Snohomish County Real Estate & Other News

The Real Deal - Sept 2024

Author

Joe Frank
September 02, 2024

😀 Happy September! Can you believe we’re nearing the end of summer and making our way toward Fall and the Holiday Seasons? Time sure does fly!

🙏 Thank You & Happy Labor Day!
As we celebrate Labor Day, I want to extend a heartfelt thank you to all the hardworking individuals in our community. Your efforts and dedication are truly appreciated. Wishing you a relaxing and enjoyable Labor Day!

And just in case you were curious, here’s the short & sweet history behind our Labor Day Holiday
. Celebrated on the first Monday of September, it honors the contributions and achievements of American workers. The holiday originated in the late 19th century during the labor movement, which advocated for fair working conditions and eight-hour workdays. The first Labor Day parade took place in New York City on September 5, 1882, organized by labor unions. In 1894, Labor Day became a federal holiday, providing a well-deserved break to honor the hard work and dedication of all workers.

đŸ‘‰ïžIn this month’s Newsletter we’ll look at the following:

  • Snohomish County Market Health Check

  • What you need to know:

    • NAR Settlement & New Real Estate Practices in effect as of 8/17/24

  • 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

As we head into fall, the strength of the Snohomish County housing market is showing signs of waning, but continues to favor sellers. In August 2024, the average home sales price was $830,000, slightly down from July's $862,000 but still significantly higher than August 2023's $761,000. This year-over-year increase indicates strong market resilience, although prices remain below the April 2022 peak of $891,000.

A good indicator of home price increases slowing, is the number of homes for sale with price reductions - for August, it was 9.7%, up from 8% in July. It’s been a steady rise from March 2024, at 2.1%.

Inventory has risen, with 599 homes available in August 2024 compared to 426 a year ago. Despite this increase, inventory levels are still historically low, keeping the market competitive and prices elevated. Homes are selling quickly, averaging 18 days (median of 10) on the market, slightly longer than July's 13 days, suggesting strong but moderating buyer demand. For reference, a historically normal and more healthy market sees homes stay on the market 30 to 45 days on average.

Interest rates remain high, with the Fed Funds Rate between 5.25% and 5.50%, which is limiting buyer affordability. However, highly-likely rate cuts later this month and beyond should lower mortgage rates, making homes more affordable and potentially boosting market activity. This could also encourage more homeowners, currently "locked" into low mortgage rates, to sell, increasing inventory and providing some relief to buyers.

Overall, sellers will likely continue to benefit from high demand and low inventory, while potential rate cuts could create more opportunities for buyers.

Check out the full article for more details and analysis: Snohomish County Real Estate Health, Trends & Insights for September 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)

What’s it Mean to You - A Home SELLER or BUYER?
NAR Settlement & New Real Estate Practice in effect 8/17/24

The National Association of Realtors (NAR) faced a class-action lawsuit in 2019 from Missouri home sellers, alleging antitrust violations and inflated commission practices. Last October, a jury sided with the plaintiffs, resulting in a nearly $1.8 billion verdict against NAR, which represents about 1.5 million real estate professionals.

To settle this lawsuit and others like it, NAR, while denying any wrongdoing, agreed to pay $418 million to recent home sellers. Additionally, NAR committed to two significant rule changes:

  1. Buyer agents' compensation will no longer be listed in the Multiple Listing Services (MLS).

  2. Home buyers can now negotiate their agent's pay and formalize it through a signed contract.

NAR emphasizes that it does not set commissions, and commissions have always been negotiable. You can read the full article from Yahoo! Finance here.

So What does this mean for HOME BUYERS?

Recent changes due to NAR’s settlement aim to benefit homebuyers by introducing the following:

  • A home buyer must sign a written agreement with a buyer agent BEFORE touring a home, detailing the agreed-upon terms, services, and compensation.

  • The agreement must clearly disclose the buyer agent’s compensation, ensure it’s objective and specific, prohibit excessive compensation from other sources, and state that broker fees are negotiable.

  • Written agreements apply to both in-person and virtual tours but aren’t required for casual conversations at open houses.

Sellers may still offer to compensate a buyer’s agent, but these offers can’t be shared on MLS listings (the NWMLS for the Puget Sound area). Other buyer benefits, like seller-paid closing costs, remain unchanged.

What do the changes mean for HOME SELLERS?

NAR’s recent settlement has introduced changes regarding broker commissions for home sellers:

  • Sellers can still offer compensation to buyer brokers to make their listing more attractive, but it won’t be included on the MLS.

  • Any compensation offers must be disclosed and approved by the seller in writing before being made (this has always been the case).

  • Compensation offers can be advertised through off-MLS platforms like social media, flyers, and websites.

  • You can still offer buyer concessions, such as covering closing costs, through the MLS.

All of these updates took effect on August 17. REALTORS¼ continue to work in the buyer and seller’s best interest, always adhering to ethical standards. Both buyer and seller agent compensation is negotiable, and always has been.

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 / REALTOR¼. They should be well informed on the new requirements and open to addressing any questions or concerns you may have.

For further reading, check out this article from US News.

The Golden Years - A great time to thrive!

Retirement and/or becoming an empty-nester opens up a world of opportunities. With more free time and fewer responsibilities, you can focus on hobbies, travel, and self-care. This phase of life offers the chance to explore new interests, spend more time with family and friends, and pursue passions that were set aside during the busy years of work and raising children.

Staying active and social is key to a fulfilling retirement. Engaging in regular physical activity can improve health, reduce stress, and boost energy levels.

Socializing helps maintain mental health and prevents feelings of isolation. Whether it’s joining a local club, participating in community events, or taking up a new sport, there are plenty of ways to stay engaged! 🙌 

Local Activities and Resources:

1. Senior Centers: Many communities have senior centers that offer a variety of programs, from fitness classes and arts and crafts to social gatherings and day trips. Check out your local senior center for activities tailored to your interests. Snohomish County Senior Centers

2. Community Classes: Look into classes at community colleges or local organizations. These can range from cooking and art to technology and gardening.

3. Volunteer Opportunities: Volunteering is a great way to give back, stay active, and meet new people. Local charities, hospitals, and schools often need volunteers.
Snohomish County volunteer opportunities
VolunteerMatch.org - Diverse volunteer opportunities - local to national.

4. Local Events: Keep an eye on community boards and local websites for events like farmers markets, festivals, and concerts, which are perfect for staying socially active. Google Calendar

Enjoy this exciting time and make the most of the opportunities to learn, connect, and have fun!

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

Common Financial Retirement Mistakes

To avoid major retirement mistakes, be realistic and plan ahead. While 31% of non-retired adults feel their retirement savings are on track, 69% don’t. To improve your retirement readiness, avoid these 11 financial missteps:

  1. Quitting Your Job Prematurely: Don’t leave money on the table by ignoring vesting schedules for 401(k) contributions.

  2. Not Saving Now: Use the power of compounding by saving early, aiming for 10-15% of your income.

  3. Lacking a Financial Plan: Plan for your retirement lifestyle and update it regularly.

  4. Not Maximizing Company Match: Contribute enough to get the full employer match in your 401(k).

  5. Investing Unwisely: Avoid risky investments and high-fee funds; consider low-fee ETFs or index funds.

  6. Failing to Rebalance: Regularly adjust your portfolio to maintain your desired asset mix.

  7. Poor Tax Planning: Choose between traditional and Roth accounts based on your future tax expectations.

  8. Cashing Out Early: Avoid penalties and loss of future earnings by not withdrawing funds early.

  9. Driving up Debt: Reduce debt before retiring to avoid depleting your savings.

  10. Ignoring Healthcare Costs: Plan for substantial healthcare expenses, potentially $315,000 or more.

  11. Taking Social Security Early: If possible, delay Social Security to age 70 for maximum benefits.

Read the full article from Investopedia

✅ 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

In the coming months I’ll dive deeper into these topics, but for this month, here’s a quick overview


A will is a legal document specifying how a person’s assets and minor children should be handled after death, naming an executor to carry out these wishes. An estate includes all the deceased’s assets and debts. Probate is the court-supervised process that validates the will, settles debts, and distributes the estate according to the will or state laws if no will exists. These elements work together to ensure the deceased's wishes are fulfilled, generally making the process smoother for surviving family members. For more details read my blog article here.

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

September Home Maintenance & Safety Tips.

1. Check Your Furnace Filter

Be sure your furnace filter’s up to the task of potential forest fire smoke this summer. If not, consider upgrading to a more capable filter able to pick up airborne containments within forest fire smoke, and ensure the air inside your home stays as safe and clear as possible. A MERV 13 or higher is best according to the EPA. You cany purchase one from Amazon.

2. Fire Extinguishers

Be sure you have a working fire extinguisher or other fire suppressant mechanism (blanket, etc) in all primary living areas such as the kitchen, garage, and one accessible on each story of your home, including basements and attics. Check monthly that they’re in working order and ensure all family members are aware of their location and how to properly operate / extinguish a fire.
Full article here

3. Had your Dryer Vent Ducting Cleaned Lately?

There are seven benefits of ensuring your dryer vent ducting is clean and free of excessive lint. Fire prevention is one and the most critical, but there are six others, such as extending the life of your dryer, and avoiding carbon monoxide poisoning (for gas dryers). Read about all seven benefits of clean dryer vent ducting here.

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!

Local Happenings

"Failure is the condiment that gives success its flavor." — Truman Capote

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 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 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 | REALTORÂź, PSA, SRESÂź, SFRÂź, MRP  | eXp Realty
[email protected] | 425.501.6901

Reply

or to participate.