General Market Info • April 30, 2018

Why we are NOT headed toward another housing bubble

by Brian Hayter

Double-digit price appreciation has taken place for over 3 years now, so prices are up. Way up. In fact, in just the last year we have seen prices rise 14% year-over-year. When talking with people about our real estate market, the conversation often involves the question, “are we headed toward a bubble?” I get asked this question often, and I can understand why. With the Great Recession not too far back in our rear-view mirror, the fear that surrounds the bottom dropping out in our home values is real. The large price gains might seem familiar to the gains of the previous up market of 2004-2007, but the environment is much different, and that is why we are not headed toward a housing collapse.

Lending Requirements & Down Payments
Previous lending practices allowed people to get into homes with high debt-to-income ratios, low credit scores, risky loan programs, and undocumented incomes. They called this sub-prime lending. This led to the housing bubble bursting 10 years ago – because people received mortgages they were not equipped to handle. Borrowers were not properly qualified for their monthly payments, and with minimal down payments they had no skin in the game. There were also a ton of adjustable rate mortgages and interest-only loans, which created negative equity positions. In July 2007, the sub-prime loan products disappeared and literally became history overnight. This eliminated a large part of the buyer pool creating over supply, not to mention the foreclosures that followed due to these ill-equipped homeowners walking away. The combination of these two factors caused prices to plummet.

Conversely, in March of this year, the average credit score for an approved conventional loan according to Ellie Mae was 752. Banks are scrutinizing their borrowers much more thoroughly than in the past. Credit scores are only the start; solid documentation of employment, assets, and debt are all passed through strict underwriting standards before closing. During the days of sub-prime lending, banks were funding loans with scores as low as 560! This, coupled with many zero-down loan programs and the risky terms mentioned above, left many new homeowners with little to no equity. When you have little or no equity it is very easy to bail.

In addition to heartier credit scores, down payments have increased significantly. According to Attom Data Solutions the average down payment is 18%. To put this in perspective, the median price in Seattle Metro in the first quarter of 2018 was $775,000. 18% of that is $139,500! There is a marked difference in the connection to one’s investment with such a large amount on the line versus the common 0% down loans of the sub-prime era. When people have high equity levels they are not likely to abandon their home or miss payments.

Our Thriving Local Economy, Job Creation & Californians
According to Matthew Gardner, Windermere’s Chief Economist, it is forecasted that there will be 46,000 more jobs in the Seattle Metro area in 2018. This has created high numbers of residual migration into our area from other states. In 2016 there were 50,000 people that moved here, and 47,000 in 2017. Many of these new Washingtonians are former Californians, specifically from the Bay Area. Unbelievably, our prices are attractive to this group, as they can take a similar tech job here and make the same income with a lower cost of living. If untethered and up for a move, it’s a no-brainer.

The most influential factor that has led the run on prices has been low inventory levels coupled with high housing demand. It’s simply the concept of supply and demand. The growth of companies like Amazon, Google, and Facebook in our area has created increased demand, especially for homes closer to job centers resulting in shorter commutes. When you have increased demand and not enough homes to absorb the buyers, prices go up. Over the last three years we have easily seen a 10%+ increase in prices year-over-year. That is above the norm, and will slow down once inventory increases. That slowdown will be welcomed and it will not be a collapse in values or a bubble bursting.

Interest Rates
Interest rates are increasing, and it is predicted they will reach close to 4.95% by the end of the year. This will naturally curtail price growth because it will not be as cheap to borrow money, which will cause buyers to temper their pricing ceilings. Bear in mind, that an interest rate of 4.95% is still historically low, we’ve just been incredibly fortunate to be able to secure long term loans with minimal debt service. The average interest rate over the last 30 years is 7%.

I understand that the recent increase in home prices has been big and that it might remind you of the previous up market before the crash. I hope that digging into the topics above has shed some light on how it is different. I always welcome the opportunity to have a conversation about these hot topics and discern how they relate to you. As always, it is my goal to help keep my clients informed and empower strong decisions. Please let me know if I can answer any questions or help you or anyone you know with their real estate needs.

Community Info • April 27, 2018

North Snohomish County Quarterly Market Trends

by Brian Hayter

It is the time of year when our market starts to take off. Spring is here and we are starting to see seasonal increases in inventory. In fact, there was a 54% increase in new listings in March compared to February. That increase was matched by a 50% rise in pending sales, illustrating very strong demand for housing in your area. Last month, the average list-to-sale price ratio was 100%, and average days on market was 35 days. We ended the quarter with 0.7 months of inventory – the lowest level yet. More inventory would be absorbed by happy buyers looking for more selection and would help temper price growth, which is up 12% year-over-year.

North Snohomish County is one of the most affordable markets in the area. In fact, the median price in March was 28% higher in south Snohomish County. Buyers are migrating to the area, especially if they don’t have to commute into the city. Sellers are enjoying amazing returns due to this phenomenon, and buyers are securing mortgages with minor debt service due to low interest rates. This is a very strong seller’s market, but buyers who are securing a home are already enjoying appreciation in equity.

This is only a snapshot of the trends in north Snohomish County; please contact me if you would like further explanation of how the latest trends relate to you.

Local Market Analysis • April 24, 2018

Seattle Metro Quarterly Market Trends

by Brian Hayter

It is the time of year when our market starts to take off. Spring is here and we are starting to see seasonal increases in inventory. In fact, there was a 69% increase in new listings in March compared to February. That increase was followed by a 48% rise in pending sales, illustrating very strong demand for housing in your area. Last month, the average list-to- sale price ratio (the amount the sale price topped the list price) was 105%, indicating that multiple offers were the norm. We ended the quarter with 0.6 months of inventory based on pending sales. More inventory would be absorbed by happy buyers looking for more selection and would help temper price growth, which is up 16% year-over- year.

Seattle Metro real estate has a very high premium due to close-in commute times and vibrant neighborhoods. In fact, the median price in March was $800,000, up 5% from the month prior! Sellers are enjoying amazing returns due to this phenomenon, and buyers are securing mortgages with minor debt service due to low interest rates. This is a very strong seller’s market, but buyers who are securing a home are already enjoying appreciation in equity.

This is only a snapshot of the trends in the Seattle Metro area; please contact me if you would like further explanation of how the latest trends relate to you.

Community Info • March 27, 2018

Free Shred Event!

by Brian Hayter

General Market Info • March 26, 2018

Cost Vs. Value

by Brian Hayter

I am commonly asked which improvements sellers should make to get the greatest return on their home sale. Every year The Remodeling 2018 Cost vs. Value Report (www.costvsvalue.com) compiles all the information and analyzes the estimated percentage return on home improvements in each region. Getting a home prepared for market requires a keen eye and great resources. To access the entire Cost vs. Value report please visit www.costvsvalue.com and follow the steps to locate the Seattle area report.

Also, I have a great list of reputable contractors from HVAC to plumbing to roofing who are licensed and bonded in the State of Washington. Please call on me whenever you need a solid recommendation. I am happy to help whether you are getting your home ready for market or just want to find a good window washer now that the sun is starting to shine a little more.

Complete data from the Remodeling 2018 Cost vs. Value Report can be downloaded free at www.costvsvalue.com

Local Market Analysis • March 1, 2018

A Love Letter To Buyers

by Brian Hayter

I hope your Valentine’s Day was a sweet one, but it got me thinking. I am often sharing with you the advantages of this market for home sellers, which is unbelievably positive. With that said, I thought I’d take some time to give the potential buyers in our marketplace some love, hope, and of course, data!

Dear Greater Seattle Home Buyer,

Let’s just be up front: buying a home in today’s market is not easy. Quite frankly, it can be a wild roller coaster ride with twists and turns; but remember, folks pay a lot of money and stand in long lines for roller coaster rides. Imagine the excited pit in your stomach as the cart clicks up to the highest point before you plunge down a steep drop, and the thrill of raising your hands up because you trust that you are going to be okay. These emotions also accurately reflect the feelings of today’s home buyer – it can be a wild ride! Let’s also note that many roller coaster riders return to the back of the line right after getting off. Home ownership is also a good exercise to repeat and is often the investment that leads to the most built wealth in one’s life.

So how does one ensure that they are not the Nervous Nelly who stands in line for over an hour, finally makes it to the front to be strapped in to the cart, but who then chooses to bow out? The one that sits on the sidelines watching others throw up their hands with a thrill in their eye; the one with that tinge of regret as their friends rejoin them back on hallowed ground to recount their adventure. Wow, this is getting dramatic! Here are a few tips to follow that will ensure that one can find success securing a home in today’s market and get on the equity building train.

Waiting is Even More Expensive
In 2017, the year-over-year median price gains across our region were strong. In fact, here is a little break down.

North Snohomish County:	$371,000	up 13%
South Snohomish County:	$508,000	up 14%
North King County:	$715,000	up 14%
Seattle Metro:	$710,000	up 15%
South King County:	$405,000	up 13%
Eastside:	$865,000	up 15%

The appreciation is for real and as each month ticks by, prices are going up. That is why it is incredibly important to have a plan and realistic expectations. In referring to the chart above, it is plain to see the affordability of each area. Buyers have had to get creative and honest with themselves regarding the city or neighborhood in which they land. Commute times are one of the biggest indicators of home cost. It is paramount to line your budget up with a realistic commute time and then dig in. Too often I’ve seen buyers tightly grip to the idea of an in-city commute, only to have it end up being a more suburban choice in the end. The months wasted trying to perform in a market that didn’t match their budget ended up costing them at least 1% a month, based on last year’s appreciation. Getting real saves time, money, and heartache.

Interest Rates are a’Rising
This aspect is actually one to pay very close attention to. We have been amazingly spoiled with historically low interest rates over the last five years. In fact, there is an entire generation of buyers who only know rates that have hovered from 3.5 – 4.5% – that is close to 3 points under the 30-year average! A good rule of thumb regarding interest rates, is that for each 1-point increase a buyer loses 10% of their buying power. That means that if you have a $500,000 budget and the rate goes up by a point, that you are now shopping for a $450,000 house if you want the same payment. Note, that shift does not take appreciation into consideration. Today’s rates have helped buyers bear the home prices in our area. It is predicted that rates will rise in 2018 by .5 to 1%.

Rents are High and Don’t Build Wealth
Seattle is now the 5th most expensive city to rent in the country according to the US Census Bureau. With rising rental rates, still historically low interest rates, and home prices on the rise, the advantage of buying versus renting has become clear for folks who have a down payment saved, good debt-to-income ratios and strong credit. Currently, the breakeven horizon (the amount of time you need to own your home in order for owning to be a superior financial decision vs. renting) in the Greater Seattle area is 1.6 years according to Zillow research.

Partner with a Broker Who Will Get the Job Done
A broker that has a process is key! It starts with an initial buyer consultation. I liken the buyer consultation to the seat belt you would wear on the roller coaster ride. When you go to the Dr. they start with your intake, check your vitals, ask questions, etc. The buyer consultation aims to unearth a buyer’s goals, research the areas they are interested in, address financing, and illustrate the challenges of the environment, so one can be successful. Time is money, and this consultation brings clarity, efficiency and trust. This upfront education coupled with a high level of communication and availability is paramount. The depth of the relationship will lead to success, and is the ingredient that enables a buyer to throw up their hands and take the thrilling plunge. It is hard to do that without a seat belt!

Get Your Finances in Order
Aligning with a trusted real estate professional is key, but so is aligning with a reputable and responsive mortgage lender. Getting pre-approved is the minimum, but getting pre-underwritten is a game changer. Finding a lender that is willing to put in the work up-front to vet credit, income, savings, debt, and all other financial indicators will lead to being pre-underwritten, which listing agents and sellers appreciate! Also, be aware that you do not always need to have a huge down payment to make a purchase work. Employment, assets, credit, and what you have saved all work into your ability to acquire a loan. I have seen plenty of people secure a home with 3-5% down. Education and awareness create clarity, and investing into understanding your financial footing equals empowered and more efficient decisions. Note that I mentioned “responsive”. This is a 24/7 market, and lenders who don’t work evenings and weekends can get in the way of a buyer securing a home. If you need a short list of lenders that fit this description, please contact me.

‘Tis the Season – Inventory is Coming
Have hope! This is the time of year where we see inventory climb month over month. There will be more selection, but bear in mind it is also the time of year that the appreciation push happens. If you are feeling 75-80% in love with a home, it is one to act on. You’re never going to “get it all”, so a willingness to focus on priorities will pay off, because waiting will have an expense.

If you or someone you know is considering a purchase in today’s market, please contact me. It is my pleasure to take the time to educate, devise a plan, and help buyers find success in a challenging, yet advantageous market.

Local Market Analysis • February 8, 2018

Commute Times, Price Premiums: The Value of Location

by Brian Hayter

It is the time of year when I like to re-cap the price premiums in our area based on commute times. The price divide continued in 2017 between key market areas in the Greater Seattle area based on proximity to major job centers. These pricing premiums have cemented the drive-to-qualify market. Seattle proper has always been more expensive than its neighboring suburbs, but the most current prices illustrate the extreme value of a shorter commute.

In 2017, the average sales price for a single-family residential home in the Seattle Metro area was $801,000, up 14% from the year prior! In south Snohomish County (Everett to the King County line) the average sales price for a single-family residential home in 2017 was $543,000, up 12% from the year prior, however 48% less expensive than Seattle Metro.

Further, if you jump across Lake Washington to the Eastside, the average sales price in 2017 for a single-family residential home was $1,049,000, up 16% from the year prior and 31% more expensive than Seattle Metro! The Eastside has the infrastructure to support their own job centers, making it a second “Seattle”, with the benefit of newer and larger housing stock, which reflects the pricing. Many folks are living and working on the Eastside, or using the 520 toll bridge to jump over to Seattle.

In 2017, closed transactions were up 4% in south Snohomish County despite fewer new listings coming to market, which I think was driven by its affordability compared to Seattle and the Eastside. Snohomish County offers lower prices, larger houses and yards, new construction, lower taxes, strong school district options and longer, yet manageable commute times. Newer transit centers and telecommuting have also opened up doors to King County’s little brother to the north.

Another hot button that has continued to influence pricing is the future expansion of Light Rail and the locations of the planned stations. We have seen home values in these areas sell at a premium as consumers anticipate the shorter commute times the rail will bring. These neighborhoods are experiencing zoning changes now and the additional expansion is being phased in over the course of the next 15 years. There will be more multi-family and commercial development in these areas, creating more density to serve the public using these commuting services. This has created great appeal for homeowners that want to get in on the ease of nearby public transportation, and developers eager to be part of the infrastructure growth. Stations at Northgate, 145^th & 185th in Shoreline, Mountlake Terrace and Lynnwoodare all slated to open over the next 3-6 years.

No matter which neighborhood you are interested in learning about, in either King or Snohomish County, I am happy to provide a 2017 re-cap of that market. I work in both counties and understand each of their nuances. 2017 was another eventful year in real estate and we are looking for that to continue in 2018. With these strong market prices, we hope to see an increase in inventory levels, providing more options for buyers and allowing price growth to temper to sustainable levels. Check out the article below that touches on Matthew Gardner’s, Windermere’s Chief Economist, 2018 predictions for the national housing market. I attended his local forecast this week and if you’d like a copy of his presentation, outlining what he thinks is in store for our area, please email me. I’d be happy to forward it along and explain his findings. Here’s to a successful 2018!

General Market Info • Local Market Analysis • December 29, 2017

2018 Market Predictions

by Brian Hayter

At Windermere, we have the privilege of working with esteemed economist, Matthew Gardner. Throughout the year, I have shared his quarterly Gardner Reports which delineate out all the different housing markets in Western Washington and reports on price appreciation and sales data. Below is a recent article he wrote about predictions for the 2018 real estate market; which was picked up by several news sources, including Inman News.

As a bonus, I recently had the opportunity to chat with him and get some specific insights on the Greater Seattle real estate market for 2018 and have included those at the end of this article. 2018 looks to be another strong year in real estate. If you are curious about how the market might affect your bottom line, please contact me. It is my goal to help keep my clients informed, empower strong decisions and create exceptional results. Here’s to a very happy New Year!

What Can We Expect From the 2018 Housing Market?
by Matthew Gardner, Chief Economist, Windermere Real Estate

Millennial Home Buyers
Last year, I predicted that the big story for 2017 would be millennial home buyers and it appears I was a little too bullish. To date, first-time buyers have made up 34% of all home purchases this year – still below the 40% that is expected in a normalized market. Although they are buying, it is not across all regions of the country, but rather in less expensive markets such as North Dakota, Ohio, and Maryland.

For the coming year, I believe the number of millennial buyers will expand further and be one of the biggest influencers in the U.S. housing market. I also believe that they will begin buying in more expensive markets. That’s because millennials are getting older and further into their careers, enabling them to save more money and raise their credit profiles.

Existing Home Sales
As far as existing home sales are concerned, in 2018 we should expect a reasonable increase of 3.7% – or 5.62 million housing units. In many areas, demand will continue to exceed supply, but a slight increase in inventory will help take some heat off the market. Because of this, home prices are likely to rise but by a more modest 4.4%.

New Home Sales
New home sales in 2018 should rise by around 8% to 655,000 units, with prices increasing by 4.1%. While housing starts – and therefore sales – will rise next year, they will still remain well below the long-term average due to escalating land, labor, materials, and regulatory costs. I do hold out hope that home builders will be able to help meet the high demand we’re expecting from first-time buyers, but in many markets it’s very difficult for them to do so due to rising construction costs.

Interest Rates
Interest rates continue to baffle forecasters. The anticipated rise that many of us have been predicting for several years has yet to materialize. As it stands right now, my forecast for 2018 is for interest rates to rise modestly to an average of 4.4% for a conventional 30-year fixed-rate mortgage – still remarkably low when compared to historic averages.

Tax Reform
There are changes to the income tax structure that could potentially have a significant impact on homeowners and the housing market. The first is the mortgage interest rate deduction which will be capped at $750,000 – down from $1,000,000. In theory this can be considered a tax on wealthy households, but there have been nearly 100,000 home sales this year where the mortgage loan was over $750,000 (almost 4% of total sales), so the effect will be felt more broadly.

That said, this change will disproportionately affect high-cost markets in California, New York, and Hawaii, and to a somewhat lesser degree, it will also be felt in Seattle, and parts of Colorado and Arizona. The capping of the deduction for state and local property taxes (SALT) at $10,000 will also negatively impact states with high property taxes, such as California, New York, and New Hampshire.

The final tax bill also eliminates the deduction for interest on home equity loans which is currently allowed on loans up to $100,000. This is significant because it will largely affect the growing number of homeowners who are choosing to remodel their home rather than try to find a new home in supply-starved markets like Seattle.

While these measures will likely have a dampening effect on housing, I do not believe they will lead to a substantial drop in home values. However, there is a concern that it will lead to fewer home sales, as households choose to stay put so they can continue to take advantage of the current mortgage interest deduction. The result could be fewer listings, which could actually cause home prices to rise at above-average rates for a longer period of time.

Housing Bubble
I continue to be concerned about housing affordability. Home prices have been rising across much of the country at unsustainable rates, and although I still contend that we are not in “bubble” territory, it does represent a substantial impediment to the long-term health of the housing market. But if home price growth begins to taper, as I predict it will in 2018, that should provide some relief in many markets where there are concerns about a housing bubble.

In summary, along with slowing home price growth, there should be a modest improvement in the number of homes for sale in 2018, and the total home sales will be higher than 2017. First-time buyers will continue to play a substantial role in the nation’s housing market, but their influence may be limited depending on where the government lands on tax reform.

https://www.windermere.com/blogs/windermere/posts/1701
Gardner, Matthew. “What Can We Expect From The 2018 Housing Market?” Windermere Real Estate. Windermere.com, 8 December 2017. Web. 27 December 2017.

A Conversation with Matthew

It is always a pleasure to talk with Matthew. We recently discussed his thoughts on the Greater Seattle real estate market and what he sees shaping up for 2018.

Millennial homebuyers were more of an influence in the Greater Seattle market in 2017 because of the robust hiring that corporations such as Amazon have made. He thinks that this will continue to grow in 2018, because the cost of rent continues to rise at a rapid pace and in many cases owning makes superior financial sense. For example, it is not unheard of to pay $3,000 a month in rent for a unit in South Lake Union. While this eliminates a commute, it is an incredibly costly payment that goes entirely towards the landlord’s investment. If one is willing and able to pay that much in rent, it is important to look at the fact that that number is equivalent to a mortgage payment on a $550,000 home! He predicts that we will see more millennial homebuyers move out to the more traditional suburbs to start building their wealth in real estate. Ideally, Millennials would love to live in “ex-urban” areas that are still close to their places of work; however, listings are slim and prices very high for this type of product.Therefore, he expects to see Millennials having to look at the suburbs when deciding where to buy.

In 2017, net in-migration totaled 50,000 in the Greater Seattle area. Matthew predicts that we will see the same in 2018 due to our robust job market and Californians continuing to move to the area. Employment in the region will continue to expand, but at lower rates than seen in 2017. That said, he sees more wage growth than job growth in 2018 as companies have done so much hiring over the last 3 years, and now they are focused on maintaining their employee base. Amazon has signed on to occupy 5 million additional square feet of space over and above the 8+ million square feet that they currently occupy, so we will continue to see job growth there. The unemployment rate will stay below 4% in 2018.

Matthew believes we will see a slight increase in inventory taking our market to hot from boiling. Some new construction will help this increase and he does expect to see some Baby Boomers deciding to either cash-out and leave the area, or downsize. This inventory growth should temper price growth and increase sales by 6%. In 2017, we saw a year-over-year price appreciation rate of 13% in the Greater Seattle area, and he predicts 8-8.5% for 2018. This is still well above the normal rate of 5.5%, but certainly much more sustainable than 13%!

Lastly, Matthew is adamant that we are not headed toward another bubble. The average down payment in the Greater Seattle area is now over $100,000 and home owners have great equity positions, which is a critical ingredient to a non-bubble market. Additionally, credit is still very tight and buyers are very highly qualified, and the rampant speculation that is the key sign of a bubble is not being seen locally. His biggest concern is affordability, and that we need to continue to find ways to create more housing through zoning changes and decreasing the cost of regulation for builders. This density would create more affordable housing.

Local Market Analysis • November 30, 2017

What Does Median Price Buy you In Each Area?

by Brian Hayter

What Does Median Price Buy you in Each Area?

Most recently, the Seattle Times published an article about Seattle being the hottest real estate market in the country. This phenomenon has been taking place for over a year and experts don’t see this slowing down. According to the Case-Schiller Index, over the last 5 years since the market started to recover from the downturn, there has been an 80% increase in prices! I thought it would be interesting to take a look at the median price in each of our market areas to illustrate the price differentiation and affordability. If you are curious how this increase relates to your home, please contact me. It is my goal to help keep my clients informed and empower strong decisions.

North Snohomish County

Sale Price: $380,000
Bedrooms/Bathrooms: 3/2
Square Footage: 1,551
Year over Year Appreciation: 13%

South Snohomish County

Sale Price: $500,000
Bedrooms/Bathrooms: 3/1.75
Square Footage: 1,784
Year over Year Appreciation: 14%

North King County

Sale Price: $715,000
Bedrooms/Bathrooms: 3/1.75
Square Footage: 1,980
Year over Year Appreciation: 14%

Seattle Metro

Sale Price: $725,000
Bedrooms/Bathrooms: 3/1.75
Square Footage: 1,780
Year over Year Appreciation: 14%

Eastside

Sale Price: $855,000
Bedrooms/Bathrooms: 4/2.5
Square Footage: 2,170
Year over Year Appreciation: 14%

South King County

Sale Price: $400,000
Bedrooms/Bathrooms: 3/3.75
Square Footage: 2,400
Year over Year Appreciation: 13%

Community Info • November 2, 2017

The 5 Best Things About Living in South Everett

by Brian Hayter

What’s so great about living in South Everett? There are several reasons why people choose to call South Everett “home,” and we asked locals what they love about the area so much. Here’s what they shared:

1. Quick access to Boeing and Paine Field.

As local Heather Potts points out, South Everett’s easy access to Boeing is definitely a perk of living in the area! This location will only become more desirable when Alaska Airlines starts running commercial flights from Paine Field in fall of 2018. For those in the area who have to head to SeaTac often, this will be a *huge* timesaver.

2. Several great transit options.

In addition to upcoming commercial flights, South Everett already has several excellent transportation options whether or not you have a car. With access to several freeways (including Interstate-5), local and regional bus routes, the Sounder Train (find stations in nearby Mukilteo and of course in Everett), and the light rail expansion, getting around the area just keeps getting easier. Having options like the train and light trail (in the future!) make it so you don’t even have to deal with car traffic, a definite bonus as our highways become more and more congested. (Be sure to take advantage of these South Everett commuting tips!)

3. Nice neighborhoods with affordability.

According to local Brian Hayter, South Everett is a top choice for many people due to its “nice neighborhoods and affordability.” As Zillow reports, the median home price in Everett is $337,700 (August 2017). With prices steadily increasing, it’s significantly more affordable than nearby cities like Seattle (with a median home price of $690,200 for August 2017).

4. Unique outdoor opportunities.

Many people don’t know all that South Everett has to offer, and this includes some unique outdoor activities! Local Jen Bowman especially loves McCollum Pioneer Park: “McCollum Park is a fabulous Park and Ride but there are other unique amenities including an outdoor seasonal pool, BMX park, and walking trails linking to Mill Creek Town Center. For even more tips on what to do outdoors, don’t miss our Outdoor Lover’s Guide to South Everett!

5. There’s tons of great shopping!

…And we really mean *tons*. Costco and T.J. Maxx are Heather Potts’ favorite places to stop by, but no matter what you’re looking for, you’ll probably be able to find it in South Everett. The Everett Mall is packed with shopping, dining, services, and entertaining, and here you’ll find Regal Cinemas, LA Fitness, Bed Bath & Beyond, PetSmart, Best Buy, Sears, and so much more. Nearby you’ll also find Walmart, Target, WinCo, not to mention several sit-down restaurants and fast food options!