Sage Sanders Snohomish and King County Market Report : simplebooklet.com

Welcome to "The Sound: Snohomish and King Highlights," youressential guide to the latest trends in real estate across both counties.This November edition is packed with up-to-date data and insights,specifically tailored for the communities of Lake Stevens, Marysville,Edmonds, Mountlake Terrace, Kirkland, Bellevue, Ballard/Greenlake,and Lake Forest Park. Dive into our comprehensive market report,which tracks key metrics such as median sales prices, inventory levels,closed sales, and days on market to provide a clear view of what’shappening in these local markets.This month's report also includes a special 7-day trend analysis forMountlake Terrace, highlighting key shifts in the area’s real estatedynamics.Here are some featured articles in this month's report for homeownersand prospective buyers:• Should I Get a Pre-Inspection?• Why Does My Mortgage Get Sold?• Could Real Estate Investing Be the Key to Your Financial Future?For both buyers and sellers, we emphasize the importance ofunderstanding key data points such as Homes for Sale, Median SalesPrices, Days on Market, and Closed Sales for each of the featuredcities. This information is crucial for making well-informed decisionsthat align with your real estate goals. Through our extensive researchand local expertise, we strive to provide you with the insights youneed to confidently navigate the ever-evolving real estatelandscape of Snohomish and King counties.Grateful for Growth : November Market Insights

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If you are going to be listing your home, you might be wondering if you should have a pre-inspection done to identify and address any maintenance and repairs needed before the home goes on the market. While I am always in favor of putting a house on the market in the best shape it can be, there are some pros-and-cons to getting a pre-inspection:Cons: There is really only one issue to be aware of: You cannot unknow a fact about your home and you must disclose all material facts that you know. Therefore, if you learn that your home had a roof leak, mold growing in the crawl space, or has had pests, you must disclose these facts. This is still true even if the issue is fixed. Some feel that this puts the seller in a weaker position.Pros: If you know about a problem, you can address it! Some feel that puts the seller in a stronger position. In fact, here are three ways a seller can appear stronger as a result of having done a pre-inspection:• The Meticulous Maintainer: Imagine a seller gets their pre-inspection report and there are 25 items that the inspector has recommend get fixed; everything from installing new GFI breakers in the kitchen to replacing windows with failed seals and repairing some rotting deck boards. The Meticulous Maintainer gets to work, calling in contractors, and gets all 25 items fixed. The listing agent includes the pre-inspection in the listing supplements along with the list of fixes accompanied by photos. Wouldn’t that be impressive to receive as a potential buyer? It might even be worth a higher offer price!• Multiple-Offer Peace-of-Mind Creator – In a highly-competitive market, buyers need to quickly make decisions that involve hundreds of thousands of dollars. In order to be more competitive, some buyers may choose to write an offer that waives the inspection or may ask to hold a pre-inspection (in this case paid by the buyer prior to writing an offer). Both of these situations are beneficial for the seller, but for the buyer these options can be fraught with anxiety and doubt. By providing the pre-inspection, whether the sellers decide to fix the items or not, the potential buyers get some idea of what they are getting themselves into and how much they want to commit to the home in terms of an offer and terms.• Mystery Remover – In the previous example, the seller did not necessarily do any or all of the repairs. Sometimes buyers just want to make sure they aren’t going to spend hundreds of dollars on their own inspection just to learn that there is a deal-breaker issue or a challenge that the buyer and seller cannot come to terms on how to address. Having a pre-inspection report available to potential buyers reduces the chance that a big issue will surface. For older homes, this strategy can be very effective.The pre-inspection strategy is not the right fit for every listing, but I can make a strong case for its benefits for most listings. When paired with a solid pricing and marketing strategy, having a pre-inspection can provide peace-of-mind for a buyer and can result in higher net proceeds.Should I Get a Pre-Inspection?

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Sage SandersManaging Brokersage@sagesanders.com425-333-1315www.sagesanders.comMarysville, Lake Stevens, Edmonds and Mountlake Terrace Market ReportNovember 2024In Lake Stevens, the inventory continues to decrease, with 72homes available in October 2024. This is a notable drop from 95last year and a significant decline from 166 homes in 2022,indicating that buyers face increasing competition due to limitedsupply.In Marysville, inventory has slightly increased to 136 homes thisyear, compared to 131 homes in 2023, but still below the 142homes available two years ago. This slight uptick offers a few moreoptions for buyers.Mountlake Terrace saw a modest rise, with 12 homes available thisyear, compared to 9 homes last year, but a sharp decline from 22homes in 2022, suggesting a continued trend of tighteninginventory.In Edmonds, the number of homes available is currently at 68, anincrease from 51 homes last year but still below the 78 homesavailable in 2022, showing a gradual recovery in inventory.For condos, Edmonds saw a noticeable increase to 35 unitsavailable in October 2024, compared to 22 last year and 16units in 2022, giving buyers more options in this market segment.In Marysville, the condo market also saw a jump, with 15 condosavailable this year, compared to 7 in 2023 and only 5 in 2022,offering a wider selection for condo buyers.Lake Stevens remained stable with 10 condos for sale, similar tolast year but slightly down from 10 units in 2022, indicating asteady but limited supply.Mountlake Terrace saw an increase to 8 condos this year, upfrom 4 units in 2023 and 3 in 2022, reflecting a gradualimprovement in availability.Market Listings Overview

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In Marysville, the median sales price has increased to $673,700 inOctober 2024, a notable rise from $591,000 last year, andsignificantly higher than the $604,000 median price seen in 2022.This upward trend indicates strengthening home values in thearea.In Lake Stevens, the median price slightly decreased to $793,000this year, down from $803,475 last year, yet still up from $742,500two years ago. This slight dip suggests a modest cooling in themarket, although prices remain elevated compared to previousyears.Mountlake Terrace saw a significant increase in the median salesprice, reaching $815,000 this October, up from $737,500 in 2023and $620,000 in 2022, showing a strong appreciation in propertyvalues.In Edmonds, the market remains robust, with the median pricerising to $1,077,000, up from $829,900 last year and $892,500 in2022, further establishing its position as a high-demand market inSnohomish County.In the condo market, Marysville saw a significant increase, withthe median sales price climbing to $553,590 this year, up from$460,000 in 2023 and $400,000 in 2022, reflecting a strengtheningdemand for condos in the area.Lake Stevens experienced a sharp decline in condo prices, withthe median dropping to $278,000 this year, compared to$500,500 last year and $582,500 in 2022, indicating a shift towardsmore affordability in this segment.Mountlake Terrace condos saw a steady increase, with pricesrising to $410,000 this October, up from $389,750 last year and$315,000 in 2022, showing consistent appreciation.In Edmonds, the condo market remains strong, with the medianprice increasing to $595,000, compared to $410,000 last yearand $645,000 in 2022, indicating a rebound in condo values.Sage SandersManaging Brokersage@sagesanders.com425-333-1315www.sagesanders.comAnalysis of Median Sales PricesMarysville, Lake Stevens, Edmonds and Mountlake Terrace Market ReportNovember 2024

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In Marysville, homes are currently spending an average of 13days on the market, which is an increase from 10 days last yearbut still a slight improvement compared to 19 days in 2022. Thissuggests that while homes are moving slower than last year, theyare still selling quicker than two years ago.In Lake Stevens, the average days on market is now 12 days,down from 15 days last year and significantly better than the 19days in 2022, indicating continued strong demand in the area.Mountlake Terrace saw a notable increase, with homes nowtaking 18 days on average to sell, compared to just 6 days lastyear, and slightly longer than the 17 days in 2022, pointing to apossible cooling in buyer urgency.In Edmonds, the market is holding steady, with homes spending13 days on the market this year, up from 9 days in 2023 but stillcomparable to 10 days in 2022, indicating a relatively balancedmarket.For condos, Marysville shows an increase to 18 days on themarket this October, compared to only 7 days last year and 20days in 2022, suggesting a slowdown in condo sales.Lake Stevens condos are now spending 41 days on the market,a significant rise from 15 days last year but an improvement fromthe 60 days in 2022, indicating fluctuating demand in the condosegment.In Mountlake Terrace, condos are taking longer to sell, with anaverage of 28 days this year, up from 11 days in 2023 and 12days in 2022, showing a cooling trend in this market.Edmonds remains the most stable market, with condos spendingan average of 9 days on the market, slightly up from 5 days lastyear but consistent with 9 days in 2022, indicating continuedstrong demand for condos in this area.Sage SandersManaging Brokersage@sagesanders.com425-333-1315www.sagesanders.comDays on Market AnalysisMarysville, Lake Stevens, Edmonds and Mountlake Terrace Market ReportNovember 2024

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In Marysville, closed sales have significantly increased to 100homes in October 2024, up from 72 homes last year, and evenhigher than 85 homes in 2022. This shows strong market activityand demand for homes in the area.In Lake Stevens, the market has slowed, with only 55 closed salesthis year, down from 60 homes last year and 78 homes in 2022,reflecting a possible cooling trend.Mountlake Terrace experienced a sharp decline, with just 7 homessold this October compared to 17 last year and 14 homes in 2022,indicating a substantial slowdown.In Edmonds, closed sales are up to 59 homes this year, anincrease from 39 homes last year, and higher than the 54 homesclosed in 2022, suggesting a rebound in market activity.For condos, Marysville remains stable, with 9 closed sales this year,the same as last year, and slightly up from 7 units in 2022. Thisconsistency indicates steady demand in the condo segment.In Lake Stevens, only 1 condo closed this October, a significantdrop from 7 last year and 4 in 2022, suggesting decreased interestor limited inventory.Mountlake Terrace saw a slight increase, with 5 condos sold thisyear, compared to 4 in both 2023 and 2022, showing a modestimprovement.Edmonds continues to dominate the condo market, with 23closed sales this October, up from 17 last year and 16 in 2022,highlighting strong demand in this area.Sage SandersManaging Brokersage@sagesanders.com425-333-1315www.sagesanders.comClosed Sales AnalysisMarysville, Lake Stevens, Edmonds and Mountlake Terrace Market ReportNovember 2024

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In Bellevue, the number of homes for sale decreased to 113in October 2024, down from 125 homes last year, andsignificantly lower than the 184 homes in 2022. This continueddecline suggests tightening inventory, potentially increasingcompetition among buyers.In Kirkland, inventory has grown to 121 homes, a noticeablerise from 89 homes last year, though still slightly below the 129homes available in 2022, indicating a moderate recovery inlistings.Lake Forest Park shows a slight increase, with 19 homes for salethis year compared to 10 homes in both 2023 and 2022,offering a bit more selection for buyers.Ballard/Greenlake has seen a substantial increase in inventory,with 278 homes available this October, up from 197 last yearbut still slightly lower than the 292 homes in 2022, indicatingfluctuating inventory levels in this market.For condos, Bellevue saw a significant increase in listings to 144 unitsthis year, up from 93 last year and 92 in 2022, providing moreoptions for condo buyers.In Kirkland, the condo market also saw growth, with 125 unitsavailable in October 2024, compared to 60 units last year and 89units in 2022, reflecting a strong increase in inventory.Lake Forest Park remains a small condo market with only 4 unitsavailable this year, up slightly from 2 in 2023 and 1 in 2022,highlighting limited availability in this area.In Ballard/Greenlake, condo inventory has grown to 139 units, upfrom 80 last year and 71 in 2022, showing increasing options forbuyers interested in condos in this neighborhood.Sage SandersManaging Brokersage@sagesanders.com425-333-1315www.sagesanders.comLake Forest Park, Ballard/Greenlake, Bellevue, and Kirkland Market Report November 2024Current Real Estate Listings Snapshot

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Sage SandersManaging Brokersage@sagesanders.com425-333-1315www.sagesanders.comMedian Sales Price TrendsIn Bellevue, the median sales price has surged to $1,992,500 in October2024, up from $1,639,030 last year and significantly higher than $1,480,000 in2022. This shows a strong appreciation trend in the high-end market, drivenby consistent demand.In Kirkland, prices have also increased, with the median reaching$1,475,000 this year, compared to $1,285,000 last year and $1,400,000 twoyears ago, indicating steady growth.Lake Forest Park saw a rise to $925,000 this year, up from $1,010,000 last yearand $890,000 in 2022, suggesting a slight correction from the previous year'speak.In Ballard/Greenlake, the market remains stable with a median sales priceof $952,000, nearly unchanged from $950,000 in 2022 but up slightly from$1,010,000 in 2023, showing a consistent demand in the area.For condos, Bellevue saw a substantial increase, with the median pricereaching $800,000 this October, up from $637,500 last year and $617,450 in2022, indicating growing interest in condo living.In Kirkland, the condo market also experienced growth, with a medianprice of $750,000 this year, compared to $657,000 in 2023 and $565,000 in2022, reflecting strong appreciation in this segment.Lake Forest Park saw a decline, with the median dropping to $350,000 thisyear, down from $401,475 in 2022, suggesting a shift towards affordability orlimited high-end options.Ballard/Greenlake saw a notable increase to $610,000 in October 2024, upfrom $496,500 last year and $480,000 in 2022, highlighting growing demandfor condos in this vibrant neighborhood.Lake Forest Park, Ballard/Greenlake, Bellevue, and Kirkland Market Report November 2024

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In Bellevue, homes are selling quickly with a median of 8 days on themarket in October 2024, consistent with last year's 8 days and a slightimprovement from 10 days in 2022, reflecting strong buyer demand.In Kirkland, homes are selling even faster with a median of 5 days,down from 6 days last year and 14 days in 2022, indicating a verycompetitive market.Lake Forest Park saw a decrease to just 5 days on market, significantlydown from 15 days last year and 18 days in 2022, showing increasedurgency among buyers.Ballard/Greenlake remains stable with 6 days on market, unchangedfrom 6 days in 2022 and down slightly from 7 days last year,suggesting consistent demand.For condos, Bellevue shows an increase to 21 days on market thisyear, up from 12 days last year and 10 days in 2022, indicating aslight slowdown in condo sales.In Kirkland, the median days on market rose to 15 days compared to7 days in both 2023 and 2022, suggesting a cooling in condodemand.Lake Forest Park experienced a sharp increase to 44 days on market,up from 12 days in 2022 and 7 days last year, signaling a significantslowdown.In Ballard/Greenlake, condos are now taking 14 days to sell, adecrease from 19 days last year but close to the 16 days in 2022,showing some stabilization in this market.Sage SandersManaging Brokersage@sagesanders.com425-333-1315www.sagesanders.comReal Estate Market Momentum: Median Days on MarketLake Forest Park, Ballard/Greenlake, Bellevue, and Kirkland Market Report November 2024

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In Bellevue, closed sales have increased to 94 homes in Oc tober 2024, up from 90 homes last year and 79 homes in 2022,indicating strong and consistent demand in the area.Kirkland saw a slight decline, with 69 closed sales this year compared to 53 last year, but still below the 75 homes sold in2022, suggesting some stabilization after last year’s dip.In Lake Forest Park, the market has grown, with 15 homes sold this October, more than double the 7 homes last year and 5homes in 2022, reflecting increased buyer in terest.Ballard/Greenlake experienced a si gnificant increase, with 163 homes closed in 2024, compared to 131 last year and 139homes in 2022, demonstrating strong market momentum.For condos, Bellevue saw a decline in closed sales to 28 units this October, down from 34 units last year and 36 units in2022, indicating a slowdown in co ndo transactions.In Kirkland, condo sales rose to 45 units this year, up from 37 units last year and 43 units in 2022, showing renewed interestin condos.Lake Forest Park remains a small market for condos with only 1 unit sold this year, after having no condo sales last year, andjust 4 units in 2022, suggesting limited inventory or demand.Ballard/Greenlake had a strong increase in condo sales, reaching 44 units this year compared to 32 units in 2022, indicating arecovery from the previous year's low of 32 units.Sage SandersManaging Brokersage@sagesanders.com425-333-1315www.sagesanders.comClosed Sales PerformanceLake Forest Park, Ballard/Greenlake, Bellevue, and Kirkland Market Report November 2024

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Why Does My Mortgage Get Sold?HAVE YOU EVER RECEIVED A NOTICE THAT YOUR MORTGAGE HAS BEEN SOLD TO ANOTHER FINANCIALINSTITUTION? IT CAN BE UNNERVING TO GET THIS NOTICE, ESPECIALLY AFTER YOU MAY HAVE AGONIZEDOVER WHICH LENDER TO WORK WITH AND SIGNED DOZENS AND DOZENS OF FORMS TO SECURE YOURMORTGAGE WITH THAT LENDER AT THE CLOSING TABLE. YOU MAY BE WONDERING WHY THIS LENDER HASNOW ABANDONED YOU! DO NOT FEAR. HAVING YOUR MORTGAGE SOLD IS A HEALTHY PART OF THELENDING ENVIRONMENT.HOW THE MORTGAGE LENDING ENVIRONMENT WORKSTO USE SOME EASY NUMBERS, LET’S SAY YOU BOUGHT A HOME FOR $100,000. YOU PUT $20,000 DOWNAND THE BANK PAID THE SELLERS THE OTHER $80,000 ON YOUR BEHALF. THE BANK CAN ONLY DO THATWITH SO MANY BUYERS AND IS LIMITED TO THE AVAILABLE CASH THEY HAVE TO DO THIS.SOME LENDERS SPECIALIZE IN DOING THE UPFRONT WORK. THIS IS CALLED LOAN ORIGINATION. HOWEVER,THEIR GOAL ISN’T TO WAIT AROUND UNTIL THE LOAN IS PAID OFF.IN ORDER TO MAKE LOANS TO OTHER BUYERS, MORTGAGES ARE PACKAGED TOGETHER AND SOLD TOINVESTORS AND SERVICED BY DIFFERENT LENDING INSTITUTIONS. THIS IS KNOWN AS THE SECONDARYMORTGAGE MARKET WITH MORTGAGE-BASED SECURITIES BEING THE PRODUCT BEING BOUGHT AND SOLD.ONCE THE MORTGAGE IS SOLD, THE ORIGINAL BANK HAS MORE MONEY TO LEND TO NEW HOMEBUYERS!THE ROLE OF FANNIE MAE AND FREDDIE MACYOU MAY HAVE HEARD THESE NAMES BUT MAY NOT BE SURE WHAT THEY DO. LENDERS CAN SELLMORTGAGES TO THESE GOVERNMENT-SPONSORED ENTITIES (GSES) AND OTHERS BESIDES FANNIE ANDFREDDIE. THESE INSTITUTIONS THEN REPACKAGE THE LOANS AS MORTGAGE-BACKED SECURITIES. THERE ARESTANDARDS THESE LOANS NEED TO MEET SUCH AS MINIMUM DOWN PAYMENT, MAXIMUM LOAN AMOUNT(BASED ON AREA), BORROWER’S CREDIT SCORE, BORROWER’S DEBT-TO-INCOME RATIO, AND MORE.IS THERE ANYTHING I CAN DO TO AVOID HAVING MY MORTGAGE SOLD?YES AND NO. WHEN YOU GET YOUR MORTGAGE, THE LENDER WILL DISCLOSE IF THEIR INTENT IS TO SERVICETHE MORTGAGE OR SELL IT. IF THEY KEEP IT, THIS IS KNOWN AS PORTFOLIO LENDING.ONCE YOU HAVE A MORTGAGE, HOWEVER, THERE ISN’T ANYTHING YOU CAN DO ABOUT IT BEING SOLD.YOU SHOULD DEFINITELY PAY ATTENTION TO THE DETAILS OF THE TRANSFER. IN SOME CASES, YOURORIGINAL LENDER MAY STILL SERVICE THE LOAN, WHICH MEANS YOU WILL KEEP MAKING YOUR PAYMENTSTO THE SAME PLACE. HOWEVER, USUALLY YOU WILL NEED TO SEND YOUR PAYMENTS TO ANOTHER ENTITYOR SET UP AUTOMATIC PAYMENTS IF THAT IS YOUR DESIRE. I RECOMMEND ADDING A REMINDER IN YOURCALENDAR TO MAKE SURE YOUR FIRST PAYMENT WENT THROUGH WITH THE NEW SERVICER.YOU SHOULD DEFINITELY KEEP ALL THE PAPERWORK REGARDING THE TRANSFER. IF YOU HAVE AN ESCROWACCOUNT FOR YOUR PROPERTY TAXES AND INSURANCE, MAKE SURE THOSE AMOUNTS ARE CORRECTAND THAT ANYTHING THAT NEEDS TO GET PAID DOES GET PAID.YOU LIKELY WERE ABLE TO GET A LOAN WITH YOUR LENDER BECAUSE THAT LENDER FREED UP FUNDS BYSELLING SOMEONE ELSE’S MORTGAGE. THIS IS A HEALTHY PART OF THE HOUSING MARKET! PLEASE REACHOUT WITH QUESTIONS.

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MEET SAGE SANDERSI'm Sage Sanders, and as I wrap up this market report, I want toextend my heartfelt thanks for taking the time to read it. I hopeyou found it insightful and engaging. With over 20 years in realestate, assisting more than 500 clients and navigating over$300 million in home sales and purchases, I'm driven each day bythe opportunity to make a real difference in your life through mywork.Our team is a blend of experience, innovation, and dedication.We stay ahead of the curve in market trends and pricingstrategies, thanks to the invaluable guidance of mentors and acollective commitment to excellence. With us, you're not justgetting my expertise; you're getting a comprehensive supportsystem. My Research and Marketing Manager Brandice Raybournand Transaction Manager Sarah Jean Groenink are exceptional inensuring your journey with us is seamless and stress-free.My approach to real estate is centered around informeddecision-making. I'm here to guide you confidently, making sureyou're comfortable and knowledgeable at every turn.Beyond real estate, my life is a tapestry of varied interests. Fromgetting learning something new every day toactively participating in community work, I believe in a life ofpassion and purpose. These experiences enhance myempathy and understanding, qualities I bring into every clientinteraction.If you're seeking a real estate experience that's not justcomprehensive but also deeply personal, let's starta conversation. You can reach me at 425-333-1315or sage@sageanders.com. I'm not just here to help you find ahouse, but to find a home that fits your unique lifestyle.Eagerly looking forward to the opportunity to connect and assistyou on your real estate journey!I produce this monthly report to turn data into information and help you understand the patterns and trends in the King and Snohomish Counties Real Estate Market. My goal is tohelp you make sense of the numbers and make informed decisions. If you see a segment of the market that you would like additional help with understanding, or if you desire aspecific Property Valuation Report, please contact me at sage@sagesanders.com or call 425-333-1315. I appreciate your referrals and recommendations, and I'm here to helpyou with all your real estate needs.

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FREE BUYER SECRETS BUNDLEAre You Considering BUYING a Home?In Addition to receiving Your Monthly Newsletter & Market Report You Will Get:1.My Free Book: The Complete Guide to BUYING Home - Quick and Easy Tips to Help You Buy Your dream Home.2.Direct Access to the MLS Data - Custom search based on your criteria. You will get automated notifications when a new listing hits the MLS!Sign-up Now! Go To: SageSanders.com/BuyerFREE SELLER SECRETS BUNDLEAre You Considering SELLING Your Home?Get My New Seller Secrets Bundle: In Addition to receiving Your Monthly Newsletter & Market Report You Will Get:1.My Free Book: The Complete Guide to SELLING Your Home - Quick and Easy Tips to Help You Sell Your Home.3.FREE Property Valuation Report - What is Your Home Worth? I will prepare a current Detailed Property Valuation Report for You!Sign-up Now! Go To: go.SageSanders.com/SellerREAL ESTATE MARKET REPORTSEPTEMBER 2024PREPARED BY SAGE SANDERSSage SandersManaging Brokersage@sagesanders.com425-333-1315www.sagesanders.com

Sage Sanders Snohomish and King County Market Report

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