What Would Snohomish County Home Values be if They Dropped by 20%? Now this title isn't intended to be click-bait and have a shock-and-awe post to follow yet it's an example of where the area could be while bringing some perspective to home buyers and home sellers.

If you were either buying or selling a home between 2020 and 2021 then you are highly aware of market conditions during that time. If not, here is quick overview.

There was a lot of money in the market place and housing inventory was at its lowest levels, ever. These buyers also had access to loan programs that allowed them to borrower against 401k's, stock portfolios, and retirement accounts which facilitated in making "cash" offers with little to no contingencies so they could "win". Sellers on the other hand entered the market expecting, and most of the time achieving, multiple offer situations, aka .. "bidding wars", were buyers dumped money by the truck loads at the sellers door hoping their offer was accepted.

Now, the real estate market has shifted with properties staying on the market longer, sellers are reducing their prices, interest rates are continuing to climb, buyers are writing offers containing traditional contingencies, and industry gurus talk of another recession all the while policy makers are try to curb inflation. Yet, what would happen if property values across Snohomish County dropped by 20%?

The Northwest Multiple Listing Service, where we input all properties for sale and where the website downloads all the property data from, has published their September 2022 Market Snapshot statistics.

In the below infographic you'll see statistics for September 2022's median sales price for residential homes & condos, the number of residential & condos sold by NWMLS members, the total value of closed residential homes & condos, median sales price for new construction, housing inventory, and more.

Scroll down the graphic and view the figures for yourself and share your thoughts below.

What does the term "Life of a Sale Escrow" mean in the real estate industry? The term "Life of a Sale Escrow" is a term referring to a process in the sale of real property which locally is commonly referred to as "Escrow" or "at Escrow". The below infographic details the 7 steps commonly handled by the escrow company, or closing agent, in the transfer of real property.

There has been so much talk, discussion, and questions around the Snohomish County real estate market if it has peaked, are home value going to plummet or continue to increase, how long will the shift last, and how high will interest rates go? All those are valid concerns for home owners, potential buyers, investors and if you're like us, this is not the first time you've experienced a market shift.

Regardless of the shift, people need housing and many times housing is dictated by events in that person(s) life. Family could be growing or shrinking, job changes drive moves to new areas, wanting personal space and not having roommates or the opposite of wanting roommates, and/or just a change of scenery. Whatever the reason(s), homes still become available and sell during shifting markets.

So, how do residents stay current with the Snohomish County housing market when there is so much uncertainty around housing prices, mortgage interest rates, housing inventory, and avoid the feeling of defeat? Simple, continue reading.

One of our Arlington clients called asking what we know about the Snohomish County Assessors visiting properties, taking pictures, and stating it was for a 6 year property valuation. We knew the Assessors office conducted site visits in the past yet thought that practice was put out of practice years ago. To learn more about the Assessors visit a call was placed to their office this morning.

Did you know there are closing costs, costs associated with a buyer's purchase, when purchasing a home? If not, you're not alone. The home & property purchasing process has many moving parts and complexities not found in other purchases. That is why we set buyer consultation appointment to detail the home buying experience and cover the many details one will encounter.

During the process, if a buyer is using financing to purchase, the buyer will meet with a home loan specialist to discuss types of financing, obtain a per-qualification, and learn all the costs associated with their purchase. However, with the amount of information a home buyer will receive its not uncommon for closing costs to be forgotten. So to help understand what home buying closing costs are here are 10 Common Buyer Closing Costs when Purchasing a Home.

1. Home Inspection: Usually not a financed cost yet a cost a buyer will incur if their purchase and sale contains a home inspection addendum. In addition, a home inspection's costs are not refundable whether a a buyer chooses to move forward or terminate the contract based on the inspection's findings.

Our preferred lender, Joy Blodgett with Caliber Home Loans, has published a video titled Practical Tips to Become a Saver in Uncertain Times gives you ideas that can be implemented immediately to help you save money and improve personal finances if you're planning to purchase a home. Click below to watch her latest video.

When Do I get My Keys after Signing Closing Documents? That is a common question throughout the purchasing process and rightfully so. Keys are important and after searching for the right home, working through the home loan process, navigating the home purchase process, and managing personal stress its always nice to receive keys sooner than later and be finished.

Eventhough the purchase is nearly complete buyers are still unclear when they'll receive keys. In this article, three ways will be shared about how and when buyer's receive their keys when purchasing a home.

UPON CLOSING: Line 11 of the Purchase & Sale Contract outlines the Closing Date and Possession Date. If the closing date is for August 19, 2022 and the box is checked for Possession upon closing then buyer will receive keys after the property closes and records at Snohomish County.

When selling a home or property, every property owner will incur costs which are commonly known as Seller's Closing Costs. Yet, many real estate brokers don't adequately explain what those Seller's Closing Costs are. It is highly important to understand expected closing costs, how much closings costs are, and have a breakdown detailing those closing costs.

It’s no secret that we love the outdoors here in the pacific northwest. If there’s one thing we have plenty of, it’s great outdoor spaces. Whether you’re looking to sit by the ocean, take the kids to the playground, or enjoy a nice stroll through the forest, there are plenty of options - which is why we’re giving you the top 5 best parks in Snohomish County.

#5: MARTHA LAKE PARK

Best For: Kids, Family, Swimming, Fishing

Sitting on 6 beautiful acres, this park is like a hidden gem in the heart of a fast-growing urban area. Located in Lynnwood, Martha Lake Park is the perfect mix between spending time in nature and having access to all the amenities you may need. It offers a fishing dog and boardwalks throughout so you can explore the wetlands and lake before spending some time at the elaborate playground. Picnic shelters are available to reserve, and there are permanent restrooms open from Spring until Fall.

Fun Fact: Prior to what it is today, Marth Lake County Park was originally planned to be developed into condominiums or a business park, but the plans made by the previous owner proved infeasible by the county, so community groups pushed to create a regional park!