Snohomish County Real Estate & Other News

The Real Deal - November 2024

Author

Joe Frank
November 10, 2024

As we welcome November, the days grow shorter, and the season of gratitude is in full swing 🍂. With cozy gatherings, Thanksgiving feasts, and a hint of winter in the air, now is an ideal time to take a closer look at the real estate market before the year comes to a close.

Whether you're thinking about listing your home or simply keeping tabs on trends, this month’s newsletter has everything you need to make informed decisions as we head into the holiday season.

So grab a warm pumpkin spice latte and let’s dive into the November market insights!

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

  • Snohomish County Market Health Check

  • What you need to know:

    • NAR Settlement & New Real Estate Practices

  • 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)

Snohomish County Market Health Check

The November 2024 Snohomish County housing market analysis is here! This month’s insights reveal a few interesting trends for buyers and sellers alike. First off, fewer new listings are hitting the market, giving current SELLERS less competition—but for those who can wait, spring might bring a better sales price. Home prices remain close to $800,000, showing Snohomish’s ongoing appeal, even with rising mortgage rates. BUYER’S, meanwhile, have more time to explore options and negotiate, as homes are taking longer to go pending.

Limited inventory is keeping prices stable, but there’s a bit more room for buyers to negotiate in this market, especially on homes that linger on the market.

Looking ahead to the end of 2024 and into 2025, mortgage rates and inventory will likely play a big role in setting the pace.

Want the full scoop? Check out the full article for more details and analysis: Snohomish County Real Estate Health, Trends & Insights for NOVEMBER 2024.

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)

NAR Settlement & New Real Estate Rules

Here are a couple key elements of what the NAR settlement means for home buyers:

  • The BUYER must sign a written agreement with their real estate agent BEFORE touring a home.

  • BEFORE signing this agreement, the BUYER should ensure it reflects the terms they’ve negotiated with their real estate agent and that they FULLY understand exactly WHAT SERVICES and VALUE will be provided, AND THE COST.

If you’re a potential home buyer, check out the information within the following link - it could save you a lot of time and stress down the road: https://www.nar.realtor/the-facts/homebuyers-what-the-nar-settlement-means

If you’re considering buying and/or selling, it’s essential to discuss and fully understand the new regulations and requirements with your Real Estate Agent / REALTOR®. They should be well informed on the new requirements and open to addressing any questions or concerns you may have.

And please remember, both buyer and seller agent compensation is negotiable, and always has been.

The Golden Years - A great time to thrive!

Golden Years, Golden Opportunities: Exciting Moves for Seniors in Retirement!

Retirement is your time to relax, explore passions, and spend quality time with loved ones. But managing finances wisely is essential to ensure that freedom lasts. Here are a few strategies that may help to maximize your savings and income in retirement.

Everyone’s situation is unique, so please be sure to work with your financial advisor on what’s best for you and your family.

1. Consider a Reverse Mortgage or Downsizing for Extra Cash

For homeowners 62 and older, a reverse mortgage can unlock home equity, providing extra income while allowing you to stay in your home. Instead of making monthly payments, the loan is repaid when you move out or sell. It’s a good option if you’re comfortable staying put but need extra funds for expenses.

2. Embrace Tax-Friendly Investments

Maximizing tax-friendly investments can help preserve your income and stretch savings further. Some options include:

  • Roth IRAs: These accounts grow tax-free, so withdrawals don’t impact your tax bracket.

  • Municipal Bonds: Tax-free interest makes these bonds an attractive, steady income source.

  • Annuities: Tax-deferred growth can provide a reliable income stream and balance other retirement assets.

3. Adjust Housing to Fit Your Lifestyle: Downsizing or Aging in Place

Your home and where you live play a big role in retirement finances. Downsizing can offer both financial and lifestyle benefits. Selling a larger home and moving to a smaller one, or relocating to a lower-cost area, cuts down on property taxes, utility bills, and maintenance, freeing up cash for other priorities.

If staying in your current home is important, consider renovations and improvements to age in place safely and comfortably - such as grab bars, ramps, smooth flooring (or well padded carpet), and good lighting. See a detailed list of ideas from the NAHB here.

4. Budget Wisely and Plan for Health Costs

Creating a sustainable budget allows you to live comfortably without overspending. Start with essentials like housing and healthcare, then allocate funds for travel and hobbies. The 4% rule - drawing 4% from your savings annually - can be a helpful guide. Remember to factor in healthcare costs, as they often increase with age.

Smart real estate decisions, tax-friendly investments, and a sound budget can help make your retirement as financially free as it is enjoyable.

For more ideas and a list of amazing financial advisors or general contractors that can provide professional guidance and help bring your ideas to life, contact me today!

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.

Financial Investing Tips & Tricks

Preparing for Rising Healthcare Costs in Retirement

Healthcare costs are one of the biggest financial risks for retirees. With medical expenses rising and coverage gaps in Medicare, it’s crucial for those approaching or already in retirement to plan for these costs. Here’s an overview of the challenges and proactive steps to help manage healthcare expenses effectively.

The Risks and Realities of Healthcare Costs

Medical expenses tend to increase with age, covering everything from routine visits to more significant needs like surgeries, long-term care, and prescriptions. Studies show that the average couple may need over $300,000 to cover healthcare expenses throughout retirement, not including long-term care. While Medicare helps, it doesn’t cover everything—costs for dental, vision, hearing, and most long-term care services aren’t included.

A good estimate for healthcare in retirement is around $5,000 to $7,000 per person, per year, or $10,000 to $14,000 annually for a couple. Factors like age, health, and Medicare coverage choices will affect costs. If long-term care is needed, expect additional expenses, as nursing homes and assisted living can run from $50,000 to over $100,000+ per year.

Overall, experts recommend saving around $300,000 to $400,0000 for a couple over retirement to cover healthcare. Though not easy by any means, building these costs into your retirement budget ensures you’re prepared for both routine and unexpected expenses.

Without a plan, these costs can take a large bite out of retirement savings, leading to potential financial strain. Unexpected health issues can further increase out-of-pocket costs, creating stress for retirees on a fixed income.

Steps to Prepare for Healthcare Expenses

  1. Contribute to a Health Savings Account (HSA)
    If you’re still working and have a high-deductible health plan, an HSA is a tax-advantaged way to save for healthcare costs. Contributions are tax-free, grow tax-free, and can be withdrawn tax-free for qualified medical expenses.

  2. Consider Supplemental Insurance
    Medicare Supplement (Medigap) policies and Medicare Advantage plans can help cover costs that Medicare doesn’t, like copayments, coinsurance, and deductibles. Research these options to find a plan that fits your needs and budget.

  3. Budget for Healthcare
    Factor healthcare expenses into your retirement budget. Regularly set aside funds specifically for medical costs to avoid surprises.

  4. Explore Long-Term Care Insurance
    Long-term care insurance can offset the costs of nursing homes, assisted living, or in-home care, helping protect assets and reduce financial stress.

Proactively planning for healthcare can help protect your savings and provide peace of mind, allowing you to focus on enjoying retirement.

To help you achieve a health care savings that works best for your family, consider working with a Financial Advisor that can help you create a custom plan.

✅ 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

Estate Planning: What It Is, Key Elements, and What to Expect

Estate planning is the process of organizing your assets and making arrangements to ensure your wishes are carried out after you pass away. It’s not just for the wealthy—anyone with assets, property, or dependents can benefit from having an estate plan. Here’s a quick overview to get you started.

Key Elements of an Estate Plan

  1. Will: Outlines who will inherit your assets and names a guardian for minor children.

  2. Trust: Allows you to specify how and when your assets are distributed, potentially avoiding probate.

  3. Power of Attorney: Authorizes someone to manage your financial matters if you become incapacitated.

  4. Healthcare Directive: Details your healthcare preferences if you’re unable to communicate them yourself.

How Long It Takes

Creating an estate plan generally takes a few weeks to a few months. The timeline depends on the complexity of your assets and your personal preferences.

Average Cost

For a basic estate plan, costs range from $500 to $1,500. More comprehensive plans with trusts can cost $2,000 to $5,000 or more.

Estate planning provides peace of mind by ensuring your loved ones are taken care of and your wishes are honored. It’s a worthwhile investment that can save time, reduce taxes, and avoid family conflicts down the road.

I work with some amazing Estate Planning Attorneys that I can connect your with if you have any questions on Wills, Estates, or the Probate process.

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

October Home Maintenance & Safety Tips.

1) Blow Out Sprinkler Irrigation System
Winterize your home’s in-ground sprinkler irrigation system by blowing out any remaining water to prevent pipes from freezing and cracking. This simple step can save you from costly repairs come spring.

2) Hang Holiday Lights and Decorations Safely
Before it gets too cold, hang holiday lights and decorations. Check lights for frayed wires and use outdoor-rated extension cords. Avoid climbing on icy or unstable surfaces—consider using a sturdy ladder with a helper. These days there are many companies that install holiday lights and decorations - you may want to consider this option - especially if your home is two or more stories.

3) Stock Up and Prepare for Snow and Ice
Make sure you have snow shovels, ice melt, and de-icing salt on hand. Clear walkways and driveway areas now, so you’re ready when the snow falls. A small emergency kit in the car with blankets, water, and extra gloves is also a good idea.

4) Clean Dryer Ducting and Vents
Reduce fire risk by cleaning out your dryer duct and vent. Lint buildup can pose a fire hazard, so check and clean these areas thoroughly to keep your dryer working efficiently and safely.

5) Trim Trees and Clear Roof Lines
Cut back any branches near the house that could break under the weight of snow or ice. This will protect your roof, gutters, and windows from potential damage.

These proactive steps will help your home stay safe, cozy, and holiday-ready all season long!

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

“In the end, it’s not the years in your life that count. It’s the life in your years.” – Abraham Lincoln

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 to me at [email protected], or call/text 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 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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Joe Frank, Real Estate Broker | REALTOR®, PSA, SRES®, SFR®, MRP  | eXp Realty
[email protected] | 425.501.6901

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