Snohomish County has not been protected or isolated from the national housing crunch and real estate sellers are feeling the affect of bank owned properties on their property values more and more each day. As short sales, distressed properties and foreclosured properties start to saturate the Snohomish County real estate market homes prices will continue to adjust.
According to a NAR (National Association of REALTORS®) the national median home price has fell to $180,000, a 12% loss in 2008, though Snohomish County’s median prices are still much higher. That does not mean that local real estate is still in the unaffordable range and good buys cannot be found throughout the county. Quite the opposite.
Recently I had the opportunity to work with a first time homebuyer who purchased a home in Gleneagle Arlington for $225,000. It was a single family rambler with 1,400 sq/ft, 3 bedrooms and 2 bathrooms. Deals like these can be found if you look hard enough and have time and patients to work with the banks.
How far prices will slip is still up for debate but the Obama administration is putting policy together in order to curtail the situation.
In a recent address from Phoenix, President Obama said “We must stem the spread of foreclosures and falling home values for all Americans, and do everything we can to help responsible homeowners stay in their homes”. More on this topic to come as the details are still being released.
Snohomish County Median Home & Condo Prices
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