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Buyers Take Advantage of Cheap Houses in Snohomish County

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By : John Cutts    99 or more times read
Housing unit sales, particularly cheap houses, improved in Snohomish County, Washington last month. Despite January being a traditionally poor month for home sellers, county realtors enjoyed a strong selling period during the month, with sales jumping by over 7% in the region.

The number of foreclosed homes listed in Seattle and in the rest of the state continues to rise, but majority of sellers and buyers are of the opinion that the market has already hit bottom and is on its way up, realtors have reported. Last month, a total of 533 housing units were sold in Snohomish, representing a 7.7% increase when compared with January 2010.

Realtors also reported that there are more open houses for foreclosure lists in Washington and non-foreclosed properties all around the county during January than what market observers usually anticipate for the month. They also reported that other markets in the western part of the state recorded increases in sales in January; prompted mainly by dropping prices and increased listings.

In Snohomish, realtors stated that buyers are attracted by the cheap houses on offer, with median prices of dwellings declining to an all time low since 2003. Based on local housing data, the median price of a residential property declined by 10.8% last month compared with January 2010. The combined median price for single family dwellings and condos was pegged at $239,000 last month, down from the January 2010 median rate of $267,995. Realtors reported that back in 2003, the median selling rate was $230,950.

Real estate agents have stated that the drop in prices can be attributed to the continuous rise in the number of foreclosed house listings. They also stated that the percentage of total housing sales accounted for by these distressed houses is continuing to rise each month. Most realtors expect the trend to continue for the rest of 2011 and in the next couple of years.

House brokers revealed that foreclosed cheap houses, sold between 20 and 30% lower than market prices, are attracting buyers to the county. Renters are also expected to increase in numbers as a big percentage of homeowners are renting out their houses until the industry shows signs of recovery.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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