Life in Snohomish County & King County | Powered by Lisa Bender at SPIRE ONE Realty
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🚆 2 Snohomish infrastructure boosts & the best week to buy in 2023

🚆 2 Snohomish infrastructure boosts & the best week to buy in 2023

Check out what's happening in the Snohomish and Seattle area economy this week.

Lisa Bender
September 29, 2023

Happy Friday!

I hope all is well with you! If you're thinking that this week's newsletter looks a bit different, you're absolutely right. It hasn't gone to a spa or anything (I wish!), but it did get a little sprucing up!

Why the change, you ask? Well, we're always exploring ways to provide you with valuable information in the best way possible. It's like picking out the perfect wall color—sometimes it takes a few tries to find the right fit!

What's Changed:

Frequency: I’ll now be hitting your inbox 2x per month instead of every Friday.
Sleeker Design: Because life's too short for lackluster emails.
Enhanced Data Visuals: These graphs and charts bring the Snohomish and north King County markets to life—no 3D glasses needed.
Quality Content: Same dependable insights, but now they're wearing a tuxedo.

What Hasn't Changed:

Local Focus: Rest assured, we're still zeroed in on all things Sno-King County.
Authenticity: This isn't some generic leaflet. It's specially crafted for the discerning readers (that's you!) on my mailing list.
Me: Still here, still committed to keeping you informed about your local real estate landscape.

So there you have it. We've been experimenting with different formats, and we believe this one is a keeper!

As always, I'd love to hear your thoughts. Feedback makes the world go round—or at least it makes my newsletter better.

Now let’s dive into this shiny new newsletter!

This week on The Bender Buzz we’ve got lots of good news for Snohomish and the local economy.

Officials are investing in our transportation in ways that will help connect residents of all ages and demographics in the area.

I’ve also got great news for you if you’ve been waiting for the best time to buy a home. The best week to buy according to statistics is right around the corner!

Enjoy.

— Lisa

⚡️ Sound Transit approves opening portion of East Link Extension early

Driving the news: The Sound Transit Board has approved launching service between Bellevue and Redmond before the full East Link Extension is complete.

Link 2 Line is set to begin operations between South Bellevue and Redmond Technology stations in Spring 2024.

Details: Thirty cities, businesses, and organizations wrote a joint letter in support of opening the starter line.

A study found that 65% of people in Bellevue will be regular users of the system when it is fully open.

The board is now looking at other parts of the line and asking if they should be opened up early as well. Once complete, the East Link Extension will be 14 miles and include 10 new stations from Seattle to Redmond.

The 2 Line service is proposed to utilize two-car trains that operate every 10 minutes, spanning 16 hours daily. The final structure of this service will be determined as part of the 2024 Service Plan due in October.

Why it matters: The train service will cater to Eastside commuters, providing a dependable alternative that bypasses road traffic.

Additionally, it'll bridge connections to notable destinations like the Overlake Medical Center, Spring District, and BelRed vicinity.

The big picture: The East Link Extension is a key part of Sound Transit's long-term plan to expand light rail service throughout the Puget Sound region.

Opening this part of the extension early comes in light of significant construction delays due to issues with the I-90 bridge.

Expert opinion: Claudia Balducci, Sound Transit Board Member: "When you look at it you think to yourself, why don't you put this to use? The tracks are there. The structure is there." Joe Fain, President and CEO of the Bellevue Chamber: "It's something that people really want."

What's next: Sound Transit collaborates with regional transit allies to align the 2 Line's launch with other spring service alterations.

Existing services, such as ST Express and King County Metro routes, are expected to persist until the 2 Line's completion in 2025.

The bottom line: The East Link light rail Starter Line is a significant step forward for Sound Transit and the Puget Sound region.

The starter line will provide light rail service to Eastside residents and businesses sooner than expected, and it is predicted to be popular with commuters.

🎥 Will A Pre-Inspection Before Selling Your Home Help or Hurt? Pros & Cons Revealed

Can doing a pre-inspection hurt your chances of selling your home for top dollar? Check out this video where I explain how you can leverage a pre-inspection to your advantage and also some scenarios where you shouldn’t have one.

🚙 $250K in federal money to boost transit in east Snohomish County

Driving the news: Snohomish County is expanding transportation options with the help of a $250,000 federal grant.

Details: The program is designed to help elderly, disabled, and low-income residents have better access to transportation.

The grant money will be used to buy a new bus and hire a driver for Homage's Transportation Assistance Program, which provides door-to-door service in the eastern reaches of the county.

Why it matters: The new service will help fill the gaps in public transportation, which is limited in many rural areas of Snohomish County. This will make it easier for residents to access essential services, such as medical care and groceries.

The big picture: The grant is part of a larger effort to improve transportation access for underserved populations in Snohomish County. The county is also working to expand broadband and cell service in rural areas.

What's next: Homage plans to launch the new service in early 2024. The organization is also working to secure additional funding to expand the program to other parts of the county.

The bottom line: The expansion of Homage's Transportation Assistance Program is a positive step for Snohomish County.

It will help ensure that all residents have access to the transportation they need to live healthy and productive lives.

⏰ The best week to buy in 2023 is around the corner

Driving the news: Realtor.com has released its fifth annual Best Time to Buy Report, identifying the week of October 1–7 as the best window of opportunity for buyers in 2023.

Details: The first week of October is expected to see a combination of market factors that will make it the most optimal time to buy this year.

This includes an increase in home listings, less competition, more time to decide on a purchase, and lower home prices.

By the numbers:

Home listings are expected to increase by 11.7% during the week of October 1–7, compared to the average week.
Competition for available listings is expected to drop by 18.7%, compared to the peak 2023 buying periods.
Homes are expected to spend an extra week on the market, giving buyers more time to consider their options.
Historically, the best week for buyers has brought an 18.9% increase in new listings compared to the start of the year.

Why it matters: The housing market has been competitive and expensive in 2023, so this small shift in the market is great news for anyone searching for a home.

The bottom line: The housing market is starting to cool slightly, and the first week of October may be the best time to buy a home in 2023. There are more listings to choose from, less competition, and more time to make a decision.

However, it's important to keep in mind that mortgage rates are still high.

📊 Our Current Local Market Data

Despite high-interest rates, the market is still hot because inventory is currently so low. Many people are hesitant to sell and lose the ultra-low interest rate that they secured in 2021 or 2022.

The median sale price of a home in Snohomish County was $700K last month, up 1.7% since last year.
The median sale price per square foot in Snohomish County is $393, up 2.1% since last year.

If you want to buy a home in this market, you’ll need a solid strategy for searching and making strong offers. When you do find a home you like, you should be prepared to move quickly.

I’m staying on top of the market daily and there are even financing options that can help you purchase at a lower rate.

If you ever have questions, don’t hesitate to ask.