Community Highlight: Everett Resources

Everett, Washington is a city rich in resources for its residents. The Sno-Isle Libraries and Everett Public Library serve Snohomish and Island counties, offering free access to books, movies, events and more to eligible residents. with various locations. including the Mariner Library and Mill Creek. The Everett Public Library also serves as a hub of information, education, and entertainment. For those in need, food banks operate throughout the city, providing essential sustenance to families and individuals. The Carl Gipson Center, named after a former city council member, serves as a community hub with various programs and services. The Everett Gospel Mission provides shelter and support to the homeless, working tirelessly to alleviate poverty. Everett Transit ensures connectivity within the city, facilitating easy access to these resources. Lastly, the Everett Police and Fire departments work relentlessly to ensure safety and security for all Everett residents.

Everett Public Library

The Everett Public Library connects the community and all its members to resources and services that inform, educate, and entertain. They provide open access to lifelong learning. Everett Public Library embraces the future while preserving the past. The library has two locations, the Main Library and the Evergreen Branch. The Library provides programs like story times, art shows, lectures, and more. It has access to the digital  eLibrary, with eBooks, eAudiobooks, movies & TV, eMagazines, eMusic and more! Learn More

Sno-Isle Libraries

Sno-Isle Libraries serves Snohomish County and Island County. They have 23 libraries and serve over 800,000 residents. The library hosts many events, along with offering books, audiobooks, eBooks, and DVDs. They offer free Wi-Fi, laptop and Wi-fi hotspots to check out, personalized help with librarians, host a summer reading program and so much more. Learn more

Volunteers of America – Everett Community Food Bank

The Everett Community Food Bank serves guests in a walk-thru, grocery style experience.

Located at 230 Broadway, Everett, WA 98201

(425) 259-3191  ext 13014  |  food@voaww.org

MON • WED • THURS | 10am – 2pm

2nd & 4th TUES | 3pm-6pm

Learn More

Salvation Army Food Bank

2525 Rucker Ave, Everett WA 98201

For information, call: (425) 259-8129

Food Bank – Walk in Hours | Monday-Friday 10:00 AM to 4:00 PM

Everett Gospel Mission

Everett Gospel Mission first opened its doors in 1961 to care for the homeless men of Everett. Today, the Mission continues to be the only provider of emergency shelter for men. The mission has expanded to include services for single moms and single women. They provide shelter and comprehensive recovery programs for 145 men, and 75 women and children each night. They provide all services without regard to age, gender, race or religion while sharing the love of Christ. As a 501(c) 3 non-profit organization, we are audited annually by an independent firm. 90% of our funding is provided by individuals, businesses, churches and foundations. Learn More

Carl Gipson Center

The Carl Gipson Center is a membership-based community serving adults 50+, veterans, individuals with disabilities, underserved communities, immigrants, youth, and families. Located at 3025 Lombard Ave, Everett WA 98201. Learn More

Everett Parks & Facilities

Everett offers many events, parks, and facilities for the residents to enjoy. Summer events include 4th of July celebrations, Jetty Island Days, and Sorticulture Garden Arts Festival. Everett is full of parks that offer trails, picnic shelters, sports fields, gardens, and views. Learn More

Everett Transit

Everett Transit is a municipally owned and operated transit system of the City of Everett. It is a division of the Transportation Services Department, along with the Motor Vehicles Division.  Everett Transit operates local fixed-route and paratransit services seven days a week, including most holidays, within the City of Everett. We offer a Customer Service Center at Everett Station, where we connect customers to a variety of regional transportation options. Learn More

Everett Community College

Everett Community College educates more than 15,000 students every year at several locations in Snohomish County, with most students and faculty at the main campus in north Everett. The college offers associate degrees in Arts and Sciences, Science, Business, Applied Science, Technical Arts, Fine Arts, and General Studies, and a bachelor’s of applied science degree in Accounting. Certificates of completion are awarded in more than 30 technical and career fields. Learn More

Everett Police Department

The Everett Police Department is a premier law enforcement agency in Washington State. We believe in community-oriented policing and work in partnership with the community to enhance quality of life and reduce crime through our core values of integrity, professionalism and honor. The department is heavily involved in working with residents and provides outstanding services to the city. Serving a population of over 100,000, our officers and staff represent diverse backgrounds and pride themselves on protecting, serving and working with Everett residents, business owners and organizations. Learn More

3002 Wetmore Avenue, Everett, WA 98201

Phone: 425-257-8400

Emergency: 911

Everett Fire Department

Throughout the city limits, Everett’s firefighters respond from 6 fire stations with 6 fire engines, 2 ladder trucks, 3-4 aid units, 3 medic units, 1 medical services officer, and 1 battalion chief command unit. The department also supports special operation teams for Hazardous Materials, Technical Rescue, Rescue Swimmers, Marine and Wildland responses. Learn More

2801 Oakes Ave, Everett, WA 98201

Phone: 425-257-8100

Emergency Phone: 911

Experts Project Home Prices Will Increase in 2024

While there is a national trend of increasing home prices, some individuals remain concerned about a potential decline. A recent survey by Fannie Mae reveals that 24% of people expect home prices to decrease in the next 12 months, reflecting a common apprehension.

To help ease that concern, here’s what experts forecast will happen with prices this year.

Experts Project a Modest Increase

Check out the latest home price forecasts from eight different sources (see graph below):

The blue bar on the left means, on average, experts think home prices will go up over 2% by the end of this year – not down.

The expectation is rooted in the tight inventory and lower mortgage rates contributing to robust buyer demand. Selma Hepp, Chief Economist at CoreLogic

“With mortgage rates dropping, demand for homes in early 2024 is likely to be strong and will again put pressure on prices, similar to trends observed in early 2023 . . . Most markets will continue to reach new home price highs over the course of 2024.”

What Does This Mean for You?

If you’re contemplating buying a home, the forecasted increase in home prices is positive news. Homeownership becomes an even more valuable investment as the appreciation in your house’s value builds equity over time. Additionally, the projected home price appreciation implies that delaying a home purchase may result in higher costs later. In essence, if you are ready, willing, and able to buy, waiting might mean a more expensive investment down the line.

Bottom Line

In conclusion, if concerns about a potential decline in home prices linger, rest assured that many experts believe prices will actually rise this year. If you have questions or uncertainties about local price trends, let’s connect.

People Are Still Moving, Even with Today’s Affordability Challenges

If you’re thinking about buying or selling a home, you might have heard that it’s tough right now because mortgage rates are higher than they’ve been over the past few years, and home prices are rising. That much is true. Take a look at the graph below. It breaks down how the current affordability situation stacks up to recent years.

The National Association of Realtors (NAR) explains how to read the values on the graph:

“To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home.”

The black dotted line represents that 100 value on the index. Essentially, the higher the bar, the more affordable homes are. As you can see, the orange bar for today shows higher mortgage rates and home prices have created a clear challenge. But, while affordability is definitely tighter right now, that doesn’t mean the housing market is at a standstill.

Unlocking the Real Estate Puzzle: Navigating Affordability and Market Dynamics

Understanding the housing market indices can be like deciphering a secret code. A value of 100 signifies that a family with median income has precisely the right financial standing to qualify for a mortgage on a home with a median price. Visualizing this, the black dotted line serves as a marker for this crucial 100 value on the index. The rule of thumb is simple: the higher the bar, the more affordable homes become.

Today’s reality, represented by the orange bar, reveals a challenge as higher mortgage rates and home prices tighten affordability. However, don’t let this mislead you into thinking the housing market is stagnant. Despite the current constraints, the market is alive and dynamic.

Recent statistics from the National Association of Realtors (NAR) shed light on the pace of sales. Just under 4 million homes are projected to be sold this year. Let’s break down the numbers to understand the implications:

• 3.96 million homes divided by 365 days in a year = 10,849 houses sold each day
• 10,849 divided by 24 hours in a day = 452 houses sold per hour
• 452 divided by 60 minutes in an hour = approximately 8 houses sold each minute

This means, on average, over 10,000 homes change hands daily in the country. Whether you’re looking to buy or sell, this demonstrates that opportunities abound even in times of tightened affordability.

The Agent Advantage: Making Your Move a Reality

You might be curious about how other homebuyers and sellers are navigating these conditions. In today’s real estate landscape, a pivotal player is the trusted local real estate agent. These professionals are instrumental in guiding individuals through the intricacies of the current market and affordability challenges.

A skilled agent can provide personalized advice tailored to your specific preferences, needs, and budget. Their wealth of experience allows them to share insights on what strategies are proving successful for other buyers and sellers. This might involve expanding your search to include various housing types like condos, townhouses, or exploring neighborhoods a bit further out to counteract affordability challenges.

The Bottom Line: The Market is Moving

Despite the perception of tightened affordability, the reality is that people are actively engaged in buying and selling homes. While the cost of homeownership has increased over the past couple of years, the real estate market is far from dormant.

If you’re contemplating a move, know that others are successfully achieving their goals, thanks in large part to the expertise and guidance of skilled local real estate agents. Ready to discuss your own move? Let’s connect with and turn your real estate aspirations into reality!

Explaining Today’s Mortgage Rates

If you’re following mortgage rates because you know they impact your borrowing costs, you may be wondering what the future holds for them. Unfortunately, there’s no easy way to answer that question because mortgage rates are notoriously hard to forecast.

But, there’s one thing that’s historically a good indicator of what’ll happen with rates, and that’s the relationship between the 30-Year Mortgage Rate and the 10-Year Treasury Yield. Here’s a graph showing those two metrics since Freddie Mac started keeping mortgage rate records in 1972:

As the graph shows, historically, the average spread between the two over the last 50 years was 1.72 percentage points (also commonly referred to as 172 basis points). If you look at the trend line you can see when the Treasury Yield trends up, mortgage rates will usually respond. And, when the Yield drops, mortgage rates tend to follow. While they typically move in sync like this, the gap between the two has remained about 1.72 percentage points for quite some time. But, what’s crucial to notice is that spread is widening far beyond the norm lately (see graph below):

If you’re asking yourself: what’s pushing the spread beyond its typical average? It’s primarily because of uncertainty in the financial markets. Factors such as inflation, other economic drivers, and the policy and decisions from the Federal Reserve (The Fed) are all influencing mortgage rates and a widening spread.

Why Does This Matter for You?

This may feel overly technical and granular, but here’s why homebuyers like you should understand the spread. It means, based on the normal historical gap between the two, there’s room for mortgage rates to improve today.

And, experts think that’s what lies ahead as long as inflation continues to cool. As Odeta Kushi, Deputy Chief Economist at First American, explains:

“It’s reasonable to assume that the spread and, therefore, mortgage rates will retreat in the second half of the year if the Fed takes its foot off the monetary tightening pedal . . . However, it’s unlikely that the spread will return to its historical average of 170 basis points, as some risks are here to stay.”

Similarly, an article from Forbes says:

“Though housing market watchers expect mortgage rates to remain elevated amid ongoing economic uncertainty and the Federal Reserve’s rate-hiking war on inflation, they believe rates peaked last fall and will decline—to some degree—later this year, barring any unforeseen surprises.”

Bottom Line

If you’re either a first-time home buyer or a current homeowner thinking of moving into a home that better fits your current needs, keep on top of what’s happening with mortgage rates and what experts think will happen in the coming months.