Market Trends January 3, 2024

2023 Housing Market: A Year of Unprecedented Slowdown

By Brandice Raybourn

The year 2023 will be remembered in the real estate industry for its notable deviation from the norm. With sales hitting their lowest since the 2008 financial crisis, the US housing market experienced a year of unexpected slowdown and significant shifts.

The National Association of REALTORS® (NAR) reported a stark decrease in home sales, with the seasonally-adjusted annual rate plummeting to 3.79 million homes. This figure starkly contrasts with the market’s peak in 2005, where a record 7.08 million homes were sold.

The primary contributor to this downturn has been identified as ‘resale gridlock,’ a scenario where potential sellers are reluctant to put their homes on the market. This hesitancy is often attributed to various factors, including economic uncertainties, fluctuating interest rates, and mismatched pricing expectations.

While the number of sales dropped significantly, home prices did not witness a parallel decline. NAR projected a marginal increase in median home prices by about 0.3% for 2023. This reflects a market adjusting to new economic conditions, balancing between supply constraints and moderated buyer demand.

The market is expected to see some recovery in 2024, albeit gradual. With easing interest rates, sellers who deferred their plans in 2022 and 2023 might re-enter the market. However, this is unlikely to result in a dramatic increase in sales, suggesting a cautious market recovery.

The 2023 housing market’s slowdown has been a significant event, marking a departure from previous years’ trends. This reflection underscores the importance of understanding the dynamics of the real estate market, which remains susceptible to a myriad of economic and social factors. Buyers and sellers are advised to approach the market with informed strategies and realistic expectations in the coming year.

Lifestyle + Local December 13, 2023

IS LANDLORD LIFE IN SNOHOMISH COUNTY RIGHT FOR YOU? LET’S EXPLORE!

Hello! I’m Brandice Raybourn, and as a new face in Snohomish County real estate, I’m excited to share some insights about property investment here. It’s an interesting time for those considering becoming landlords – and here’s why.

Firstly, getting loans for property investments is becoming smoother, thanks to the current state of credit markets. And, with the recent shifts in the housing market, more people are looking to rent, increasing demand for rental properties.

Investing in real estate isn’t just about additional income (which is a significant perk). It’s also about building your wealth over time. Many successful investors I meet own multiple properties. Why? It’s simply more efficient. Managing properties that are geographically close means less hassle and a better handle on market trends.

Have you thought about a duplex or triplex? They might be pricier upfront, but they offer more rental space and are easier to manage than several separate houses.

Of course, being a landlord involves responsibilities, like unexpected maintenance issues. But don’t let that deter you – property management companies in our county can take that load off your shoulders.

However, the crucial aspect to consider is your comfort with tough decisions, like potential evictions. It’s part and parcel of being a landlord. If this is a concern, it’s worth thinking about how it might impact your experience.

If you’re intrigued about property investment opportunities in Snohomish County, I’m here to help. Reach out to me, Brandice Raybourn, at 425-367-3881. I’m eager to discuss how we can find the right investment property for you in this vibrant market!

Lifestyle + Local December 12, 2023

Snohomish County Winter Home Selling Tips: Stay Cozy, Get Sold!

Hello, Snohomish County Friends!

Thinking about selling your home this winter? As a agent in the area, I’m here to share some neighborly advice on making your home stand out, even when the temperatures drop. So, grab a cup of hot cocoa, and let’s get into making your home the toast of the town this winter!

Snowy Day Strategies:

  1. Shovel Patrol: Keep driveways and paths snow-free. Nobody likes an impromptu ice skating experience.
  2. Outdoor Appeal: Sweep that snow off your deck and backyard stairs. Show off the full potential of your outdoor spaces.
  3. Roof Ready: A snow-free roof is a happy roof – and it’s easier for inspections.
  4. Garden Neatness: A little tidying goes a long way. Trim back those dead plants and rake up.
  5. Sparkling Windows: Clean those windows to make the most of the winter sun. It really brightens up the place!
  6. Light the Way: Keep your home looking warm and inviting with good lighting, both inside and out.

Rainy Day Readiness:

  1. Slippery When Wet: Watch out for icy patches after those chilly nights and keep walkways safe.
  2. Leaf Clearing: Keep decks and roofs leaf-free. It’s all about showing your home is well cared for.
  3. Window Wonders: Clean windows are a must, regardless of the season. Let in as much light as possible.
  4. Keep it Bright: A well-lit home feels cozy and welcoming, so let those lights shine.

Closing Thoughts: Selling your home in winter in Snohomish County is definitely doable with some prep and care. Whether it’s snow or rain, your home can be the standout on the block. For more personalized tips for your place, feel free to contact me at Brandice.Raybourn@coldwellbanker.com or give me a call at (425) 367-3881. Let’s team up to make your home sale a winter wonder!

Lifestyle + Local December 7, 2023

Snohomish County’s Real Estate Evolution: Post-COVID and More Connected Than Ever.

Hello Snohomies and Future Snohomies! Have you felt the shift in our community since COVID-19? There’s a buzz around Snohomish County, and it’s not just the local coffee shops. We’re seeing a significant influx of buyers, especially from nearby King County, looking for that perfect blend of serenity and connectivity.

The Rise of Remote Work The remote work revolution is in full swing, and it’s reshaping our community. By 2025, up to 55% of jobs traditionally done in office buildings are expected to go remote. This trend is turning Snohomish County into a magnet for those seeking a quieter lifestyle without losing touch with the urban pulse – a big draw for our neighbors from King County.

Real Estate Market: A Seller’s Dream This influx of buyers, many from King County, is heating up our real estate market. Areas like Granite Falls and Sultan are seeing a surge in demand, leading to a seller’s market with rising prices. If you’re selling, this might be your golden opportunity.

Advice for Buyers: Gear Up for Competition For buyers, especially those coming from King County, be prepared for a competitive market. Having a solid pre-approval and a good grasp of the local real estate trends will be crucial in finding your new home here.

Sellers, Seize the Moment With the influx of buyers from King County, it’s a great time to sell. Strategic pricing and effective marketing can help you capitalize on this unique market situation.

Conclusion: A Community in Transition Snohomish County is more than just a place to live; it’s a community in transition, growing and evolving with the times. Whether you’re buying, selling, or simply observing, these are exciting times for our real estate market.

Looking to Buy or Sell? If you’re considering stepping into the Snohomish County real estate market, let’s explore how these trends, including the influx from King County, could benefit you.

Stay Informed:

  1. Learn about how COVID-19 is benefiting our real estate market: “COVID-19 and CHOP could benefit Snohomish County real estate” from HeraldNet.com.
  2. Get insights on our local remote work trends: “Snohomish County remote work study echoes national sentiment” also on HeraldNet.com.