Snohomish County Real Estate Market Report for October 2017
Snohomish County Real Estate Market
Real estate’s incredible year continues into October 2017. With housing prices reaching historical highs and houses going on and off the market quickly, some people feel that we’re in a market eerily similar to that of 2008, and ask us “are we in a housing bubble?”
Rest assured, we’re not.
Let us explain why. As explained in our video below, real estate has a historical trend of 3% each year. That’s regarded as a safe and reliable investment. In the years leading up to 2008, lenders were following shady and risky practices that led to a boom, or bubble, in the real estate market. It grew at much faster than that 3% rate, so a correction happened in 2008 that put it well below what the typical 3% growth would have been. Today, we are seeing a positive correction that puts us back to where we would have been if the bubble hadn’t happened, without the risky lending practices of before. With interest rates low, it’s actually a great time to buy.
Check out our video below for a graph and further explanation of the market corrections and current state!
With low rates and high demand, it continues to be a competitive and fast paced market. Our advice to you is, first, to plan ahead. One problem that buyers frequently run into is that they find the perfect home, put in an offer, and end up missing out on the house because they didn’t get pre-approved for financing. We get with our buyers in advance and connect them with credible lenders to solve this problem.
For sellers, this market can either be extremely profitable or very tough because there is so much competition lying out there. If you can differentiate yourself enough, you’ll find yourself in a multiple offer situation and able to sell your home for well above market value. We use mega open houses, strategic pricing, online advertising, leveraging our network/buyers database, and more to make sure you stand out above the crowd.
We’ve put extensive research and testing into creating guides for both buyers and sellers. With the right planning, strategy, and execution, we can make your transaction profitable and easy. Just get in touch below and we’ll either send you over our buyers guide to the current market or our 21 step marketing and sales plan.