Here’s a look at the Snohomish County Real Estate Market for May 2017. According to a report released on May 4th by the Northwest Multiple Listing Service (NWMLS), Prices in Snohomish County shot up 16.7 percent. The median price for single family homes and condos (combined) eclipsed the $400,000 mark, climbing to $416,668.
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Residential Real Estate Market
The Residential average home prices in Snohomish County as a whole are up 15.4% since last year. The average home price is $473,168. Seller’s are getting their asking price with multiple offers in many areas. The average seller is getting 102.4% of their asking price and usually going pending within a week or less. The home prices continue to increase because of the extremely low inventory we are experiencing. Last month there was only 925 homes for sale which is 38.4% less than last year at this time. There is only 0.9 months supply of inventory in all of Snohomish County. That means if no other homes go on the market, they will all sell in less than one month.
Condo Real Estate Market
The condo real estate market looks very similar to the residential market in Snohomish County. The prices of condos are up 17.6% with an average price of $335,746. Condo’s are also getting over full price with multiple offers. They are getting around 103.3% of their asking price. Last month there was only 111 condos for sale. This low amount of condos listed shows a negative – 51.5% compared to last year.
What does this mean if you’re Buying a House in Snohomish County?
If you are buying a house in Snohomish County anytime soon you have some advantages and disadvantages. Your advantage is that interest rates are staying low at around 4%. Having a low-interest rate helps significantly when buying. The lower your rate the more purchasing power you have.
According to mortgagenewsdaily.com Today’s Best-Execution Rates are:
- 30YR FIXED – 4.00%
- FHA/VA – 3.75%
- 15 YEAR FIXED – 3.25%
- 5 YEAR ARMS – 2.75 – 3.25% depending on the lender
The disadvantage’s that buyers have in this market is that there are not a lot of choices when inventory is low. There might only be a handful of homes to look at each week depending on what your price range is. If your price range is in the average price range ($473,168) for Snohomish County then you will have a lot of competition. If you are above the average price point you won’t have as much competition. You will need to have patience when shopping for homes and keep a positive mindset. You might not get the first or second offer that you write. Having an experienced agent representing you will help out majorly.
What does this mean if you’re selling a house in Snohomish County?
If you are a seller you are in luck! This is the absolute best time to sell whether it’s a house, condo, land or commercial building! Many people say they want to wait until the market gets even better however for a seller you are at the top of the market right now! Many homeowners who have been upside down on their mortgage since the market crash are finally getting enough equity to sell.
Even in a hot seller’s market, you will still need to make sure you are pricing your home at the correct price. Buyers have all of the information at their fingertips on all of the houses on the market. Buyers will not over pay for a house that they do not believe is worth it regardless of the shortage of houses on the market. When a home is overpriced it will sit on the market longer than homes that are priced right. Buyers start to wonder what is wrong with the houses that sit on the market for a longer than usual time.
Like you saw above, many Snohomish County homes are selling for over 100% asking price and going pending within a week. Depending on the area your home could sell within a couple days or a month. Cities closer to Seattle like Snohomish, Bothell, and Lynnwood have a very quick market time. Homes located further north may take a little longer to sell. No matter where your home is located you will want to have great curb appeal, clean up any clutter, and have it show ready. This will ensure that your home sells as quick as possible when priced right.
Wondering what your home might be worth? Find out instantly with our 15-second home value tool.
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