The Real Deal Newsletter for November

Happy Thanksgiving!
~ Enjoy your time with Family & Friends ~

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

• Is the “Mid-Century Modern” Look Making a Comeback?

• 3 Steps To Better Credit

• Local Snohomish County Real Estate Trends

• The Broader Economy - Economic & Real Estate News

• Financial Investing Tips & Tricks

• November Home Maintenance and Safety Tips

• AI - Artificial Intelligence

• Other fun nuggets

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 | REALTOR® | eXp Realty
(425) 501-6901 (text or call)

“Mid-Century Modern” - Making a Comeback?

According to an article by Laura Fenton in Curbed Magazine online, the mid-century modern "look" is everywhere. "If you dine in a contemporary restaurant, there's a chance you'll be seated in a chair that was designed in the 1950s."

The term "mid-century modern" stems from author Cara Greenberg, who says she simply made up the phrase for the title of her 1984 book, Mid-Century Modern: Furniture of the 1950s.

The book sold more than 100,000 copies, and once people heard the term "mid-century modern," it made simple sense to them. Mid-century literally means the middle of the century, or the 1950s, so there was no explanation required. Furniture of that era had an iconic style, slightly Scandinavian, with slanted angles rather than straight up and down lines. Consumers then and now are
attracted to its clean, organic lines.

Today’s décor leans toward similar curves combined with straight-lined earthy furniture that isn’t exactly Mid-Century, but is derived from it, so don’t give away your parents’ or grandparents’ furniture just yet!

3 Steps to Better Credit

There's no easy-button and instant way to improve credit, but if you want to improve your score in the next 60 to 90 days, take these steps:

1. Keep payments current.

2. Remove errors. There are often errors, such as old debts that you paid off. You must physically check for yourself, then contact the credit reporting bureaus to have old debts removed. 

3. Improve credit utilization rate, which is the percentage of available credit. Pay off debt to ideally under 20%. You can also ask your card company to raise your limit. But don't open new credit, and don’t close any either.

4. Check out a recent article I wrote, What You Should Know About Your Credit Score and Buying a Home, to learn all about credit scores as they relate to buying a home, and how to improve them.

Should You Sell Now?

Selling now might not be a bad idea, as long as you can find a replacement property. Your home's value may rise some, but so will your next property. If you're ready to move, let's find your replacement home first, then make an offer that's contingent on the sale of your home.
Call or Text me to get the ball rolling! [email protected] or 425-501-6901 (text or call)

Local Snohomish County Real Estate Trends

The Snohomish County real estate market in October 2023 is witnessing a slowdown in both sales and prices, with historically low inventory. Buyers currently have increased negotiating power, and homes are selling slightly below the asking price. However, affordability has hit an all-time low, driven by a significant increase in mortgage rates, reaching 8% recently. Despite a 17% decline in average home prices from April 2022, they remain 40% higher than pre-COVID levels. Real-world numbers show a 73% increase in average monthly payments over four years, emphasizing the affordability challenge.

Potential buyers can combat these challenges by paying all cash, putting a substantial amount down, or seeking family assistance. However, these options are often impractical for many, especially first-time buyers. Some are choosing to wait, rent, or stay with family until prices or interest rates decrease. Relocating to lower-cost regions is another consideration, although it may entail a salary adjustment.

Looking ahead, the winter season may see continued decreases in home prices, influenced by traditional seasonality and high mortgage rates. However, a lack of housing inventory remains a key factor preventing significant price drops. New listings have decreased, inventory has slightly dipped, and the days on market have increased, suggesting a slowing market. Historical averages indicate prices may continue to trend downward or remain flat, with interest rates playing a crucial role in potential market shifts.

For the full article, and more details and insights on real estate trends for Snohomish County, visit: https://www.joefrankrealtor.com/post/snohomish-county-real-estate-trends-and-insights-for-october-2023

Economic & Real Estate News

• National Housing Market Update: 

  • Mortgage Rates Drop, and Purchase Applications Tick Up (indicating increasing buyer demand)

  • Nationally speaking, the median listing price ticked up again as the housing market continued to face tight inventory conditions. Though prices have continued to climb over last year’s level, mortgage rates have fallen for the last three weeks, which is promising relief for buyers!

• Are we in a recession or potentially heading toward one? 
  According to Fannie Mae, economic growth is likely to decelerate and result in a mild recession in 2024, followed by a return to growth in 2025. Read the full article here for details.

Financial Investing Tips & Tricks

• Which is a better avenue for retirement savings - a Roth IRA or Traditional 401K? The answer may surprise you. “The basic difference between a traditional and a Roth 401(k) is when you pay the taxes. With a traditional 401(k), you make contributions with pre-tax dollars, so you get a tax break up front, helping to lower your current income tax bill. Your money—both contributions and earnings—grows tax-deferred until you withdraw it…” Read the Charles Schwab article here.

Home Maintenance & Safety Tips

• November Home Maintenance & Safety Tips

  • Check CO and smoke detectors. With all the cooking and activity going on in your house over the holidays, now is a good time to test and change batteries in your smoke and CO detectors.

  • Clean your chimney if you have a fireplace. Build-up of soot inside can spark into a fire. Annual cleaning can prevent this and provide a better draw of smoke up the chimney.

  • Ladder and Roof Safety. If you’re planning to get on your roof to clean gutters and/or hang Christmas Lighting (or exterior illumination as some folks like to call it 😁), here’s a video on hot to safely use an extension ladder to access the roof.

    • If you’ll be on the roof consider using fall protection gear. If your roof is steep and/or you’ll be going onto a 2nd story (or higher), this is highly recommended. You can purchase a fall protection bucket at your local Home Depot or Lowes.

AI - Artificial Intelligence

• According to Bill Gates, AI may lead to 3 day work weeks (that sounds alright to me!).

• You may be hearing about Artificial General Intelligence (AGI) with regard to AI, and if not, you likely will in the near future. It has not been achieved to this point, but many companies and organizations are striving for it. It would be a world-changer (much more so than Chat-GPT for instance). Here’s a great article on AGI.

Other Nuggets

• Find your Christmas Tree at one of these great tree farms in the Snohomish area.

• A Google Map of Christmas Activities throughout Snohomish County (and beyond). Includes lighting displays, holiday events, and Christmas markets.

• Is the PNW in for an El Nino or La Nina winter? Forecasters are saying we’ll have a warmer and dryer, El Nino winter for 2023/2024.

Inspirational Quote:  “Showing gratitude is one of the simplest yet most powerful things humans can do for each other." –Randy Pausch

If you (or anyone you know 😊) are looking for real estate guidance, help, or insights within Snohomish County or beyond, please feel free to reach out: [email protected] or call / text, 425-501-6901

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 donate $50 to the Make-A-Wish foundation for each review (positive or negative) - many thanks! 🙏

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® | eXp Realty | ExpressOffers Certified Agent