Anytime we are helping a single person, married persons, or investor the conversation of capital gains inevitably arises. We've heard a lot of different scenarios why people think they either have-to pay capital gains - because their cousin Vinny told them they do - and it's actually relatively simple to explain.

Here are some questions we've had regarding real estate, selling, and paying capital gains taxes and some simple, straight forward answers.

Question: What are Capital Gains Taxes?

Answer: When a property is sold and there are long term gains on that property then those long term gains are taxed as Capital Gains.

Though there are some differences and inevitably questions arise differentiating between a Primary Residence and an Investment Property.

In the second video in the series How-To Build a Shop in Snohomish County, Toby outlines the correct website to visit to download a property's as-built, how to locate property's drainfield, and identify the property's reserve area.

Q: Why is it important to know a property's septic system is located? 

A: Locating a property's septic system and understanding it details will allow you to focus time and efforts on possible building sites instead of attempting to build in areas that will not be County approved.

In a septic-related video, please watch Septic Systems in the Residential Purchase & Sale.

Here at the Barnett Associates Team, we're ready to work hard to gain the most exposure for your home while netting you the highest possible price. With our years of experience and technical know-how, there are no questions that we cannot answer about market conditions, advertising strategy, and/or what home improvement items should be completed prior to selling. We're here to help!

Although not scientific, a recent Twitter pole conducted by Snohomish County Council Member Nate Nehring asked the question What should be the top priorities of the Snohomish County Council in 2022?. The results concluded with 50% of the voters choosing Reducing the tax burden. That is not surprising after researching the rise in taxes over the last 5 years - see below graphic.

Are you curious how your Snohomish County property tax dollars are allocated between schools, roads, and hospitals? if so, here is a graphic that contains property tax information with actual numbers, and headlines, that are important to Snohomish County property owners for 2022.

Over the last 10 years so much has changed within the Snohomish County real estate market.

In 2012, residents were approaching the end of the tunnel yet were still experiencing longer market times, persistent declining home values, an excess of homes for sale, and an abundance of distressed properties.

Now in 2022, the housing market is in a completely different place with homes and properties selling over asking price, the area has the lowest housing inventory levels seen in history, days on market is virtually at zero, and there are zero foreclosures and short sales County wide.

With these significant changes over the previous 10 years, I thought it would be good to see visual representations of what has transpired with: The Median Sales Price, Available Homes for Sale, and Days on Market for Residential Properties, Vacant Land, and the New Construction segment.

*Note: These are interactive map so individual time points can be viewed.

Residential Homes

Median Sales Price: In January 2012, Snohomish County's median home price was $240,000 and as of February 2022 the median home price climbed to $686,071. The graph shows that in August 2019 was the point at where the median home price really started to spike.

Depending on who writes/designs a home buying diagram the process can look slightly different. Reviewing a lender's, escrow's, or title's buyer flowchart they all start a bit different yet end at the same place, closing. The below buyer's diagram starts at the real estate broker but experience shows the buyer starts in 1 of 3 places: the real estate agent, the lender, or home searching on their own.

View our Home Buying Services >>> Click Here.

Selling a home is more than deciding on a price and installing a sign in the ground. Selling a home or property is a thorough process in which there are many steps to plan for as well as pit falls to avoid. Below is a Infographic breaking down the steps in the residential home selling process.

View our Home Selling Services >>> Click Here.

How do I sell my investment property (rental property) when tenant is still occupying the home? Or, does the property have to be vacant to proceed with a sale? Those are great questions and I'll shed some light on how investors sell their properties.

Selling an investment property possesses its own unique sets of challenge yet as long as they're planned for, these challenges can be mitigated. Here are 3 ways to sell a rental property.

1. List the rental property for sale while tenant(s) occupy the property.
2. Wait for the lease term to end. give proper notice, tenant vacates and then list the rental property for sale.
3. Approach the tenant to see if they'd like to purchase the property and remain in the home.

Though there are many other scenarios that could take place and wish they all could be all covered, for the sake of this article we'll focus on those three. If you have specific questions, please leave them in the comments or send us an email to info@barnettassociates.net and we'll be happy to assist.

Is it a good time to sell a home in Snohomish County? Yes. It is a great time to sell properties in Snohomish County and that is not just a advertising ploy. Year over year, Snohomish County continues to experience extremely low inventory levels during the winter months and into early spring.

Being that we're approaching 2022, lets visit residential inventory levels from previous years to see when the ideal time to list a Snohomish County property is in its given city.

Monthly Housing Inventory Trends - Snohomish County

Housing inventory across Snohomish County are the lowest right after the new year with a major uptick in April. To be ready to list your home in April then start knocking off those home improvements items through the holidays and early new year. Housing inventory peeks through July - September so don't be late when listing and compete with a ton more properties.