Snohomish County Home Prices for August 2012

Snohomish County Home Prices have bottomed for now and they are showing a slight increase. Inventory is really low, creating this increase in prices, high demand, and multiple offer situations. If you are a seller than that is awesome and if you are a buyer be prepared to fight for properties under $400,000.

Snohomish County Home Prices for August 2012 Video:

Video Transcript:

Hey, good morning everyone, afternoon wherever time it is, I’m Anton
Stetner with Real Estate Solutions Group, thank you for taking a few
minutes to watch this with us. We’re going to talk about Snohomish County
home prices for August 2012.

The market here is basically… we’ve bottomed. Now the question,
question, question the reason I’ve put that there for now is the
foreclosure inventory right now is actually doubled since the beginning of
the year. So it’s a question on how much of that foreclosure inventory will
return, what will be loan moded, what will be short saled, what will
experience principal forgiveness nd/or reduction, really how much is
coming. That’s why we’re talking for now, this is a bottom.

Slight uptrend in prices, so year to date here in Snohomish County we’re up
1.9%, and 3.9% to year to date for the median. Like we’ve talked about
before, we’re mostly interested in what’s happening on a yearly basis
versus the month-to-month trend, because we’re looking at this over a
longer time horizon. Remember, with our month-to-month trends it’s going
to bounce up and down just like it does in the stock market.

One of the things that’s really affecting the market right now is low
inventory. We’re at 2.2 months worth of inventory. That puts us in a very
strong sellers market. We’ve had a steady decline in seller, or excuse me,
yes, in seller listing inventory since the end of 2010, right about the
time of the robo-signing there.

The seller’s market, what that means right now is we’re experiencing
multiple offers. This definitely switched in the beginning of this year.
Right over here, what’s really happening is under $400,000 about 50% of
that inventory is turning over. If you are below that median price, so I’m
talking in the mid to low $200’s, I would expect to see somewhere between
five to maybe ten offers on anything that you are looking at.

The things that you’re going to have to do is if you’re a buyer, you’re
going to have to be aggressive, and you’re going to have to possibly waive
some things, not have all your contingencies. You’re going to need a
larger earnest money, so you’re going to need better down payments, better
types of financing. If you’re a seller you just want to get your property
cleaned up, get it on the market now, because we’re not sure for how long
this seller’s market is going to exist.

One thing that’s very interesting though, is we’re starting to see the
market slow. Now what I mean by that is the total number of sales is not
continuing to increase just due to lack of inventory in turning the market.
If this continues like this, the lack of the inventory may actually cause
a price de-stabilization in the future. Only time will tell as we move
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Let’s talk about where we’re at specifically in some areas. Year to date
the average price is up in Lake Stevens, Lynwood and Everett. Year to date
the average price is completely flat there in Bothell. Sorry, Bothell,
you’re still kinda boring. And year to date the price is still down in the
good old city of Snohomish, and down in the city of Marysville. I’m Anton
Stetner with the Real Estate Solutions Group. Subscribe above, comment
below, we will update you as we go.

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