In a poll released today by Fannie Mae, nearly 2/3 of Americans say right now is a good time to purchase a home and the bottom has arrived. With that said, Snohomish County is still experiencing high volumes of inventory and ever increasing amounts of short sales and bank owned properties.
Residential Market Snapshot for 4/6/2010
– 308 Active Bank Owned Properties on the Market
– 727 Active Short Sale Properties on the Market
– 4,318 Total Active Properties on the Market
– 25% of inventory is either Banked Owned or a Short Sale
This morning, I received the Snohomish County Notice of Trustee Sale report and 87 more properties are heading to auction on June 25, 2010 and will become available for sale sometime in July or August. Even though the national real estate market trend is showing stabilization and/or growth, the greater Snohomish County area has yet to feel any relief.
Price is another factor hindering the County’s recovery and it is mostly due to the competitive nature of selling bank owned and short sale properties. To stay competitive, and achieve a sale, it is imperative that property owners price underneath competing properties. As a result, the properties are more desirable but it further drives market prices down. Right now, Snohomish County is experiencing 0.5% – 1.0% decrease in property values per month. In dollars and cents, a property listed for $295,000 (that isn’t selling) is loosing $1,475 – $2,950 per month when it is sitting on the market.
So has the Snohomish County real estate market hit bottom and now is a great time to buy? Or, will the best deals be actualized in the coming summer months?