Snohomish County Real Estate Market Recap – October 2024

Published on November 6, 2024, by Kim Pelham, The Pelham Group Northwest at Katrina Eileen Real Estate

October’s Dynamic Real Estate Market in Snohomish County

October brought an energetic pace to the Snohomish County real estate market, showing strong growth despite fluctuating mortgage rates and increasing inventory. Here’s an in-depth look at the numbers and trends that shaped the month.

 

Surge in New Listings and Sales Year-Over-Year

The market saw 1,051 new listings in Snohomish County, a 25.8% increase compared to October 2023, offering buyers more choices. Closed sales also rose significantly, with 927 homes sold—a 20.08% increase from the same period last year. This growth reflects the enduring appeal and resilience of Snohomish County as a sought-after location.

Rising Median Sales Price in Snohomish County

The median sales price in Snohomish County reached $753,000, marking a 7.52% increase over October 2023. This upward trend is promising for sellers, as it reflects balanced demand and supply in a market influenced by economic changes. Maintaining this steady price growth underscores Snohomish County’s established value in the region.

Regional Market Trends

According to the Northwest Multiple Listing Service (NWMLS), October brought significant shifts across Washington state, with inventory, closed sales, and pricing seeing notable changes:

  • Inventory Growth: While active listings declined slightly month-over-month, there was a 29.8% increase in inventory year-over-year statewide. Counties like Grant and Pacific saw high inventory growth, offering new opportunities region-wide.
  • Closed Sales Increases: Closed sales rose by 11% month-over-month and 22.5% year-over-year, signaling a strong period for transactions.
  • Median Sale Price: Statewide, the median sale price for homes rose to $650,000, reflecting an 8% increase year-over-year. Snohomish County maintained one of the highest median sale prices in the state, highlighting its pricing strength.

What’s Ahead for the Market?

Looking forward, both buyers and sellers in Snohomish County should consider a balanced approach. Buyers can benefit by monitoring interest rate changes closely, while sellers may capitalize on the region’s stable and growing median price by working with experienced agents for optimal pricing and timing strategies.

For more insights and expert guidance in this evolving market, reach out to The Pelham Group Northwest at Katrina Eileen Real Estate. Our team is ready to help you navigate Snohomish County’s real estate opportunities and achieve your goals.

Down Payment Assistance Programs: Making Homeownership More Accessible for First-Time Buyers

At The Pelham Group Northwest, we believe everyone should have the opportunity to achieve the dream of homeownership, especially first-time buyers. One of the most common misconceptions we hear is that you need a large sum of money saved up to purchase a home. This belief often keeps people renting for years, missing out on the chance to build equity. The truth is, there are several down payment assistance programs available today, and they are designed specifically to help first-time homebuyers with this hurdle. Let’s explore what these programs offer and dispel the myth that homeownership is out of reach without significant savings.

What Are Down Payment Assistance Programs?

Down payment assistance (DPA) programs are designed to help buyers cover the initial costs of purchasing a home. These programs are offered by various sources, including federal, state, and local governments, as well as private lenders and nonprofit organizations. The assistance can come in several forms, such as grants, low-interest loans, or deferred-payment loans, which typically do not require repayment until the home is sold or refinanced.

Types of Down Payment Assistance Programs

  1. Grants: These are funds you don’t have to repay, and they can be used to cover part or all of your down payment or closing costs.
  2. Low-Interest Loans: Some programs offer loans at a lower interest rate, which can be repaid over a longer period or at the time of home sale.
  3. Forgivable Loans: Certain programs offer loans that are completely forgivable after a set period of time (typically 5-10 years), as long as you remain in the home.
  4. Matched Savings Programs: Some programs match the funds that buyers save for their down payment, effectively doubling or even tripling their savings.

Dispelling the Myth: You Don’t Need a Huge Down Payment

One of the biggest myths is that you need 20% down to purchase a home. While putting down 20% can help you avoid private mortgage insurance (PMI), most first-time homebuyers put down far less. In fact, some programs allow you to purchase a home with as little as 3% down.

For example, FHA loans typically require only 3.5% down, and conventional loans with Fannie Mae or Freddie Mac can go as low as 3%. When paired with down payment assistance programs, many buyers are able to move into their new homes with minimal upfront costs.

Why Keep Renting When You Could Be Building Equity?

Renting might seem like the easier option, but in the long term, it limits your financial growth. Every rent check is helping your landlord build equity in the property, while you’re missing out on the chance to build wealth for yourself. Homeownership allows you to invest in your future, build equity, and take advantage of tax benefits like mortgage interest deductions.

With the wide range of down payment assistance programs available, buying a home may be more within reach than you think. It’s time to stop paying rent and start investing in your own future.

Let Us Help You Find the Right Program

At The Pelham Group Northwest, we’re here to guide you through the process of finding the right down payment assistance program for your needs. Whether you’re looking to buy your first home or just need help with the down payment, our experienced team is ready to assist you every step of the way.

Contact us today to learn more about these programs and take the first step toward owning your own home. Stop renting and start building equity today!

Ready to explore your options? Reach out to us at https://thepelhamgroupnw.com to get started.