Snohomish County Real Estate Market Report for June 2020
Today, I'm bringing you our June Market Report for Snohomish County. What are the three biggest mistakes we are seeing buyers make in this market?
Let's jump right into the data and see what is REALLY going on:
- Sales price in Snohomish County the average worth is $547,000 for the average sales price for residential real estate. That is an increase of about 3% year over year.
- Days on market. How long does it take to sell a home from when it comes on the market to when it goes under contract? This is heavily price dependent. Below about $425,000, homes are going to sell in a few days, maybe between three and seven days. Above $425,000, it's going to be more in that 30-60 day range depending on how aggressively the home has been priced and what the condition and location of that home are.
- Months of inventory supply: So how long would it take to sell every home that is on the market right now if no other homes came on the market? We're at a 1.4 month inventory supply level, which is about 15% lower than last year at this same time. Remember, we are always looking at year over year stats and not month over month because of the seasonality effect of real estate.
What does that mean?
Be prepared when shopping! With current listing inventory, we are seeing multiple offer situations and escalations taking place. Make sure when the house you want comes on the market, that you are ready! Make sure you are preapproved and underwritten; this strengthens your offer a great deal!
Top 3 mistakes buyers are making right now:
1. Skipping over buyer consultation
- Get a game plan and strategy together
- Identify what you need
- Be in a position to buy when you find the perfect home
2. Waiting for the perfect home before you list
- This could be a mistake, especially if you are a contingent buyer.
3. Waiting for the perfect home before you buy
- Don’t wait to start the process until you find the perfect home. Start when you think you’re ready and then be in a strong position when the perfect home comes around. Stay ahead of the game!
Whatever happens, make sure you stay up to date, safe and request a free market analysis for your home! Also, if you’re interested in finding a Snohomish County home, check out some of our videos for home buyers as well as tips on selling your Snohomish County home.