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%.

For many living in Snohomish County, buying a new home is contingent on selling their current home since the majority of their purchase funds are reside in their current residence.

In addition to having the purchase funds available, Snohomish County's housing inventory remains and record lows which invokes stress and anxiety when trying to buy and sell at the same time.

Why?

The thought of being “homeless” or "not having a place to go" is terrifying for most and people don’t want to find themselves in that situation.

Over the years as a listing agent and a buyer's agent real estate agent, one thing holds true day-in and day-out: there are many different ways to "do real estate" and not one way is the right one way. For many, it takes time sitting down and contemplating the complex nature of real estate or the housing industry as a whole to determine which is their path yet many do start by earning their real estate license.

When the decision has been made to jump into real estate industry it also goes hand-in-hand with a person's own stage of life: just turning 18, recently together, married, divorced, stable and secure, and/or approaching retirement. Whatever the life stage, there is a way.

It should be noted that while there is no one right way to "do real estate", there are plenty of wrong ways to "do real estate" which that topic is best saved for a later date.

To get started and not to dive into the depth of all the ways to "do real estate; let's keep it simple and list as many possible ways a person or persons can "do real estate".

Are you currently being pre-qualified for a home loan or currently in the lending process? Or, are you under contract on a house and in final underwriting? If so, you may be experiencing challenges and having to provide extensive documentation and explanations to obtain a pre-qualification or satisfy the underwriter's requirements.

For many, one of the most pivotal steps in the home buying process is obtaining a home loan and this is especially the case for first time homebuyers. In the past, we've published Do's & Don'ts of a Smooth Loan Approval to help yet in today's environment, things are harder.

Since the Great Recession of 2009 there hasn't been much conversation focused on bank owned properties, foreclosures, HUD Homes, distressed properties, short sales and even the various types financing used to purchase these properties.

So why is this a relevant topic right now?

Recently, I received a phone call and the other person had questions on how to search for foreclosures and distressed properties and assumed the properties needed to be purchased using cash only.

What Are Bank Owned Homes & Foreclosures?

Bank Owned, REO (real estate owned), foreclosures and auction properties are terms used interchangeably to describe a property that has been taken back by the bank with the most common term being foreclosure. However, foreclosure is actually a process when homeowner stops making their mortgage payment and the lien holder, aka … the bank, retakes ownership and possession of the property. The lien holder then has the right to sell or lease the property.