Ashley Wigren

Snohomish County Real Estate & More

Tag: lake stevens

Snohomish County Housing Market Update for August

Snohomish County is still experiencing a hot real estate market. Sellers are in a great position to get top dollar for their homes. And we have buyers coming into the market place daily due to the low interest rates. We have seen more inventory come on in the higher priced homes in our area.  This summer is turning out to be one of the hottest real estate markets we have ever seen in our area!

See the infographic below for more information. If you have other questions or need more specific info just ask! You can text, email or call!

www.ashleywigren.com

 

September Housing Update for Snohomish County

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!

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3 Things to Remember When you Purchase a Home

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!

 

August Housing Market Update for Snohomish County

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%

 

Snohomish_August2016 jpeg

 

May Housing Update for Snohomish County

May was an incredible month for real estate in our area. Our market is hot right now. If you are looking to sell, now is the time as inventory is so low, which can mean higher prices! On the flip side of that, if you are looking to buy, now is a good time because the interests rates are so low, which means you can get a great deal on a home loan! Check out the infographic below! If you want more detailed information on a certain city, zip code, or price range, just let me in the comments!

I will be doing this every month so stay next month, to see how June is shaping up!

ashley wigren HousingUpdate_May_Snohomish

  • 76% of houses that come on the market will sell within the first 30 days
  • 3.6% interest rate
  • Less than 1 month of inventory available

 

The Top 3 Things You Need to Know About the Real Estate Market in Snohomish Couny

Whether you are wanting to buy or sell your home the best thing that you can do is educate yourself. Learn the process, hire a relator, and know your market! In Snohomish County these are the top 3 things that will help you succeed in your real estate transaction.

1. We are in a Seller’s Market

So what is a seller’s market and how do we know that we are in one. Currently in Snohomish County we are at about 2 months of inventory. And that is up nearly 54% from last month!! Typically anything that is 3% or less is a seller’s market. Anything 3-5% is a neutral market, and anything above 6% is a buyer’s market. This is so great for sellers! Less inventory, means less competition, which can drive home values up. Which is what everyone is seeing right now.  Every conversation I have with people, when they ask how the market is,  my reply is “we have no inventory”! So if you are thinking about or wanting to sell your home, now is the time to do it. So, that’s all good for sellers, but what if you are a buyer? Does that mean you are screwed and are paying too much for a house? Does that mean buyer’s should wait to purchase until more inventory becomes available? The answer to that is no.  The reason  the answer is no, is because  a buyer’s purchasing power is still strong due to the low interest rates that we are currently experiencing and we do not know how long that will last, see #2. http://myreport.trendgraphix.com/Member/FtReport.aspx

 

2. Interest Rates are Still at Historic Lows

Currently the interest rate on a 30 year fixed is at 3.75%. To put that into perspective this same time in 1996 it was at 7.62%. Then in March of 2006 it was at 6.32%. http://www.fedprimerate.com/mortgage_rates.htm.

So, all of those numbers are great, but what does that mean for buyers?  Simply put, this gives buyers more buying power, more bang for their buck! Lets break it down:

  • Home price: $350,000
  • 30-year fixed rate: 4%.
  • Total payment: $1,503.86/month plus taxes, homeowner’s insurance and PMI

Now lets take a look at the same price with a higher rate:

  • Home price: $350,000
  • 30-year fixed rate: 4.5%
  • $1,596.06/month

While $92 extra  month does not seem like a lot, it is!That extra $92.20/month is $33,191.54 over the 30-year life of your mortgage. If rates climb to 5% the incremental cost jumps to $184.40/month and $66,383.08 over 30 years!!! http://www.forbes.com/sites/markgreene/2015/11/08/how-much-house-will-a-rate-hike-cost-you/#50a436db7c36

 

3. The Average Days on Market is 60 Days

Currently in Snohomish County the average days on market for homes is 59 days. This may seem like a long time. After all, we know we have a shortage of inventory and willing and able buyers so what gives? First of all, let me say that this is an average of all sales in all of Snohomish County, Including short sales, foreclosed properties and all price ranges & areas. I also believe this may be a result of sellers over pricing their homes, causing them to stay on the market longer.

If you are a seller, the reason why you need to know this, is to make sure your price your home correctly. And more importantly make sure that your relator will tell you what price is too high. When homes are listed too high,  they just will not sell, no matter what the market is like. And if you do get a buyer, the appraisal will not support the price.

If you are a buyer, the reason why you need to know this is because if things are priced correctly, they move fast in this market. It is not unheard of to have a home receive multiple offers on the first day of listing. Make sure that your realtor understands your market and knows the value of the home you wish to purchase.

Snohomish County Cumulative Days on Market

  • $200,000-299,000- 56 days
  • $300,000-399,000- 44 days
  • $400,000-499,000- 63 days
  • $500,000-599,000- 56 days
  • $600,000- 699,000- 57 days

http://myreport.trendgraphix.com/Member/FtReport.aspx

Being prepared for what to expect in the market will help you through the process, whether you are buying or selling. Hire the right professional to guide you through. And remember, the more you know, the better.

 

 

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