Debunking Myths in Home Buying: A Snohomish Real Estate Perspective

Debunking Myths in Home Buying: A Snohomish Real Estate Perspective

Whether you're a first-time buyer or a seasoned investor in the property market, this article is designed to provide valuable insights and factual information, ensuring your journey in the Snohomish real estate landscape is grounded in reality, not swayed by common myths.

Myth 1: You Need a 20% Down Payment

Reality: The traditional notion of needing a 20% down payment is not a one-size-fits-all, especially in the dynamic Snohomish real estate market. Many buyers are surprised to find that several programs offer lower down payment options. In Snohomish, for example, there are first-time homebuyer programs and loans like FHA that require as little as 3.5% down. Understanding these options can open doors to homeownership much sooner than many anticipate.

Myth 2: The Best Homes Are Found Offline

Reality: While there's charm in the traditional method of house hunting, the Snohomish real estate market, like many others, is heavily influenced by online listings. These online platforms offer comprehensive details, photos, and even virtual tours, providing a more efficient and broader view of what’s available. Moreover, many listings hit online sites before they make it to print, giving digital-savvy buyers an edge.

Myth 3: Spring Is the Best Time to Buy

Reality: The Snohomish real estate market, like any other, fluctuates throughout the year. While spring brings more listings, it also brings more competition, potentially driving up prices. Buying in off-peak seasons, like fall or winter, might offer better deals with less competition. It's essential to monitor the local Snohomish market trends to identify the best time to make a purchase.

Myth 4: You Don't Need a Real Estate Agent

Reality: Navigating the Snohomish real estate market without a professional can be challenging. A local real estate agent brings valuable insights about the area, understands market trends, and possesses negotiation skills that are crucial in getting the best deal. Their expertise in handling the complexities of contracts and closing processes also ensures a smoother transaction.

Myth 5: Home Inspections Are Optional

Reality: Skipping a home inspection in the Snohomish real estate market can be a costly mistake. Inspections can reveal hidden issues like structural problems, outdated electrical systems, or roofing issues, common in some older Snohomish properties. Addressing these issues early can save buyers from significant expenses and headaches down the road.

Myth 6: Bigger Is Always Better

Reality: In the world of Snohomish real estate, finding a home that suits your lifestyle and needs is more important than its size. A larger home not only costs more upfront but also involves higher maintenance, utility costs, and property taxes. It’s crucial to consider your long-term lifestyle needs and choose a size that’s a comfortable fit.

Myth 7: The Asking Price Is Non-Negotiable

Reality: In the Snohomish real estate market, there’s always room for negotiation. A well-informed buyer can negotiate the price based on factors like market conditions, the property's condition, and how long it's been on the market. Working with a skilled local agent can significantly enhance your negotiation strategy.

Understanding these myths and realities is crucial for anyone navigating the Snohomish real estate market. We encourage all potential buyers to approach the process with an informed and realistic perspective, and not hesitate to seek professional advice for a successful home buying experience.

If you’re looking to dive into the Snohomish real estate market or need more guidance on navigating these myths and realities, don't hesitate to contact us. We're here to help you find your dream home in Snohomish with the right information and expert support.

Need a REALTOR?

Interview The Serviss Group

3 Essential Things Every Buyer Should Know About Snohomish Real Estate

3 Essential Things Every Buyer Should Know About Snohomish Real Estate

When it comes to purchasing a home, the journey can be both exhilarating and daunting, especially in the vibrant market of Snohomish real estate. Nestled in the heart of the Pacific Northwest, Snohomish, Washington, offers a unique blend of small-town charm and modern amenities, making it an attractive destination for homebuyers. However, before diving into this market, there are three critical things every potential buyer should know to navigate the Snohomish real estate landscape effectively.

1. Understanding the Local Market Trends

The Dynamics of Snohomish Real Estate

The real estate market in Snohomish is dynamic and can vary significantly from neighborhood to neighborhood. It's crucial for buyers to understand these local trends to make informed decisions. Currently, Snohomish real estate is experiencing a trend towards a seller's market, with high demand and relatively low inventory. This scenario often leads to competitive bidding wars and properties selling above the asking price.

Importance of Research

Prospective buyers should conduct thorough research or work with a knowledgeable real estate agent familiar with Snohomish real estate. This research should include understanding the average price of homes in your preferred area, the rate at which property values are appreciating, and the average time homes stay on the market.

2. Financial Preparation is Key

Getting Pre-Approved for a Mortgage

In the competitive Snohomish real estate market, being financially prepared is non-negotiable. One of the first steps is to get pre-approved for a mortgage. This process will give you a clear idea of your budget and shows sellers that you are a serious and prepared buyer.

Budgeting Beyond the Purchase Price

When budgeting for a home in the Snohomish real estate market, it's essential to consider additional costs such as property taxes, homeowners insurance, potential homeowners association (HOA) fees, and maintenance costs. These can add up and should be factored into your overall budget to avoid any surprises down the line.

3. The Importance of Professional Guidance

Partnering with a Local Real Estate Agent

Navigating the Snohomish real estate market can be complex, and having a professional by your side can make a significant difference. A local real estate agent who specializes in Snohomish real estate will have a deep understanding of the market dynamics, negotiation skills, and the ability to provide insights that you might not find on your own.

Legal and Inspection Considerations

Purchasing a home involves various legal processes, including contracts, title searches, and potential zoning issues. A real estate professional can guide you through these complexities. Additionally, a crucial step in the home-buying process is the home inspection. In the Snohomish real estate market, understanding the common issues in local properties, such as weather-related wear and tear, can be vital.

Buying a home in Snohomish is an exciting venture. The Snohomish real estate market offers a range of opportunities for potential homeowners, from charming historic homes to modern new constructions. By understanding the local market trends, preparing financially, and seeking professional guidance, buyers can navigate this market with confidence and ease. Remember, purchasing a home is not just a financial investment but also an investment in your lifestyle and future. Happy house hunting in the beautiful region of Snohomish!

Need a realtor?

Interview The Serviss Group!

Unlocking Homeownership: Down Payment Resources in Snohomish and King County

Down Payment Resources to Help Buy a Home in Washington State

Buying a home is a significant milestone in anyone's life. In the picturesque landscapes of Washington State, particularly in Snohomish and King County, the dream of homeownership can seem just within reach. However, one of the most significant barriers to this dream is the down payment. Fortunately, there are numerous down payment resources available to prospective homeowners in these counties. This blog post will explore these resources, ensuring that your dream home in Snohomish or King County becomes a reality.

There are programs out there!

CHECK YOUR ELIGIBILITY NOW

1. Washington State Housing Finance Commission (WSHFC)

Home Advantage Program: http://www.wshfc.org/buyers/HomeAdvantage.htm

The WSHFC offers several programs to assist homebuyers with their down payments. One of the most popular is the Home Advantage program. This program provides a second mortgage at 0% interest, which can be used for down payments and closing costs. The funds are deferred, meaning you don't have to make any payments until you sell or refinance your home.

2. Local City and County Programs

ARCH East King County Downpayment Assistance Loan Program: http://www.archhousing.org

Both Snohomish and King County have local programs aimed at assisting homebuyers. For instance, the ARCH East King County Downpayment Assistance Loan Program offers interest-free loans to eligible first-time homebuyers. Similarly, Snohomish County has its Down Payment Assistance Program, providing funds to qualified buyers.

3. FHA Loans

Official FHA Loan Information: https://www.hud.gov/buying/loans

The Federal Housing Administration (FHA) offers loans with a low down payment requirement, often as low as 3.5%. While this isn't a down payment assistance program per se, the reduced requirement can make homeownership more accessible. Many buyers in Snohomish and King County have successfully used FHA loans to purchase their homes.

4. VA Loans

Official VA Loan Information: https://www.va.gov/housing-assistance/home-loans/

For veterans and active-duty military members, VA loans can be a godsend. These loans, backed by the Department of Veterans Affairs, often require no down payment at all. Plus, they come with competitive interest rates, making them an excellent option for those who have served our country.

5. USDA Loans

Official USDA Loan Information: https://www.usda.gov/topics/rural/housing-assistance

While Snohomish and King County are largely urban, there are rural areas where the USDA loan can be applicable. This loan, backed by the United States Department of Agriculture, is designed for rural homebuyers and often requires no down payment.

6. Non-Profit Organizations

HomeSight Program: https://homesightwa.org

Several non-profit organizations offer down payment assistance to homebuyers in Washington State. For instance, the HomeSight program provides financial assistance to qualified buyers in specific areas, including parts of King County.

7. Crowdfunding

HomeFundMe: https://www.homefundme.com

While not a traditional method, many modern homebuyers are turning to crowdfunding platforms like HomeFundMe to gather down payment funds. Friends, family, and even strangers can contribute to your homeownership dream.

8. Family Gifts

Many lenders allow for a portion, if not all, of the down payment to come from gifts from family members. If you have a generous family member willing to help, this can be a viable way to cover your down payment costs.

9. Employer Assistance Programs

Some employers, especially larger ones or those in specific industries, offer down payment assistance as part of their benefits package. It's worth checking with your HR department to see if this is an option for you.

10. Save, Save, Save

While this might seem obvious, the best resource for a down payment is often your savings. Even small contributions to a dedicated savings account over time can add up. Consider automating your savings or using apps that round up your purchases, putting the spare change towards your down payment.

Conclusion

The dream of homeownership in Snohomish and King County is attainable, thanks to the myriad of down payment resources available. From government programs to non-traditional methods like crowdfunding, there's likely a solution that fits your needs. As a realtor, I'm committed to helping you navigate these options, ensuring you find the perfect home in Washington State.

Need a realtor?

See if The Serviss Group can help!

Decoding the Down Payment: Should You Stick to the 20% Rule?

The Great Debate: Making a 20% Down Payment on Your House or Not?

Buying a house is one of the most significant decisions you'll ever make. It involves a lot of planning, saving, and a big question that looms large: "How much should my initial down payment be?" Traditionally, a 20% down payment has been the golden standard, but is it the right choice for you? Let's delve into the intricacies of making a 20% down payment versus opting for a smaller amount.

The 20% Down Payment

Historically, putting down 20% of the home's purchase price has been seen as a norm. Let's explore the pros and cons of sticking to this tradition.

Advantages:

• Lower Monthly Payments: A substantial down payment reduces your monthly mortgage payments, making your household budget more breathable.

• Better Mortgage Rates: Lenders often offer more favorable mortgage rates to buyers who can afford a 20% down payment, potentially saving you thousands over the life of the loan.

• Building Equity: A higher down payment means you start off with more equity in your home, providing a financial cushion for the future.

Disadvantages:

• Higher Upfront Cost: Accumulating 20% of the home's value can be a steep hill to climb, delaying your home ownership dreams.

• Less Liquidity: A hefty down payment can tie up a significant portion of your savings, leaving less room for other investments or emergencies.

Less Than 20% Down Payment

In recent years, many have chosen to put down less than 20%. Let's weigh the benefits and drawbacks of this approach.

Advantages:

• Getting into a Home Sooner: A smaller down payment means you can become a homeowner sooner rather than later.

• Preserving Cash: By not tying up a large sum in your home, you retain cash for other investments or emergencies.

Disadvantages:

• Higher Monthly Payments: A smaller down payment results in higher monthly mortgage payments.

• Potential for Higher Interest Rates: Lenders might charge higher interest rates if your down payment is less than 20%.

• Private Mortgage Insurance (PMI): With a down payment of less than 20%, you'll likely be required to pay PMI, adding to your monthly expenses.

Case Studies/Examples

To better illustrate the implications of your down payment choice, let's delve into two different scenarios with detailed calculations:

• Scenario 1: John opts for a 20% down payment

  Home Price: $700,000
  Down Payment (20%): $140,000
  Loan Amount: $560,000
  Interest Rate: 6.0%
  Loan Term: 30 years
  Monthly Payment: $3,358.35 (excluding property taxes and homeowners insurance)
  Total Interest Paid over 30 years: $606,005.60
  PMI: None

  Advantages:

  • Lower monthly payments, saving on interest over time.

  • No PMI, which can potentially save hundreds of dollars each month.

• Scenario 2: Sarah opts for a 10% down payment

  Home Price: $700,000
  Down Payment (10%): $70,000
  Loan Amount: $630,000
  Interest Rate: 6.0%
  Loan Term: 30 years
  Monthly Payment: $3,778.83 (excluding property taxes and homeowners insurance)
  Total Interest Paid over 30 years: $680,176.80
  PMI: Approximately $200 per month for the first several years (until 20% equity is reached)

  Advantages:

  • Sarah can become a homeowner sooner, with a lower initial down payment.

  • She retains more of her savings for other investments or emergencies.

Financial Implications Over Time:

• Interest Savings: By opting for a 20% down payment, John saves $74,171.20 in interest over the life of the loan compared to Sarah.

• PMI Costs: Sarah incurs additional costs due to PMI, which can add up significantly over time until she reaches 20% equity in her home.

• Equity Building: John starts with a higher equity in his home, providing a financial cushion and the ability to potentially access this equity through loans or lines of credit in the future.

Both scenarios have their own set of advantages and trade-offs. John enjoys lower monthly payments and saves on interest and PMI costs over time, but he also ties up a larger sum of money upfront. On the other hand, Sarah is able to enter the housing market sooner, albeit with higher monthly payments and additional PMI costs.

Helpful Resources

To aid you in making an informed decision, here are some resources you might find useful:

• Mortgage Calculators - to help you crunch the numbers.

• Down Payment Articles - for a deeper understanding of down payments.

Choosing the right down payment amount is a highly personal decision influenced by your financial circumstances, market conditions, and long-term goals. Whether you opt for a 20% down payment or a smaller amount, the most important factor is choosing a path that aligns with your financial stability and home ownership dreams.

We'd love to hear from you! Share your thoughts or experiences in the comments section below. If you're grappling with the down payment dilemma, feel free to reach out for personalized advice.

Need a realtor?

See if The Serviss Group can help!

How to Buy Land Like a Pro - A Checklist to Buy Land to Build a House

How To Buy Land Like a Pro

When researching to purchase land, you’ll want to get all the information you can upfront and during the escrow process. For one, it will help eliminate properties that won’t work for you, and two, it will help reduce unexpected costs or unexpected failed plans.

Simple enough, right? Once you start, you soon realize there is a LOT more to buying land than you might think. This guide should give you a good head start on what to learn before you go the land route. 

If you have questions or get overwhelmed by the process and need a REALTOR to help guide you through the process, The Serviss Group is here to help.

We have a 13 page document to share with you that outlines in detail all the steps you need to take to make sure a piece of land is right for you.

Get the 13-page “How To Buy Land Like a Pro” guide below

Here’s teaser…

• What’s is GIS?

• How to find parcel owner names and addresses

• How to discover land conditions like mortgages, liens, title issues, unpaid taxes, tax rates, roll-back taxes, foreclosures, deed restrictions, easements, and access.

• Have any mineral or air rights been sold or leased?

• How to learn more about the topography, impervious services, flood zones + FEMA

• Understanding the types of deeds

• Why surveys are important and all the different types

• The importance of soil testing

• Understanding land zoning and density zoning

• Minerals, oils, and gas

• Water and sewer or is will it be septic and well?

• How to understand CC&Rs and where to find them

• And I’m not joking… so much more!

Fill out the form below and you get a link to the document. You can download the file by going to file>download. I will also email you a copy.

Need a realtor?

See if The Serviss Group can help!

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!

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.

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.

Fun Day Trips Near Seattle, WA

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.

---

You might be interested in…

I've Been Featured in Home.com - Should Sellers Accept VA Offers? Yes. Here Are Five Reasons Why.

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.

Contact Nicole

You might be interested in…

I've Been Featured in The Epoch Times - Inflation and the Price of Goods

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.

Contact Nicole

You might be interested in…

I've Been Featured in The Ultimate Guide of How to Become a Landlord

The Ultimate Guide of How to Become a Landlord

August 2021

Nicole Serviss, RE/MAX Elite

---

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.

Contact Nicole

You might be interested in…

Snohomish Special Events - January, February, March, April, & May 2021

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/

View this post on Instagram

A post shared by Dora (@dlattish)

May 20 | 6:30pm

Snohomish 101: Wastewater Treatment - No details posted yet, but check their Facebook events page for new updates!

---

You might be interested in…

1031 Exchange Trends and Info for 2021 With Guest Writer Kyle Williams IPX1031

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.

Source: https://www.ipx1031.com/what-is-a-1031-exchange/

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.

1. Choose your 1031 Qualified Intermediary (QI)

2. Consult with your tax professionals

3. Include Cooperation Clause language in your purchase and sale agreement

4. QI prepares your exchange documents

5. Start searching for Replacement Property

6. Sign all documents QI prepares

7. Sell your Relinquished Property

8. Identify your Replacement Property

9. Enter into contract on Replacement Property

10. Contact QI once Replacement Property escrow is opened

11. Close on Replacement Property

12. QI transfers funds to complete your purchase

13. 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.

Contact Kyle

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.

Contact Nicole

You might be interested in…

Snohomish Homes for Sale - Get Notified Instantly When a New Home 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.

---

You might be interested in…

2021 Real Estate Market Forecast - Snohomish County - Will it Crash or Boom Again?

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

Printable Version

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!

Contact Nicole

---

---

You might be interested in…

What to Check For on a Final Walkthrough

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.

What to check for on a Final Walkthrough by Nicole Serviss

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

16 Questions to Ask a Lender

Nicole Serviss, RE/MAX Elite

If you have any questions, don’t hesitate to reach out here.

1. What are the most popular mortgages you offer? Why are they so popular?

2. Are your rates, terms, fees and closing costs negotiable?

3. Do you offer discounts for inspections, homeownership classes or automatic payment set-up?

4. Will I have to buy private mortgage insurance? If so, how much will it cost and how long will it be required?

5. What escrow requirements do you have?

6. What kind of bill-pay options do you offer?

7. Do you do remote closings?

8. Explain the process of closing with social distancing.

9. What would be included in my mortgage payment (homeowners insurance, property taxes, etc.)?

10. Which type of mortgage plan would you recommend for my situation?

11. Who will service this loan? Your bank or another company?

12. 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?

13. How long will the loan approval process take?

14. How long will it take to close the loan?

15. Are there any charges or penalties for prepaying this loan?

16. How much will I be paying in total over the life of this loan?

You might be interested in…

85 Things Not To Neglect When Selling Your House FSBO (For Sale By Owner)

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.

Get my (free) Copy Now!

---

---

You might be interested in…

Interviewing A Management Company

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?

---

You might be interested in…