Snohomish County is a HOT sellers market right now. Inventory has decreased which means home prices are going up. If you are thinking about selling or refinancing, do not delay. Typically, the market moves more towards a buyers market in the summer when most people are moving and selling their homes so time is of the utmost importance if you want to get the highest price for your home.
The graph above is the current inventory of homes on the market for Snohomish county. You can physically see the decrease in inventory over the past 3 months. In November, there was 3.5 months of inventory. Now, there is less than 2 months of inventory and in some areas of Snohomish county there is less than 30 days of inventory!
Due to the low inventory, when buyers do find a home on the market that suits their needs and goals they aren’t giving it up. On a few occasions we have seen buyers offer above the list price so that they don’t miss out on the home. Typically, the list price is set high because offers come in below list price and negotiations take place to come to a mutual agreement for the sale price. Currently, offers are coming in above the list price and homes are selling fast.
Another reason to sell or refinance is low interest rates. In September 2014 as the stock market dipped, rates began going back down and are currently at their lowest level in almost two years. This past November and December as the stock market recovered from the dip and reached new highs, rates stayed down mostly due to oil prices. If oil prices stay low, rates should stay down as well. As of today, the average rate for a 30 year fixed is 3.86%, much lower than it was a year ago, when it was 4.43%.