REAL NEWS W I N T E R
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Up Up and Away The dramatic impact of Covid is illustrated below by the sharp increases in the median price points throughout Skagit and Island Counties. The market was strong due to low-interest rates and a strong economy, souring demand, Millennials reaching the point in their life where they are purchasing homes and retirees living in their homes longer.
Median Price Per Market
2018
2019
2020
2021
% CHANGE 2021 VS 2020
SKAGIT COUNTY
$325,050
$352,000
$395,000
$465,000
+ 17.7%
Anacortes
$456,500
$459,000
$518,613
$600,000
+ 15.7%
Bow
$470,000
$460,800
$663,167
$678,000
+ 1%
Burlington
$320,000
$345,000
$380,900
$450,000
+ 18.1%
La Conner
$315,000
$349,900
$359,000
$457,500
+ 27.4%
Mount Vernon
$330,000
$360,000
$405,750
$485,000
+ 19.5%
ISLAND COUNTY
$335,000
$344,875
$385,500
$477,500
+ 23.9%
Oak Harbor
$310,000
$321,000
$359,000
$437,700
+ 21.9%
Camano Island
$370,000
$394,000
$450,000
$570,000
+ 26.7%
Source: InfoSparks
Skagit County Median Price Overview
Island County Median Price Overview
$500,000
$500,000
$400,000
$400,000
$300,000
$300,000
$200,000
$200,000
$100,000
$100,000
$0
2018
2019
2020
2021
$0
2018
2019
2020
If you would like information for your specific neighborhood or type of home, please contact us!
2021
1
By Jean Groesbeck
Predictions
Unfortunately, the pandemic won't go away, and as it continues to morph, so will the things buyers want in a home. These home features are likely to be in high demand in 2022. High-speed internet is a MUST. Supply chain disruptions have caused buyers to place a higher value on the quality and reliability of appliances and products. Home theaters and home gyms are still on buyers' wish lists. Organic materials and earth tones will be more predominant. Outdoor living space will continue to be on the wish list. That means flat yards, outdoor appliances, sports courts, fire pits, shade area, and a heat source - whatever the climate dictates for creating comfort and fun. Buyers are aware of the carbon footprint of items used in construction and the cost of maintenance. Look for new products to be used in home constructions and decor in 2022. Multi-family living and smaller homes will be more popular to provide housing affordability. Baby boomers and first-time homebuyers will continue to compete for the same inventory, and many market segments will continue with bidding wars. Luxury real estate has experienced an increase in demand worldwide. If real estate investments and stocks continue to perform well, the strong demand should continue. Home feature trends that started during the pandemic and will continue through 2022: air and water filtration systems, storage for potable water, hand sanitizer wall dispensers, more use of dishwashers to sterilize dishes, touchless everything (not just heating, but lamps, TVs, door locks, etc. controlled by personal mobile phones), luxury vinyl floors that can easily be disinfected, security systems, more private settings and more individual rooms for privacy. Are any of these things that you wanted last year that you no longer want? Many of these trends are here to stay.
HOW
DID
WE
DO
WITH
OUR
1. INVENTORY We said - We will begin the year with a shortage of inventory, but the inventory will begin to grow. TRUE - The inventory did expand in the Spring and there were twice as many homes for sale, but still not enough. The inventory shrank again in the 4th quarter. 2. ECONOMY We said - The economy of the State of Washington will perform better than the rest of the country because of the high-paying tech jobs. TRUE - in addition, Amazon has created hundreds of jobs right here in Skagit County.
2021
PREDICTIONS?
3. PRICES We said - Prices soared in 2020 and will continue to grow in 2021 but at a more modest pace. TRUE - See page 1 synopsis 4. TAXES We Said - Since Washington does not have a state income tax, it will continue to attract people. TRUE - Mild climates, good jobs, and natural beauty along with favorable taxes have continued to attract more residents to our area.
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CONFORMING LOAN LIMIT INCREASE What does it mean for you?
As you know, there’s a limit to how much you can borrow when you obtain a conventional mortgage. For 2022, the $647,200 loan limit increases 18% from 2021’s limit of $548,250, making it the largest (so far) loan limit increase ever. The Federal Housing Finance Agency (FHFA) uses the Q3 House Price Index to determine the new maximum every year, and the past two years have seen home values in the entire nation skyrocket. The current single-family conforming loan limit for most counties in Washington State is $647,200, but in the more expensive Seattle-area counties of King, Pierce, and Snohomish, the single-family loan limit has been increased to $891,250. The substantial increase in loan limits for 2022 means that conventional loan buyers can once again be competitive in the market. More people will be able to afford houses without the need for more complicated loans, larger down payments, and stricter qualifications. The increased loan limit could also be good news for those with existing jumbo mortgage loans, too! If your current mortgage is considered jumbo but is now within the conforming limits, you can refinance for a lower rate and possibly drop mortgage insurance premiums – which could save you money on your monthly payments and/or over the life of your loan.
Source: fhfa.gov via Leigh Wilson, Mortgage Banker at Leader One Financial Corporation
If you have any questions about mortgage loans, please let us know! We will be happy to connect you with one of our preferred lenders so that you can be better informed and learn the different options available for you. Call or text Jean at 360.941.3734 or email us at info@jeangroesbeck.com
January home tips! Staying on top of your home’s maintenance can significantly reduce costly repairs in the future.
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e e cl nup a m re e o l h p dwa 1. C r e a e d nh oa clea 2. D & ds n te hea h r g i e rs in 3. T how ppe s o t n s lea up 4. C opp n lea 5. C s is! sink t th
Here are 5 things to do this month around your home. January is a “start new” month, so this month is mostly cleaning. Follow us on social for monthly home maintenance tips.
go 've u o Y
@thegroesbeckgroup Scan, click and follow us
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If not, now when? Housing patterns are fascinating to watch as each generation tends to move based on lifestyle changes that have many similarities. Baby Boomers are facing the impact of the "life is not forever” realization, which the Pandemic magnified. That has contributed to 10,000 Boomers retiring every day! Baby Boomer post-pandemic housing trends include: Moving to places they dreamed of living in sooner. Simplifying their lives and downsizing. Buying second (and even third) homes. Lowering living costs by moving to areas that have lower living expenses and properties that are less work. Moving to areas that have lower taxation: lower income tax AND lower estate tax. Working remotely, even for less income, allowing them to live in an area with better weather or next to grandchildren. More freedom to retire earlier because of accelerated wealth via elevated home values, equities, and investments.
The challenge for Skagit County is that most retirees move into our area and stay in their homes until they age out of it. These homes have what people want; one-level homes with a lowmaintenance yard, view, 3-car garage, preferably under $750,000 but up to $1M for the perfect home. We could sell hundreds of these if they were available! Our task is helping buyers prioritize; main-level living rather than one-level living, for instance. We have lists of buyers waiting for: Skyline view homes Waterfront homes with beach access Waterfront homes with a dock View homes with main level living Dock space or Moorage to purchase (50' and over) One level homes Is this the right time for you to cash out and simplify? Call or text if you are wondering how much your home has appreciated.
Selling businesses sooner because of accelerated consolidation in the markets and the desire to avoid increasing taxes. Trying something completely new: a new area to live in, pursuing a hobby, etc. Gifting heirs while still alive enables Boomers to see the benefit of their estate to their loved ones.
If you are ready to downsize and don't know where to start, please contact us. We will be happy to go over the specifics and help you with the process. 2
2 20 02 22 2 C CO OL LO OR R O OF F T TH HE E Y YE EA AR R
For the 2022 Pantone color of the year, global color authority Pantone has, for the first time ever, created a brand new shade: Very Peri, a vibrant periwinkle blue with violet-red undertones. It's the first time the company has manufactured a color. "It was really important for us to come up with a new color because we have a very new vision of the world now," said Pantone Color Institute's Executive Director Leatrice Eiseman.
Manny & Belle's
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It is often said that creativity is a by-product of adversity, and it may play an essential role in how we cope with difficult times. Pantone wants to convey this message to everyone. It is in our lowest moments as individuals, that we can create bigger and better things. The pandemic has been hard for everyone this past two years. Now it is time to move on, create new things, and thrive in this "new world." May 2022 bring you happiness and strength wrapped in blue and purple hues :)
Estate Planning for Pets Our pets are more than pets, they are part of the family! Have you ever thought about what will happen to your pet when you die? Is there anything you can do to make sure that your pet will be well taken care of? The best way to make sure your wishes are fulfilled is by making formal arrangements that specifically cover the care of your pet. Work with an attorney to draw up a special will, trust, or other documents to provide for the care and ownership of your pet as well as the money necessary to care for them.
When selecting caregivers, consider partners, adult children, parents, brothers, sisters, and friends who have met your pet and have a connection with each other. Also, name alternate caregivers in case your first choice becomes unable or unwilling to take your pet when the time comes. Be sure to discuss your expectations with them so they understand the enormous responsibility of caring for your pet. Remember, the new owner will have complete control over your pet's care, so make sure you choose a person you trust. Stay in touch with the designated caregiver and also the alternates. Over time, people's circumstances and priorities change, and you want to make sure that the arrangements you have made continue to hold. Planning for your pets is an integral part of your estate planning. Your pets can't take care of themselves, and they rely on you for everything. Be sure to give careful consideration as you think about the best way to provide for their lifetime care even after you are gone. 5
2021
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SELLER REPRESENTATION
If you are thinking of selling in 2022, we can make the process simple. You need someone to be there for you every step of the way. The earlier in the process that we partner with you, the easier the process will be for you.
Here are the listings that The Groesbeck Group sold in 2021. Some of these sellers took advantage of the Compass Concierge program where Compass fronts the cost of prepping your home for the market from cleaning and storage to even a new roof and movers! Contact us today for a complimentary, no-obligation, and confidential consultation.
15646 Sneeoosh Rd 4844 G Loop Rd 14869 Gibralter Rd 14114 Ervine Rd 13600 SE 58th Pl 4210 Osprey Ln 865 Kalispell Dr 4095 San Juan Blvd 415 5th St 4203 Mitchell Dr 719 W Ave 4913 Dundee Dr 4804 Schooner Dr 1619 6th St 4303 Marine Crest Pl 3414 W 7th Pl 3970 Bay Lane 1316 10th St 2001 Skyline Wy#205 9928 Seacrest Ln 1822 SW Aberdeen Ct 1314 35th St 1401 K Ave 2401 29th St 6153 Parkside
La Conner Bow Anacortes Anacortes Bellevue Anacortes La Conner Anacortes Anacortes Anacortes Anacortes Anacortes Anacortes Anacortes Anacortes Anacortes Anacortes Anacortes Anacortes Bow Oak Harbor Anacortes Anacortes Anacortes Anacortes
$2,800,000 $2,300,000 $1,710,000 $1,680,000 $1,660,000 $1,550,000 $1,300,000 $1,275,000 $1,250,000 $1,250,000 $1,200,000 $1,150,000 $967,000 $940,000 $935,000 $930,000 $866,000 $751,000 $680,000 $675,000 $665,000 $640,000 $600,000 $595,000 $587,000
6973 State Rte 20 1117 17th St 3202 Field Ave 7438 Pressentin Ranch 2775 Maple Tree Ln 0000 Spencer Rd 14820 Taggart Quarry 600 Northshore Dr 2215 29th St 1414 20th St 2205 14th St 1800 Skyline Wy #306 8642 S Marchs Point 2001 Skyline Wy #202 2058 Ashley Lp 7422 Decatur Pl 1106 4th St 795 Shelter Bay Dr 3335 Cougar Ln 1909 Skyline Wy #G 3700 Alabama #222 0000 Island View Dr 1910 Kansas Ave
Scan to learn more about the Compass Concierge Program
Anacortes Anacortes Anacortes Concrete Camano Island Blakely Island Anacortes Bellingham Anacortes Anacortes Bellingham Anacortes Anacortes Anacortes Langley Anacortes Anacortes La Conner Oak Harbor Anacortes Bellingham Anacortes Anacortes
$575,000 $558,500 $550,000 $540,000 $515,473 $506,441 $500,000 $500,000 $495,000 $493,000 $475,000 $455,000 $425,000 $425,000 $418,000 $410,000 $400,000 $390,000 $375,000 $335,000 $300,000 $270,000 $190,000
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2021
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BUYER REPRESENTATION
Skagit, Island, San Juan, and Whatcom Counties! We go wherever we need to you find your dream property. Here are the properties THE GROESBECK GROUP helped clients purchase in 2021.
4844 G Loop 11220 Peace Cliff Ln 16154 Sneeoosh Rd 1059 Chesley Park 2403 Antone Way 2364 Strawberry Point 639 Hunters Pointe 4303 Marine Crest Pl 1139 York Place 1200 NE Leisure St 4608 Queen Ann Wy 2125 Virginia Ave 3702 W 8th St 4422 Glasgow Wy 4202 Blue Heron Cir 4934 Portalis Wy 874 Vista Dr 0000 Chuckanut Ridge 4214 Blue Heron Cir 2981 SW Crestwood Dr 3715 Commercial Ave 13395 Gibralter Rd 4013 M Ave 313 Center St
Our Team Jean Groesbeck 360.941.3734 Jean@JeanGroesbeck.com
Bow Anacortes La Conner Sedro Woolley Anacortes Oak Harbor Bellingham Anacortes Camano Island Coupeville Anacortes Everett Anacortes Anacortes Anacortes Anacortes Camano Island Bow Anacortes Oak Harbor Anacortes Anacortes Anacortes La Conner
$2,300,000 $1,800,000 $1,740,000 $1,350,000 $1,250,000 $1,210,000 $1,080,000 $935,000 $800,000 $849,999 $825,000 $735,000 $735,000 $720,000 $703,550 $695,000 $675,000 $675,000 $650,000 $614,950 $608,000 $602,500 $600,400 $542,500
1604 36th St 0000 Spencer Rd 1409 Kathleen Dr 14820 Taggart Quarry 1110 11th St 2205 14th St 1950 SW Sunnyside Ave 1800 Skyline Wy #306 12569 Wedgewood Dr 4114 Kingsway 20188 Gina Marie Ln 1597 NW 5th Ave 7422 Decatur Pl 985 Carl Ave 1909 Skyline Wy # G 5104 MacBeth 4032 San Juan Blvd 3804 Marine Heights 685 NW Atalanta #2 560 Bella 4204 S Camano 2415 T Ave #D31
Anacortes Blakely Island Oak Harbor Anacortes Anacortes Anacortes Oak harbor Anacortes Burlington Anacortes Burlington Oak Harbor Anacortes Oak Harbor Anacortes Anacortes Anacortes Anacortes Oak Harbor Sedro Woolley Camano Island Anacortes
$517,100 $506,441 $510,000 $500,000 $496,000 $475,000 $465,000 $455,000 $450,000 $445,500 $425,000 $421,100 $410,000 $350,000 $335,000 $290,000 $289,000 $270,000 $250,000 $200,000 $225,000 $101,000
Scan here to read our team reviews
Taby Perron 360.553.0715 Taby@JeanGroesbeck.com
Eileen Hebert 360.770.7090 iloveanacortes@gmail.com
Summer Heaton 360.540.7716 summer.heaton@compass.com
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809 7th St Anacortes, WA 98221 360-899-5027 Info@JeanGroesbeck.com THEGROESBECKGROUP.COM AnacortesRealEstateGuide.com
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The last 18 months dramatically changed what younger, non-Boomer Buyers are looking for in a home. Recently, the American Institute of Architects released their AIA Home Design Trends Survey results for Q3 2021. The results were not surprising and mirror what buyers have been telling us: 70% of respondents want more outdoor living space 69% of respondents want a home office (48% wanted multiple offices) 46% of respondents want a multi-function room/flexible space 42% of respondents want an au pair/in-law suite 39% of respondents want an exercise room/yoga space Some homeowners are renovating, and some are choosing to incorporate those amenities when selecting a home in a new area. There have been a shift in the amenities that buyers in the workforce want, but now it appears there is a brief holding pattern while employers and employees are trying to figure out what the new work-life routine will be.
Start Your Real Estate Journey Eileen Hebert
Jean Groesbeck
Taby Perron
Summer Heaton