LEARN MORE ABOUT THE LOCAL MARKET.
Moving to Snohomish? Don't Go Tour a House Until You Do These 3 Things
Moving to Snohomish? Don't Go Tour a House Until You Do These 3 Things
Moving to Snohomish? Don't Go Tour a House Until You Do These 3 Things
I've got a list for you guys that I will make the actual home shopping process go much faster.
You don’t want to waste your time (that you could be spending doing much more fun things) on houses that are big NOs!
Look up the house on Google Maps
Start with the satellite view and get a feel for the neighborhood and what’s around you. Sometimes when you're just looking at just the street address you don't realize that behind the the property is a maybe a construction company, or a landscaping company, or school. You can find positive things by looking at the satellite view and also maybe some negative things.
I also want you to try to look at the street view if it's available. Sometimes in more rural areas the street view isn’t available, but if you see that little glowing blue line, drag that little street-view guy there take a look around before you spend the time to get in your car and spend money on gas.
Read the Seller’s Disclosure
The seller disclosure is the seller telling you, to the best of their knowledge, what's wrong with their house along with some of its history. If there is a clear history of maybe flooding in the basement or roof is leaking and maybe that's not within your budget, well don't spend your time driving out to this house to go see it inside if you already know you're taking it off your list.
Take the time to read the seller's disclosure. The public does not have access to this form, so reach out to your real estate agent (if you don't have one, give me a call) and we'll get you a copy of that so you can preview it.
Look at the 3D Tour
If there's a virtual tour recorded of the house, absolutely look through it. If there’s a video, look at that too, but the 3D virtual tours are easier to control and give you a better idea of placement of rooms. Some of them you can actually measure room distances, so if it's really important to you to be able to fit a king-size bed in the master bedroom, you can measure that out and see how big the space is.
It's hard on pictures to see where each room is located and where that mystery door leads to. Is that door leading to a closet? Is that another bedroom? Is that the garage? That virtual tour will give you the lay of the land.
Do a Drive By
Sometimes you pull up to the curb and before you even walk in the front door you look around realize this is not the house for you. Maybe it doesn't really fit what you're needing for your family. If that's something that could have been eliminated before you take time off work and meet your real estate agent down at the house, go do a drive-by to get a feel for what's around there.
If it's really important to you to have walkability and you pull up and you realize this neighborhood has no sidewalks, well then don't waste your time looking at that house.
Your time is valuable. You don't want to spend it on on properties that would already be a no if you did these first steps.
I hope this was helpful, and it makes your house hunting process a little bit easier.
Need a realtor?
See if The Serviss Group can help!
Georgetown Estates, Emerald Forest, Kensington Estates Homes for Sale - Get The List!
Have you always wanted to move to Emerald Forest/Georgetown Estates? I’ve put together a list of every home in that area.
Want to move to Emerald Forest, Georgetown Estates, Greenview Farms, or Kensington Estates area?
Nicole Serviss, RE/MAX Elite
Have you always wanted to move to Emerald Forest/Georgetown Estates? I’ve put together a list of every home in that area. Submit the quick and easy form for your copy of the complete list and to register for an updated list to be sent daily.
Do you currently live in this neighborhood and want a (free) home valuation? Click the button below.
Large Homes for Sale in the Snohomish Area - Get The List!
Dream of owning a bigger house? I’ve put together a list of every home in the Snohomish area with room to play.
Every Large Home for Sale in the Snohomish Area
Nicole Serviss, RE/MAX Elite
Have the dream of owning a larger home? I’ve put together a list of every home in the Snohomish area with plenty of space to play. Submit the quick and easy form for your copy of the complete list and to register for an updated list to be sent daily.
What it's like in the Million Dollar Market
When a neighborhood has never seen a million-dollar sale, it can be scary for a buyer to cross over that threshold. Their agent is probably advising them that there could be issues getting their financing through the appraisal process because there might not be other homes to support this new price jump. Like the old adage, you don't want the best house in the worst neighborhood.
When a neighborhood has never seen a million-dollar sale, it can be scary for a buyer to cross over that threshold. Their agent is probably advising them that there could be issues getting their financing through the appraisal process because there might not be other homes to support this new price jump. Like the old adage, you don't want the best house in the worst neighborhood.
Right now in the Seattle area market, homes are selling for an average of 6-10% over list price. A savvy seller (and Realtor) knows this and will want to price their home to reflect that, so we often see homes underpriced on purpose to reflect buyer'’ expectations. We see many million-dollar homes priced in the $900,000s.
Homes in the Western Region of Washington have seen a 21.1% increase in the median price in just 12 months due to high demand and low supply. A lot of buyers have had to bump up their budget into the million-dollar range to get what they want.
I find that million-dollar buyers have very specific needs in their home search and are in a position to wait to find the right one. They often don't need to move or sell first in order to upsize to their next home. They have the luxury to wait. It's taking these buyers much longer to find a home to purchase because they can afford to be a little pickier.
When the buyer is right at the million-dollar mark, they are still being very accommodating to sellers. We've been offering free rent-backs, no seller-paid closing costs, and waiving appraisals. If a buyer is in a position to have a home inspection, meaning they were not in a multiple offer situation and needed to waive inspection, they're not asking for a lot. They're sticking to the big-ticket items like roofs, crawlspace, etc.
Get my (free) Guide
Where I show you how I help families move up to the home that better fits their needs.
What is Earnest Money?
In Washington State, our real estate contracts are designed to protect the buyer's earnest money, as long as the buyer follows the terms of the contract. It's important for a buyer to do their due diligence in all areas before committing 100% to a home.
My name is Nicole Serviss and I’m a REALTOR® who helps families north of Seattle invest in real estate so that they can upsize to the house of their dreams.
In Washington State, our real estate contracts are designed to protect the buyer's earnest money, as long as the buyer follows the terms of the contract. It's important for a buyer to do their due diligence in all areas before committing 100% to a home.
We have contingencies for reviewing HOA documents, inspections, listing information, title reports, etc. Having a knowledgeable REALTOR® by your side will help the buyer better understand the risks involved with each unique property. As long as you terminate your contract within the agreed timeframe, you'll get your earnest money back.
Many buyers in this competitive market are opting to make their earnest money deposits non-refundable and immediately released to the seller. This makes their offer more desirable, but can be nearly impossible to recover those funds unless the seller defaults on the terms of the contract.
I would encourage any buyer making an offer to make sure you have a skilled REALTOR® who will answer any and all their questions. Read every document sent to you and read it thoroughly. Ask your agent to guide you on where to look for the information you don't currently have, and take the time to understand the information you find. I would also add that I'd never offer more earnest money than I was willing to lose.
Get my (free) Guide
Where I show you how I help families move up to the home that better fits their needs.
Tips to Stage Your Home for Sale
My name is Nicole Serviss and I’m a REALTOR® who helps families buy and sell real estate so that they can upsize to the house of their dreams. It’s my passion to help you get the most for your home so that you can use that money to help you move onto your next home.
My name is Nicole Serviss and I’m a REALTOR® who helps families buy and sell real estate so that they can upsize to the house of their dreams. It’s my passion to help you get the most for your home so that you can use that money to help you move onto your next home.
Staging is KEY to that.
The ideal situation would be to move out of your home and have it professionally staged. However, not everyone has that option. Here are my best tips to get you top dollar when you need to continue living in the home while it's listed on the market.
First, think about "hotel style." Keep things generic, simple, and clean. If you have to say to yourself, "that's my personal taste," then you probably need to replace that item with something that most people would love. Remember, it's not about you anymore. Keep the decor to a minimum. It should accent the space, not take it over.
You want to mentally move out of your home before it even hits the market. Your space is no longer your space. Remove all items that are personal to you or your family. Remove anything that has your family name or photo. You don't want that potential buyer walking into your home and feeling like they've invaded your space.
You want that buyer to walk in and imagine themselves living there. That's the power of staging.
Get my (free) Guide
Where I show you how I help families move up to the home that better fits their needs.
Fun Day Trips Near Seattle, WA
Sometimes you have a hankering to go on a trip, but you don’t have the time to get on a plane. Here are some fun and local day trip ideas!
Fun Day Trips Near Seattle, WA
Nicole Serviss, RE/MAX Elite
Sometimes you have a hankering to go on a trip, but you don’t have the time to get on a plane. Here are some fun and local day trip ideas!
If you want to see some city stuff: Pikes Place Market in Seattle. You can watch them throw the fish. Eat some cheese at Beechers and get a cup o' joe at the first Starbucks. Visit the gum wall. It's as cool and as gross as it sounds.
If you want to see more nature stuff: Snoqualmie Falls. It’s an easy place to walk up to. You park across the street and take a pedestrian bridge.
If you want to see some beautiful islands in the Puget Sound: Visit the San Juan Islands. Taking a ferry boat is part of the experience. Or you can do a whale watching tour!
If you like bridges: Deception Pass. It will seriously WOW you. It's the only non-ferry way to get to Whidbey Island, which has some cool historic military bases (as well as an active Navy base). Fort Casey is situated in Coupeville on the west side of the island. Go explore some old decommissioned military bunkers. Bring a flashlight.
If you want to see WA from above: Visit Snohomish! We have hot air balloon rides and skydiving!
If you're into brats and beer: Visit Leavenworth. It's a quaint Bavarian village in the mountains. This is a great town to visit in the summer or the winter. Summer offers river floats and warm weather. The wintertime offers horse-drawn sleigh rides and Christmas lights!
Considering a move soon? Get a free copy of my buyers and sellers checklist.
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Snohomish County Real Estate Market Update
Let’s look at the 2021 real estate market and see what it’s telling us about what to expect in 2022.
Snohomish County Real Estate Market Update
Snohomish County Housing Market
Updated for Winter/Spring 2022
Nicole Serviss, RE/MAX Elite
December 2021 Data
Home prices had already started to rise before the pandemic, but the pandemic created a rapid acceleration. In 2021, we saw the median home price increase by 22.5%, going from $571k to $700k.
Even Zillow predicted a strong real estate market this year and we got one.
Why the huge increase in prices? LOW INVENTORY.
We don’t have enough homes for sale. This makes for more competition between buyers to WIN the house in a bidding war, driving prices up.
Should we expect the same growth this year?
We still don't have enough homes on the market to cause a big shift. I would expect to continue to see prices rise over the next year.
Should wait for prices to drop before buying a house? No. We probably won’t see prices drop this year.
Interest rates are still very low but they are rising so your buying power is decreasing.
Love a good visual?
See the graphs below.
Median Sales Price —— Increased over the course of the year.
Homes for Sale —- Trending downward. We need more houses to come on the market for the market to balance out.
Median Price Per Square Foot —- Increased. As a seller, you’re getting more for your house now than ever before.
Curious to see what your house would sell for?
Interest Rates — Why They Play A Big Role
Here are the current national rates.
For now, rates are still low but they’re rising.
FAQS
Why have prices increased?
When you have a low number of homes for sale and a high demand for homes from buyers, you get buyers competing with each other to win. One of the best ways to do that is to offer to pay more money. Every time this happens, this helps the next future house sell for more as well because the overall value of the area increases.
Have a question you want answered?
You might be interested in…
I've Been Featured in Home.com - Should Sellers Accept VA Offers? Yes. Here Are Five Reasons Why.
Thank you Home.com for reaching out and asking me to share my expertise as a REALTOR.
Should Sellers Accept VA Offers? Yes. Here Are Five Reasons Why.
September 2021
Nicole Serviss, RE/MAX Elite
&
Erik Martin, Home.com Contributor
Thank you Home.com for reaching out and asking me to share my expertise as a REALTOR. Here’s what I said:
“Because they don’t need to put any money down on the loan, these buyers often have more cash at their disposal to pay for their closing costs or appraisal differences.”
“One of the most rewarding things about accepting an offer with a VA loan is knowing that you are showing a veteran that you appreciate his or her service,” Serviss said. “It can seem like a small gesture, but it can have a huge impact on that service member or veteran.”
They can negotiate with the buyer to find a number that works for both parties. However, the seller must pay a portion of the buyer’s escrow fee, according to REALTOR® Nicole Serviss, and the cost can vary from state to state.
The whole article is a very thorough rundown of everything you need to know about why you should accept an offer with a VA loan. See the full article —> HERE
Nicole Serviss, Broker and REALTOR with RE/MAX Elite
Let me know if I can help you purchase a home.
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I've Been Featured in The Epoch Times - Inflation and the Price of Goods
Thank you Epoch Times for reaching out and asking me to share my expertise as a REALTOR. Here’s what I said:
Inflation and the Price of Goods: What to Buy Now and What to Avoid
August 2021
Nicole Serviss, RE/MAX Elite
Thank you Epoch Times for reaching out and asking me to share my expertise as a REALTOR. Here’s what I said:
Large purchases such as homes can trigger extra stress when prices are climbing.
“Some buyers are being priced out of their desired areas,” Nicole Serviss, a realtor in the Seattle area, told The Epoch Times.
“In some cases, it’s better to overpay for a home now just to guarantee you’ll be able to buy one, than to wait,” she said.
If your timeline is flexible, however, you may decide to home shop next year to evaluate prices. You’ll also want to consider interest rates on mortgages and monthly payments to see if the amount fits into your budget.
The whole article is a very thorough rundown of everything you need to know about what to buy now and what to avoid in an inflated market. See the full article —> HERE
Nicole Serviss, Broker and REALTOR with RE/MAX Elite
Let me know if I can help you purchase a home.
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I've Been Featured in The Ultimate Guide of How to Become a Landlord
Thank you Steadily for reaching out and asking me to share my experiences as a landlord. Here’s what I said.
Thank you Steadily for reaching out and asking me to share my experiences as a landlord. Here’s what I said:
“I bought my first home at a very young age. 4 kids later, my family quickly outgrew that 1200 sqft home. When it was time to upsize, I had a decision to make: keep or sell.
Being located in a military town, it was an easy decision to make it a rental. It was about 90 minutes away from my new home, so I had a management company handle things for me. After years of positive cash flow, I eventually sold that single-family home and used the funds in a 1031 exchange to buy a duplex closer to my new home.
With my new duplex so close to me, I could now manage it myself and increase my monthly cash flow. I became a member of my state landlord association and that has been pivotal in making this new venture a success. They provide leases, updates on landlord-tenant laws, tenant screening, and support. I have a great group of mentors that have helped me make this landlord venture a success. I’m always on the lookout for more rentals and
look forward to being a great landlord/businesswoman for future tenants.”
The whole article is a very thorough rundown of everything you need to know to become a landlord. See the full article —> HERE
Nicole Serviss, Broker and REALTOR with RE/MAX Elite
Let me know if I can help give you an estimated value of your investment property.
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Snohomish Special Events - January, February, March, April, & May 2021
While this events list may not be as robust as years past, there are still a few events that might interest you. Check out the list!
Winter 2021 Events in Snohomish
Nicole Serviss, RE/MAX Elite
January 18-30
GroundFrog Day - An interactive scavenger hunt to find Slew plus other online activities the 23rd-30th at www.snohomishchamber.org
Mayor Kartak, officially declares, January 30, 2021, GroundFrog Day in Snohomish. The Legend of Slew is presented by David Rogers, with appearances from Slew, the stately Owl, and many other legend hero's Slew meets on his journey to the shores of The mighty Snohomish River.
This year will look a little different, but check out this video of GroundFrog Day of the past.
February 12 | 9am at Starbucks
Coffee with the Mayor - Check out the Facebook event page here so you can add it to your calendar.
Have a question for Mayor Kartak? You can ask him anything, well almost. Stop by Starbucks Coffee for an opportunity to ask questions, learn about city services and programs, or just to chat.
The event will be held outdoors near the fireplace with masks on. Please dress warmly for the weather
February 17 | 4:30pm at Josh’s Taps and Caps
Engage Snohomish - Join the Networking Group here.
Grab your business cards and hone your elevator speech for Engage Snohomish, an after-hours networking event intended to create meaningful business connections.
It's a mix-and-mingle event and all may attend. Unlike other evening networking events, admission is free of charge, and there are no boring speakers or sales pitches. There will be raffle prizes, (everybody loves a door prize) and an opportunity to donate something to give-a-way.
February 24 | 6pm
Averill Field Master Plan Town Hall - Zoom meeting. See details here. Learn more about how Snohomish plans to improve its public parks.
March 5-17
Leprechaun Quest - https://www.historicdowntownsnohomish.org/leprechaun-quest. Details for this years event has not been posted yet when this post was made, but keep checking that link and hopefully they will update it soon!
March 12
Coffee with the Mayor - www.snohomishwa.gov or find their events on their facebook page here.
March 17 | 4:30pm at Josh’s Taps and Caps
Engage Snohomish - Join the Networking Group here.
Grab your business cards and hone your elevator speech for Engage Snohomish, an after-hours networking event intended to create meaningful business connections.
It's a mix-and-mingle event and all may attend. Unlike other evening networking events, admission is free of charge, and there are no boring speakers or sales pitches. There will be raffle prizes, (everybody loves a door prize) and an opportunity to donate something to give-a-way.
March 18 | 6:30pm
Snohomish 101: What is Economic Development? - No details posted yet, but check their Facebook events page for new updates!
March 24 | 6pm
Averill Field Master Plan Town Hall - Zoom meeting. See details here. Learn more about how Snohomish plans to improve its public parks.
March 25 | 6:30pm
Coffee with the Council with Tom Merrill & Larry Countryman - No details posted yet, but check their Facebook events page for new updates!
April 15 | 6:30pm
Snohomish 101: Sustainable Gardening Practices- Presented by Green Snohomish. No details posted yet.
April 24-May 8
Charm Walk - No details posted yet, but check out their events page for updates. https://experiencesnohomish.com/index.php/events/
May 20 | 6:30pm
Snohomish 101: Wastewater Treatment - No details posted yet, but check their Facebook events page for new updates!
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1031 Exchange Trends and Info for 2021 With Guest Writer Kyle Williams IPX1031
Like Kind Exchanges, also known as tax deferred exchanges, are defined by Internal Revenue Code (IRC) section 1031. A 1031 Tax Deferred Exchange offers taxpayers one of the last great opportunities to build wealth and save taxes. Find out more about this service to help you keep more money in your pocket when you go to sell your investment property.
Please welcome our guest writer, Kyle Williams with 1031 IPX Exchange.
January 2021
Nicole Serviss, RE/MAX Elite
Kyle Williams, IPX1031
First of all, what is a 1031 Exchange?
Like Kind Exchanges, also known as tax deferred exchanges, are defined by Internal Revenue Code (IRC) section 1031. A 1031 Tax Deferred Exchange offers taxpayers one of the last great opportunities to build wealth and save taxes. By completing a 1031 Exchange, the Taxpayer (“Exchanger”) can dispose of investment or business-use assets, acquire replacement property and defer the tax that would ordinarily be due upon the sale.
Courtesy of IPX 1031
2020 was yet again another record year for 1031 Exchanges.
What’s in store for 2021?
Commercial real estate is predicted to have a mixed forecast in 2021 with certain sectors, such as industrial, experiencing robust growth while others continue to struggle. With low interest rates expected to continue and the economy recovering, many CRE sectors should normalize by mid to late 2021 if the vaccines are widely available.
Another strong year for 1031 Tax Deferred Exchange transactional activity is anticipated in 2021. Two factors will drive significant transactional activity. First, borrowing rates remain historically low. Second, the pandemic has created an unprecedented need to repurpose and renovate commercial real estate to meet post-pandemic business models.
Particularly impacted are office, retail and hotel properties, given the successes of widespread working from home and use of virtual meeting technology. Even multi-family and single family rental properties now need space for use as a home office.
Section 1031 Like-Kind Exchanges provide incentive for owners who are not in a position to make significant building modifications to transfer properties into the hands of buyers willing and able to invest fresh capital and take these properties to their highest and best use for future tenant needs.
Given the dueling pandemic and economic crises, major tax reform does not appear to be a current priority of the new Administration. Nevertheless, the need to pay for pandemic relief and new legislative initiatives could make Section 1031 a target for tax revenue seekers. Our efforts to educate our policy makers to the legitimate, economically important benefits of Section 1031 continue.
1031 trends we are anticipating:
Continued 1031 growth in industrial, self-storage, R&D, medical/office, and multi-family sectors.
Individual exchangers will continue to sell investment property and purchase Replacement Property in warmer climates or other locations with high vacation rental income.
Continued increase of Replacement Property purchases of qualifying vacation home rental properties.
An uptick in Build-to-Suit Exchanges where clients make improvements to their Replacement Properties.
Reverse Exchange momentum will continue to grow with a shortage of Replacement Property inventory and a competitive buyers market.
Retirement/Estate planning with Exchanged property will drive much investor 1031 transactional activity.
Especially while the interest rates on financing are low and favorable, more taxpayers maximizing their 1031 tax deferral potential to grow their portfolios by selling while prices stay high, preserving their equity by using all proceeds to exchange into the purchase of larger or multiple Replacement Properties.
With expected recovery and overall growth in investment and commercial real estate transactions, we are forecasting another strong year for 1031 Tax Deferred Exchange transactional activity.
A 1031 Exchange transaction requires planning, expertise and support.
Here’s a checklist outlining key steps in your exchange.
Choose your 1031 Qualified Intermediary (QI)
Consult with your tax professionals
Include Cooperation Clause language in your purchase and sale agreement
QI prepares your exchange documents
Start searching for Replacement Property
Sign all documents QI prepares
Sell your Relinquished Property
Identify your Replacement Property
Enter into contract on Replacement Property
Contact QI once Replacement Property escrow is opened
Close on Replacement Property
QI transfers funds to complete your purchase
Your exchange is complete
Thank you Kyle and IPX1031 for sharing this great information! His contact info is below. Please reach out to him if you have plans to sell your investment property (land, multi-family, rental house, commercial space) and tell him Nicole Serviss sent you!
Kyle Williams, Vice President and Account Executive with Investment Property Exchange Services, Inc.
responsible for IPX1031 sales covering Washington state. With over 15 years of financial brokerage and real estate experience, including REITs, 1031 Tax Deferred Exchanges, 1031 Exchange rules and regulations, and other real estate investments, he enjoys speaking with brokers, CPAs, attorneys, investors, and real estate professionals. Kyle received his B.A. from The Central Washington University in Political Science and History.
Nicole Serviss, Broker and REALTOR with RE/MAX Elite
Let me know if I can help give you an estimated value of your investment property.
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Snohomish Homes for Sale - Get Notified Instantly When a New Home Hits The Market
Dream of owning your own Snohomish property? Get notified the instant a new home in Snohomish hits the market.
Snohomish Homes for Sale
Get Notified Instantly When a New Home Hits The Market
Nicole Serviss, RE/MAX Elite
Have the dream of owning a home in Snohomish? I’ve put together a list of every home available and can text you the instant a new one hits the market. Submit the quick and easy form for your copy of the complete list and to register for to receive real time listings in your price range.
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2021 Real Estate Market Forecast - Snohomish County - Will it Crash or Boom Again?
2020 Real Estate Market Annual Review and 2021 Predictions. Let’s look at the 2020 real estate market and see what it’s telling us about what to expect in 2021.
What the 2020 Real Estate Market Will Tell Us about 2021 - My Predictions
Will it crash or boom again?
Snohomish County Housing Market
January 2021
Nicole Serviss, RE/MAX Elite
Despite the tumultuous year, the housing market saw a large boom in 2020. We had a short pause in the spring when the lockdowns first began, but the year ended with record breaking sales.
Sales continue to rise along with house prices. Millions of people throughout the country were laid off or furloughed, but it didn’t stop the house hunters from buying homes.
Home prices had already started to rise before the pandemic, but the pandemic created a rapid acceleration. We saw the average home prices increase by 15% in some areas of Snohomish County going from $554,879 to $630,769 in 2020.
Even Zillow is prediction a strong real estate market for 2021. Even with the large boom in 2020, they are still expecting to see a 10% growth in prices in 2021.
Why the huge increase in prices? LOW INVENTORY.
We don’t have enough homes for sale. This makes for more competition between buyers to WIN the house in a bidding war, driving prices up.
Should we expect the same growth in 2021?
Yes and no. We will continue to see home prices rise, but a little more slowly.
Does this mean you should wait for prices to drop before buying a house? No. We probably won’t see prices drop this year.
Interest rates are still very low so you can get more house for your money because it is so cheap to borrow right now.
Love a good visual? See the graphs below showing 2020’s data.
Median Sales Price —— Increased over the course of the year.
Homes for Sale —- Increased at the start of the year and then rapidly declined to where there are hardly any houses left.
Median Price Per Square Foot —- Increased. You are getting less house for your money.
Interest Rates — Why They Play A Big Role
Checking out the chart, you can see how rates have continued to decrease over the course of the year (minus this little dip here as we get into January). Will they continue to rise or go back down?
Election years always produce nice low rates, and 2020 was no exception.
For now, rates are still really low and give you, the buyer, more power to purchase a higher priced house while still keeping your monthly payment affordable.
“Some economists forecast that rates will break the 3% range in 2021, but not rise much higher than 3.1% to 3.3%.
The Mortgage Bankers Association (MBA) says it believes the average rate for a 30-year mortgage will start at 2.9% in the first quarter of 2021 and gradually increase to 3.2% by the end of 2021.” Source, Forbes.com
How does this affect you?
If you’re a home seller—This means you have a lot of buyers that can leverage more buying power because their monthly payments are much lower at this rate than the rates last year.
If you’re a potential buyer—You can use this time to borrow money and even though home prices have risen, your monthly payment might not because of these low rates.
FAQS
Why have prices increased?
When you have a low number of homes for sale and a high demand for homes from buyers, you get buyers competing with each other to win. One of the best ways to do that is to offer to pay more money. Every time this happens, this helps the next future house sell for more as well because the overall value of the area increases.
Have a question you want answered?
You might be interested in…
Get My House Ready To Sell - The Ultimate Checklist
Get My House Ready To Sell
Everything you need to know to prepare your house for the market
Nicole Serviss, RE/MAX Elite
It’s a long list but if you do take the time to take care of your home, you will see the results.
Always repair everything that needs to be repaired. Even if it is small. The small things add up to create the perception of neglect.
Go through your house and check for peeling paint and wallpaper.
Get everything as clean as possible and try to make your house look brand new.
Make all of your woodwork and cabinetry shine.
Get all of your carpets and rugs professionally cleaned. If pets have damaged your carpet, you may need to replace it.
Go through all of your light fixtures and clean them.
Thoroughly clean all of your windows.
What you like doesn’t matter. The only important thing is what your buyers will like.
Select neutral tones for your carpeting and paint.
Pack away all your personal items like family photos, knick knacks, etc. You don't want potential buyers to feel like they are invading your personal space.
Rent a storage unit. Any unnecessary items like collectibles and other things like large furniture should go in there.
Move your furniture around to create more space.
Place your off-season clothing in storage and clear out your closets as much as possible. Never leave anything on the floor.
The more light you have in your home, the more spacious it will seem. Open up your drapes and place lighting in where there is none.
Your house should smell clean and inviting.
Creating First Impressions.
The outside of your home is your buyer’s first impression.
If it isn’t immaculate and attractive, it will give the buyer negative expectations for the rest of the house.
You can start with the front door. Is it clean? Has it been painted recently? Make sure all doors open smoothly.
Window and screens should be completely intact and hole free.
Check your locks to make sure they open smoothly and work properly.
Have a look over your roof and clear out any gutters. Spot loose shingles and get them replaced.
Your yard should be as neat and well kept as possible.
Rake rocks, trim trees and take care of weeds. Don’t leave any debris lying around.
If you have any big items, like a trampoline, that might take away from the feeling of spaciousness, put them in storage.
Driveway. Fill cracks and sweep away any debris. Wash away stains.
Get rid of all children’s toys in your yard.
Let's head inside.
If you have a closet in your entryway, make sure it is extra roomy. Remove any out of season clothing and put it in storage.
Decorate your mantle with something colorful, attractive, and simple. Less is more here.
Get rid of extra furniture and create more space. If a piece of furniture impedes your motion through or a room or makes it feel cramped, you need to put it in storage.
Make sure there are no burnt out bulbs!
Clear out your fireplace. Keep it neat and well swept.
Dining table. If you use extra chairs for your guests, put them in storage. If your table has extra leaves, remove them.
Clear the counters.
If your prospective buyers see a lot of unnecessary kitchen tools, they might get the idea that your kitchen isn’t spacious enough. Put everything you don’t use all the time into storage.
Everything should be immaculate and shiny. This is especially important for appliances.
Clear any clutter from the top of your refrigerator.
Hide your trashcan under your sink or put it in the garage during showings.
Keep all of your storage areas organized.
Make sure your washer and dryer are absolutely spotless and sparkling clean.
Laundry Room. Clear away any unnecessary items and dirty clothes.
Double check your stairway railings to be extra certain they are tight and secure.
Change the sheets on your bed to the nicest ones you can find.
Get your kids to go through all of their things and throw away old toys they don’t use.
Every closet should be properly lit.
Open up your closets by getting rid of extra clothing.
Put every questionable wall hanging or poster into storage until your house is sold. Anything too strange will distract your buyers.
Bathrooms must be extra clean and have no questionable smells.
Replace all of your worn out shower curtains.
Repair bathtub and shower caulking.
Repair leaky faucets and clear away any calcium, lime, or rust deposits wherever you see them.
Put away your personal products after every use.
Organize all of your cabinets and storage areas. Remove old products that you don’t use anymore.
Increase the space in your garage by organizing everything. Remove unnecessary tools or toys, and put them into storage.
Remove all cars from the garage before each showing. A garage without cars always looks bigger.
Make sure you garage door opener works and that the garage door closes properly. If not, hire a professional to repair it.
It’s all work that is worth it!
Reach out with questions!
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What to Check For on a Final Walkthrough
When you purchase a home, you have the option to walk through it one more time right before it becomes officially yours. Here are some things to look out for so that you make sure you are getting the house in the condition you expected.
What to Check For on a Final Walkthrough
Nicole Serviss, RE/MAX Elite
First of all, what is a final walkthrough? When you purchase a home, you have the option to walk through it one more time right before it becomes officially yours. You get to check on the items the seller promised to fix in the home inspection and make sure the home is in the same condition you first saw it in.
There is a lot to look for so I put together a handy list to use when you do. Here are some things to look out for so that you make sure you are getting the house in the condition you expected.
If you have any questions, don’t hesitate to reach out here.
The List
Printable Version (click here)
Test all the lights.
Flip every light switch on and off to make sure there are no electrical issues.
Check the garage.
Test the doors. Make sure the safety auto reverse feature works.
Test the heating and air.
This is a costly replacement if functionality is lacking.
Test out the garbage disposal and all exhaust fans.
Check the fans on the stove and in the bathrooms/laundry room.
Look closely at the appliances.
Make sure the oven and stove work and double check the ice maker on the fridge is functioning.
Open and close windows.
Make sure they open and close properly and that locks are working.
Take note of cleanliness.
Check for trash or debris left behind and if carpets have been professionally cleaned.
Inspect walls, ceilings, and floors.
Make sure no holes have been made in the walls with the move.
Test all outlets.
Check the circuit breaker if there are any issues.
Check the plumbing.
Run all sinks, showers, and bathtubs. Flush all the toilets. Check for leaks.
Check the pipes.
Look for leaks or cracks around all visible piping.
Check the doors.
Pay attention to all knobs and locks. Also, check the doorbell.
16 Questions to Ask a Lender
Loan terms, rates and products can vary significantly from one lending company to the next. Plus, how do you handle closings in the age of COVID-19?
16 Questions to Ask a Lender
Nicole Serviss, RE/MAX Elite
If you have any questions, don’t hesitate to reach out here.
What are the most popular mortgages you offer? Why are they so popular?
Are your rates, terms, fees and closing costs negotiable?
Do you offer discounts for inspections, homeownership classes or automatic payment set-up?
Will I have to buy private mortgage insurance? If so, how much will it cost and how long will it be required?
What escrow requirements do you have?
What kind of bill-pay options do you offer?
Do you do remote closings?
Explain the process of closing with social distancing.
What would be included in my mortgage payment (homeowners insurance, property taxes, etc.)?
Which type of mortgage plan would you recommend for my situation?
Who will service this loan? Your bank or another company?
How long will the rate on this loan be locked-in? Will I be able to obtain a lower rate if the market rate drops during the lock-in period?
How long will the loan approval process take?
How long will it take to close the loan?
Are there any charges or penalties for prepaying this loan?
How much will I be paying in total over the life of this loan?
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85 Things Not To Neglect When Selling Your House FSBO (For Sale By Owner)
The best way to sell your house is to sell it fast. When your house isn’t in the best condition, the appearance isn't great or if it isn't priced right, it sits on the market for far too long and becomes stale. That’s when people begin to wonder what’s wrong with it...
85 Things Not to Neglect When Selling Your House
Nicole Serviss, RE/MAX Elite
When you put your home on the market, it needs to be immaculate. It needs to have all of the positive aspects that attract buyers. These days, it simply isn’t enough to just take care of basic repairs and cleaning. Your home needs to be presented in a light that gets buyers to imagine all the possibilities. You need to make them dream.
Take care of every little repair and do whatever is in your power to make your home desirable on the first day you show it, not the last. Your home must be clean, neutral, and spacious.
Every room needs to be “staged,” with lighting and arrangements that show off its features. If you miss any of these steps, you risk losing that potential buyer. And once you lose that chance at a great first impression, you might lose any chance of selling it for a decent price.
It’s a long list but if you do take the time to take care of your home, you will see the results.
This list works great for those of you thinking of selling your home FSBO (For Sale By Owner). If you have any questions, don’t hesitate to reach out here.
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Interviewing A Management Company
If you decide to hire a property manager, it's a good idea to visit the management company's office and interview the prospective property manager.
Interviewing A Management Company
Nicole Serviss, RE/MAX Elite
If you decide to hire a property manager, it's a good idea to visit the management company's office and interview the prospective property manager.
Questions to ask include:
How many years of experience do you have?
What management services do you provide? Can I have that in writing?
How do you structure your fees?
Are there fees when the property is vacant?
How do you screen tenants?
What kind of insurance coverage do you have?
Are employees bonded?
How are funds for different properties handled?
Is there a single account for all properties or an individual account for each?
How do you stay current on local, state, and federal laws?
How often do you communicate with clients and how do you present reports?
How quickly do you get properties on the market?
What are your average vacancy rates?
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Buying your first home in Snohomish County can feel daunting, but it doesn't have to be. Our comprehensive guide simplifies the homebuying process, offering essential tips, local insights, and practical advice to ensure you feel confident and prepared every step of the way.