We help you list and sell your property in any market condition.
On a national and local scale, the real estate market is at its most unpredictable state in history. Snohomish County house prices have increased by 32% over the past year, with a median price of around $716,000.* While percentage rates are at an all-time low of 2.92%, making it a great time to buy a house, inventory is not available. Large amounts of people are moving into the area, but there are not enough houses for sale. There is also a lack of labor to construct the houses, which means the houses are taking longer to build.
World events and contradicting news reports greatly impact home sales, but it isn’t all bad news. The market has more demand than supply which is something that interests home sellers.
We’ve answered the following questions to help clarify recent events impacting the market. Who is buying houses during an economic crisis? Why are there more buyers than sellers? How can all of this positively affect selling your home in Snohomish County?
The demand for houses is unusually high.
Supply and demand determine the cost of houses. Normally, buyers bid high on a chosen house to make sure they get it. They know the price will decrease if fewer people become less interested in the house and the competition drops. Currently, the problem is that there are not enough houses, so everyone is bidding on the same properties, which increases the price.
Prices cool in the summer.
The hot market that escalated during the summer with its record high prices is cooling down. Real estate professionals report a ceiling hit with summer prices. Sales were much better than expected in June and July, but after August, they dropped and may trickle down into the fall and winter months. Winter is usually the time that house sales decline due to bad weather and the holiday season. Lower prices will increase the number of buyers.
- Existing home sales fell 2.0% in August
- Housing inventory declines 13.4% from a year ago
- Median house price increases 14.9% from a year ago
- The value of homes increased an average of $200,000 in the past year
Covid-19 and the lockdown drove out city dwellers.
The lockdown led to challenges that granted apartment dwellers the opportunity to move out of the city. Seattleites have fled the city to move into Snohomish country, which offers safer, “less-expensive” housing. The factors below add to some of the reasons why there are more buyers than sellers.
- City unsafe to live in
- Job changes
- Loss of a family member
- People work at home and no longer commute to the city.
- More space
Millennials are buying houses.
Although many people lost their jobs during the pandemic, several millennials kept their jobs while taking advantage of low mortgage rates. Working online and at home is an easy task for most millennials. While other people were searching for jobs, millennials were way ahead of the game because they maintained their jobs or easily found stay-at-home jobs online. Millennials are the majority of people buying houses and who have the money or credit to buy them.
“There’s a large chunk of the population that has kept their jobs, is seeing record-low mortgage rates and have enjoyed startling gains in stock market wealth since the beginning of the pandemic,” said Joel Prakken, chief U.S. economist at IHS Markit. “So there are people that have resources available to buy houses.” -Marketplace.org
There are so many bids on properties that realtors need time to weed out each potential buyer to find the best match for the seller. At this time, real estate agents are reporting 20 or more offers on one house. The seller has all of the power in these types of situations.
Regardless of the market, list your house with a professional Snohomish County Real Estate Agent
Whether the real estate market climate is hot, cold, crashing, or floating, you need a real estate agent that can navigate through any real estate storm. You want someone with experience, locally knowledgeable, and who has your best interest at heart.
- A good real estate broker’s knowledge will intercede the toughest conditions and sell your house resonably quick and at a fair price.
Real estate professionals need to:
- Be excellent listeners.
- Understand local market conditions.
- Educate you about the local area and market.
- Belong to a network of local professionals.
- Guide you through negotiations.
- Be available to you, communicate with you, and do not push you to make quick decisions.
For more information, see the 6 qualities of a professional real estate agent.
List Your House with Rob Gadbois.
Rob Gadbois is a well-known and trusted Snohomish County real estate broker. He has over 17 years of experience selling houses and educating others on navigating the real estate process. Rob has completed the additional training and licensing requirements that make him an expert real estate broker. You can trust Rob to sell your home with expertise, commitment, and accountability.
Rob made the experience of selling my first home a good one. The process went smoothly and Rob was very responsive and professional in answering all of my questions through the entire process. He went above and beyond in assisting me in getting the house ready to be put on the market.Rob has good family values and ethics and I would highly recommend him and would certainly use his services again. Thanks for the good experience, Rob!!!! ~Lisa Rae Vest