Tag Archives: Snohomish County

Low Mortgage Rates = Buying Power

Mortgage rates are at their lowest since late 2016, last week nationwide around 3.6%. This is driving homeowners and buyers to their mortgage lenders, for both refinances and new home purchases.

As the chart below shows, just a one-half percent difference in your interest rate makes a huge difference in your monthly payment. For example, when purchasing an $800,000 home with 20% down, a half-point difference is $181/monthly, $2,172/annually, or $65,160 over the course of a 30-year loan.

What does this mean for you?

If you’re a homebuyer, this is the time to get into the real estate market. With interest rates this low, you may be able to purchase more than you think.

If you’re a homeowner and considering a move, whether downsizing or to a new neighborhood or larger home, this is the time to do so. With interest rates so low, you’ll likely be able to afford more than you think.

If you’re a homeowner with no plans of selling in the next couple years and your interest rate is in the upper 4’s or higher, it might be worth talking to a lender about refinancing.

I have several excellent lenders that can help you determine what would be best in your situation, a refinance or a move. I would love to sit down and talk with you about your needs. Give me a call at 206-790-0081 or email me to schedule a time to chat.

I Love Working with Seniors and Downsizers

A large share of the sellers I work with are seniors and/or are downsizing. This is one of my favorite groups of clients to work with. (The other group is at the other end of the spectrum, first time home buyers.)

When working with seniors and downsizers, there’s often a lot of problem-solving involved. And I love to help people find solutions! Whether it’s figuring out where to move to or how to move out of a home you’ve lived in for 40 years, I excel at helping you figure out what steps are needed for your transition.

I am a Seniors Real Estate Specialist. As a SRES, I have received extensive education in working with people aged 50 and older in preparing and selling their home. I have the knowledge and expertise to counsel you through the major financial and lifestyle transitions involved in downsizing, relocating, and selling the home you have owned for decades. I offer you the opportunity to complete your real estate transaction with the patience, professionalism, and expertise you deserve.

For many people, they know it’s time to sell their home but the thought of moving and selling is overwhelming physically and emotionally. Here is where an SRES can step in and help. I have access to resources to help you with this major transition and will be there with you through all steps of the selling and moving process.

There are many reasons that you may be considering a move.

  • The cost of maintaining your home has become too high.
  • You want to be closer to your children and grandchildren.
  • Your home no longer meets your accessibility needs.
  • Your home is more home than you currently need.

Whether you’re looking to move to an active 55+ community, a senior-supported living situation, a smaller house, or a condo, I am here to help. I have worked with many sellers who have made such moves and understand how difficult this can be.

Give me a call at 206-790-0081 or email me at Jamie@JamieFlaxman.com and let’s talk about how I can be of help.

Farmers Markets

One of the things I love to do in the summer is to visit different farmers markets. From artisans hawking fresh eggs to those selling jewelry and dog sweaters, every farmers market offers a unique flair for the community it’s in.

This past Saturday I visited the Edmonds Farmers Market, one of my favorites, and learned that there are more types of cherries than just Bing and Rainier. Today I tried 2 types of cherries I’ve never seen before – a Stella and a Strawberry. I believe the vendor said the Stella is only grown on their farm.

You can go to this website to find all the local farmers markets and here are some of my favorites in King and Snohomish Counties:

  • Ballard Farmers Market – Sundays
  • Edmonds Farmers Market – Saturdays
  • Queen Anne Farmers Market – Thursdays
  • Phinney Farmers Market – Fridays
  • Columbia City Farmers Market – Wednesdays
  • Magnolia Farmers Market – Saturdays
  • University District Farmers Market – Saturdays
  • Wallingford Farmers Market – Wednesdays
  • Everett Farmers Market – Sundays

Have a great summer and get out to your local farmers market.

Why You Should Buy a House (or Condo) NOW!

I’m not a fan of Fox News, but this story sums up why you should buy NOW!

Mortgage rates have steadily declined with the 30-year fixed-rate bottoming out to 3.82 percent, its lowest level since September 2017, according to the latest figures from Freddie Mac.

Interest rates are about a one percentage point less than it was this time last year … that’s a 10 percent savings on a 30-year mortgage a month.

Lower interest rates, coupled with more inventory in the market, makes the time to buy NOW.

If you’re considering buying a property, let’s talk; give me a call at 206-790-0081 or email Jamie@JamieFlaxman.com.

Market Update

The May housing market was hot. Not as hot as a year ago, but still at it’s strongest for 2019. In fact, in King County 70% of single-family homes sold in 15 days or less and 55% of single-family homes sold at or above list price.

With interest rates at the lowest they’ve been in over a year, at just under 4%, buyers are seeing that this is a great time to be in the market. One lender told me recently that she locked a client into a 30-year fixed loan at 3.75%.

You might have seen a news story recently that Tacoma is the hottest housing market in the Country. It’s not surprising that buyers are going further to find affordable properties – an analysis of NWMLS inventory at the end of May shows only 13.8% of the listings of single-family homes in King County had asking prices under $600,000. That compares to 25.6% in Snohomish County, 31.2% in Pierce County and 35.3% in Kitsap County.

King County prices for single-family homes show a 3.6% decline from a year ago, but are at the highest level ($699,998) since June 2018 when the median price was $715,000. Snohomish nearly matched last year, the highest for the year as well. 

For more information on the market or your particular city or neighborhood, please reach out to me at (206) 790-0081 or Jamie@JamieFlaxman.com.

Downsizing Doesn’t Have to Be Daunting

This article comes from the materials I hand out and discuss at my “Tips for Selling Your Home Class.” If you’d like to learn more or attend a class, the next class is Friday, June 7th at the Greenwood Senior Center. Contact me for more information or to attend.

Need help with organizing and decluttering? A recommendation for a painter or a roofer? Most real estate brokers have a list of vendors who can help you with these activities. Additionally, some brokers, like myself, have taken classes in staging, and have materials that can help such as lists of places to donate or sell items. Just tell your broker what you need.​

Thinking of moving to a smaller space or even a tiny home? While it is true that by liberating ourselves of extra space can open the door to lower costs (mortgage, utilities, property taxes, and repairs), for many the thought of having to downsize their belongings in order to fit in more closed-quarters is prohibitive. If you have been thinking about downsizing, here are some ways you can get the ball rolling without it seeming overwhelming:​

Lifestyle Analysis – First review how your life is going to change after you downsize. If you are retiring, there may be many work-related items that no longer need to clutter your closet! Suits, jackets, shoes, purses, etc., that served you in a professional capacity may be the first to go into the donate or sell piles. If you are moving to a warmer climate, perhaps you should rethink your winter wardrobe. Moving to a condo and don’t plan on utilizing your green thumb? Consider your garden and lawn tools and supplies. Entire categories of things can be the first to go. ​

Space Analysis – Think about the space and functionality of the rooms you are moving to. If you don’t have a guestroom at your new place, then perhaps you don’t shouldn’t bring that entire room of items. If you are downsizing your kitchen to half of what you have now, then half of what you currently have will need to find another home. Think about your largest furniture pieces as well. Do you have room for a pool table? Also consider scale of furniture – sectionals and large dining room tables may be just too large proportionally for the rooms you will have. ​

Functionality Analysis – How many pans do you really cook with on a regular basis? How many mixing bowls do you really need at once? How many pairs of socks? So often we keep something around because we perceive that we need it, but you likely only use a few items in your home on a regular basis. When was the last time you made pasta from scratch or used all your towels? Downsizing means choosing, so choose wisely!​

Memorabilia Analysis – This is a tough one because it means choosing among things that are cherished. Yearbooks, photos, letters, keepsakes, children’s artwork, etc., all fall into this category. As we get older, this problem becomes more pronounced as we inherit and become stewards of other people’s items. One idea is to digitize items – as files on a computer you still have the items but they take up less physical space. ​

This category of items is just too painful for some people to have to go through and make choices for fear of making a mistake. If this sounds like you, then perhaps your best bet is to get a storage unit and put those items in there. I do recommend that you let someone else know about the unit in the event something happens to you so that these items stay in the family.  ​

Real Estate is a Long-Term Investment

Seattle 10 Year Appreciation

Home prices in the Puget Sound region have decreased over the past year. But I don’t see this as a cause for concern. There are more buyers in the market, interest rates are coming down, and we are seeing multiple offers again. I do expect that prices will rise this year, but not at the pace we’ve seen previously. Real estate is a long-term investment, so even if they’re down over the past year, in Seattle they are up 92% over the past 10 years.

Understanding Days on Market

One clue to understanding what type of real estate market we’re in is “Days on Market.” When homes are selling quickly, it tends to be a sellers’ market, and when slowing, a buyers’ market. But when we look at the numbers, it sometimes can be a confusing story.

Most of the time when we look at Days on Market, we’re using Average Days on Market. And when we do this, we see this number has increased substantially from the past few years.

This increase reflects the fact that homes that were not priced properly stayed on the market for a substantial amount of time.

However, if we look at Median Days on Market, it’s a different story. Looking for this perspective, we see that half of homes sold in a very short period whereas half sold in many more days.

What this tells us is that pricing your home properly is a critical step in getting the home sold quickly. It is imperative that you do not overprice your home, as it will sit on the market. Your real estate professional will advice you on a pricing strategy and I highly recommend that you follow that person’s advice.

For more information including a complimentary pricing analysis for your home, please reach out to me at 206-790-0081 or email Jamie@JamieFlaxman.com.

It’s a Great Time for Buyers

If you’re considering whether it’s the right time to buy a property, the answer is definitely yes! There is a lot of inventory on the market right now, so that means that there is less competition among buyers. And interest rates have dropped substantially and are the lowest they’ve been in around a year, meaning your money will go further.

Whether it’s a condo, townhome, or house you’re considering, let’s talk about your buying needs. You can reach me at (206) 790-0081 or Jamie@JamieFlaxman.com.

Is It Time to Move? 6 Telltale Signs

Most people dread the thought of moving, yet those same people love it when they move. Why? Most likely it’s emotional attachment and nostalgia for a beloved home. It’s understandable but yet a home that just doesn’t fit your needs any longer can make even the most loved home uncomfortable. Are you wondering if it’s time to move? Here are 6 telltale signs that you should consider putting the “for sale” sign up in your front yard.

1. Your Home is Too Small – One of the most common signs is that you’ve outgrown your home.

2. Your Home is Too Large – Life changes! Empty nesters often find the home too large and it’s maintenance too much when they finally have time to travel and relax.

3. Your Home is Too Expensive – Are you spending all your extra cash making repairs or do you want major upgrades to suit your lifestyle? Are property taxes getting too high?

4. The Neighborhood is Losing Value – Neighborhoods do change over time, if yours is declining consider a move.

5. Changing the Weather – Have you finally tired of shoveling snow? A move to a warmer state could be the right move.

6. Change is Good – The last great reason to move is to try something new. Different style or location, if the home isn’t making you happy any longer, time to move.

Give me a call at 206-790-0081 or email Jamie@JamieFlaxman.com to discuss your real estate needs.