- The Real Deal
- Posts
- Snohomish County Real Estate & Other News
As the crisp fall air starts to settle in and the vibrant colors of autumn take over, October brings a sense of change - and not just in the weather!
With the excitement of Halloween 👻 around the corner, it’s also the perfect time to check in on the shifting real estate market. Whether you're considering selling before the year wraps up or just curious about current trends, this month’s newsletter is packed with insights to help you navigate the fall housing market.
Grab your favorite pumpkin spice treat and let’s dive into the latest updates!
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
Hey there Snohomish County! September’s home prices are holding steady at an average of $809,000, which is down a bit from the July high of $861,000. Looks like those summer prices are cooling off with the weather. Homes are sticking around a bit longer too, taking an average of 20 days to sell (plenty of time for more pumpkin spice lattes, right?).
With fewer buyers out there and sellers making a few more price cuts (8.2% in September), it’s starting to feel like a buyer’s market—but don’t expect massive price drops. Inventory has stabilized at 624 homes, a far cry from last year’s highs but still a healthy supply.
Now, let’s talk mortgages. With Fed rate cuts in the air, we may see see mortgage rates trend toward 5% (fingers crossed!). If that happens, more people may put their homes on the market, leading to a busier spring. So, whether you’re thinking about buying or selling, buckle up - 2025 could be an exciting ride!
Want the full scoop? Check out the full article for more details and analysis: Snohomish County Real Estate Health, Trends & Insights for OCTOBER 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
If you’re a potential home buyer, check out the information withing 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 isn’t just the end of a career - it’s the start of an exciting new chapter! If you’re approaching retirement or already in the thick of it, now’s the perfect time to think about how your home and lifestyle can match your next adventure. Here are some exciting ideas:
Downsizing, Upsizing, or Rightsizing: Now that the kids are off living their best lives, is it time to downsize and simplify? Or maybe upsizing to that dream home in a sunny spot is more your vibe? Either way, this is your chance to live exactly how and where you want.
Dream Home or Vacation Home: Ever fantasized about a beach house or a cozy cabin in the mountains? Retirement could be your moment to turn that dream into reality! You’ve earned it.
Active Adult Communities: Think of this as summer camp for grown-ups! These 55+ communities come with all the perks - pools, golf courses, fitness centers, and loads of social events.
Home Improvements: Love your home but need to make it more senior-friendly? Now’s the time to install those handy features like walk-in showers, adding or converting a ground floor primary bedroom, ramps, or even just a fresh coat of paint!
Ready to explore what’s next? Let’s make those golden years shine! For more ideas and a list of amazing contractors that can bring your ideas to life, contact me today!
Enjoy this exciting time and make the most of the opportunities to learn, connect, and have fun!
Expert Picks & Hot Links
Stay Informed with the Best Insights Check out these must-read articles and reports from top real estate and financial experts. Perfect for staying ahead of the game. These provide a more national perspective on housing and the economy.
Financial Investing Tips & Tricks
The Power of Refinancing: When and How to Save Big on Your Mortgage
Refinancing your mortgage can lead to significant savings by reducing your interest rate, lowering monthly payments, or adjusting the length of your loan term.
Homeowners typically consider refinancing when current mortgage rates are at least 1% lower than their existing rate. This reduction can save you thousands over the life of the loan.
Refinancing can also be beneficial if your credit score has improved, allowing you to qualify for better terms. Additionally, switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage can offer long-term stability, especially if interest rates are expected to rise.
Beyond lowering your rate, refinancing can shorten your loan term (e.g., moving from a 30-year mortgage to a 15-year mortgage), allowing you to pay off your home faster and save on interest. However, be sure to factor in closing costs and fees, which can be 2-5% of the loan amount.
Weigh any costs of refinancing against your potential savings to determine if refinancing makes sense for you. The length of time you plan to stay in your home should also be a consideration (though often hard to predict).
If you purchased a home within the last couple of years at a 7 to 8% mortgage rate, it may make sense now to consider refinancing, or in the coming months as it’s expected that mortgage rates will continue to drop as the Fed lowers the Federal Funds rate.
If you’d like help to determine if refinancing is right for you, contact your mortgage broker or local bank loan officer. If you need help finding someone, I work with some great folks that would be happy to assist you. Contact me at [email protected] or 425-501-6901
✅ 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
Probate vs. Living Trust (no probate): Which is Right for You?
When planning your estate, it’s essential to understand the differences between Probate and Living Trusts to decide which is best for you.
Probate is the court-supervised process of distributing assets after someone passes away. You will likely need to go through Probate even if you have a Will. While Probate ensures debts and taxes are paid, it can be time-consuming, expensive, and lacks privacy. If you don’t mind these aspects, a simple Will might be enough.
A living trust, on the other hand, allows your assets to bypass the probate process, providing quicker distribution to your heirs. It also keeps your affairs private, as it’s not a public court process.
While creating a living trust is more costly upfront and requires some maintenance (like retitling assets), it can ultimately save your loved ones time and money.
If avoiding probate’s delays and costs appeals to you, especially for larger or more complex estates, a living trust might be the right choice. However, for smaller estates, the probate process may be less of a burden.
This article from RBC Wealth Management provides more details as well as variables to consider when deciding if you / your family / situation would benefit from a Living Trust vs strictly a Will and going through the Probate process.
If you have any questions on Wills, Estates, or Probate and how they’re associated with real estate, please contact me or visit ProbatePropertyHelp.com
October Home Maintenance & Safety Tips.
1) Inspect Your Heating System: As colder months approach, ensure your heating system is in top shape. Schedule a professional inspection for your furnace or heat pump to avoid breakdowns when you need it most. Don’t forget to change your filters!
2) Seal Windows and Doors: Check for drafts around windows and doors, and apply weather stripping or caulk where needed. Sealing gaps will improve your home’s energy efficiency, keeping you warm and reducing utility bills.
3) Clean Gutters and Downspouts: Falling leaves can clog gutters, leading to water damage or ice dams in the winter. Clean out your gutters and downspouts to ensure water flows freely away from your home.
4) Test Smoke and Carbon Monoxide Detectors: With increased natural gase heat use in the colder months, it’s essential to test your smoke and carbon monoxide detectors. Replace old batteries and ensure these life-saving devices are functioning properly.
5) Prepare for Storms: Autumn can bring unpredictable weather. Trim overhanging branches to reduce storm damage, and stock up on essentials like flashlights, batteries, and bottled water in case of power outages.
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
Upcoming events around Snohomish County
Looking for a good meal? Learn about upcoming Food Trucks that will be around Snohomish County.
"You are never too old to set another goal or to dream a new dream." — C.S. LewisIf 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.
You have received this newsletter because you are a member of my existing mailed newsletter, or you subscribed to this digital newsletter. You can always unsubscribe from our mailing list, by clicking on Unsubscribe below.
Joe Frank, Real Estate Broker | REALTOR®, PSA, SRES®, SFR®, MRP | eXp Realty
[email protected] | 425.501.6901
Reply