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Avoid These Homebuyer Mistakes!
Buying a home, especially in the Snohomish and Seattle areas can be filled with challenges. If you're setting foot into the housing world for the first time, this guide is tailored to help you sidestep common pitfalls that often trip up new buyers.
Avoid These Homebuyer Mistakes!
Buying a home, especially in the Snohomish and Seattle areas can be filled with challenges.
If you're setting foot into the housing world for the first time, this guide is tailored to help you sidestep common pitfalls that often trip up new buyers.
Assessing Your Financial Health:
Before you dive into property listings or fall in love with a Seattle skyline view, it's crucial to assess your financial well-being. Understanding not just your savings but also your credit score and monthly expenses is vital.
The Impact of Credit Scores:
Your credit score is more than a number; it’s a gateway to better mortgage terms. A higher credit score could save you thousands. First-time homebuyers often overlook this, missing the chance to improve their scores before stepping into the mortgage arena.
The True Cost of Homeownership:
Snohomish real estate isn’t just about the purchase price. It's about the total cost of ownership, which includes property taxes, homeowners insurance, HOA dues, and maintenance. Make sure you factor in all your monthly costs when budgeting for your new home.
Location, Location, Location:
When it comes to Snohomish real estate and Seattle housing, location is paramount. Compromising on location for more square footage can be tempting, but the truth is, you can change your home but not its spot on the map. Factors like commute times, school quality, and neighborhood safety are crucial. I would discourage you to compromise on this one.
The Non-Negotiable Home Inspection:
In the heat of a bidding war, waiving a home inspection might seem appealing. Home inspections can uncover hidden issues that could cost you dearly in the long run. This small investment can save you from future financial headaches. There’s never going to be a perfect house. Even new construction has it’s flaws. A home inspection will help uncover any repairs needed so that you can either decide to walk away, ask the seller to fix it, OR accept the costs to repair it after you purchase the home.
Mortgage Shopping: Don’t Settle on Your First Offer
Mortgages come with varied rates and terms. Accepting the first offer might seem convenient, but shopping around could lead to significant savings. Make lenders compete for your business to get the best deal possible. Ask your bank, credit unions, and local small lenders to give you a quote.
The Home Buying Timeline:
Prepare for the long haul. Buying a home in Snohomish or Seattle is a marathon, not a sprint. Starting the process at least 90 days before you want to move is ideal. Anything sooner than that and you might be leaving yourself in a position to find temporary housing.
Emotional Buying:
Falling in love with a Snohomish property is easy, but let your practical needs guide you. Emotional decisions can lead to overpaying or overlooking flaws. A clear list of must-haves and deal-breakers is your best defense against impulsive buying.
Future-Proofing Your Snohomish Home Investment:
Life changes, and so might your needs. The family-friendly streets of Snohomish and the bustling neighborhoods of Seattle are attractive, but consider how well the home will adapt to potential life changes before making your decision.
Leveraging Professionals:
Going it alone in the real estate market can be daunting. Agents, lawyers, and mortgage brokers bring expertise that can navigate you through the complex process. Use their insights for better terms and a clearer path to your dream home.
If you have plans to move, reach out to The Serviss Group. We’re here to provide the guidance you need to make the home buying process seamless and rewarding.
While the Snohomish real estate and Seattle markets can be challenging for first-time homebuyers, being aware of common mistakes and preparing accordingly will pave the way for a more informed decision, ultimately leading you to the right home that meets your current and future needs.
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What's the Snohomish Real Estate Market Doing Right Now - January 2024
Discover the latest trends in the Snohomish Real Estate Market for December 2023. As the year unfolds, the data points to a seller's market with rising prices, low inventory, and a need for quick decisions, making it essential for both buyers and sellers to stay informed and act strategically in this dynamic market.
What's the Snohomish Real Estate Market Doing Right Now
January 2024
The past year brought some intriguing changes in Snohomish Real Estate, with key trends shaping the market.
Snohomish Real Estate Prices:
We saw shifts downward in both median and average sales prices in Snohomish Real Estate. As we head into this new year, inventory of homes is low, while interest rates are steadily decreasing, making a classic supply and demand game. There aren’t enough homes for sale to fill the demand of the market. Home prices will rise in 2024.
January-March of 2024 will be the best times to buy a home this year.
The chart below shows a slight increase in new listings in December 2023, but a significant decrease for the year-to-date.
The median and average sales prices saw a slight decrease in December 2023 compared to December 2022. The percent of list price received increased, indicating a market where homes sell close to the asking price. Similar to the condo market, the inventory of homes for sale and months supply of inventory decreased markedly.
Condo Segment in Snohomish Real Estate:
Notably, the Snohomish Real Estate market's condo segment saw an increase in median sales prices, reflecting growing interest. Condos have become a more affordable way to enter into the real estate market.
The chart below shows a decrease in new listings by 25.0% in December 2023 compared to December 2022, and a year-to-date drop of 32.1%.
Pending sales and closed sales also decreased both in December and year-to-date. However, the median sales price increased by 16.3% in December 2023 compared to the previous year.
The days on market until sale decreased significantly, indicating a quicker turnover.
Inventory of homes for sale and months supply of inventory both decreased, reflecting a tighter market.
Strategic Insights for Snohomish Real Estate
In this active Snohomish Real Estate market, buyers should be prepared for swift decisions, and sellers must price wisely to attract the right audience.
Understanding the nuances of Snohomish Real Estate is key. Whether you're buying or selling, keeping up with Snohomish Real Estate trends is essential.
The Key Points
Quickening Sales Pace
Condos: Decrease in days on market until sale.
Residential: Similar decrease in days on market until sale.
Homes are selling faster, which could suggest an even stronger seller's market is developing, with high demand and buyers needing to act quickly.
Rising Prices for Condos
Condos: Increase in median and average sales prices.
-Despite fewer closed sales and new listings.
-Suggesting growing condo market interest.
The condo market is seeing an increase in median and average sales prices, despite a decrease in closed sales and new listings. This could point towards a growing interest in more affordable housing options, with condos becoming more attractive to buyers, possibly due to a combination of affordability, location, and amenities.
Inventory Tightening
Both Markets: Significant decrease in inventory and months supply.
Impact: Potential upward pressure on prices due to limited supply.
Both markets have experienced a significant decrease in the inventory of homes for sale and the months supply of inventory. This tightening of inventory typically leads to upward pressure on prices, especially if the demand remains steady or increases.
Price Adjustments
Residential: Slight decrease in median and average sales prices.
-Offset by increase in pending sales.
-Indicative of aligning prices with buyer expectations.
The residential market shows a slight decrease in median and average sales prices. This adjustment, combined with the increase in pending sales, may indicate that pricing is becoming more aligned with buyer expectations, which can stimulate transaction activity.
High Sale-to-List Price Ratio
Residential: Increase in percent of list price received.
Homes selling closer to asking prices.
The percent of list price received in the residential market has increased, suggesting that homes are selling closer to their asking prices. This trend may continue, especially in a market with decreasing supply.
Market Attractiveness
Suggesting growing market attractiveness.
The increase in pending sales in December for residential properties suggests a growing attractiveness of the market, potentially due to seasonal adjustments or improving economic conditions.
Given these factors, the market in Snohomish County is healthy, with a trend towards a strong seller's market, particularly for condos. However, as inventory tightens and prices adjust, both buyers and sellers will need to stay informed and act strategically.
Sellers could capitalize on the faster sales pace and closer-to-list sale prices, while buyers might face more competition but could benefit from the slight price adjustments in the residential market. It's a complex market that requires nuanced understanding and quick action, whether buying or selling.