Happy Friday!

This week on The Bender Buzz we have some exciting things happening all around Snohomish County.

We’ve got a new proposed budget for 2024 and a new mental health hospital in the works to accommodate our growing population.

We’re also talking about how 8% interest rates will impact the housing market.

Enjoy.

— Lisa

💰 $1.6 billion budget proposed for Snohomish County

Driving the news: Snohomish County Executive Dave Somers has proposed a $1.6 billion budget for 2024, an increase from 2023's $1.5 billion budget.

The budget focuses on improving public safety, saving lives by helping vulnerable residents, preserving and protecting natural resources, and ensuring the county grows wisely.

Details: The budget includes an 18% pay increase for corrections deputies, a new river management fund, and increased funding for health and human services.

The county is also planning to continue investing in parks and recreation, and to remove fish-blocking culverts.

By the numbers:

• $1.6 billion: total proposed budget for 2024
  

• 75%: percentage of the general fund that will be used for public safety and justice agencies
  

• $22.9 million: increase in funding for human services
  

• $3,390: proposed funding for river management
  

• $1.6 million: proposed funding for park mitigation

Why it matters: The budget reflects Snohomish County's commitment to providing essential services to its residents, while also investing in the future.

The county is facing challenges such as drug addiction and homelessness, but the budget shows that officials are taking these issues seriously and are committed to finding solutions.

The big picture: The 2024 budget is part of a larger effort to make Snohomish County a more livable and sustainable community.

Between the lines: The budget reflects the challenges that Snohomish County is facing, such as a growing population and a tight budget.

What's next: The County Council is in its process of deliberations and public hearings on the budget. The budget is usually approved by the end of November.

The bottom line: The final 2024 budget will be instrumental in helping Snohomish County continue to serve its residents well.

🎥 Best Seattle Suburbs Battle: Where to Live? Chime in... Bothell vs Mill Creek Washington

Which Seattle suburb is the best fit for your budget and lifestyle? I break down all of the differences between Bothell and Mill Creek in this video so that you can decide which one makes the most sense for your home search.

🏥 New behavioral health treatment center in Everett breaks ground

Driving the news: A new mental health treatment center is being built in Everett, Washington that will double the number of beds available in the city from 16 to 32.

Half of the beds will be for involuntary commitments.

Details: The new center will be a 72,000-square-foot facility that will replace a 103-year-old building that was designed as a nursing home.

The new center is expected to treat 1,500 people per year.

Why it matters: The new center will help to address the surge in mental health needs in Snohomish County, where there is a shortage of beds for people with mental health and substance abuse issues.

The center will also help to take pressure off of police, jails, and emergency rooms.

The big picture: The new center is part of a larger plan by Compass Health to expand mental health services in Snohomish County. The plan also includes the construction of 82 supportive housing units and a primary care clinic.

By the numbers:

• 462 additional mental health crisis beds were needed statewide in Washington in 2018.

• Only about 100 more beds have been added since then.

• The new center in Everett will add 32 more beds.

What's next: The new center is expected to open in the spring of 2025.

The bottom line: The new mental health treatment center in Everett is a positive step towards addressing the mental health needs of Snohomish County.

🏠 What 8% interest rates mean for the housing market

Driving the news: Average mortgage rates have soared to 8%, a pinnacle we haven't seen since 2000.

This unprecedented rise is shaping the housing market, and it's important to understand what this means for potential homeowners.

Details:

• 30-year fixed-rate mortgages: The rate stands at an average of 8.00%
  

• 15-year fixed-rate mortgages: These have reached an average of 7.15%

Why it matters: With rates at a two-decade high, the affordability of homes is plunging. Mortgage applications are now at their lowest in years because interest rates have made monthly payments on loans too high for people to move to new homes or purchase their first one.

The big picture: Mortgage rates have been increased 11 times since March of 2022 by the Federal Reserve in an effort to slow inflation.

While not directly controlled by the central bank, mortgage rates are closely influenced by these decisions.

Between the lines: Despite the present challenges, experts hint that there’s a possibility for mortgage rates to experience a minor dip before year-end, provided inflation shows a consistent decline.

What’s next: The direction of the housing and mortgage markets will greatly depend on the Federal Reserve's decisions in the upcoming months.

Fannie Mae's forecast suggests that by year-end, the 30-year fixed mortgage rate could settle at around 7.3%.

Advice for buyers: Many people are only moving if they have to in this market. If you're one of these people, you should shop around to find personalized mortgage rates.

Your specific rate will depend on your credit score, your down payment amount, debt-to-income ratio, and loan-to-value ratio.

You can also work on improving your credit score and saving more for your down payment to help with these factors.

Looking at the total cost of your potential loan from several lenders will help you compare the best options for your specific situation.

The bottom line: The housing market is in a state of flux, with mortgage rates taking center stage.

For potential homebuyers, it's crucial to evaluate personal financial positions and stay updated with the market's changing dynamics.

📊 Our Current Local Market Data

The real estate market in Snohomish County, WA is currently cooling off with the fall weather. However, interest rates and lack of inventory have us locked into a seller’s market for the foreseeable future.

If you want to buy a home in this market, you’ll need a solid strategy for searching and making strong offers. Your home search could take a while, but you’ll have to move quickly when you find a home you like.

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.

📰 In Other News…

• Washington minimum wage to top $16 an hour next year
  

• The Sidewalk Along the SR 525 Bridge at the Mukilteo Ferry Dock is Getting Wider
  

• Seattle to Restart Downtown Tourism With $5 Million Budget Boost

That’s all for today, I hope you have an amazing week!

If there’s ever anything you need:

➡️ a custom market or home value report

➡️ a home services list for a reliable contractor or services professional

➡️ feedback or a professional opinion on a home project

Just let me know! I’m here to help with all your home needs.

Talk soon,

Lisa Bender

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