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Real Estate Blog

Real estate cooling like the fall weather

The real estate market is open 365 days year – yes, even on the holidays – but there are cyclical trends to the market place.

Some of those ups and downs are based on mortgage interest rates and housing availability, but some are based on season. Next to spring, fall is the busiest season for home buying and selling. Autumn offers certain benefits to home buyers, including year-end tax breaks, pleasent weather conditions for moving and wider selections of homes for sale.

Housing inventory levels have significally increased to 1.67 months compared with springs inventory levels of .87 of a month. Last month real estate brokers added 300 new listings in Snohomish County which matches the same amount as last year during the same month.

The difference is we have witnessed a 1.74 percent decreased in closed transactions which accounts for more homes available for home buyers.

During this past spring and summer, home buyers were out in force. In many areas throughout Snohomish and King counties, homes went under contract quickly, and bidding  wars were not uncommon.

Homes are not going under contract as quickly this time of year, and multiple offers are less frequent. That takes some of the pressure off buyers and helps soften home prices.

There is a chance, however, that the Federal Reserve will increase its benchmark lending rate in December, which could have a modest ripple effect on mortgage rates.

Take advantage of this great real estate autumn market and low interest rates.

By, Todd Fahlman

It’s a hot time to be in the housing market locally

By Todd Fahlman

It is no surprise that home prices in Marysville are on the rise. But how long can home prices continue to increase?

Is there a looming price correction on the horizon? To answer those questions, let’s take a look at what is happening around us. Among the four Puget Sound area counties, Snohomish had the largest year-over-year price increase at 18.8 percent.

Its countywide median price for February’s sales spiked to $460,000 from $387,250, but that is $130,000 below the $590,000 median prices for homes that closed in King County last month.

The Paine Field airport terminal is scheduled to be finished in July and open in September. Two airlines, United and Alaska, have committed to flying out of it. It will be great for recreational and tourism travel.

There are some amenities designed for business travelers, such as they can drop off their car with their laundry. When they return, they pick up their car and their freshly washed clothes.

The airport will be very important as Marysville and Arlington begin working together in the future.

Also, Marysville has a $160,000,000 transportation budget for the next 10 years. That money will make huge improvements for local residents and future business growth to accommodate the exponential population spike to make Marysville a place to work and reside.

Dave Koenig, director of Community Development for the city, said another causes for growth will be the Manufacturing and Industrial Center between Arlington and Marysville. The Puget Sound Regional Council is looking to recognize those 4,000 acres in the Smokey Point area as the second regional MIC in Snohomish County.”

There will be a public meeting on the MIC April 4 from 5-7 p.m. at Crown Distributing on the corner of 172nd and 59th in Arlington.

County Executive Dave Somers said the population explosion will be countywide. He expects 250,000 more residents by 2050. Taking a look at the MIC and infrastructure improvements I would suggest the median home price in Marysville will climb at an average rate of 9.6 percent per year over the next six years or more.

The dizzying outlook for sellers in Marysville is finding a suitable replacement home. That is causing many would-be-sellers to stick it out and not put their home on the market. With less than a month of inventory, I can hardly blame them.

Here’s the solution. If you are planning on selling then purchasing another home negotiate an extended escrow period up to 60 days. Another technique for sellers is to rent the home back after it closes for 30 to 60 days. That gives the seller a chance at getting the home they love without having to make a contingent offer.

My point is we are into the spring selling season and if you are considering selling, now is the time. Consult your local real estate broker and have them help you navigate the fast current of today’s market.

Marysville WA One of the Fastest Growing Cities in the US!

Since 2015, Marysville has continued to be recognized as one of the fastest growing cities in the US, with populations between 50,000 to 100,000. We have seen a massive increase and demand for housing in our city. Marysville has been growing at an average rate of 2.27% per year for the last three years and adding just under 1,500 residents every year, reaching a population of 67,626.

Marysville has become the hot market to find affordable housing. Investors and first-time home buyers are recognizing that Marysville has a lot to offer at a very good price. The median sales price for a home in the area in 2017, end of January, was $325,000 compared to this years median home price of $348,725. Compare that with the median home price of $542,000 in South Snohomish County, and you instantly realize why people are considering the  Marysville housing market more than ever.

Last month in a three city area of Marysville, Arlington and Stanwood, real estate brokers added 167 new listings and reported 248 pending sales. On any given day, Marysville is seeing between 40 and 57 total active listings for buyers to select from.

This massive shortfall of available housing in the Marysville market will continue to drive up prices and create headaches for buyers competing for available listings. According to the National Association of Realtors, a balanced market has between 4-6 months of inventory. Currently we have .97 months of inventory available. We are in a serious sellers market.

We are seeing an early surge of springtime home buyers. This is a result of the Federal Reserve not increasing interest rates when they met last month. Home buyers believe the Federal Reserve will increase interest rates during their next meeting in April, and are in a heated rush to purchase before interest rates increase.

There are four factors that are driving the Marysville housing market skyward: the first- time home buyers, the second- time home buyers, and empty nesters and investors who are focused on taking advantage of low interest rates and affordable prices.

Today is a great day in real estate!

Todd Fahlman

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