Market Report: October
Happy Fall! September's real estate stats are in and frankly they aren't as alarming as the media would make them seem.
Yes, interest rates are up higher than we've seen in a while, but you'll see here that the median sales price is also up from last year as is the supply of inventory - up 200% in Snohomish County. While that may seem like a crazy number, it is still not in a territory where we would consider it a balanced market or even a buyer's market. That said, a jump in inventory like this does give buyers more options and creates a less competitive environment. Contingencies are becoming the norm once again - hooray!
Now, here's the deal, if you've been thinking of buying, but are scared by interest rates, consider this: When you pay rent, all of your money is going to someone else's asset and someone else's equity. Wouldn't it be better to put only a small percentage of your money toward interest each month and own your home so YOU can start building equity and YOU can be the moneymaker and not your landlord?
Think of it this way too...you don't have to be married to your interest rate. You're just dating your rate until you can refinance when rates go down. There is opportunity as a buyer in this market for closing cost credits, interest rate buy downs and even inspection negotiations. Don't let this kind of market slip away from you if you've been hesitating to jump in. Let’s get you on the road to homeownership NOW!
November 2020 Market Stats - Snohomish County
I know I sound like a broken record lately, but the inventory levels are just beyond low! For King County, the inventory was 17.8% lower this November than in November 2019. In Snohomish County, it was 63.3% lower this November than last. This accounts for both single family and condos combined. Wow and yikes! All this with no shortage of buyers in sight.
I've said it before and I'll say it again...if you have a home to sell in either county, we desperately need you! Contact me for a complimentary market analysis to see where your value lies and how we can help you capitalize on your equity in 2021!"
Prices have really jumped particularly in Pierce and Snohomish County. If you have been considering a move or are interested in tapping into your equity, I'd be happy to help with a complimentary market analysis for your property. Your home may be worth more than you think!
Average days on market down by 16 days from November 2019
Inventory is at a .4-month supply!
Median sales price up by $82,000 from November 2019 to $547,000
You may be asking what a .4-month supply of inventory really means. Well, I'm glad you asked. It means that it would take only .4 of a month to sell EVERYTHING currently available in ALL of Snohomish County. This includes single family, condos, and townhomes. Snohomish County encompasses a very large territory, so to be able to sell everything that fast means inventory is pretty non-existant! In 16 years of doing business, I don't think I've ever seen a level that low.