Any Info on Lake Stevens, WA (Seattle, Bellevue: for sale, rentals, insurance)

[heidiw]

We're NW natives and looking to move back in a few years. We are considering buying a home now and renting it for a few years before we move back. Just recently found Lake Stevens and like the Lake, considering a place on the Lake or near it. Are home values increasing? Do people commute from there to Seattle? How is the rental market? Any other input appreciated.

Thank you in advance!

[CJMom]

I lived in Lk Stevens, and worked downtown Seattle, for nearly a year. It is possible to commute from there - if you drive it takes an average of 1hr 15 min BUT on any given day, the commute can take 2 hours. I would regularly have a 2 hour commute one-way at least twice a week. So, if you're OK with 3-4 hours on the road per day, Lk Stevens is workable. (The commute to Bellevue took me roughly the same amount of time.)

Another option is to take the Sounder Commuter Train. When I lived there, it wasn't working yet. I also manage multiple locations so I have to drive which means the train isn't an option for me. Another poster might be able to tell you more about commuting from downtown Everett, to Seattle on the Sounder.

Since I'm in the insurance business, let me add that you may find it difficult to insure a rental when you live out of the area. Most of the companies that I work with will balk at that, and we can get it on an exception basis if there is a property management company managing the property. Nearby relatives are not usually acceptable.

[heidiw]

Thank you so much for the info. We have family in Snohomish and Gig Harbor, however would definitely use a property manager to handle for us. It sounds like the commute to Seattle or the surrounding areas is not very desirable, so I would be concerned about our ability to rent it out. Do you have any feel for the rental market there? We would have to make sure we could keep it rented until we moved.

[CJMom]

I don't think it will be hard to rent it out. It's a very easy commute for a Boeing (Everett location) employee. My parents-in-law have a duplex and single-family home rentals and they seem to be occupied regularly. So, don't be discouraged about that.

Now, whether the rental rates will cover the mortgage - that is the real question and it just depends. I'd suggest purusing the Everett Herald newspaper site to look for rental rates. With home prices in the region increasing rapidly, and increasing interest rates, my husband and I decided not to buy a rental property (in a different city) because the rents that we could get were far less than the mortgage. Like a $1,000 less. My guess is that you will probably find the same situation in Lake Stevens.

[heidiw]

Really do appreciate your follow up email.

Best Wishes,

Heidi

[Yhwnot]

most houses on the lake are now priced near or around 1 million. I just remodeled a kitchen and the remodel on the place totaled almost $500,000 before the guy was finished I would be careful perhaps look of the lake there is a lot for sale in the area though.......

[CourtneyCooper]

Lake Stevens has changed a lot in the last year or so! Sound Transit is also really improving the way we can commute - The Sounder is probably the best option for easier commuting into Seattle. As far as affordability, there are new developments in there left and right and I have seen five bedroom new homes for under $400k or in the low $400s with upgrades recently - plus the builders are really into upgrades and perks right now.
Good luck!

[aussiegal]

Originally Posted by heidiw

We're NW natives and looking to move back in a few years. We are considering buying a home now and renting it for a few years before we move back. Just recently found Lake Stevens and like the Lake, considering a place on the Lake or near it. Are home values increasing? Do people commute from there to Seattle? How is the rental market? Any other input appreciated.

Thank you in advance!

As another poster noted, it is very expensive living directly on Lake Stevens or any lake around this area for that matter. It depends on what you want to pay. I have friends in Arlington who are renting their executive style home (they built another one) for over $2,000 a month. And had no trouble in finding a renter. There are tons of other homes available though. In general I would say the rental market appears strong and I also would encourage you to visit the Everett Herald's website: HeraldNet - Snohomish County's Online News Source for a good idea of what is out there.

As for home values increasing, Washington is a rather more stable marketplace than the rest of the nation with home prices increasing an average of 8.1% since the same time last year. (From the National Association of Realtors.)

I don't know that one would want to commute to Seattle from Lake Stevens. I can't imagine. You would have to get over to I-5 first. The best way would be through Marysville, avoiding the trestle (Highway 2 across the flats) at all costs. Having said that we have friends who use the Commuter Van from Arlington to Seattle each day. That could be a possibility.

Hope this helps. And please feel free to ask questions - I work in Arlington so have a pretty good idea of the area and issues that affect residents here.