896 8207 8784 7561 7157 6188 4837

2006

5275 6032 8174 7651 8411 8094 7121 7692 6216 6403 5292 4346

2007

4869 6239 7192 6974 7311 6876 6371 5580 4153 4447 3896 2975
2008 3291 4167 4520 4624 4526 4765 4580 4584 4445 3346 2841 2432
2009 3250 3407 4262 5372 5498 5963 5551 5764 5825 5702 3829 3440
2010 4381 5211 6821 7368 4058 4239 4306 4520 4350 4376 3938 3474
2011 4272 4767 6049 5732 5963 5868 5657 5944 5299 5384 4814 4197
2012 4921 6069 7386 7015 7295 6733 6489 6341 5871 6453 5188 4181
2013 5548 6095 7400 7462

__________ Copyright © 2013 Northwest Multiple Listing Service ALL RIGHTS RESERVED This material may not be copied, published, broadcast, rewritten or redistributed without prior permission.


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Earth Day Lets Celebrate

Earth Day

 

Earth Day is tomorrow April 22 and there are many things you can do that are great for the planet and are free or inexpensive for you. They will also help lower your energy bills, saving you money!

 

FREE LOW COST
Cut your shower each day by 2 minutes Switch your light bulbs to CFL’s
Turn off the faucet while brushing your teeth Purchase a programmable thermostat
Turn off lights when you are not in the room Lower your heat at night and while away at work
Carpool or take the bus to work 1 day a week Use reusable bags for grocery shopping
Recycle your food scraps in the yard waste (if available   in your area) or start your own compost bin When you can, try to shop and eat locally.
Pay all your bills online Replace your shower head with one that is low flow
Unplug appliances (coffee maker, toaster, printer etc)   when not in use. When buying new appliances, make sure thy are energy   efficient(not always low cost but it will save you money on your utility   bills)
Rather than drive walk to dinner at your local restaurant   (weather permitting of course) Purchase products that use minimal packaging
  Buy compostable trash bags for kitchen waste.
  Buy biodegradable products (cups, napkins, plates, etc)

Nylons?

This one is a bit of Beauty, Green tips and household all rolled into one. When you have fine particles and you need to strain them in a colander cut off a piece of old clean (of course) pantyhose (yes, pantyhose!) secure them over the bowl or cup to make a sieve, and flip it over to strain. I know it sounds weird but it works great!

Here’s one more nylon tip. If you run out of Swiffer pads use a pair of nylons! Preferably an old pair just cut them and put it over your swiffer pad. Works Great on the floors and really picks up the fuzz and dog hair! Or if you don’t have nylons around the house those chenille socks at the dollar store also work great!

National Open House Weekend is Here!

Snohomish County Open House Weekend

Snohomish County Open House Weekend

This weekend is the National Open House Weekend on Saturday April 20th and Sunday April 21st we are going to see buyers out in full force and with recent inventory reported in Snohomish County as extremely low I am sure it will be a very busy weekend!

I personally will be representing one of my favorite builders at a couple of gorgeous homes in South Everett right on the Mill Creek Border so if you’re looking for your dream home it’s just been listed!

This builder is also currently building a small community in Bothell if you are looking in the Bothell area come and see the model homes in Silver Lake and get more information on both developments.

Saturday from 2-4–  12315 31st Ave SE, Everett 98208.GetMediaCAH9H6ZC

Sunday 12-2 at the Bothell location of 17726 86th Ave NE, Bothell 98011  Chase Court 1

Neighborhood Of The Week

This quiet peaceful new neighborhood located off of Soper Hill Road in the Marysville city limits and in Lake Stevens School district is my pick of the week. Shasta Ridge residents enjoy a 1.5 acre park with full basketball court, play area, large NPGA, territorial views and located on a quiet dead end street.
I love the mix of town-homes with great size yards that started last year at $157K but sold so quickly that prices have jumped up drastically ending the final phase of 3 different style homes at 178K.
The high quality of Belmark service has just started the last phase of single family homes. These new homes have great size lots for new construction and they come with fully landscaped front and back yards!  With a bedroom/ den on the main the Adams floor plan, for example, is very open & spacious. 3bdrms, 2.5 bath’s, granite slab island & counters throughout (standard)! There will even be a few models larger with Daylight basements.
Currently these are priced at $254K and $257K and for a short time the builder will give 2% in a closing bonus! Interest rates just dropped again but prices are definitely on the rise. There are only 5 homes left so come take a look now while they are still available.
Give me a call or send me an email for you personal tour