REAL NEWS N O V E M B E R
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The Only Thing for Sure is
Death, Taxes & Change
Once again, we see changes in home buying patterns as the number of vaccinated people increases. The second half of 2019 saw a shift in buyer patterns from cities to more rural areas. Home offices, large yards, and square footage were most desired. Homes that provided destination/resort living saw prices surge. The last half of 2021, is reflecting a different pattern Homes that provide significant entertainment/gathering areas are still popular, but we see an increase in secondhome buyers. It appears that working from home fulltime could be replaces with hybrid work models, and hosting a neighborhood BBQ isn;t as much for Disneyland. Buyers are changing their wish list of home amenities to reflect pandemic living. These are not the retirees that winter in the desert but younger buyers still in the workforce that might have another home in the city. A place in Montana or Colorado where the outdoor activities differ and provide variety in any season.
Another market shift is the impact of inflation. As inflation becomes more widespread, it will eventually reduce disposable spending. The most recent election reflection changes in consumer attitude are crime, homelessness, and skyrocketing taxes caused Seattle politicians to adjust agendas. Will many people leave Seattle in 2022 as they did in 2021? Probably not. There have never been so many factors putting pressure on housing in every direction. The only guarantee is that the market will change and, as it does, we will be on the top of the trends to educate you to make an informed decision.
Winter Storm and Disaster Preparedness
Short days, high wind, and rain. The chances that you will experience a need for a disaster kit rise in the winter months. Here are some suggestions for an Emergency kit to have on hand. Water: You should have 1-gallon of water per person per day- 3 days minimum stored for easy access. Food: Canned food for a minimum of 3 days, including meats, veggies, and fruits. Dehydrated foods are good as well but keep them rotated for freshness. Don't forget food for pets as well as extra water. Medicines: Prescription medicines for at least a week are wise to keep on hand for everyone in the house, including pets.
Other: Charged backup batteries for phones, flashlights with extra batteries, matches/lighter, can opener, Tylenol or ibuprofen, toilet paper, hand sanitizer, list of contacts and emergency numbers (laminated in case you lose your phone or it gets damaged) credit card, cash, insurance cards, extra set of keys, change of clothes, blankets, toiletries, toys for kids and pets and make sure that kids and pets have identifying information in case you get separated.
Most important: Have an exit plan to escape your home and a predetermined place to meet. Be prepared, be ready, be safe!
TheGroesbeckGroup.com
360.899.5027
1
PURCHASING
Power
Within the last year, mortgage rates have hit the lowest point ever recorded, and they've hovered in the historic-low territory. But even over the past few weeks, rates have started to rise. This past week, the average 30-year fixed rate was 3.14%. Here's a look at what several experts project for mortgage rates going into 2022 Freddie Mac: The average 30-year fixed-rate mortgage (FRM) is expected to be 3.0 percent in 2021 and 3.5 percent in 2022. (Doug Duncan, Senior VP & Chief Economist) Fannie Mae: Right now, we forecast mortgage rates to average 3.3 percent in 2022, which, though slightly higher than 2020 and 2021, by historical standards remains extremely low and supportive of mortgage demand and affordability. First American: Consensus forecasts predict that mortgage rates will hit 3.2 percent by the end of 2021, and 3.7 percent by the end of 2022.
Despite the claims of some politicians that we do not have inflation, the prices of goods, services, food, and fuel is moving up along with wages. Interest rates will also go up of course, and this chart shows the impact of an increase in interest rates on the affordability of homes. First-time home buyers are likely to be impacted the most.
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W H A T ' S
T H A T
smell?
We know you love your pets, after all, they are family! But not everyone likes pets and the truth is, pet odors turn off buyers. Preparing your home to sell includes making your home attractive to non-pet owners. Follow these steps tp broaden the appeal of your home:
Wash all dog beds, blankets, etc weekly. If the dog bed cover is washable, but not the bed, it is best to replace the bed. Wash all toys. Toys can be a leading cause of dog odors since they are in pets' mouths most of the time. If they are not washable, then pack them for your next home. Removing all pet hair requires thorough cleaning. Vacuum under furniture, but also turn your furniture over and vacuum underneath where pet hair clings. Vacuum under cushions and the sides of the furniture as well. ...
Lastly, don't try to mask odors with a cover-up spray! Many people have allergies and will object to a cover-up scent. Making your home appeal to the broadest audience will get you the most money!
TheGroesbeckGroup.com
360.899.5027
2
Fall
MARKET UPDATE SKAGIT COUNTY
Fall 2021 continues to be a Seller's market!
Buyer’s market: more than 6 months of inventory Seller’s market: less than 3 months of inventory Neutral market: 3 – 6 months of inventory
Months of Inventory based on Closed Sales The October 2021 Months of Inventory based on Closed Sales of 1 was increased by 26.3% compared to last year and down 8.9% compared to last month. Months of Inventory based on Pended Sales The October 2021 Months of Inventory based on Pended Sales of 1.1 was increased by 10.1% compared to last year and the same compared to last month.
The Average Sold Price is Appreciating* The Average Sold Price in October was $623,000, up 27.1% from $490,000 in October of 2020 and up 7% from $582,000 last month. The Median Sold Price is Appreciating* The Median Sold Price in October was $530,000, up 25.3% from $423,000 in October of 2020 and up 5% from $505,000 last month. * Based on 6 month trend
As of the end of October 2021, the real estate market in Skagit County continues to be a seller's market. The inventory continues to be very tight throughout Skagit County; however, compared to the same time last year, we are seeing a slight increase in homes for sale and an increase in sold price. Homes in Skagit County continue to appreciate, although a little bit slower than at the beginning of 2021. If you are thinking of selling, you can still get TOP dollar for your home. Give us a call or send us an email or text to discuss your options. We are happy to share our market insights with you so that you can make an informed decision when selling your home.
TheGroesbeckGroup.com
360.899.5027
3
809 7th St Anacortes, WA 98221 Office: 360.899.5027 Jean Direct: 360.941.3734 Info@JeanGroesbeck.com
Thank You
2021
We've made it to the end of 2021! It was an unbelievable year in real estate with homes in Skagit County selling for never before seen top prices and in record time ( some only lasting a few hours on the market)! We would like to wish you and your loved ones an exceptional holiday season. Thank you for being part of our journey in 2021, and we hope to continue to bring you real estate information through this newsletter in 2022. If you know of someone who would like to read this newsletter, please let us know! We have a paper and an electronic version so we can accommodate everyone. Please email or call Taby at: taby@jeangroesbeck.com / 360.553.0715 to add someone to our mailing list. We will see you soon on the WINTER 2022 edition of our newsletter coming out in January, where we will share our predictions for the real estate market in our area for 2022. Stay safe :) *If you are currently working with a broker, this is not intended to solicit our business.
Start Your Real Estate Journey Eileen Hebert
Jean Groesbeck
Taby Perron
Summer Heaton