Wow. The housing market was crazy this summer around Snohomish County. It was the best summer on record for sales activity. So now what? Looking ahead, new listings will continue to drop by about 20% in September and October. So for buyers, the best opportunity for selection and availability is right now before winter comes. And we all know winter is coming…
- June, July and August had record number of transactions
- September and October will be the best time for buyers
- New listings will drop another 30% in winter
- Interest rates are the lowest they have been since last November
2016 set a new record for the best ever sales activity in our region! At the end of the year we saw a huge increase in the number of houses that were selling compared to the number of new listings that were coming on the market. Basically a mini surge. Most likely fueled by the increase in interest rates. Buyers wanted to get into a home before interest rates were raised. The good news for buyers is that interest rates are still historically low. Which means they can get into a home at good rate and stop renting. On the flip side, the good news for sellers is that there is a backlog of well qualified buyers just waiting to get into a home. Sellers are still getting multiple offers on their property if they are priced correctly. Ending 2016 and rolling into January 2017 here are some things that stood out to me:
- 1 month of inventory
- Interest rates at 4.05%
- 68% more homes were sold than were listed in December
- Backlog of buyers is creating a severe shortage of homes for sale in the more affordable price ranges
We will continue to see more listings come onto the market as we get closer to February. This will be just in time for the spring housing market rush. Check out the infographic below for more information. If you want this information for any other county just let me know!!!
Fall is here and Halloween is just around the corner. I thought I would take some time to share with you a few cool things that are going on around Snohomish County this weekend that are not your average pumpkin patch and corn maze. Have some fun and enjoy!
What: Unexpected Productions Presents Haunted Doorways
Description: Haunted Doorways is a theatre production of a ghoulish game show. This runs for two weekends only!
When: 8:05 PM – 10:00 PM
Where: Black Box Theatre at Edmonds Community College
More Info: Click here
What: Everett Massacre Centennial Events Day 2
Description: This one might be my favorite and they have a bunch of other dates! Everett Public Library presents a series of programs on the centennial year of the Everett Massacre events that took place November 5th 1916.
When: 1:00 PM
Where: Everett Public Library
More Info: Click here
What: Watch the Hawks for Sunday Night Football on the big screen.
Description: This event is free. There are adult beverages and a meal available for purchase!
When: 5:30 PM
Where: Everett Historic Everett Theatre
More info: Click here
What: The Bride of Frankenstein
Description: This was the 1935 American Sci Fi Horror film classic, the first sequel to Frankenstein.
When: 6:00 PM
Where: The Marysville Opera House
More Info: email@example.com
Last month we saw the best September ever! Inventory is still low, we are at about 1.4 month of supply in our county. But we are seeing a slight decrease in the amount of multiple offer situations for new listings. So if buyers have missed out in the past they can feel more confident moving into fall getting their offer accepted. And 68% of all homes are selling within the first 30 days on market which is excellent for sellers!!!
Check out the infographic below for more details.
Our market here in Snohomish County is still intense! Last month the amount of pending home sales outnumbered new listings. So the countdown to November has begun! A decrease in new listings will begin in November and typically lasts through about the end of February. The best opportunity for home buyers will be in the next 60 days while more inventory is still available. See the infographic below for more info!
So you decided to buy a house and you are ready to close. This time can be very exciting and stressful since so many things are going on. Packing, moving, changing utilities over, maybe even switching schools… When you do purchase a home please make sure to remember these 3 things.
1. Sellers Do Not Clean the Way Professionals Do
Many times when I am doing a final walk through with a client or after the house has closed, buyers comment on the uncleanliness of the home. I recommend getting a professional cleaner into the home BEFORE you move in. Personally, I give my buyers a closing gift and this has been something that I have gifted in the past. Sellers will never clean the house the way you want and that’s okay, just prepare for it and hire it out before your belongings move in! A lot of companies clean vacant homes at very reasonable prices that vary with square footage.
2. Get a Home Warranty
If the house you purchased did not come with a home warranty; buy one. Lets face it, being a home owner means you are responsible for everything in your home. No more calling a landlord to fix the problem. It is your problem and things can and do malfunction. Home warranties cost $300-$500, so at most, it will cost you maybe $40/month. This will give you a peace of mind knowing that if something stops working, like a water heater, washer/dryer, AC, you can pay $60 to have someone come out and repair or replace it! You also can extend the warranty after the 1 year mark with a lot of companies. Click here for the blog I wrote on home warranties.
3. Change the Locks
Call a locksmith and schedule an appointment. You never know who has keys to your house. The sellers may have given family, friends, or even neighbors keys at some point. This cost can range but expect to pay around $200. You can also reprogram the garage door openers. Garage door manuals are readily available online, if the homeowner did not leave one.
Becoming a home owner comes with its share of responsibilities. But it also comes with the freedom to never have to rent again and pay someone else’s mortgage for them. I think one of the biggest pieces of advice that I can give to a new home owner is to be excited. You maneuvered through the home buying process and can now enjoy your new home. Making new memories, laughing with friends & family, having a pride of ownership… You did it, now enjoy it!
Snohomish County is experiencing a housing market like we have never seen. Last month, was the best July ever in the Puget Sound real estate market. Not only was July great, but we have also seen a bump in inventory which has made the past 3 months of sales activity the best in history for our region! So to all my friends and family this is why I have been so busy, just trying to keep up with the market. I am excited to see what August has in store!
Check out the infographic below and see what I am talking about. Let me know if you have any questions!
- 1.1 Months of Supply
- 74% of homes are selling within the first 30 days being active
- Interest rates are at 3.36%
Summer is here and the the Snohomish County real estate market is cruising along. June kept me busy and July has been moving along quickly. While inventory is still low, home buyers got some great news! Interest rates went down to 3.53%! We also saw a slight bump inventory. Check out the info graphic below and let me know if you have any questions!