Snohomish County, with a population of 822,083, ranks as the third most populous county in the state of Washington. Its largest city is Everett, which also happens to be the county seat. Snohomish is part of the Seattle-Tacoma-Belleview metropolitan area.
Moreover, the real estate market in Snohomish County is currently sought-after. Among other things, the interest rates are low, properties are quickly appreciating in value, and there is low inventory.
If you are looking to invest in Snohomish real estate, now is the time. In this article, we’ll give you 5 reasons why you should invest in Snohomish County real estate.
Reason #1: Data shows that Snohomish County is a great place in which to invest
The following is some data that shows why Snohomish County is a good place to invest in right now:
- Home prices are on an upward trajectory. Albeit slowly, home prices are rising. The slow rate can be attributed to the current COVID-19 pandemic that has taken a toll on most economies in the country. That said, experts are all optimistic of a quick rebound sometime in the future.
- Investing in Snohomish real estate can help you enjoy a myriad of tax benefits. Even with the recent changes to the tax laws, tax rates still tend to favor homeowners, and owning a home can be a good tax shelter.
- Real estate inventory is still low. Currently, there aren’t many adequate homes to go around right now. This low supply means higher prices. So, if you are lucky to buy a home right now, it means that it may appreciate significantly in value over the next couple of years.
- The interest rates are low compared to what they were a few years ago. According to various studies, interest rates are just slightly over 3 percent for both 15-year- and 30-year fixed-rate mortgages. So, again, this is a good time to invest in Snohomish County real estate.
- There are plenty of desirable neighborhoods, especially if you are looking to buy a rental property. The neighborhoods include Arlington, Stanwood, Everett, Lake Stevens, and Marysville. Other areas worth considering include Redmond, Edmonds, Bellevue, and Sammamish.
According to data, if you are thinking about real estate investing in Washington State, you should start by checking out Snohomish County.
Reason #2: You may be able to diversify your income
What would you do if, for whatever reason, you lost your current job? For many, this would mean a heavy financial challenge. You may find yourself even struggling to pay your bills and meet basic needs.
That’s why income diversification is key. You’ll be able to continue living your life even when you lose an income stream.
Investing in real estate can allow you to earn passive income for many years to come. Not only will you be able to make more money, but you’ll also have peace of mind knowing that you have stable finances.
Reason #3: You may become exposed to new networking opportunities
You have probably heard it before – “it’s not what you know, it’s who you know.” This is true when it comes to the world of business.
When you become a landlord, you’ll be able to meet all kinds of people from bankers to tenants to real estate agents. These professional connections will benefit you.
Reason #4: You can become fully self-employed
Are you thinking of becoming a landlord so you can quit your day job? Self-employment gives one the freedom to become their own boss. Plus, owning a rental property can enable you to achieve just that.
When you become a landlord, you get to call the shots in every aspect of your rental investment. From the tenants you choose to the vendors and contractors you hire, you’ll be the one who makes all the decisions.
Reason #5: A rental property tends to be a stable investment
Even in a struggling economy, people will need a home. When times get tough, taking a mortgage to buy a home will be the last thing on their minds. So, they are still going to be those who rent.
That said, a rental investment is not a foolproof way to gain wealth. To succeed, you’ll need to understand the ins and outs of how the business works. Among other things, you’ll need to know:
How to quickly fill your vacant units
You see, a vacant unit is a money pit. Besides not expecting an income at the end of the month, you’ll need to look for money elsewhere to meet other expenses. Such expenses include property taxes and mortgage repayments.
How to screen prospective tenants
No two tenants are created the same. Some are every Snohomish County landlord’s dream while others are the exact opposite.
Having a proper screening process can help you avoid renting to potential problem tenants.
How to set the right rent amount
Yes, maximizing your income may be your ultimate goal. However, this doesn’t mean you should overcharge your tenants, as that may make your property less appealing to prospects. As a novice landlord, it’d be in your best interest to hire a professional who can properly decide on a rental rate.
How to respond to tenant maintenance requests
This is a big one; it can make or break your chances of succeeding in the Snohomish County real estate market. Making sure your tenants are always listened to, especially regarding requests for repair or maintenance, goes a long way.
If you don’t have experience doing any of these things, hiring a professional may be in your best interest. A professional property management company will help you in all management aspects. From finding desirable tenants to collecting rent to responding to tenant maintenance requests, you won’t have to worry about a thing.
Just make sure to hire the right property management company!
There you have it—5 solid reasons why you should invest in Snohomish County real estate. If you are a first-time investor, hiring a professional may be in your best interest. Our team at T-Square Properties, for example, will help you invest in the right property and avoid making potentially costly pitfalls.