Homeownership is the epitome of the American Dream, offering the stability of long-term housing, predictability in school districts, consistency in daily commutes, and a cherished space to create lasting memories. However, alongside these benefits come unexpected financial burdens that can catch new homeowners off guard. Let's delve into some of the unforeseen expenses that often accompany homeownership and discuss how to prepare for them.

Unexpected Home Repairs

Even with a thorough home inspection, unexpected home repairs can arise. Appliances, hot water tanks, heating and cooling systems, and plumbing can fail without warning, leading to significant and unplanned expenses. It's essential to have a contingency fund to cover these inevitable surprises.

These 7 INTERACTIVE graphs illustrate the Snohomish County real estate market as of the end of May 2024. They let you explore past trends by highlighting specific periods, giving you a clear view of the area's housing statistics over time.

Statistics Covered in This Article:

• Median Home Price
• Number of Homes for Sale
• Median Days on Market
• Median Percent of Last List Price
• Median Percent of Original List Price
• Median Price Per Square Foot.

June's Housing Statistics

Median Home Price: As of May 2024 the median home price was $828,995.

We know homebuyers are apprehensive with the new Buyer Agency Service Agreement that has been put into place at the national and state level. Yet, agency agreement is not as scary as it first seems and can serve many benefits to the homebuyer that may not be immediately apparent.

In the articles A New Era in Real Estate: The Ripple Effects of Burnett v. NAR on Buyers and Sellers and Why Do I Have to Sign a Buyer's Agency Agreement to See a House? we delved into the agreement, the industry impacts and possible outcomes, and what homebuyers are experiencing yet I want to try and simplify why the agency agreement is a good thing for all parties.

In the below graphic, we go through the Advantages and Disadvantages of a Buyers Agency Service Agreement with a broker of your choosing.

Have you requested a showing through Redfin, Zillow, or another local real estate website (like us) and the showing agent arrived and asked you to sign a Buyer Brokerage Services Agreement, aka ... a contract, before even showing the home? If so, you're not alone.

Also, you might have been asking yourself "Why do I have to sign a buyer's agency agreement just to see a house?" or "I don't know this agent and I'm not signing anything with them". Both are fair.

You may, or may not have, heard of the changes affecting the real estate industry that went into effect at the first of January 1, 2024. In short, if a real estate broker is going to be providing any buyer related real estate services then that agent and buyer have to have a buyer's agency agreement in place per Washington State law.

The team's blog tends to focus statistics on the Snohomish County housing market. However, to give a broader view of the housing market for consumers, here are the North Northwest Multiple Listing Service's February 2024 in their Market Snapshot. The snapshot article covers the following categories:

• Housing Inventory
• New Properties for Sale
• Pending Sales
• Closed Sales
• Months of Available Inventory
• Median Closed Price
• Median Closed New Construction Price
• Total NWMLS Members

Below are two formats to choose from: video and text + images.

There comes a day that nobody wants to think about and plan for, selling the family home.

Selling the family home comes with a truck load of mixed emotions, many stressors, an array of unknowns, and a overarching sadness that is tough to shake. Leaving a place where so memories were made, families were raised, family and friends live isn't something anyone looks forward too.

However, there are many solutions available for people looking to downsize into a home that is more manageable and that can make day-to-day living far easier.

In this article, lets explore various types strategies people can use to downsize and reduce the stress that comes with a move of this nature.

We've written articles about the intricacies of real estate for many years now, started in 2005, and many items and steps of buying and selling a home remain consistent. Yet, just the thought of a next move or a purchase can cause enough anxiety that people fail to take small steps in the larger process. So here is a reminder that It's Never to Early, or Late, to Get Started.

If you been following the blog and housing market in general since 2016 then you’re well aware that the volume of available homes has been on steady decline. People are choosing to move less frequent and are comfortable with their current living situation and the biggest demographic not moving is the Baby Boomer Generation.

Baby Boomers, or Boomers, are defined as people born between 1946 and 1964 – pretty much Gen X’s parents. This demographic has had a lifetime to work, raise a family, and pay off a house (s). And guess what? According to PBR.org there are 76 million Baby Boomers living in the United States and they’re facing tough decisions as they get older.

If you haven’t already heard, January 1, 2024 major changes are coming to the real estate industry. These changes are unavoidable and impact home buyers and home sellers (single family homes, multi-family homes, townhomes and condominiums, vacant land, and manufactured homes) across Washington State and the nation.

The industry changes stem from a recent Missouri court ruling Burnett v. NAR et al “plaintiffs claimed real estate commission rates are too high, buyer brokers are being paid too much and that NAR rules and corporate defendants' practices lead to set pricing” – WaRealtor.org.

While we disagree with the ruling; nonetheless, industry changes are upon us and here is what you need to know.

There has been lots of discussion across the real estate industry regarding interest rates, inflation, national & global economy, and recent class action lawsuits with many of the articles I've ending in "we'll have to wait and see". I too am at a loss when attempting to forecast the future of the Snohomish County housing market into 2024.

Though not to get to ahead of oneself, the first 2 interactive graphs answer the question Are Property Prices Dropping in Snohomish County? and additional graphs highlight new listings, closed sales, and days on market for the for area.

Median Sales Price

Over the last 12 months, the Median Sales Price for a Snohomish County property has declined 9.6% to settle at $850,000. However, when comparing Median Sales Prices in January of 2020 to present, the Median Sales Price for a Snohomish County property has still increased 47%.