The Real Deal Newsletter for June

Snohomish County Housing Market Updates & Insights

In this month’s Newsletter we’ll take a look at the following:

• Market Health Check

• Snohomish County Price Trends

• Looking Ahead: Market Predictions

• Expert Picks & Hot Links

• Financial Tips & Tricks

• Home Maintenance & Safety Tips

• AI - Artificial Intelligence

• Other fun nuggets - Summer Concert Series and Understanding the Probate Process in WA State.

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)

Market Health Check

What’s Up with the Snohomish County Real Estate Market?

Snohomish County’s real estate market is thriving with strong growth and noteworthy trends. Here’s a snapshot of what’s happening in your neighborhood:

Quick Stats:

• Median Home Prices: $826,000 – up 8.5% from last year!

• Homes Sold Last Month: 965 (the high so far in 2024)

• Inventory Levels: 2.5 months of supply – still a seller’s market!

Stay tuned for more updates and insights as we continue to monitor the market trends. Whether you’re buying or selling, understanding the current market dynamics is key to making informed decisions.

Snohomish County Price Trends

The Snohomish County housing market is showing continued strength based on May 2024 data.

• The average sales price rebounded to $826,000, an 8.5% increase from May 2023, nearing the all-time high of $848,000 set in May 2022.

• New listings rose by 35.7% to 1,605, though still below the 2022 peak of 1,891.

• Inventory increased by 27.3% to 1,397, providing more options for buyers.

• Homes are selling quickly, averaging 16 days on the market, down from 23 days in May 2023.

• Homes are selling slightly above the list price at 101.4%, indicating competitive bidding.

• The average number of showings to pending is 12, down from 14 in May 2023, suggesting quicker buyer decisions.

• Current interest rates remain relatively high - expected rate cuts later in 2024 may boost buyer activity and affordability, maintaining a strong seller's market.

For the full Snohomish County Housing Market data, trends and analysis, click here.

Looking Ahead: Market Predictions

What’s Next? What’s coming up for the Snohomish County and national housing markets? I’m no fortune teller, but here’s my take on where things might go based on interest rate changes and mortgage trends.

Market Predictions:

Federal Funds Interest Rates: Likely staying stable with a possible slight drop over the next 6 months. The Federal Reserve has maintained interest rates between 5.25% and 5.50%, but projections suggest potential cuts later in 2024, which could bring them down to around 4.00% to 4.25% by year-end and further to 2.25% to 2.50% by the end of 2025. This is expected to enhance buyer affordability and stimulate market activity.

Mortgage Rates: Expect some fluctuations but nothing too crazy. Mortgage rates will likely follow the general trend of the fed funds interest rates, with minor adjustments based on broader economic conditions and market demand.

Local Snohomish County Market: Continued growth, but at a slower pace as we move out of the busier spring season and into summer, fall, and winter. This transition is generally better for buyers as prices historically flatten or reduce, offering more potential for negotiating a lower price. The market remains strong with a median home price of $826,000, increased inventory, and quick sales. However, with anticipated interest rate cuts, buyer activity may increase, supporting sustained market health.

National Market: Moderate growth with regional differences. The national housing market is expected to show modest growth, but trends will vary significantly by region. Some areas may experience stronger demand and price increases, while others may see slower growth or stabilization. If you’re looking to buy or sell outside of Washington state, I can connect you with a great agent in my network to provide more tailored insights and assistance.

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)

Expert Picks & Hot Takes

Stay Informed with the Best Insights 
Check out these must-read articles and reports from top real estate and financial experts. Perfect for staying in the know & ahead of the game!

• Realtor.com: June Housing Market Report (video)

• Zillow Report: Housing Market Trending Toward Equilibrium?

• Redfin Report: May Housing Data - Home Sales Lowest in a LOOOONG Time (but prices at record levels!)

Financial Investing Tips & Tricks

Following are some under utilized tactics for saving for the Future & Retirement.
(Consult your Financial Advisor or Consultant to see which could work for you.)

1. Maximize Tax-Advantaged Accounts:
Use tax-advantaged retirement accounts such as 401(k)s and IRAs to their fullest extent. Contributing the maximum amount can significantly enhance your savings due to tax benefits and potential employer matches.

2. Health Savings Account (HSA):
An HSA is a powerful tool for retirement savings. Contributions are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses. After age 65, withdrawals for non-medical expenses are taxed like a traditional IRA.

3. Roth Conversion Ladder:
A Roth conversion ladder allows you to convert a portion of your traditional IRA or 401(k) to a Roth IRA over several years. This strategy helps manage tax liabilities and can provide tax-free income in retirement.

4. Tax-Loss Harvesting:
This strategy involves selling investments at a loss to offset capital gains tax liabilities. By carefully managing your portfolio, you can reduce your tax bill and potentially increase your after-tax returns.

6. Deferred Annuities:
Consider deferred annuities as a way to provide guaranteed income in retirement. They can offer protection against outliving your savings and provide a steady income stream later in life.

7. Downsize Your Home:
Downsizing can reduce your living expenses and free up home equity for retirement savings (not to mention there’s less to clean, maintain, and manage!). Moving to a smaller, more affordable home can significantly impact your retirement finances.

✅ 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.

June Home Maintenance & Safety Tips

1.Check and Clean Gutters: Summer storms can bring heavy rains, making it essential to ensure your gutters and downspouts are clear of debris. Clean gutters prevent water damage to your roof, walls, and foundation. Regularly inspect and remove leaves, twigs, and other debris.

2. Inspect and Service Your Air Conditioning System: With rising temperatures, ensure your air conditioning system (or heat pump & furnace) is running efficiently. Change or clean air filters, check for any leaks, and have a professional inspect the system to prevent breakdowns during peak usage.

3. Test and Clean Smoke and Carbon Monoxide Detectors: Test your smoke and carbon monoxide detectors to ensure they are functioning correctly. Replace batteries if needed and clean the units to remove any dust or debris that might interfere with their operation.

4. Check Outdoor Lighting and Security Systems: Longer daylight hours are great, but good outdoor lighting is essential for home security. Inspect and replace any burnt-out bulbs and check that your security cameras or motion sensors are working correctly.

5. Maintain Your Lawn and Garden Equipment: Regularly maintain your lawn and garden tools to keep your yard looking its best. Sharpen mower blades, change the oil in your lawn mower, and clean gardening tools to prevent rust and ensure efficient operation.

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

AI - Artificial Intelligence

Suno AI - Create Custom AI Songs

AI never ceases to amaze these days. Suno.com allows users to create custom songs with AI generated lyrics and voices by simply typing in what you’d like the song to be about - For example: make a happy song about going to work on Monday OR create an energetic workout song. I have to say this is both fun and a bit scary as to the capability of AI. The kids and I created a few songs and they really got a kick out of the process, and were in awe of the song / results. The cost is free, at least for limited usage. Check it out: Suno AI

Apple Announces AI coming to iPhone & Siri, Fall 2024

Apple recently unveiled a significant update to its AI capabilities - Coming Soon: "Apple Intelligence" which brings AI to the iPhone, iPad, and Mac. It will be deeply embedded in iOS 18, iPadOS 18, and macOS Sequoia. Its focus is to enhance user experience through advanced language and image understanding, personalized context, and robust privacy measures.

Key Features:

1. Advanced Writing Tools: iOS 18 introduces systemwide tools for rewriting, proofreading, and summarizing text, making communication more efficient across various apps like Mail, Notes, and Pages.

2. Enhanced Siri: Siri becomes more natural and contextually aware, capable of maintaining context across interactions and understanding on-device information. Users can now type to Siri or switch between text and voice.

3. Image Creation: The new "Image Playground" allows users to create animations, illustrations, or sketches quickly, enhancing visual communication.

4. Integration with ChatGPT: Apple integrates ChatGPT into its platforms, allowing users to leverage its capabilities for content generation and image creation, ensuring privacy with on-device processing and Apple's Private Cloud Compute​. Sources: (Apple)​​ (Apple)​​ (MacRumors)​.

Supported Models and Release:

• Supported Models: Apple Intelligence will be available on the iPhone 15 Pro, iPhone 15 Pro Max, and any iPad and Mac equipped with the M1 chip or later models.

• Release Date: This feature will be available in beta as part of iOS 18, iPadOS 18, and macOS Sequoia, set to release this fall in U.S.

Other Nuggets

• Upcoming events around Snohomish County

  • Chateau Ste Michelle (Woodinville) Summer Concerts

  • Marymoor Park (Redmond) Summer Concert Series

  • Google Calendar of Events - Snohomish County

• Understanding Probate in Washington State

  • The probate process can be overwhelming, especially during the challenging time of losing a loved one. Whether you're currently facing this situation or simply planning for the future, having a clear understanding of probate can provide peace-of-mind and clarity.

    Probate is the legal procedure through which a deceased person's estate is properly distributed to heirs and designated beneficiaries. It ensures that all debts are paid, and the remaining assets are fairly and legally transferred. This process might seem daunting, but knowing the steps involved can make it more manageable and less stressful.
    

  • The probate process in Washington State involves several key steps to ensure the legal transfer of a deceased person's assets to their beneficiaries. Here's a quick overview:

    1. Filing the Will: The executor files the deceased’s will with the appropriate Superior Court. If there is no will, the court appoints an administrator.

    2. Appointment of Executor/Administrator: The court officially appoints the executor (named in the will) or an administrator (if no will exists).

    3. Inventory of Assets: The executor/administrator must inventory the deceased’s assets, including property, bank accounts, and personal items.

    4. Notification of Creditors: Creditors are notified of the death and given an opportunity to make claims against the estate.

    5. Payment of Debts and Taxes: The executor/administrator pays off any debts and taxes owed by the estate.

    6. Distribution of Assets: After debts and taxes are paid, the remaining assets are distributed to the beneficiaries as specified in the will or according to state law if there is no will.

    7. Closing the Estate: Once all assets are distributed and obligations met, the executor/administrator petitions the court to close the estate.
       

    Probate can be relatively straightforward in Washington due to the state’s streamlined procedures, but it can become complex depending on the size and nature of the estate. For more detailed information, you can refer to resources like Washington LawHelp or consult with a local and trusted probate attorney.
    

    If you have any questions, or need any help relative to the Probate Process when property’s involved, you can check out my services at ProbatePropertyHelp.com where I work to connect folks with trusted and reputable probate attorney’s and contractors to secure, maintain, and improve real estate that’s going through Probate, and may eventually be inhabited by a family member, rented out, or sold.

“Success is not final, failure is not fatal: it is the courage to continue that counts.” ― Winston S. Churchill

If you or someone you know is seeking expert 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 any time at [email protected], or call/text at 425-501-6901. Your real estate journey is my priority!

Have we worked together in the past? If so, and you’d like to share your experience with others, please consider leaving me a review on Google. I make a $50 donation to the Make-A-Wish foundation for each review! 🙏

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

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www.JoeFrankRealtor.com | [email protected] | 425.501.6901
Joe Frank, Real Estate Broker | REALTOR®, PSA, SRES, SFR®, MRP  | eXp Realty