Did You Give Up On Buying A House in Snohomish County or King County WA?
We don’t blame you… the last couple of years have been rough on home buyer’s.
Jason Fox of The Madrona Group Real Estate Team answers the question that so many buyers are wondering… Is it a good time to buy in Snohomish County WA?
The simple answer is yes.
Right now, October of 2018, is a great time to buy a house in King County and Snohomish County.
Over the last couple of years home buyers have gotten beaten up with a housing market that had been coined a Frenzy Seller’s Market. To the point that many home buyers just gave up. We called that buyer’s fatigue.
They were going out to look at 1 or 2 listings that matched their search criteria and after just a few days, or NO days, on the market they were competing with 1-20 other bidders to try to “win” the home.
We had to waive contingencies, bolster financing, and up earnest money just to compete.
It became so common that the NWMLS released a whole series of new NWMLS forms to help protect all parties involved
Right Now Is A Good Time To Buy A House in Snohomish County Video Transcript
Hi everybody it’s Jason Fox
with The Madrona Group and I want to
talk a little bit about why right now
might be a good time to go out and buy a
If you’ve been watching the news
over the last couple of years or you’ve
been out looking to buy a home you
probably have noticed that oftentimes they’re
talking about above average home sales
prices and also a low inventory. That
combination has made it a little bit
more challenging to buy homes over the
last couple of years. It’s helped
foster situations where sometimes many
people were bidding on the same home and
sometimes that home price would bid up, sometimes over hundreds of
thousands of dollars.
That is starting to slow down a little bit.
If you’ve been in the home buying market
and maybe you got a little bit tired or
maybe the news hasn’t quite caught up to
what the current reality is it might be
a good time to take a look at buying a
home right now.
We still have amazingly
low interest rates. I was told today by
my in-house lender that the rates
currently about 4.75 %.
I know some of us are like well
it’s not the 3% it was last year. That’s
true but think about this, my dad built a
home in 1986 at about an 18% interest
rate so we think about it in terms like
that then 4.75 is still really good.
In addition the banks are still pretty
loose with their lending right now so
there’s a lot of zero down programs you
know 3% down programs.
Inventory is increasing, for example in the peak
this spring we sometimes we’re seeing
inventory rates in Snohomish County as
low as 0.6 months. That means that if
no other homes came on the market in
Snohomish County, with the current rate
that people were buying homes, all
the listings would run out in half a
month. Where we are at right now, I just
checked, is about 2.6 months.
That’s starting to lean back towards a
You can get out there with
some of those really good loan programs
with some of those really good interest
rates. And because that inventory
is picking up a little bit and it’s a
little bit slower time of the year,
we’re not competing as much as we were.
As a matter of fact a lot of homes now are
going at just the listed value which sounds
kind of crazy but when we’ve dealt with
that spring where every home was getting
bid up over the asking price. Now we can
go in and get asking price, sometimes
lower, we can get home inspections which
sometimes we were having to wave.
Alot of those contingencies that we were
waving just a few months ago are all
back on the table.
I know a lot of
people are saying, “why don’t I just
wait till the market crashes” well
there’s no evidence that shows that the
market is going to crash.
Right now the
prices are down a little bit, the bidding
wars are starting to slow down, the
contingencies are all coming back, the
inventory is picking up, the interest
rates are good, so if you’re interested
in getting out there and checking out Snohomish
county and King county listings
please give me a call: 425-299-8454 or check
us out on the web it’s www.TheMadronaGroup.com.