Happy New Year!!!
Happy New Year!!!
Ready or not the holiday season is here and jam packed with so many exciting things to do! Enjoy all Snohomish county and our Puget Sound region has to offer. Our favorite family tradition is to head up to Leavenworth to see the lighting of the town it’s just magical and this year is the 53rd Annual 2019 Christmas lighting. If you have time check it out.
The Snohomish County Homes Team.
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!
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.
May was not as hot as 2018 but with summer here we are starting to heat up a bit! I have started to see a bit more listings come on the market and price points under $450k were faster to move as buyers are starting to pick up the pace. Homes under $400,000 your chances of competing with multiple offers was much higher. It has certainly helped all price points that interest rates have leveled and even dropped a bit.
We are up 1% May 2019 vs. May 2018
There were 2,426 available homes to come on the market +362 vs. April.
Down 5% May 2019 vs. May 2018
1962 units -109 vs. April
+0%!!! May 2019 vs. 2018
1660 units +223 than April
Snohomish County Active to pending 27 days vs. 18 a year ago. Down 8 days from last month. Homes prices over 450k seem to be taking up most of that time.
Median home price in Snohomish County 494,000 +0% last year. Down $1,000 from last month!
Bothell-$670,500 down 8% from last month.
Edmonds/Lynnwood -4% to $525,000.
Everett/Mukilteo -3% to $452,000. Snohomish/Monroe +4% to $465,000
Lake Stevens/Granite Falls + 10% to $449,000
Marysville +6% to $410,000
King County Median home prices are $661,000 that is down 2% over last year and up $22k from last month. Woodinville area Median price is $764,000. Last year they were over 800k. Definitely a leveling in our east Snohomish/King County area. Days on market 36 compared to 11 a year ago.
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:
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:
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.”