By Todd Fahlman
It is no surprise that home prices in Marysville are on the rise. But how long can home prices continue to increase?
Is there a looming price correction on the horizon? To answer those questions, let’s take a look at what is happening around us. Among the four Puget Sound area counties, Snohomish had the largest year-over-year price increase at 18.8 percent.
Its countywide median price for February’s sales spiked to $460,000 from $387,250, but that is $130,000 below the $590,000 median prices for homes that closed in King County last month.
The Paine Field airport terminal is scheduled to be finished in July and open in September. Two airlines, United and Alaska, have committed to flying out of it. It will be great for recreational and tourism travel.
There are some amenities designed for business travelers, such as they can drop off their car with their laundry. When they return, they pick up their car and their freshly washed clothes.
The airport will be very important as Marysville and Arlington begin working together in the future.
Also, Marysville has a $160,000,000 transportation budget for the next 10 years. That money will make huge improvements for local residents and future business growth to accommodate the exponential population spike to make Marysville a place to work and reside.
Dave Koenig, director of Community Development for the city, said another causes for growth will be the Manufacturing and Industrial Center between Arlington and Marysville. The Puget Sound Regional Council is looking to recognize those 4,000 acres in the Smokey Point area as the second regional MIC in Snohomish County.”
There will be a public meeting on the MIC April 4 from 5-7 p.m. at Crown Distributing on the corner of 172nd and 59th in Arlington.
County Executive Dave Somers said the population explosion will be countywide. He expects 250,000 more residents by 2050. Taking a look at the MIC and infrastructure improvements I would suggest the median home price in Marysville will climb at an average rate of 9.6 percent per year over the next six years or more.
The dizzying outlook for sellers in Marysville is finding a suitable replacement home. That is causing many would-be-sellers to stick it out and not put their home on the market. With less than a month of inventory, I can hardly blame them.
Here’s the solution. If you are planning on selling then purchasing another home negotiate an extended escrow period up to 60 days. Another technique for sellers is to rent the home back after it closes for 30 to 60 days. That gives the seller a chance at getting the home they love without having to make a contingent offer.
My point is we are into the spring selling season and if you are considering selling, now is the time. Consult your local real estate broker and have them help you navigate the fast current of today’s market.
Todd Fahlman of the Fahlman Property Group writes a monthly column for our newspapers.