2022 First Quarter- Pricing Statistics will impact Divorce Cases in Skagit, Whatcom, Island and Snohomish counties in Washington State

 

I find myself telling all the Family Law Attorneys I work with that "You are not imagining things if you’ve noticed an increase in real estate pricing for equity buyouts in your cases".

I hope your transition to life in 2022 has been smooth so far.

As far as the real estate market goes, it continues to be not so smooth. I want to keep you updated on some of the projections for change this year — some of which will impact the options available to your clients when deciding whether to sell their house or refinance. The following are national trends. Below that are local metrics I’ve put together so you can gauge the climate of our local market.

• Prices are expected to remain high in 2022. Fannie Mae expects prices to increase 7.6%. If your clients need to sell, they’ll likely have a strong upper hand.
• Home inventory is at an all-time low, and rents continue to rise. Fortune recently reported that “the housing shortage has forced many potential buyers to move into rental properties as they look for their next home [...] That option, however, is becoming increasingly expensive.”
• Mortgage rates are increasing — rates have already risen to 3.55% this year from 2.65% a year ago. That means two things: 1) The refinancing boom is fizzling quickly, and 2) The hike in interest rates further erodes affordability (a 1% change in interest rate has the same impact as a 10% change in mortgage payment).

 Local Trend in Prices: 

Currently, our first quarter (Q1) market is seeing an upward trend.

Skagit: Quarter 1 2021: Avg Price 527,320 -vs-  Quarter 1 2022: Avg Price $600,401 (Percentage Chg +14%)

Whatcom: Quarter 1 2021: Avg Price $543,289 -vs- Quarter 1 2022: Avg Price $590,058 (Percentage Chg +9%)

Island:  Quarter 1 2021: Avg Price $573,362 -vs-  Quarter 1 2022: Avg Price $665,984 (Percentage Chg +15%)

Snohomish:  Quarter 1 2021: Avg Price $668,103 -vs-  Quarter 1 2022: Avg Price $768,482 (Percentage Chg +15%)

Pricing Note: House values can fluctuate through the seasons. Spring is a different market than the Fall; mid-Summer looks much different from the end of the year. So in order to get an accurate reading as to whether or not prices have fallen or risen, we use the “year over year” barometer. 

Local Days on Market:

County, Quarter 1, 2021/ DOM (Days on Market) -vs- Quarter 1, 2022/ (DOM (Days on Market)

Skagit: Quarter 1 2021: DOM 21 -vs- Quarter 1 2022: DOM 32 (Percentage Change +52%)

Whatcom: Quarter 1 2021: DOM 30 -vs- Quarter 1 2022: DOM 22 (Percentage Change -36%)

Island: Quarter 1 2021: DOM 22 -vs- Quarter 1 2022: DOM 23 (Percentage Change +05%)

Snohomish: Quarter 1 2021: DOM 15 -vs- Quarter 1 2022: DOM 16 (Percentage Change +05%)

Days on Market (“DOM”) Note: This metric will tell us how long it takes for homes to sell. This number is largely driven by supply and demand. An uptick in interest rates can cause DOM to increase; a drop in unemployment can cause DOM to decrease. All sorts of economic factors can affect this number, and ultimately, DOM affects pricing. When there are low days on market, prices go up; when DOM increase, prices usually go down but in this current market the prices are continuing to rise.. 

Market conditions are constantly fluctuating. If you would like a market analysis for your own knowledge or for a specific case, feel free to contact me . As a CDRE™, Certified Divorce Real Estate Expert I am a helpful resource.

As always, keep my attorney document portal handy, should you need title documents or property values: https://ilumniinstitute.com/jsemanko/.

HUD Homes are great for First Time Buyers

A lot of real estate brokers discourage their clients from buying bank owned  and HUD homes. There is a misconception that the best buyers for every bank owned or HUD home is a professional buyer aka investor.  There are some great opportunities for owner-occupant buyers if they understand the process.  For many brokers, accepting that the process for representing a buyer on a bank owned or HUD home is different and choosing to master it, is a great way to expand the inventory they will have available to show their buyers. If you are a Washington State Real Estate Broker or would like to find out more about buying a HUD Home you may like to attend a zoom HUD Home Buyer's Training for Home Owners or Agents.

I have been a HUD listing broker since 2014 and have successfully sold over 150 as-is bank owned and HUD Homes. To see all the HUD Homes currently For Sale in Washington State you can contact directly.

Helpful websites: www.PEMCO-Limited.com or www.HUDHomestore.com 

Great HUD Home For Sale Langley WA./Whidbey Island

Conflict, Sorrow & Surprises when Selling the Home during Divorce Proceedings.

I have experienced all kinds of surprises while selling homes, specifically distressed properties and Foreclosures.  These experiences have become very helpful as I have pursued my "Divorce Real Estate Expert" credentials in the beautiful Skagit Valley.

I'll be posting some great real life situations involving selling your home in a divorce. Turns out it's not as easy as just selling and splitting the difference.  Most people don't have the funds to hire attorney's during the divorce proceedings.

I'm happy I've been able to help navigate the process of understanding how to use properly help both parties with  no bias to get the house sold so they can move on with their lives.  I received this case study recently. As I continue to increase my credentials to better serve the Family Law Attorneys in Skagit County studying real life scenarios like this help me serve the divorcing parties better.

There's nothing simple about a divorce. It involves more than most people ever imagined.  I'm fair and neutral in the process while working through mediation, collaboration and trials. This makes it possible for everyone to maximize the sale proceeds while satisfying the court order to get the house sold.

A Unique & Common Scenario showing the impact of a unique legal issue called transmutation that can complicate community property proceeding even more.
I'm sharing this with permission from DREI

"Three’s a Crowd in Marriage & Divorce
Your “standard” divorce is already complex. Lives are starting new phases, and finances are starting to get untangled. Diving into who is on title and who is on mortgages is a central part of resetting and moving to the next stage.

Sound simple? When you’re lucky, it can be. However, in many cases, a plethora of variables come into play that further confuse the issue. Often, people other than the married couple end up as partial owners of the house. This can be because someone needed a co-borrower to make enough money, or because credit scores weren’t high enough. Additionally, inheritances (with siblings or others) and investment properties can lead to a complicated situation.

And to further complicate things, there’s a legal issue called transmutation. In family law transmutation can mean changing separate property to Community / Marital Property, or Community / Marital Property to separate property, or any variation of how property is held to a different form of how property is now being held. And it can be done in a number of complicated ways. This can happen via a number of potential factors, including commingling of funds, who pays the mortgage, and who has lived where. It’s a gray area that leaves room for the court to decide.

Here’s a recent example of a case that was impacted by transmutation—the names have been changed to protect the divorcing.

Don and Liz Rivera were a married couple. When Don needed a business loan to start his new company, his brother Scott deeded him onto his house—one he’d owned for a decade. This gave Don the collateral needed to start the business.

Fast forward years later, and the marriage of Don and Liz was falling apart. Liz filed for divorce, and she claimed an interest in Scott’s house. That surprised Don and Scott—Liz was nowhere on the title. Even so, the court ruled that because of several factors, she was entitled to some of the property. They ruled she was due one-third of the value that the house had gained from the time that Don was added to the deed.

Every state is different, but no matter what, you have to be careful when you add anyone—even a best friend or family member—to a deed. You could be creating entanglement and opportunities for transmutation in ways you didn’t expect.

It is best to seek legal counsel before transferring title to property, especially when married or divorcing.

Copyright 2019 - Divorce Real Estate Institute"

1278 Fidalgo Place, Sedro Woolley, WA Presented by Joel Semanko.

Hi Everyone, come see this Great 3 bedroom, 1.75 Bath Single Level Home for sale $272,500 in Sedro Woolley WA.  We'll be hosting the Open House Sunday 03-11-18 from 1-3pm. Check this one out, it's priced right and move in ready.

9126 Hargreaves Place, Mukilteo, WA Presented by Joel Semanko.

9126 Hargreaves Place, Mukilteo WA 98275 Built by Cottage Werks  Open House Sunday 06-04-17 1-3pm "No home should ever be on any hill, it should be of the hill, belonging to it, so hill and house could live together, each the happier for the other." ~Frank Lloyd Wright "This Cottage Werks Design became the one I chose because the morning light to the east was inspirational. The warm evening sun from the west was a perfect way to end the day. How could I cultivate and enjoy all of these attributes of the site? This house, a modern NW Contemporary Cottage, is how. It embraces the environment and the concepts of openness and livability." ~Chris Chase, Cottage Werks Main level kitchen, dining & great room design makes the perfect gathering place. This home has "Anderson E® Series" windows. All windows open and have screens. The Low Voltage Electric in-floor heating systems under all the Slate & tile floors generate an even heat throughout your home and will not disturb dust, reducing the chance of possible allergic reactions. They also reduce noise levels and the amount of dry air in your home. Conventional wall mounted heat panels are rated #1 in industry for convection type. Custom stained Alder Cabinets compliment the modern design & lines of this extraordinary space. Granite counter tops & bold design details are the perfect balance of elegance and functionality. Upstairs Bathroom modern layout, sinks, fixtures & finishes satisfy even the most discriminating taste. This unique Cottage Werks Design w/comfortable living finishes include stylish cooperation of: concrete, hardwood, quartz, stainless, pavers, tile, stone, glass & more! "The designing and building of the home was challenging and rewarding. I have never believed that a house is merely a financial investment or footage to be compared. A house needs to have soul, a sense of belonging and timelessness. The Hargreaves house is one of a kind that honors the land, sky & neighborhood." ~ Chris Chase, Cottage Werks

9126 Hargreaves Place, Mukilteo, WA Presented by Joel Semanko.

Mukilteo Washington's most popular homes on the Market has an Open House 05-07-17 1-3pm.  Come and see why this home is so popular in Mukilteo.  This is one of the most Unique A Cottage Werks Homes built in Mukilteo.

1219 32nd Street, Anacortes, WA Presented by Joel Semanko.

Rare Opportunity in Anacortes, A Great HUD Home for sale for $168,000.  This one's ready for Owner Occupier bids. Great HUD Homes & Foreclosures for Sale throughout Snohomish, Skagit, Whatcom & Island County including Stanwood, Oak Harbor, Anacortes, Burlington, Concrete, Mount Vernon & Sedro Woolley. Available for all Offers, Investors, Owner Occupant Home Buyer's, Non-Profit Organization & Government Agencies! This one is currently available in Anacortes WA Accepting Bids from Owner Occupier's  a Great Price! This home for sale is near Anacortes, Burlington, Sedro Woolley, Stanwood, Mount Vernon and La  Conner WA

Joel & Andrea Semanko start their Yard Farm Project in Mount Vernon WA, Skagit Valley

Joel & Andrea Semanko explain why they've added a new adventure in Agroforestry and  Permaculture to their lifestyle in the beautiful Skagit Valley!  They plan to help friends, neighbors and clients in their real estate company, Semanko Realty Group learn how to take any piece of land they have and grow food to help people.  Over the years they've helped many people buy and sell their homes and have discovered there's lots of people who traditionally plant decorative landscaping in their yards. Joel and Andrea recognize that their are lots of yards that don't grow food for the ecosystem around them including people & animals.  They will share their journey of transforming their yard in a local neighborhood in Mount Vernon WA with CCRs and HOA rules into a permaculture farm. It'll be providing simple food  and soil production that is easy, biodiverse, fun to watch and helpful to the environment and community. You are welcome to watch and contact them about their Yard Farm Project.  They can be seen all around the Skagit Valley biking,  boating, hiking or farming.

1980 Donna Dr, Coupeville, WA Presented by Joel Semanko.

Open House Sat. 02-11-17 11am-1pm. This one's ready for all bids, high or low in Coupeville WA, Island County. Great HUD Homes & Foreclosures for Sale throughout Snohomish, Skagit, Whatcom & Island County including Stanwood, Oak Harbor, Anacortes, Burlington, Concrete, Mount Vernon & Sedro Woolley. Available for all Offers, Investors, Owner Occupant Home Buyer's, Non-Profit Organization & Government Agencies! This one is currently available in Mount Vernon WA Accepting all Bids from Owner Occupier's & Investors at a Great Price! This home for sale is near Anacortes, Burlington, Sedro Woolley, Stanwood, Mount Vernon and La  Conner WA

833 Bennett Street, Sedro Woolley, WA Presented by Joel Semanko.

Great HUD Home and other Foreclosures for sale is now available in Sedro Woolley near Burlington and Mount Vernon WA & Skagit County for Under $120,000

1980 Donna Dr, Coupeville, WA Presented by Joel Semanko.

728 Tillamuk Drive, LaConner, WA Presented by Joel Semanko.

833 Bennett Street, Sedro Woolley, WA Presented by Joel Semanko.

This one's ready for all bids, high or low. Great HUD Homes & Foreclosures for Sale throughout Snohomish, Skagit, Whatcom & Island County including Stanwood, Oak Harbor, Anacortes, Burlington, Concrete, Mount Vernon & Sedro Woolley. Available for all Offers, Investors, Owner Occupant Home Buyer's, Non-Profit Organization & Government Agencies! This one is currently available in Sedro Woolley. Accepting all Bids from Owner Occupier's & Investors at a Great Price!

Why Sedro Woolley?
Welcome to Sedro-Woolley! Two towns that came together back in 1898, we are joined by more that just the hyphen.

We have a rich history in Sedro-Woolley based on the can-do spirit brought by hard working men and women as they forged their way in the great forests of this valley called Skagit.

15146 Sunset Ln, Mount Vernon, WA Presented by Joel Semanko.

Open House Saturday 01-07-17 10am-12pm, Great HUD Homes & Foreclosures for Sale throughout Snohomish, Skagit, Whatcom & Island County including Stanwood, Oak Harbor, Anacortes, Burlington, Concrete, Mount Vernon & Sedro Woolley. Available for all Offers, Investors, Owner Occupant Home Buyer's, Non-Profit Organization & Government Agencies! This one is currently available in Mount Vernon. Accepting all Bids from Owner Occupier's & Investors at a Great Price!

Why Mount Vernon WA?
Nestled between the San Juan Islands in the Puget Sound to the West and the Cascade Mountains with the scenic Cascade Loop drive to the East, and only 60 miles from Seattle or 90 miles from Vancouver, B.C., Mount Vernon is a great place to start your adventure in Skagit County.

This bountiful city, named 1997’s Best Small City in America, features an abundance of action, adventure, relaxation, and culture. Visit historic Downtown Mount Vernon for boutique and antique shopping and fine dining, or grab lunch at one of our great eateries and enjoy the day at Edgewater Park. Walk your dog or bike along the miles of paved trails, and use Mount Vernon as your base camp to take a whale-watching tour in the San Juan Islands, kayak the Skagit River, go eagle-watching in Concrete.

Whether you’re an outdoor enthusiast or a wine connoisseur, looking for a romantic getaway or a family vacation, Mount Vernon and the Skagit Valley have something for you!

Great HUD Home in Mount Vernon

Great HUD Home in Mount Vernon! Newer home in great location in Cedar Heights! Large 1740 sq ft home includes three bedrooms & 2 baths, including master bedroom w walk-in closet & ensuite bath w dual vanity! Features large, bonus area at entry w built-ins & columns! Great open concept living room/dining room to kitchen with vaulted ceiling, gas fireplace & ceiling fan. Eating bar & closet/pantry & lots of cupboards in large, nice kitchen. Fenced back yard with deck off rear. Close to everything!

Amazing Water Views and Home in Mukilteo/Everett

Mukiteo/ Everett Amazing Views from all rooms/all levels -Olympic Mtns/ferry/Mt Baker/naval ships/Bay! Quality custom home by Cottage Werks. Modern NW Contemporary w/wide open kitchen/dining/living areas. Maple & radiant heated floors, maple cabinets, granite counters & Mstr Suite w/dressing rm. Specialty "soundproofing" insulation & windows. Hand dipped cedar shingle siding, Rinnai Insta-Hot on demand & motorized Hunter Douglas blinds. 5 min to Speedway/Boeing/Harborview Park & Everett. Custom Paver driveway/landscaping.

Investor Preview of Home in Burlington WA under $155,000 3Bedx2Bth

Your money goes further up North so if you are looking for an Investment Property with good Flip or Rental Potential check this out! 3 Bed-2 Bth 1793 Sqft $154,880 in Burlington WA, Skagit County 

Gorgeous House in The Parks at Mill Creek

Another Just Listed by Semanko Realty Group in The Parks at Mill Creek! $495,000 4 Bedrooms, 2.5 Baths! Beautiful is an Understatement.  Everything is done right!  Shown by Appointment Only! This one will not stay on the market long with this location and price!

How To Get Started List For Buying A HUD Home

How To Get Started List For Buying A HUD Home

Here are 10 great reasons to list your home during the holiday season.

I have found this to be true, I found out that the highest Closing's Month in 2014 in the MLS was February.  People are looking to buy homes before th end of the year right now.