Real Estate Market Update for King, Pierce, and Snohomish Counties

As we begin the new year, it’s an excellent time to reflect on the latest real estate market trends in King, Pierce, and Snohomish counties. Despite shifts in the broader economy, the local housing market has shown resilience and opportunities for both buyers and sellers.
King County: Stability in the Heart of the Market
King County continues to be the centerpiece of the Puget Sound region’s real estate activity. In December 2024, the county saw a slight uptick in new listings and closed sales compared to the previous year. Median home prices remain steady, signaling a balanced market with consistent demand. Buyers are still looking for quality properties, and homes that are priced well continue to sell quickly.
Pierce County: Affordability Meets Demand
Pierce County has maintained its appeal as a more affordable alternative to King County. December 2024 brought moderate growth in both new listings and sales activity, with a healthy increase in median home prices. First-time buyers and investors continue to drive demand in this area, attracted by the mix of suburban charm and proximity to major employment hubs.
Snohomish County: A Significant Surge
Snohomish County’s real estate market has seen remarkable growth in December 2024, especially when compared to the same time last year:
  • New Listings: 463 new homes came to market, up from 385 in December 2023.
  • Closed Sales: A total of 723 homes closed, a notable increase from 627 the previous year.
  • Median Sales Price: The median sales price reached $775,000 in December 2024, a dramatic rise from $550,000 in December 2023.
This surge highlights Snohomish County as a dynamic market with growing appeal. The area’s combination of urban amenities, outdoor lifestyle, and relative affordability compared to King County continues to attract buyers.
Market Trends and Observations
Across the Puget Sound region, housing inventory remains tight, but the increase in new listings in Snohomish County provides a silver lining for buyers. Closed sales in all three counties show that demand remains strong, even with evolving interest rates and economic factors. Sellers are benefiting from rising home values, making it an opportune time to list properties.
What This Means for Buyers and Sellers
For buyers, the increase in new listings in Snohomish County offers more opportunities, but the rising prices emphasize the need for swift decision-making. Partnering with a knowledgeable real estate agent, like Kim Pelham and The Pelham Group Northwest, ensures buyers can navigate this competitive market effectively.
For sellers, the upward trend in closed sales and median home prices in Snohomish County presents an excellent opportunity. Properly marketing and pricing homes can lead to quick and profitable transactions.
Looking Ahead
The real estate market in King, Pierce, and Snohomish counties is poised for continued activity in 2025. With changing dynamics and ongoing demand, having the right guidance is essential. At The Pelham Group Northwest, we’re here to provide expert insights and support for all your real estate needs.
Contact us today to discuss your goals and how we can help you succeed in this dynamic Puget Sound housing market!

How Eco-Friendly Features Can Boost Your Home’s Value

Selling your house? Or just looking to increase the value and appeal of your home for when you do? Here’s something you should know – homebuyers are increasingly looking for homes with environmentally friendly features.

What Energy Efficient Features Do Buyers Want?
According to recent data from the National Association of Realtors (NAR), when buyers think about eco-friendly features, they’re looking for (see visual below):

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Heating and cooling costs: 82% of buyers consider heating and cooling costs to be one of the most important factors when looking for a home. And efficient heating and cooling systems with programmable thermostats can significantly lower monthly energy bills.
Windows and doors with proper insulation: These help maintain comfortable indoor temperatures without overworking the HVAC system, which turns into saving on energy bills.
Energy-efficient lighting and appliances: These can save money on utility bills and reduce a home’s overall energy use too.
Commuting costs and environmentally friendly community features: Living in a community designed with energy-saving amenities and shorter commutes can reduce expenses and environmental impact.
Landscaping for energy conservation: Strategically placed trees and shrubs can lower cooling costs in the summer.
Solar panels: Solar panels can also provide long-term savings and are an attractive feature for eco-conscious buyers.
The common theme? Environmentally friendly features are popular with buyers because they help them save money and make homes more comfortable to live in. But making some of these updates before you sell your house doesn’t just benefit buyers – it’s worthwhile for you too.

How Green Features Benefit You
If your appliances or systems are aging, upgrading them now means you can enjoy the savings and comfort while you’re still living in the home.

The U.S. Department of Energy has introduced Home Energy Rebates, which can provide households with up to $14,000 in savings on energy-efficient upgrades. This includes insulation, duct sealing, heat pumps, and more. These rebates make it more affordable than ever to improve your home’s efficiency.

Then, when you decide to sell, you’ll reap the rewards again. Energy-efficient homes stand out in a competitive market and appeal to the growing group of environmentally conscious buyers.

Studies also show that homes with energy-efficient upgrades, like those with high-efficiency HVAC systems or modern insulation, are more desirable for buyers- and they generally net a higher price. Research from Freddie Mac found that homes with high energy-efficiency ratings sold for 2.7% more on average than homes without these upgrades.

Work with a Real Estate Agent to Maximize Value
Not sure which upgrades to prioritize? That’s where a local real estate agent comes in. They can help you identify the eco-friendly features that buyers in your area value most. Whether it’s adding Energy Star appliances or improving insulation, they’ll guide you in making the best choices for your house and your budget.

Bottom Line
Making environmentally friendly upgrades can pay off in more ways than one. You can enjoy saving on energy bills and improved comfort now. Additionally, you’ll have the satisfaction of knowing you’re contributing to a more sustainable future while adding value to your home. Ready to learn more about how you can make your house stand out? Let’s connect.

Winter Buyer and Seller Guides are Hot Off the Press

Are you thinking about buying or selling a home this winter? Kim Pelham and The Pelham Group Northwest have you covered with our brand-new Winter Buyer and Seller Guides!

These guides are packed with the latest insights, market trends, and tips to help you navigate the unique opportunities and challenges of the winter real estate market. Whether you’re ready to make a move or just starting to explore your options, these guides will give you the knowledge you need to succeed.

Click to view our Winter Buyer’s Guide today!

Winter Buyer’s Guide

Click to view our Winter Seller’s Guide today!

Winter Seller Guide

Market Insights: Snohomish, King, and Pierce Counties

November 2024 brought the anticipated seasonal slowdown in the real estate market, but the numbers for Snohomish, King, and Pierce Counties reveal important trends for buyers, sellers, and investors. Here’s what the latest data tells us about these dynamic markets.

Active Listings: A Year-Over-Year Surge

Although active listings decreased in November compared to October, year-over-year trends show a significant improvement. King, Snohomish, and Pierce Counties have experienced healthier inventory levels than this time last year. For buyers, this means more options to consider, even as the seasonal market slowdown takes hold.

Closed Sales: A Strong Recovery

In these three counties, closed sales have shown remarkable growth compared to November 2023. The recovery signals sustained buyer interest despite the cooler months. With King County leading in transaction volume, Snohomish and Pierce Counties also showed robust activity, reflecting their appeal to a wide range of homebuyers.

Prices: Regional Growth and Affordability Challenges

King County recorded a median sales price of $837,350, underscoring its reputation as a hub for tech professionals and urban living. Snohomish County’s median price reached $760,000, making it a prime choice for those seeking a balance of value and proximity to employment centers. Pierce County, with comparatively lower prices, continues to attract first-time buyers and those looking for more affordable options.

While prices have grown in all three counties, ongoing affordability challenges highlight the importance of strategic planning for buyers. Legislative changes aimed at increasing housing density and promoting accessory dwelling units (ADUs) are anticipated to help ease pricing pressures over time.

What Does This Mean for You?

  • For Buyers: More inventory means better opportunities, but rising prices may require careful budgeting and loan pre-approval.
  • For Sellers: The strong buyer demand, coupled with limited supply in certain areas, makes this a favorable time to list.
  • For Investors: The upward trajectory of sales and prices in these counties presents solid opportunities for long-term investments in residential real estate.

Looking Ahead

Legislative efforts to increase housing supply in Washington state promise to shape the future of the real estate market in Snohomish, King, and Pierce Counties. For now, understanding these local market dynamics will be critical to making informed decisions in this competitive environment.

For tailored advice and insights, trust Kim Pelham and The Pelham Group Northwest to guide you through the ever-evolving real estate landscape.

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.

Tailored Real Estate Services for Seniors: Choose The Pelham Group

Navigating the world of real estate can be challenging at any age, but for seniors, these challenges often come with additional considerations. Whether you’re downsizing, transitioning to a retirement community, or looking to make your current home more senior-friendly, it’s essential to have a trusted expert by your side. That’s where Kim and The Pelham Group step in.

At The Pelham Group, we specialize in tailored real estate solutions designed to meet the unique needs of seniors and their families. We understand the emotional and logistical hurdles that come with buying, selling, or transitioning to new living arrangements, and we offer comprehensive support every step of the way.

Why Seniors Choose Kim and The Pelham Group
Senior Real Estate Expertise You Can Trust

With certifications in senior real estate services and in-depth knowledge of the local market, Kim and the team are experts in guiding seniors through their real estate journeys. From downsizing to finding senior-friendly housing options, we provide compassionate, hands-on assistance tailored to your needs. Our goal is to make the process as smooth and stress-free as possible.

A Personalized Approach to Real Estate

We recognize that no two situations are the same. That’s why we start with a no-cost consultation to discuss your specific circumstances. Whether you need help selling a family home, finding a more accessible living space, or navigating complex financial decisions, Kim and her team create a plan that is fully personalized to your goals and timeline.

Support for the Whole Family

Transitions often involve more than just the senior. Families play an important role, and we work closely with them to ensure everyone is on the same page. From legal guidance and financial planning to home care and moving services, we offer comprehensive support that gives families peace of mind.
Comprehensive Real Estate Services for Seniors

Whether you’re buying or selling, we offer a full range of services that include:

Downsizing Assistance: We help you plan and organize every step, from decluttering to managing estate sales.

Senior-Friendly Housing Options: We provide expert guidance on finding the right senior living arrangement, whether it’s independent living, assisted living, or memory care.

Home Modifications: If you choose to age in place, we offer home modification solutions to make your home more accessible and comfortable.

Let Kim and The Pelham Group Be Your Trusted Partner

Senior transitions can feel overwhelming, but with Kim and The Pelham Group, you don’t have to navigate them alone. Our compassionate and experienced team is dedicated to providing the highest level of service, ensuring that your real estate needs are met with care and expertise.

If you or a loved one are considering a move, downsizing, or exploring senior-friendly housing options, contact Kim today for a complimentary consultation. Let us help make your next real estate experience a seamless and positive one.

Fall Buyer and Seller Guides NOW AVAILABLE

As we move into the fall season, The Pelham Group Northwest is excited to announce the release of our new Fall Buyer and Seller Guides!

 

These guides are designed to provide valuable insights into the real estate market and offer essential tips for anyone considering buying or selling a home this season.

Click to view

In each guide, you’ll find practical information to help you make more informed decisions. From the latest statistics to current market trends, we aim to keep you updated with everything you need to navigate the ever-changing real estate landscape. Whether you’re a first-time homebuyer, looking to upgrade, or planning to sell, our guides are tailored to make the process smoother, more transparent, and stress-free.

Have questions? Want to know how to apply the insights in these guides to your own situation? Don’t hesitate to reach out to us at The Pelham Group Northwest. We’re here to ensure you’re supported every step of the way.

Let us help you feel confident in your real estate journey this fall!

Snohomish County Real Estate Market Update – September 2024

 

September saw strong activity in the Snohomish County real estate market, with 1,158 new listings coming onto the market and 1,001 properties going under contract, marking a 12.98% increase in pending sales compared to September 2023. Closed sales also saw an uptick, with 898 properties sold—a 4.3% increase year-over-year. The median sales price for single-family homes and condos in Snohomish County rose to $760,000, reflecting a 6.29% gain compared to the previous year.

This data, provided by the Northwest Multiple Listing Service (NWMLS) in its October 2024 report, showcases a market that remains resilient despite ongoing affordability challenges across Washington state.

Interest Rates and Market Trends

Although mortgage rates experienced a slight decline in September, affordability remains a key issue for buyers. The 30-year fixed mortgage rate averaged 6.08% in September, which is still significantly higher than the 3.01% rates available just three years ago. Higher rates have impacted buyers’ purchasing power, yet some relief may come if the Federal Reserve continues its efforts to stabilize the housing market by reducing interest rates further.

Despite these hurdles, Snohomish County’s market continues to offer opportunities for both buyers and sellers, with increased inventory and steady demand for residential properties.

Snohomish County Compared to Other Regions

Snohomish County remains one of the more expensive housing markets in the region, with a median sale price of $760,000 for residential homes and condominiums. While this is lower than King County’s median price of $859,995, it highlights the ongoing demand for homes in the area. As the market begins to stabilize, price growth has slowed compared to the rapid increases seen in previous years, providing a more balanced environment for both buyers and sellers.

More Inventory and Closed Sales

Across the NWMLS coverage area, inventory levels increased significantly, with a 31.4% rise in active listings compared to September 2023. This increase in homes for sale gives buyers more options, even as they navigate higher interest rates. In Snohomish County, closed sales were also up by 4.3%, demonstrating that buyers are still active in the market despite the affordability challenges.

Looking Ahead

As we move further into fall, Snohomish County’s real estate market continues to offer promising opportunities for both buyers and sellers. If you’re thinking about buying or selling a home in Snohomish County, Kim Pelham and The Pelham Group at Katrina Eileen Real Estate are here to guide you through the process. With expert market insights and personalized support, Kim will help you make informed decisions and succeed in today’s dynamic market.

Contact The Pelham Group today to learn more about the current market and how we can assist you in your real estate journey!

What is a Down Payment Gift and Who Can Give it?

When it comes to buying a home, one of the most significant hurdles many
first-time buyers face is the down payment. However, a down payment gift
can alleviate some of that burden. Understanding what a down payment gift
is and who can provide one can make the home-buying process more
accessible.

What is a Down Payment Gift?

A down payment gift is a sum of money given to a homebuyer to help cover
the down payment on a property. This financial assistance can come from
various sources, and it does not need to be repaid. Typically, down
payment gifts are used by first-time homebuyers or those who may not
have enough savings to cover the upfront costs of purchasing a home.

Key Features of Down Payment Gifts

1. No Repayment Required: Unlike loans, down payment gifts do not
have to be paid back. This can significantly ease the financial strain
on buyers.

2. Documentation Required: Lenders often require documentation to
confirm that the funds are indeed a gift, not a loan. This can include a
gift letter from the donor stating the relationship to the buyer and
confirming that the funds are a gift.

3. Source of Funds: Many lenders may also ask for proof of where the
gift funds are coming from to ensure they are legal and legitimate.

Who Can Give a Down Payment Gift?

Several individuals or entities can usually provide down payment gifts,
depending on the lender requirements and terms. Here are some common
sources:

1. Family Members
Family members are the most common source of down payment gifts.
Parents, grandparents, siblings, and other relatives can provide financial
assistance to help their loved ones achieve homeownership.

2. Close Friends
In some cases, close friends may also contribute to a buyer’s down
payment. However, this is less common and may require additional
documentation to clarify the nature of the gift.

3. Employers
Some companies offer down payment assistance programs as part of their
employee benefits. Employers may provide gifts or grants to help
employees with their home purchase.

4. Non-Profit Organizations
Certain non-profit organizations are dedicated to helping individuals and
families achieve homeownership. They may offer down payment gifts,
grants, or assistance programs tailored for specific communities or
demographics.

5. Government Programs
Various government programs exist to assist first-time homebuyers,
including down payment assistance in the form of gifts. These programs
can vary by state or locality, so it’s essential to research what’s available in
your area

Benefits of Down Payment Gifts

1. Increased Buying Power: With a down payment gift, buyers can
increase their purchasing power, allowing them to qualify for a
mortgage they might not have been able to secure otherwise.

2. Lower Monthly Payments: A larger down payment can lead to lower
monthly mortgage payments and potentially eliminate the need for
private mortgage insurance (PMI).

3. Access to Better Loan Terms: Putting down a substantial amount
can improve a buyer’s chances of securing better loan terms, such as
lower interest rates.

A down payment gift can be a valuable resource for homebuyers,
especially those navigating the challenging waters of purchasing their first
home. Understanding the concept of down payment gifts and knowing who
can provide them can help buyers leverage this financial assistance
effectively.

If you’re considering a down payment gift, it’s wise to communicate with
your lender about their requirements and ensure all necessary
documentation is in order. With the right support, achieving homeownership
can be a more attainable goal