Snohomish County Real Estate & Other News

The Real Deal - January 2025

Author

Joe Frank
January 26, 2025

Welcome to the January edition of your Snohomish County real estate update! Whether you’re settling into the new year or just trying to stay warm this winter, I’ve got the latest market trends and insights to keep you in the loop.

This month, we’ll cover everything from home prices and inventory shifts to how mortgage rates might shape the market in the coming months. Whether you’re thinking about buying, selling, or just love following the housing market, there’s plenty to dive into.

So grab your favorite cozy drink, settle in, and let’s take a closer look at what’s happening in Snohomish County real estate.

👉️In this month’s Newsletter we’ll examine the following:

  • Snohomish County Market Health Check

  • The Golden Era - A great time to thrive!

  • Housing & Economic Hot Takes

  • Financial Tips & Tricks

  • Estates, Probates & Wills

  • Home Maintenance & Safety Tips

  • Local Happenings

If you don’t currently receive my monthly mailed newsletter, “Front Porch News” and would like to, please email me at [email protected] and I’ll get you added.
Joe Frank - Real Estate Broker | eXp Realty | (425) 501-6901 (text or call)

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Snohomish County Market Health Check

The JANUARY 2025 Snohomish County housing market analysis is here!

Curious about how the Snohomish County housing market is shaping up in 2025? My latest blog breaks down all the key trends and what they mean for buyers and sellers. Home prices are holding steady, with the average now at $835K—a noticeable jump from $735K last year and $715K three years ago. While demand remains strong, rising mortgage rates (hovering around 7%) are making buyers more cautious.

Homes are taking longer to sell, with an average of 31 days on the market, compared to the quick 11-day turnover we saw in 2022. Inventory is slowly recovering, with 266 homes available—up from last year but still well below pre-pandemic levels. New listings, however, have dropped to 167, reflecting seller hesitation as many homeowners are reluctant to trade in their current mortgage for today’s higher rates.

The power dynamic is shifting slightly toward buyers, with homes selling for about 98% of the asking price, giving buyers more room to negotiate. Looking ahead, affordability challenges may keep demand subdued, and home prices could stabilize or even dip slightly.

Want the full scoop? Check out the full article for more details and analysis: Snohomish County Real Estate Health, Trends & Insights for JANUARY 2025.

You can review the charts behind the Market Health Check along with additional mortgage and economic data here: JoeFrankRealtor.com/data

If you're interested in learning more about our local housing market, getting an accurate value for your home, or any other real estate help, please contact me any time: [email protected] or 425-501-6901 (text or call)

The Golden Years - A great time to thrive!

Exploring 55+ Communities in Snohomish County

Whether you’re at the age, approaching the age, or have a parent or grandparent that is ready for a change, 55+ communities in Snohomish County offer a lifestyle tailored to seniors and retirees, complete with low-maintenance living, social engagement opportunities, and easy access to medical facilities. However, it’s essential to weigh the pros and cons before deciding.

PROS:

  • Low-Maintenance Living: Many 55+ communities handle exterior upkeep, freeing up time for relaxation and hobbies.

  • Social Connections: Organized events and communal spaces make it easy to build meaningful relationships with neighbors.

  • Safety and Security: Enhanced security measures provide added peace of mind.

CONS:

  • HOA Fees: Monthly fees for amenities and upkeep can add up.

  • Overall Costs - Communities can be reasonably prices, or get very expensive depending on the location and amenities.

  • Community Regulations: Rules on property modifications and visitor policies can feel restrictive.

A Few Local Options in Snohomish County:

For more local Snohomish County (and beyond) options, check out SeniorSite.org or work with an SRES (Senior Real Estate Specialist) real estate agent who can provide additional information, insight, and access to properties that meet your specific needs and preferences. Reach out for personalized guidance and to explore even more options tailored for your retirement lifestyle!

Stay Informed with the Best Insights!

Check out these hand curated (by yours truly ) must-read articles and reports from top real estate and financial experts that provide industry insights for staying in the know and ahead of the game! These articles provide a more national perspective on housing and the economy, but in most cases are happening in our communities or influence our local market.

  • Realtor.com News: Inheriting a Home With Your Siblings? Here’s All That Can Go Wrong

    • Summary: Inheriting a home with siblings can lead to unexpected disputes, as highlighted in this cautionary tale of a sibling buying out others. While legally, the sibling who buys out others isn’t obligated to share future profits, lingering resentment can arise, especially if the property appreciates significantly. Experts suggest selling the house and dividing proceeds evenly to avoid future conflicts. For those opting to buy out siblings, appraising the home at its date-of-death value is crucial to reduce capital gains taxes and ensure fairness. Open communication, clear agreements, and involving an attorney can prevent misunderstandings. Here’s the full article for all the juicy details.

  • Zillow Research: Inventory continues to climb [Nationally], giving buyers more options (December 2024).

    • Summary: Zillow’s latest report shows national trends, but remember, Snohomish County’s market can differ by town or neighborhood. The December 2024 national market shows more inventory, with nearly 1 million homes available - the most for December since 2019. Home values held steady at $358,461 nationally, though many metro areas saw declines. Buyers are gaining power with longer listing times, more price cuts, and improved inventory. Mortgage payments remain high, up 109.7% from pre-pandemic levels. The market is neutral between buyers and sellers, offering a balanced playing field for now. For all the details, click here!


  • Redfin Mortgage News: Los Angeles Wildfires: Redfin’s Latest Local Housing Market and Rental Data

    • Summary: The devastating Palisades and Eaton wildfires in Los Angeles have destroyed or damaged nearly 15,000 homes, with ripple effects impacting homeowners and renters nationwide. While displaced families face rental bidding wars and canceled home purchases, others struggle with skyrocketing insurance costs and limited availability. Rental competition is fierce, with some leases doubling in price, while insurers pause coverage near the fire zones. For those outside California, the fires highlight the importance of reviewing insurance policies and understanding risks in disaster-prone areas. Stay informed and prepared. Read the full article here.

Financial Investing Tips & Tricks

If you’re thinking about hiring a financial advisor but feel you don’t have enough assets, you’re not alone. Historically, many advisors catered only to wealthier clients. But times are changing—now, there are options for everyone, including flat fees, hourly rates, and even robo-advisors. The key? Understanding your needs and asking the right questions.

Advisors charge fees in various ways: percentage-based (AUM), flat rates, or commissions. Smaller accounts might face slightly higher AUM fees, but flat fees are gaining popularity for their predictability. You should also ask about other costs, like investment product expense ratios.

Choosing the right advisor means looking beyond fees. Think about their credentials, expertise, niche, and communication style. Whether you want a tailored financial plan or guidance on big milestones—like buying a home or managing debt—asking questions like "Are you a fiduciary?" or "What services do you offer smaller investors?" can help you find your match.

Remember, even non-fiduciaries can provide good advice. Just ensure their compensation aligns with your goals. Want to dive deeper into how to choose the right advisor and navigate fees? Check out the full article for all the details and insights.

✅ Looking to make sure your “financial house” is in order? Here’s a list of Certified Financial Planners in the Snohomish County area (you can also broaden or narrow the search results). If you’re interested in Tax Planning, be sure to gauge a Financial Planner’s familiarity and experience with such.

Estates, Probates & Wills

The Importance of Updating Your Estate Plan: Protecting Your Legacy

Life is constantly changing, and so should your estate plan. For retirees and seniors, keeping your will, trusts, and other estate documents up to date is essential to ensure your wishes are honored and your loved ones are protected.

Major life events such as retirement, the birth of grandchildren, changes in assets, or the loss of a loved one—may affect how your estate is structured. By regularly reviewing your estate plan, you can ensure it reflects your current wishes and circumstances. For example, have you named the right executor or trustee? Have beneficiary designations on accounts or insurance policies been updated? These small changes can have a big impact.

State laws also change over time, potentially affecting your estate plan. In Washington, for instance, laws surrounding probate and community property may impact how assets are distributed. Staying proactive ensures your estate plan complies with the latest regulations.

Without regular updates, your loved ones could face unnecessary delays, legal challenges, or even disputes. A clear, updated estate plan reduces stress and ensures your legacy is preserved.

Set a reminder to review your estate plan annually or after any major life event. Consulting with an experienced estate planning attorney is a smart step to keep everything in order. Your future self - and your loved ones - will thank you.

Have questions about estate planning, wills, or probate? I’m here to help and can point your to Estate and Elder Attorneys I work with. Feel free to reach out for advice or resources tailored to your needs.

I’d be happy to guide you through the process and connect you with an Estate Attorney that best meets your needs (and location).

Please contact me at [email protected] or 425-501-6901 (call or text) or visit ProbatePropertyHelp.com for more information and help.

JANUARY Home Maintenance & Safety Tips.

As the temperatures drop and the holiday season kicks into high gear, it’s a great time to focus on keeping your home safe and cozy. Here are THREE home maintenance and safety tips for JANUARY:

  1. Wildfires - Review your Homeowners Insurance Policy
    Wildfire risks aren’t just a California issue - Washington homeowners should prepare too. Most homeowner insurance policies cover wildfires unless intentionally set, but it’s crucial to review your policy regularly. If wildfire risks impact your coverage, explore options like the WA FAIR Plan. Stay protected by updating your policy if you’ve made home improvements or acquired valuables. Create a home inventory (videos work great!) and store it safely (away from home and online / in the cloud). Improve chances against wildfire by clearing brush, using fire-resistant materials, and ensuring water access if you’re in a rural area. More details and resources, click here.

  2. Inspect Your Roof and Gutters (and clean)
    Winter weather can be tough on your roof. Check for loose shingles, damaged flashing, or ice dams. If you haven’t already, now’s a great time to clear out gutters and downspouts to prevent blockages that could lead to leaks or water damage when snow melts.

  3. Check Outdoor Lighting
    Ensure all exterior lights, especially around entryways and walkways, are functioning properly. Replace any burnt-out bulbs and consider installing motion-sensor lights to improve visibility and deter potential intruders during the long winter nights.

Stay warm and safe this winter! These simple steps will help protect your home and give you peace of mind during the cold season.

If you need help with any of the above, I work with some great contractors that can assist with any of the above projects. Just drop me a line!

Local Happenings

“You don’t have to see the whole staircase, just take the first step.” — Martin Luther King Jr.

If you or someone you know is seeking professional advice on buying, selling, or understanding the real estate market in Snohomish County or beyond, don't hesitate to get in touch. I'm here to provide the insights and support you need.

Reach out to me at [email protected], or call/text: 425-501-6901.
Your real estate journey is my priority!

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DISCLAIMER: This content is for educational and entertainment purposes only.

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Joe Frank, Real Estate Broker | REALTOR®, PSA, SRES®, SFR®, MRP  
eXp Realty, License #: 21011387

[email protected] | 425.501.6901

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