tag:blogger.com,1999:blog-26966727734821074782024-02-25T13:13:30.400-08:00Snoqualmie Pass BlogAnonymoushttp://www.blogger.com/profile/11255853788632157927noreply@blogger.comBlogger170125tag:blogger.com,1999:blog-2696672773482107478.post-15989174088191106312018-10-18T09:51:00.000-07:002018-10-18T09:51:25.394-07:00Snoqualmie Pass Real Estate, Mortgage, and the Economy - Seattle's hot real estate market begins to slow<br />
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Seattle's hot real estate market begins to slow</h1>
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Real estate markets, including Seattle's, are seeing a dramatic slowdown, according to a recent analysis.</div>
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Real estate markets, including Seattle's, are seeing a dramatic slowdown, according to an analysis by Redfin.</div>
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Seattle was one of 14 metro areas in the country this spring where half or more of the homes listed for sale between March 5 and April 29 went under contract within two weeks.</div>
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But things are changing, at least for now.</div>
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By mid-September, spring's fastest-selling markets, including Seattle, saw big declines. About 35 percent of homes for sale in Seattle were off the market in two weeks or less over the summer - a drastic change from spring, when 72 percent were off the market within two weeks.</div>
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According to Redfin Chief Economist Daryl Fairweather, sellers are waiting longer for offers and many are having to drop their list price to attract buyers.</div>
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There are a few exceptions. Omaha, Nebraska; Grand Rapids, Michigan; and Boise, Idaho are still seeing more listing go pending faster than a year ago, though the markets have slowed since spring. The common factor, Redfin points out, is they're smaller cities away from the coast where homes are more affordable.</div>
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"This points to a lack of affordability as potentially the biggest factor in why the previously red-hot markets have slowed so much this year," the report states.</div>
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King County and much of the Puget Sound region saw housing inventory break past two months for the first time since January 2015, <a href="https://www.king5.com/article/money/markets/real-estate/king-county-housing-inventory-hits-2-months-for-first-time-since-2015/281-601318628" style="box-sizing: inherit;">according to a recent report</a>.</div>
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Housing inventory – or how long it would take to sell all homes on the market – sat at 2.83 months in King County, which is a 78 percent increase over last year. Snohomish (2.18 months), Pierce (2.01 months), and Kitsap (1.93 months) counties all saw increases in inventory as well.</div>
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Inventory in King County has steadily risen about 40 percent since may.</div>
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<b style="font-family: "times new roman";"><span class="author__tag" style="box-sizing: inherit; color: #8d8d8d; font-family: proximanova, sans-serif; font-size: 12px; font-weight: 400; padding-right: 2px;">Author: </span><span class="author__name" style="box-sizing: inherit; color: #333333; font-family: proximanova, sans-serif; font-size: 12px; font-weight: 400;">KING Staff</span></b></div>
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<b style="font-family: "times new roman";"><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white; font-family: "times new roman";"> </span><b style="font-family: "times new roman";"><span style="background: white; color: #1f497d;">http://</span></b><b style="font-family: "times new roman";"><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b></div>
Anonymoushttp://www.blogger.com/profile/11255853788632157927noreply@blogger.com1tag:blogger.com,1999:blog-2696672773482107478.post-52299375630878039212018-10-09T11:59:00.001-07:002018-10-09T11:59:27.317-07:00Snoqualmie Pass Real Estate, Mortgage, and the Economy - Backyard Cottages<b style="font-family: "times new roman";"><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white; font-family: "times new roman";"> </span><b style="font-family: "times new roman";"><span style="background: white; color: #1f497d;">http://</span></b><b style="font-family: "times new roman";"><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b><br />
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How backyard cottages could open up Seattle’s housing market</h1>
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Seattle City Council took a step closer toward legislation that would make “accessory dwelling units” easier to build, helping to offset mortgage costs for Seattle homeowners.</div>
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<strong>RELATED: <a href="http://mynorthwest.com/734629/another-real-estate-bubble-or-not/?" style="color: #0076a7; text-decoration-line: none;">Are we in another real estate bubble in Washington?</a></strong></div>
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This comes hot on the heels of a study released by the City Council, evaluating “the potential environmental impacts of proposes changes to the City’s Land Use Code intended to remove barriers to the creation of accessory dwelling units (ADUs) in single-family zones.”</div>
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In layman’s terms, the city is looking to simplify and streamline the process for homeowners to build ADUs on their properties, known colloquially as backyard cottages or in-law units.</div>
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Homeowners would then be able to rent these units out, providing an additional source of income that could then be put toward anything from day-to-day living to mortgage payments. Alternatively, it also opens up more housing options for renters.</div>
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“We believe that backyard cottages will allow homeowners to increase the number and variety of housing choices in single-family zones,” said Councilmember Mike O’Brien in a press release announcing the release of the study.</div>
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Imagine buying a home with a mortgage outside of your price range, but being able to balance that out — or even completely cover the mortgage cost — by collecting rent from a backyard cottage. Opening up zoning requirements to make that easier is the goal for the City Council, touting it a small, creative fix to help offset Seattle’s ballooning housing market.</div>
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A planned bill would “remove some barriers to building ADUs, including changes to off-street parking rules, owner-occupancy requirements, and design standards.” <a href="https://www.seattletimes.com/seattle-news/politics/new-review-could-pave-way-for-more-backyard-cottages-in-seattle-while-restricting-mcmansions/" rel="noopener" style="color: #0076a7; text-decoration-line: none;" target="_blank">The Seattle Times estimates</a> that this would add approximately 2,500 ADUs in the next 10 years, and prevent 500 houses from being torn down to build “McMansions.”</div>
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Up until recently though, the City of Seattle has been charging an arm and a leg in zoning fees for anyone trying to build an ADU on their property.</div>
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A change that couldn’t have come soon enough for homeowners</h3>
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“Most of the municipalities in the Pacific Northwest are in the fee-generating business,” noted KIRO Radio’s Ron Upshaw. “What this entire thing has been structured for up until this point is for them to collect fees.”</div>
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Hopefully, homeowners are about to see some relief once the City Council finally settles on new legislation.</div>
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Between this, and a promising report from Northwest Multiple Listing Service (MLS), it seems as though the local housing market could finally be softening for new buyers on a budget.</div>
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“In the South Sound the market has shifted into neutral and is idling at the moment,” Dick Beeson of RE/MAX Professionals said in the Northwest MLS report. He went on to point out how housing availability improved in Pierce and Thurston counties, “but nowhere near what King County has experienced.”</div>
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“Buyers are taking deep breaths as they survey this new territory,” said Beeson, claiming that potential buyers will soon see more homes available for sale for the first time in three years.</div>
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If homeowners are made able to both offset their own costs and provide additional housing to renters, that can only mean good things for anyone looking to buy in Seattle in the near future.</div>
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<span style="font-size: 14.08px; font-weight: 700; text-transform: uppercase;">BY </span><a href="http://mynorthwest.com/author/mynorthwest-com/" style="color: black; font-size: 14.08px; text-decoration-line: none; text-transform: uppercase;"><span itemprop="author">MYNORTHWEST STAFF</span></a></div>
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Anonymoushttp://www.blogger.com/profile/11255853788632157927noreply@blogger.com1tag:blogger.com,1999:blog-2696672773482107478.post-33621846891345073102018-09-21T10:24:00.002-07:002018-09-21T10:24:28.898-07:00Snoqualmie Pass Real Estate, Mortgage, and the Economy - Renton's Sunset Area Plans<br />
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City moves forward with Sunset area plans</h1>
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Many Renton residents may have been wondering what is happening with the Greater Hi-Lands shopping center —the center that features a Dollar Tree, Tea Palace and vast parking spaces.</div>
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The area is part of the city of Renton’s Sunset Area Transformation Plan. In late July, after eight months of back-and-forth with developers, the city received a formal application for the Solera Project, an 11-acre development with more than 670 residential units, commercial space, a daycare and two new public streets.</div>
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<span style="font-size: 1.063rem;">“It was a long process before they even came in with this back-and-forth, making sure that this was something the city would support,” city of Renton planner Matt Herrera said. “This is a small part of a overall greater vision for the neighborhood, which the city has provided lots of capital investment for, so staff is very careful reviewing projects and making sure it fits the parameters of what the city has envisioned for the area.”</span></div>
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Although the building costs have yet to be determined, the site development costs are estimated at $8.5 million. The estimated fair market value of this project is $65 million, according to the project narrative from Quarant the city received in June.</div>
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Solera will provide a shopping area, along with town homes and market rate homes to integrate with affordable housing in the area. The residential area will have 152 town homes with their own back alleys for sale, and in front would feature two mixed-use buildings with senior housing, market rate housing, commercial space and daycare on the ground floor of each and underground parking.</div>
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This vision has been in action since 2008. The sunset area has been in significant need, Deputy Public Affairs Administrator Preeti Shridhar said.</div>
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More than 27 percent of the households are in poverty with residents lacking access to living-wage jobs and career advancement and low home ownership.</div>
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Shridhar said community amenities, business revitalization and creating a walkable integrated and engaging environment for the community is all part of the project.</div>
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Residents have mentioned gentrification of the area as a concern. Herrera said while gentrification is a concern around the region, this area has the benefit of being mixed housing, so there won’t be a line between affordable and market-rate housing. The affordable housing areas being rebuilt by Renton Housing Authority will always have a presence here, he said.</div>
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The Renton Housing Authority has created more affordable housing than it started with in the areas of rebuilding, Shridhar said. According to documents one project, Sunset Terrace public housing project with 100 units, is being rebuilt to now contain 172 units. Herrera says this affordable housing is integrated into the Sunset court area.</div>
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Shridhar worked for a similar project in Seattle High Point, that created a community with integrated mixed-use and affordable housing. She said its been wonderful to watch the thinking stage of Sunset revitalization transform to planning.</div>
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Another concern was school overcrowding and traffic in the area. Herrera said the private developers are responsible for school impact fees to the Renton School District for any increased needs to facilities, as well as transportation impact fees to the city and the impact of any of the new streets. Another overall focus is making sure the project can receive rapid transit from King County Metro as well.</div>
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The proposed area will also include pedestrian focused layout. With sidewalks on either side of the crossing streets, short crossing distances for pedestrians to limit vulnerability when crossing the street, and stoops and shared yards creating a “cottage-housing feel,” Herrera said.</div>
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The buildings with commercial leases will also have a buffer between them and the busy road Sunset Blvd. that mimics a similar project in Bothell. The streetscape features a strip of landscaping, parallel parking, a small road alongside Sunset and then 12 feet of sidewalk before the commercial stores, creating a separation from the noisy road and encouraging restaurant tenants on the ground floor.</div>
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The only store remaining from the Greater Hi-Lands shopping center will be the U.S. Bank, which will lose it’s drive thru and become walk-up, Herrera said.</div>
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The proposed Solera project will have a public hearing on Oct. 9 where the hearing examiner will be able to determine if the project is ready to go through. If it does, Quadrant intends to break ground next spring and have it completed in three years. Herrera said although this timeline is aggressive and fast, the private developer definitely has a stake in this project.</div>
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When the developer brought this project to a public neighborhood meeting earlier this year at Highland Library, it brought in one of the larger crowds the city has seen with around 30 people in attendance.</div>
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“Folks over last ten years have assumed this growth is coming, they’ve seen the city capital improvement projects, but now they’re seeing the private market come in,” Herrera said. “So I don’t think it’s surprising for anyone, there just might be some confusion on what’s being built.”</div>
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Phase 1, which would potentially begin spring 2019, would include the first mixed-use commercial building, the buffer, and the roads.</div>
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<em style="box-sizing: inherit; line-height: inherit;">Note: This article has been corrected to show that the meeting held earlier this year at Highland Library was a public informational meeting and not a public hearing, which is a formal hearing where the public provides testimony for legislation.</em></div>
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<b style="font-family: "times new roman";"><span class="by" style="background-color: #fefefe; box-sizing: inherit; color: #0a0a0a; font-family: "Open Sans", "Helvetica Neue", Helvetica, Roboto, Arial, sans-serif; font-size: 17.008px; font-weight: 400; text-transform: capitalize;">By </span><a class="byline" href="https://www.rentonreporter.com/author/haley-ausbun/" rel="author" style="background-color: #fefefe; box-sizing: inherit; color: #016496; cursor: pointer; font-family: "Open Sans", "Helvetica Neue", Helvetica, Roboto, Arial, sans-serif; font-size: 17.008px; font-weight: 400; line-height: inherit; text-decoration-line: none; transition: border-color 0s ease 0s, color 0.25s ease-out 0s; white-space: nowrap;">Haley Ausbun</a></b></div>
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Anonymoushttp://www.blogger.com/profile/11255853788632157927noreply@blogger.com2tag:blogger.com,1999:blog-2696672773482107478.post-49651551652909064882018-09-19T14:19:00.001-07:002018-09-19T14:19:45.728-07:00Snoqualmie Pass Real Estate, Mortgage, and the Economy - U.S. housing costs spurring multigenerational households<b style="font-family: "times new roman";"><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white; font-family: "times new roman";"> </span><b style="font-family: "times new roman";"><span style="background: white; color: #1f497d;">http://</span></b><b style="font-family: "times new roman";"><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b><br />
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Multigenerational living, defined as a household that includes two or more adult generations, has become more common in recent years. According to the most <a data-id="73" data-m="{"i":73,"p":71,"n":"partnerLink","y":24,"o":2}" href="http://www.pewresearch.org/fact-tank/2018/04/05/a-record-64-million-americans-live-in-multigenerational-households/" style="box-sizing: border-box; color: #126d91; margin: 0px; padding: 0px; text-decoration-line: none;" target="_blank">recent Pew Research Center analysis of census data</a>, a record 64 million people (20 percent of the U.S. population) lived in multigenerational homes in 2016—up from 60.6 million Americans (19 percent of the U.S. population) in 2014 and 51.5 million Americans (17 percent of the U.S. population) in 2009.</div>
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Why multigenerational living is on the rise</h2>
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Shifting economic circumstances, an increase in cultural diversity, and evolving lifestyles of older Americans are just a few reasons why families are embracing this type of living arrangement, but perhaps the biggest reason that’s causing this shift is the lack of affordable housing and housing availability in this country.</div>
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The housing market</h2>
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As we all know, the housing market is a giant migraine right now. In March, home prices rose 8.9 percent over the same time a year ago while housing inventory dropped 13.6 percent over the past year. Throw in the lack of new-construction homes and you have a buyer-crowded market where supply just isn’t meeting demand. Multigenerational living is a solution to this problem, providing a more affordable option for those who can’t buy a home in this current real estate climate. </div>
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Kevin Mejia has lived in a multigenerational home his entire life. “My mom is a single mom and living with extended kin was the best from a financial perspective,” says Mejia. Though Mejia doesn’t get much privacy, a common drawback of multigenerational homes, he avoids paying exorbitant rental costs. In New York City, where Mejia lives, and other places around the country, rent prices continue to rise faster than wages, making it extremely difficult to live comfortably on your own. In fact, Mejia says that many of his friends still live with parents and grandparents for this very reason.</div>
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Cultural trends</h2>
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Growing racial and ethnic diversity among the US population also helps explain why multigenerational living is on the rise, according to the Pew Research Center. Though multigenerational living is growing among nearly all US racial groups, Asian and Hispanic populations are growing more rapidly than the white population, and those groups are more likely than whites to live in multigenerational family households. From 2009–2016, 26 percent–29 percent of Asian populations and 23 percent–27 percent of Hispanic populations in the States lived in multigenerational households. Only 13–16% of whites lived in a multigenerational home from 2009–2016.</div>
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Social implications of multigenerational housing</h2>
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Previously, the primary demographic living in multigenerational households were adults aged 85 and older, but in recent years, young adults have more and more opted for this living arrangement: As of 2016, 15 percent of 25- to 35-year-old Millennials were living in their parents’ home. This figure is five percentage points higher than the share of Generation Xers who lived in their parents’ home in 2000 when they were the same age (10 percent). </div>
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This shift could be caused by the dramatic drop in young Americans who are choosing to settle down romantically before the age of 35. Or we can factor in the Great Recession that led to weak employment opportunities, high unemployment rates, and college enrollment expansion (that led to massive student loan debt) that pushed young adults to live with their parents during this period. The numbers show that even if Millennials are able to get out of their parents’ homes, student loan debt, low housing inventory, and housing costs that continue to double year over year are a barrier to homeownership.</div>
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Elderly assistance</h2>
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Another reason why some families opt for multigenerational living is because aging family members require more care, and nursing homes are becoming more difficult to afford. In 2017, the median cost of a private nursing home room in the United States was $97,455 a year, up 5.5 percent from 2016, according to Genworth’s 2017 Cost of Care survey. Considering the medians savings account balance of Americans over 65 is just $10,000, it’s not surprising that families step in to help. To counteract these costs, families are buying homes with multiple living areas or remodeling their current homes to make space for their parents. </div>
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“I think as home prices continue to skyrocket alongside healthcare costs, we will see more pre-planning along these lines as middle-aged people think about their next housing move,” says Misty Weaver, realtor at the Dream Weaver Team. “Even my clients that initially want to downsize end up in a home that can somehow accommodate older family members.” </div>
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There’s also the issue of single parents working or dual parents working, which can be problematic when caring for kids and getting them to and from different activities. “With a multigenerational household, this stress is relieved and everyone can thrive,” says Lisa Cini, ASID, IIDA, who has more than 25 years of experience developing interiors that improve the quality of life for seniors, and who lives in a multigenerational home herself.</div>
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Companionship and family bonding</h2>
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Another reason some families choose to live intergenerationally is for the companionship. Cini reflects on how her multigenerational home fosters companionship between her parents and children. “My parents say they love it because the kids have so much energy and are so fun, that they actually have more energy being around them!” says Cini. She recalls how her own children love the wisdom imparted from their grandparents and great-grandmother and love hearing them tell stories about when they grew up. </div>
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“The kids also love being able to be the ‘tech experts,’ teaching [my parents] all about their smart phones, Facebook, Instagram and Snapchat,” says Cini. And the learning goes both ways. “There’s something special about having your grandmother teach you her recipes or take care of you when you are ill.”</div>
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Restrictions on multigenerational housing</h2>
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Some cities have introduced permits and zoning laws that make it harder for families to live in a multigenerational home. For example, some municipalities, like Raleigh, North Carolina, and Cherry Hill, New Jersey, have banned accessory dwelling units (ADUs), also known as granny flats, mother-in-law suites, and garage apartments, on properties. ADUs are small, self-contained residential structures that share a lot with an existing house and are often used as rental properties or private living spaces for family members.</div>
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But in Los Angeles, California, and Austin, Texas, ADUs have proven to be a popular means of expanding housing options, providing independent living quarters for aging family members, and granting property owners an additional source of income. </div>
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California, home to some of the country’s most in-demand and expensive real estate markets, recently passed laws that would ease restrictions on building a second unit on a piece of land. According to the LA Times, “In Oakland, the planning department approved 266 so-called accessory dwelling units (ADUs) in 2017, up from 126 a year earlier. In Long Beach, 96 applications are pending and the city has approved 15 this year, compared with 21 approved in all of 2017 and none a year earlier. The largest growth is in Los Angeles, where 2,342 secondary units were permitted in 2017, up from 120 in 2016.” </div>
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In Austin, Texas, the Alley Flat Initiative aims to increase the city’s affordable housing stock and make it easier for families to add new units to their property. The Initiative helps families plan, design, and build an additional flat on their properties to accommodate extended family members. Through this process, an adaptive and self-perpetuating delivery system is created that promotes efficient housing designs and innovative methods of financing and homeownership that benefit all neighborhoods in Austin.</div>
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How real estate is responding to multigenerational living</h2>
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According to Jason Biddle, a Certified Aging in Place Specialist (CAPS), the growing trend of multigenerational living has changed the types of homes that single-family volume builders are developing. Not only are builders constructing homes with more square footage, they’re including a separate wing for extended family members. “Many national home builders have introduced new products marketed to multigenerational homebuyers with features like a first-floor master, larger square footage, and even a separate-but-connected apartment suite to help maintain privacy,” says Biddle. </div>
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According to Weaver, most homes in Virginia are built with a basement and bath roughed in. “Builders understand that families are increasingly taking in older family members or expanding living space for themselves as they age and families grow. It’s almost unheard of in new developments to not have these features in the designs,” says Weaver. </div>
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In an interview with the Wharton School at the University of Pennsylvania, James Timberlake, partner at award-winning architecture firm KieranTimberlake, says, “In urban situations, where space is more precious, decisions have to be made about the value of the lot, and what you can build, and how many units you can build in that particular area, and whether or not there’s a market for that kind of multigenerational experience. I think what you’re seeing is that developers see this niche, and it’s a niche that more and more people desire.”</div>
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Anonymoushttp://www.blogger.com/profile/11255853788632157927noreply@blogger.com1tag:blogger.com,1999:blog-2696672773482107478.post-34008563170144887292018-09-18T08:35:00.001-07:002018-09-18T08:35:28.723-07:00Snoqualmie Pass Real Estate, Mortgage, and the Economy - How Seniors are Affecting the Housing Market<b style="font-family: "times new roman";"><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white; font-family: "times new roman";"> </span><b style="font-family: "times new roman";"><span style="background: white; color: #1f497d;">http://</span></b><b style="font-family: "times new roman";"><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b><br />
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The baby boomers are entering their <a href="https://www.trulia.com/research/where-are-the-oldest-and-youngest-places-in-america/" style="background-color: transparent; box-sizing: border-box; color: #10a75f; font-weight: bold; text-decoration-line: none; transition: all 0.15s ease-in-out 0s;">golden years</a> and are poised to become the largest generation of retirees in the country’s history. Through their sheer numbers, boomers have impacted the nation’s economic trends. Now, as more of them enter their retirement years, this generation’s housing preferences will help determine the housing options available to younger people entering the market.</div>
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Not only are baby boomers the largest generation, but they also have different lifestyle preferences than previous generations. Baby boomers are working longer and delaying the home downsizing many have been expecting. While some observers think baby boomers are contributing to the <a href="https://www.cbsnews.com/news/housings-big-problem-boomers-arent-downsizing/" style="background-color: transparent; box-sizing: border-box; color: #10a75f; font-weight: bold; text-decoration-line: none; transition: all 0.15s ease-in-out 0s;">inventory crunch</a> by staying in place, others believe boomers are <a href="https://www.citylab.com/equity/2017/04/who-will-buy-baby-boomers-homes/522912/" style="background-color: transparent; box-sizing: border-box; color: #10a75f; font-weight: bold; text-decoration-line: none; transition: all 0.15s ease-in-out 0s;">holding on</a> to their homes to time the market and that a massive sell-off is on the horizon.</div>
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To better understand this demographic group, Trulia took a close look at the housing situation of seniors 65 and over now and a decade ago, as well as how senior households stack up in different metros. Of course, not all boomers are seniors yet—we define baby boomers as individuals born between 1945 and 1964, making them between 54 and 73 this year. However, we focus on changes in senior housing preferences over the last decade to offer insight into how boomers, who are starting to become seniors en masse, differ in their housing choices compared to previous generations.</div>
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We found that:</div>
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<li style="box-sizing: border-box; line-height: 26px; list-style-position: outside; margin: 15px 15px 15px 0px; padding: 5px 0px;"><strong style="box-sizing: border-box;">Senior households are delaying downsizing</strong>. They’re working longer and their kids are living with them more often compared with seniors a decade ago.</li>
<li style="box-sizing: border-box; line-height: 26px; list-style-position: outside; margin: 15px 15px 15px 0px; padding: 5px 0px;"><strong style="box-sizing: border-box;">Senior households with no younger generations living with them</strong>—which include empty nesters— on average have two more bedrooms than people in their homes. Households under 65 on average only have one extra bedroom.</li>
<li style="box-sizing: border-box; line-height: 26px; list-style-position: outside; margin: 15px 15px 15px 0px; padding: 5px 0px;"><strong style="box-sizing: border-box;">Places where housing inventory is most needed—the most unaffordable metros in the nation—aren’t the places where seniors are holding onto inventory</strong>. Like the rest of the population, seniors rent in these places at much higher rates and also have younger generations living with them more often. Unless they kick out the kids, they won’t be able to downsize.</li>
<li style="box-sizing: border-box; line-height: 26px; list-style-position: outside; margin: 15px 15px 15px 0px; padding: 5px 0px;"><strong style="box-sizing: border-box;">Metros that have the most senior households that could potentially downsize—that is, those households that own their single family home and have no younger generations living with them—are among the most affordable in the nation</strong>. That may be evidence that boomers holding onto their homes is not driving up prices.</li>
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Delayed Gratification</h2>
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Aging boomers are staying in place longer. As households move into their retirement years, some of them are downsizing—moving from owning to renting and from single family to multifamily homes. But, on average, boomers are staying in place longer than previous generations. Some observers worry they are taking up valuable home inventory in high-demand markets that would otherwise be snapped up by younger homebuyers. Of senior households, 83.4% live by themselves, with no younger generations. On average, this group has two more bedrooms than people living in the house—perhaps representing empty nesters whose kids have since moved out. That compares with just one extra bedroom for households under 65.</div>
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Baby boomers are staying in place longer because the life events that might cause them to downsize are being delayed. Seniors in recent years have adopted significantly different lifestyles than seniors even a decade ago. For one, they’re working longer. The proportion of household heads 65 and over who are still in the labor force rose to 19.3% in 2016 from 15.9% in 2005. What’s more, the kids are moving out later. Senior households living alone represented 83.4% in 2016, ticking down from 85.2% in 2005. In 2016, 16.1% of senior households had younger generations living with them, up from 14.4% in 2005. These factors mean senior households aren’t considering downsized housing options until later in life. In 2005, more senior households were moving into multifamily than single family housing by age 75. In 2016, this inflection point had shifted to age 80.</div>
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Senior Living by Metro</h2>
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The areas where home supply is limited and affordability is low might appreciate an infusion of inventory from downsizing seniors. However, when looking at the nation’s top 100 metros, we don’t see evidence that boomers holding on to inventory is eroding affordability. Like the general population, seniors in expensive and unaffordable metros rent at much higher rates. Unaffordability also translates to higher levels of multigenerational living. The correlation between unaffordability and the percentage of senior households that could potentially downsize—those that live by themselves and own a single family home—is stark. The higher the income required to purchase the median home, the lower the proportion of senior households that could downsize (with a correlation coefficient of -0.73).</div>
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<em style="box-sizing: border-box;">Note: We define senior households able to downsize as those who live alone and own a single family home. Affordability is based on 2018 Q2 inventory. </em></div>
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The metros with the highest portion of senior households in a position to downsize are in more affordable metros, including <a href="https://www.trulia.com/TN/Knoxville/" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #10a75f; font-weight: bold; text-decoration-line: none; transition: all 0.15s ease-in-out 0s;" target="_blank">Knoxville, Tenn</a>., <a href="https://www.trulia.com/CO/Colorado_Springs/" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #10a75f; font-weight: bold; text-decoration-line: none; transition: all 0.15s ease-in-out 0s;" target="_blank">Colorado Springs, Colo</a>., and <a href="https://www.trulia.com/OH/Dayton/" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #10a75f; font-weight: bold; text-decoration-line: none; transition: all 0.15s ease-in-out 0s;" target="_blank">Dayton, Ohio</a>. However, even in these metros, inventory has fallen steadily for the past several years. In Knoxville, <a href="https://www.trulia.com/research/inventory-report-july2018/" style="background-color: transparent; box-sizing: border-box; color: #10a75f; font-weight: bold; text-decoration-line: none; transition: all 0.15s ease-in-out 0s;">inventory</a> decreased 12.4% year over year during the second quarter of 2018, rounding out 12 straight quarters of falling inventory. With this prolonged inventory drought across the nation, these metros may very well welcome an increase in boomers listing their homes.</div>
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Power in Numbers</h2>
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Although seniors appear to be delaying downsizing until later in life, as a group, households 65 and over are still downsizing at roughly the same rate as in years past—which is to say not that often. In 2016, 5.5% of households 65 and over moved, pretty evenly split between moves to single family (2.7%) and multifamily (2.4%) homes. In 2005, these percentages were virtually the same, with 5.5% of senior households moving, including 2.5% into single family and 2.5% into multifamily homes.</div>
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Still, because the boomer generation is so much larger than previous generations, that 5.5% moving rate translates into very different raw numbers across the years. There were about 7 million more senior households in 2016 than 2005, meaning 386,000 more senior households moved in 2016.</div>
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Of course, the ability of senior households to downsize depends on the availability of homes to downsize into. The acute shortage in starter home inventory can make it difficult for retirees to move to smaller homes. Not only are seniors not responsible for making inventory-scarce metros unaffordable, they’re feeling the inventory pinch themselves. Gen X-ers and millennials, especially in expensive coastal metros, are going to need more than downsizing boomers to alleviate the inventory crunch they are facing.</div>
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Methodology</h2>
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We used 2005 and 2016 5-Year American Community Survey data for labor rates, household generation composition, moving rates, unit structure type, number of bedrooms, and tenure. Our analysis only looks at households that are not in “group quarters”, which would include retirement homes and nursing facilities. This means that our downsizing estimates are likely understated. Affordability is based on our inventory metrics from the second quarter of 2018, defined as the share of the median income needed to purchase the median priced home.</div>
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<b style="font-family: "times new roman";"><br /></b><b style="font-family: "times new roman";">By </b><a href="https://www.trulia.com/research/author/alexandralee/" rel="author" style="box-sizing: border-box; color: #474e52; font-family: PostGrotesk, Arial, Helvetica, sans-serif; font-size: 18px; text-decoration-line: none; transition: all 0.15s ease-in-out 0s;">Alexandra Lee</a><br />
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<b style="font-family: "times new roman";"><b style="font-family: "times new roman";"><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white; font-family: "times new roman"; font-weight: 400;"> </span><b style="font-family: "times new roman";"><span style="background: white; color: #1f497d;">http://</span></b><b style="font-family: "times new roman";"><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b></b>Anonymoushttp://www.blogger.com/profile/11255853788632157927noreply@blogger.com1tag:blogger.com,1999:blog-2696672773482107478.post-25723891395347995452018-09-17T11:32:00.001-07:002018-09-17T11:32:49.602-07:00Snoqualmie Pass Real Estate, Mortgage, and the Economy - Old House Renovation<b style="font-family: "times new roman";"><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white; font-family: "times new roman";"> </span><b style="font-family: "times new roman";"><span style="background: white; color: #1f497d;">http://</span></b><b style="font-family: "times new roman";"><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b><br />
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Old House Renovation: Making Those Hard Repair-or-Replace Decisions</h1>
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When you’re planning (or in the middle of) a whole house remodel there are always questions about what to keep and what to do away with. Sometimes those questions are about big things, such as hallways, bedrooms or walls. Other times they’re about more particular items, such as doorknobs, trimwork or old wooden windows.</div>
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No matter what type of item, the question is usually a challenging one because there often is no “right answer.” If this sounds like a question you might have to tackle in your future, maybe I can help you be more prepared.</div>
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Always Lean Toward Restoration</h2>
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The first step in making the decision of “restore vs. replace” is one of mindset. I can’t tell you how many times I’ve been in a home with a contractor, tradesman or even homeowner who just thinks everything that’s not brand new needs to find its way to the dumpster! That’s the wrong mindset in my opinion. Replacing something just for the sake of replacing it is wasteful at best. In the case of something really special like the wavy glass in my kitchen windows it can be downright tragic.</div>
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So the first thing you want to do is to adopt a “restore over replace” attitude. Whenever an item is being considered, your first thought regarding restoration should be “how can we?” By looking at things with this mindset you’ll find yourself thinking creatively and seeing solutions that lead to restoration. In the long run, this kind of mindset is key to creating a beautiful project that has the unmatched depth of character that can only be achieved through restoration.</div>
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Pay Attention to Unique Details</h2>
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In the restoration of an older home, there are those older elements that are unique and unlike brand new homes, and then there are those items that are essentially the same today as they were yesterday.</div>
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When it comes to decorative building elements, the saying, “They just don’t make them like they used to,” is often true.</div>
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Walls are a good example of something that isn’t “usually” that different in a brand new home as compared to a 300-year-old home. Sure, there are exceptions, but I’m talking about smooth interior painted walls. Restoration of an old plaster wall in a bedroom might cost five times as much as just replacing that same wall with drywall and the end result may look nearly identical.</div>
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A solid wood interior door, on the other hand, may be the opposite situation. The existing home might have solid doors made of a hardwood you just can’t buy anymore. If you look closely, those old doors might have a particular profile on the trim or the panels. Even if you can get a similarly designed door, the chances of replacing that detail are slim. When it comes to decorative building elements, the saying, “They just don’t make them like they used to,” is often true.</div>
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I Just Love It</h2>
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I was talking with some fixer-upper owners one day in their home when the homeowners and I started talking about an archway between two rooms. I mentioned how unique and interesting that archway was and the wife said, “I just love that arch, but I know it has to come out.” When I inquired further, I found that two other contractors had told her the arch had to go to accomplish the other objectives of the project. I helped them find a solution that saved the arch.</div>
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Whenever there is any element of your home, no matter how tiny or how big, that inspires you to use the words “I just love that,” my advice is to work very hard toward restoring that item rather than replacing during your whole-house remodel. Even if it’s difficult or something else has to be sacrificed. Those “love it” items are what makes the house <em style="box-sizing: border-box;">your</em>home.</div>
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Cost is Always a Factor</h2>
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The last factor, of course, is cost. Sometimes restoration of an item is less costly than replacement; other times it’s far less expensive to replace than to restore. When you’re attempting a major project like a whole-house remodel, sometimes it can just come down to money. What makes the most financial sense in the long run?</div>
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Options Are Good</h2>
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The great thing about this question is that it reveals the fact that there are options. You’re not forced to go one way or another and you shouldn’t listen to people who try to take those options away.</div>
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Restore when you can, replace when you have to … and enjoy the process either way!</div>
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<b style="font-family: "times new roman";"><span style="background-color: white; color: #5b5b5b; font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Ubuntu, Cantarell, "Fira Sans", "Droid Sans", "Helvetica Neue", Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 15px; font-weight: 400;">by</span><span style="background-color: white; color: #5b5b5b; font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Ubuntu, Cantarell, "Fira Sans", "Droid Sans", "Helvetica Neue", Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 15px; font-weight: 400;"> </span><span class="author vcard" style="background-color: white; box-sizing: border-box; color: #5b5b5b; font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Ubuntu, Cantarell, "Fira Sans", "Droid Sans", "Helvetica Neue", Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 15px; font-weight: 400;"><a class="url fn n" href="https://www.realestate.com/articles/author/timlay" style="background-color: transparent; box-sizing: border-box; color: #1ba0ea; text-decoration-line: none;">Tim Layton</a></span></b></div>
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<b style="font-family: "times new roman";"><b style="font-family: "times new roman";"><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white; font-family: "times new roman";"> </span><b style="font-family: "times new roman";"><span style="background: white; color: #1f497d;">http://</span></b><b style="font-family: "times new roman";"><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b></b></div>
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Anonymoushttp://www.blogger.com/profile/11255853788632157927noreply@blogger.com1tag:blogger.com,1999:blog-2696672773482107478.post-19340677236744039692018-09-14T09:31:00.000-07:002018-09-14T09:31:12.289-07:00Snoqualmie Pass Real Estate, Mortgage, and the Economy - How much money Americans have saved at every age <b style="font-family: "times new roman";"><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white; font-family: "times new roman";"> </span><b style="font-family: "times new roman";"><span style="background: white; color: #1f497d;">http://</span></b><b style="font-family: "times new roman";"><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b><br />
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Here’s how much money Americans have saved at every age </h1>
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A new study finds the median American household has $4,830 in a savings account. That's enough to cover minor emergencies and potentially even a few months of living expenses. Overall, between bank accounts and retirement savings, the median American household currently holds about $11,700, according to <a class="inline_asset" href="https://www.magnifymoney.com/blog/news/average-american-savings/" style="color: #33bb66; outline: none; text-decoration-line: none; user-select: text;">MagnifyMoney</a>.</div>
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Almost 30 percent of households have less than $1,000 saved, MagnifyMoney finds, though the amount varies drastically by age. As of June 2018, millennials have less saved than baby boomers, because older Americans have had over three decades longer to save and larger salaries to work with.</div>
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Here's how Americans' median savings breaks down by age:</div>
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<li style="margin: 0px 0px 7px; padding: 0px; user-select: text;">Millennials (born 1981-1998): $2,430</li>
<li style="margin: 0px 0px 7px; padding: 0px; user-select: text;">Gen X (born 1965-1980): $15,780</li>
<li style="margin: 0px 0px 7px; padding: 0px; user-select: text;">Baby Boomers and older (born before 1964): $24,280</li>
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MagnifyMoney estimates median household balances in various types of banking and retirement savings accounts by using data from the <a class="inline_asset" href="https://www.federalreserve.gov/econres/scfindex.htm" style="color: #33bb66; outline: none; text-decoration-line: none; user-select: text;">Federal Reserve</a> and the <a class="inline_asset" href="https://www.fdic.gov/bank/statistical/" style="color: #33bb66; outline: none; text-decoration-line: none; user-select: text;">Federal Deposit Insurance Corp.</a> They calculate the median because it gives a more accurate estimate of what most Americans have saved; the average can be skewed by high-earners and older savers. Their results indicate that half of all U.S. households have more than $4,830 while half have less.</div>
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Among households that report having at least some money set aside, the median savings level is higher, just under $73,000.</div>
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Other surveys and studies have found similar results. Using data from the Federal Reserve's Survey of Consumer Finances, <a class="inline_asset" href="https://smartasset.com/checking-account/savings-account-average-balance" style="color: #33bb66; outline: none; text-decoration-line: none; user-select: text;">SmartAsset found earlier this year</a> the median American household had about $5,200 in savings. And according to <a class="inline_asset" href="https://www.gobankingrates.com/saving-money/half-americans-less-savings-2017/" style="color: #33bb66; outline: none; text-decoration-line: none; user-select: text;">a 2017 GOBankingRates survey</a>, about 12 percent of respondents had between $1,000 to $4,999 in a savings account, while more than half of Americans (57 percent) had less than $1,000.</div>
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Americans may still owe more in debt than they save. The <a class="inline_asset" href="https://news.northwesternmutual.com/planning-and-progress-2018" style="color: #33bb66; outline: none; text-decoration-line: none; user-select: text;">Northwestern Mutual's 2018 Planning & Progress Study</a> recently found Americans now have an average of $38,000 in personal debt, excluding home mortgages. That's up $1,000 from a year ago.</div>
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Meanwhile "fewer people said they carry 'no debt' this year compared to 2017 (23 percent vs. 27 percent)," according to the study.</div>
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"People's purse-strings are clearly caught in a tug of war between enjoying the present and saving for the future," says Emily Holbrook, director of planning for Northwestern Mutual.</div>
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<b style="font-family: "times new roman";"><a href="https://www.cnbc.com/megan-leonhardt/" itemprop="url" rel="author" style="color: #737373; font-family: "Proxima Nova Semi Bold"; font-size: 14px; font-weight: 400; outline: none; text-decoration-line: none; user-select: text;">Megan Leonhardt</a><span style="color: #737373; font-family: "Proxima Nova Semi Bold"; font-size: 14px; font-weight: 400;"> |</span></b>
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<b style="font-family: "times new roman";"><b style="font-family: "times new roman";"><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white; font-family: "times new roman"; font-weight: 400;"> </span><b style="font-family: "times new roman";"><span style="background: white; color: #1f497d;">http://</span></b><b style="font-family: "times new roman";"><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b></b>Anonymoushttp://www.blogger.com/profile/11255853788632157927noreply@blogger.com1tag:blogger.com,1999:blog-2696672773482107478.post-50077209378151581302018-09-11T10:38:00.000-07:002018-09-11T10:38:20.649-07:00Snoqualmie Pass Real Estate, Mortgage, and the Economy - Is Amazon responsible for Seattle’s housing cooldown? <b style="font-family: "times new roman";"><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white; font-family: "times new roman";"> </span><b style="font-family: "times new roman";"><span style="background: white; color: #1f497d;">http://</span></b><b style="font-family: "times new roman";"><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b><br />
<b style="font-family: "times new roman";"><span style="background-color: white; color: inherit; font-family: Roboto, sans-serif; font-size: 41px;">Is Amazon responsible for Seattle’s housing cooldown? Real estate experts weigh in</span></b><br />
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<figure class="wp-caption aligncenter" id="attachment_445745" style="box-sizing: border-box; height: auto; line-height: 1.625; margin: 0px auto 13px; max-width: 100%; width: 630px;"><figcaption class="wp-caption-text" style="box-sizing: border-box; font-size: 12px; padding: 9px;"><span style="font-size: 16px;">Seattle’s housing market has risen to record levels — for better or worse — fueled in part by Amazon’s historic success, but the tech giant’s hiring has slowed in recent months. At the same time, the region’s housing market has cooled, losing its nearly two-year title as the nation’s hottest.</span></figcaption></figure><h4 class="callout clearfix" style="box-sizing: border-box; color: inherit; float: right; font-family: Roboto, sans-serif; font-size: 20px; line-height: 1.2; margin-bottom: 13px; margin-left: 13px; margin-top: 13px; padding: 0px 0px 0px 20px; width: 300px;">
<a href="https://www.geekwire.com/2018/amazon-staffing-hq2-finalist-cities-second-headquarters-decision-nears/" style="background-color: transparent; box-sizing: border-box; color: #3e734a; text-decoration-line: none;">Amazon is staffing up in these HQ2 finalist cities as second headquarters decision nears</a></h4>
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But correlation does not necessarily mean causation, and real estate experts interviewed by GeekWire say they don’t see a connection between the slowdowns at Amazon and in the housing market. Instead, they say the real reason for the housing slowdown is that for the first time in years there are more than just a handful of houses for sale in any given area.</div>
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More homes hit the market in the Seattle area than at any time in the last three years in August, according to the latest statistics from the Northwest Multiple Listing Service,<a href="http://www.northwestmls.com/index.cfm?/News--Information/page/Latest-Press-Release" style="background-color: transparent; box-sizing: border-box; color: #3e734a; text-decoration-line: none;"> released Friday afternoon</a>. That means more choices for buyers, smaller price growth and fewer of the multiple-offer horror stories that almost every buyer over the last couple years has experienced.</div>
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“It’s not so frantic, where if something comes on the market today, you’ve got to be there tomorrow morning or tonight with an offer in hand,” said Brian Golik, a managing broker for John L. Scott Real Estate. “There’s no rush to do that, and it’s getting back to more of a normal real estate situation where you can take a little time, you can do your inspection, you don’t have to waive everything.”</div>
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Amazon’s growth in Seattle is in the spotlight <a href="https://www.geekwire.com/special-coverage/amazon-build-second-hq-north-america/" style="background-color: transparent; box-sizing: border-box; color: #3e734a; text-decoration-line: none;">amid the company’s search for a second headquarters</a>, and the recent fight over <a href="https://www.geekwire.com/2018/amazon-says-seattle-head-tax-repeal-right-decision-regions-economic-prosperity/" style="background-color: transparent; box-sizing: border-box; color: #3e734a; text-decoration-line: none;">the city’s ill-fated head tax</a>. In the first quarter, Amazon <a href="https://www.geekwire.com/2018/amazon-headcount-drops-2900-employees-q1-first-decline-nearly-decade/" style="background-color: transparent; box-sizing: border-box; color: #3e734a; text-decoration-line: none;">reported its first employee decline</a> in nine years, and its CFO Brian Olsavsky told investors it is <a href="https://www.geekwire.com/2018/amazon-hiring-slows-favor-internal-reshuffling-headcount-hits-575k/" style="background-color: transparent; box-sizing: border-box; color: #3e734a; text-decoration-line: none;">slowing hiring</a> in favor of internal re-shuffling across the company.</div>
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But fellow tech giants and startups thirsty for talent will gladly step up to fill any potential Amazon void and bolster the pool of homebuyers.</div>
<ul style="box-sizing: border-box; margin-bottom: 13px; margin-top: 0px;">
<li style="box-sizing: border-box; margin-bottom: 13px;">Google is growing rapidly and just <a href="https://www.geekwire.com/2018/google-doubles-seattle-region-giant-new-office-leases/" style="background-color: transparent; box-sizing: border-box; color: #3e734a; text-decoration-line: none;">upped the size of its new Seattle campus</a>.</li>
<li style="box-sizing: border-box; margin-bottom: 13px;">Facebook has been on a <a href="https://www.geekwire.com/2017/facebook-owned-oculus-makes-big-hiring-push-seattle-region-amid-rumors-real-estate-expansion/" style="background-color: transparent; box-sizing: border-box; color: #3e734a; text-decoration-line: none;">hiring spree</a> in the Seattle area, particularly for its virtual reality arm Oculus, which is growing fast in Microsoft’s backyard of Redmond.</li>
<li style="box-sizing: border-box; margin-bottom: 13px;">And it’s not just the giants growing fast and taking big chunks of space. In just the last few weeks, GeekWire reported on new <a href="https://www.geekwire.com/2018/geekwire-200-august-update-top-startups-juice-real-estate-market-hq-moves/" style="background-color: transparent; box-sizing: border-box; color: #3e734a; text-decoration-line: none;">HQ leases for top Seattle startups Rover and Outreach.</a></li>
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“They are not the be all and end all,” Matthew Gardner, chief economist for Windermere Real Estate, said of Amazon “Other companies continue to grow and that will pick up any slack, or any perceived slack, given the slowdown in employment at Amazon.”</div>
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According to NWMLS, there were 5,803 homes for sale at the end of August in King County, a 74 percent increase over the 3,329 active listings a year ago and the most since September 2015. The median sale price in August was $669,000, up 2.9 percent from last year’s median of $650,000, but down from May’s sky-high median of $726,275.</div>
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Areas near downtown remain competitive and expensive. The growth of hometown startups as well as Bay Area tech giants means more new executives and highly paid employees, many of which could come from out of town. And a lot of those people want to live close to work.</div>
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“There’s a value to people’s time. People will pay to live closer to where they need to be,” Gardner said.</div>
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Region-wide, Gardner says the days of double digit price increases across the board are in the rear view mirror, for now at least, with a return to historical averages of about 6 percent annual rises going forward. Gardner said he is happy to see the trend, as he’s not a fan of over-eager markets.</div>
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Golik noted that brokers are having “tough conversations” with sellers pricing their houses based on sales that happened six months ago. And today we are in a different market, where some homes will have to be marked down about 5 to 10 percent to sell. Homes that would previously sell after just a few days are now spending a couple weeks on the market, or in some cases up to 50 days, according to NWMLS.</div>
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“I guess we should have schooled them a bit about a phasing-in process and not to bunch up at the listing house door,” said Dick Beeson, principal managing broker, RE/MAX Professionals in Tacoma, Wash. He added that “The real estate sky isn’t falling” for sellers.</div>
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Despite the flood of new inventory hitting the market in recent months, the Seattle area still remains under-supplied. There is just under two months worth of home inventory on the market right now, and Gardner wants to see that number creep up toward four to six months.</div>
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As the market cools, Gardner cautions against losing sight of the bigger picture of housing affordability. Even as price increases stagnate, the median home sale price remains unaffordable to most buyers.</div>
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That could also give companies pause about coming to Seattle, Gardner says. Right now, both companies and employees get a bigger bang for their buck compared to the Bay Area and its out-of-control housing costs. As costs continue to rise, Gardner posits, companies could look to lower-cost markets, where they wouldn’t have to pay as much for their employees to live comfortably.</div>
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The answer to this affordability crunch, according to Gardner, is zoning. In an argument <a href="https://www.geekwire.com/2018/redfin-ceo-glenn-kelman-sounds-off-housing-market-says-u-s-become-landlord-nation/" style="background-color: transparent; box-sizing: border-box; color: #3e734a; text-decoration-line: none;">echoed by Redfin CEO Glenn Kelman</a>, Gardner says the city needs to, at minimum, change rules to allow more townhouses in areas that today only allow single-family houses. However, Gardner says, there is “zero political will to do that, and that’s a big, big problem.”</div>
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“I took a map and overlaid the city of Seattle and the city of Paris,” said Gardner. “And you can fit Paris into North Seattle. But here’s the kicker, Paris has got a population of 2.2 million people, we have a population of 730,000. We’re not close to being dense.”</div>
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<span style="color: #47403e; font-size: 12.8px; font-weight: 600; text-transform: uppercase;">BY</span><span style="color: #47403e; font-size: 12.8px; font-weight: 600; text-transform: uppercase;"> </span><span itemprop="author" style="box-sizing: border-box; color: #47403e; font-size: 12.8px; font-weight: 600; text-transform: uppercase;"><a class="author url fn" href="https://www.geekwire.com/author/natlevy/" rel="author" style="background-color: transparent; box-sizing: border-box; color: #3e734a; text-decoration-line: none;" title="Posts by Nat Levy">NAT LEVY</a></span></div>
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<b style="font-family: "times new roman";"><b style="font-family: "times new roman";"><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white; font-family: "times new roman"; font-weight: 400;"> </span><b style="font-family: "times new roman";"><span style="background: white; color: #1f497d;">http://</span></b><b style="font-family: "times new roman";"><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b></b>Anonymoushttp://www.blogger.com/profile/11255853788632157927noreply@blogger.com1tag:blogger.com,1999:blog-2696672773482107478.post-33853434038510538742018-08-28T07:46:00.005-07:002018-08-28T07:46:55.215-07:00Snoqualmie Pass Real Estate - US Home Prices Slip 8/28/18<div style="background-color: white; border: 0px; font-family: RobotoRegular, Arial, sans-serif; font-size: 16px; line-height: 26px; padding: 0px 0px 24px; vertical-align: baseline;">
WASHINGTON (AP) — U.S. sales of existing homes slipped for the fourth consecutive month, declining 0.7 percent in July to the slowest pace in more than two years as the real estate market shows signs of cooling.</div>
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The National Association of Realtors said Wednesday that homes sold last month at a seasonally adjusted annual pace of 5.34 million. Home sales have fallen 1.5 percent during the past 12 months.</div>
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The U.S. housing market is hurt by a widening wealth gap, as inventories of lower-priced homes remain tight. Sales of single-family houses worth more than $500,000 have jumped in the past year, led by a 16.2 percent surge in sales of houses valued at more than $1 million.</div>
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But homes priced between $100,000 and $250,000 — a level the middle class can afford — have barely budged, while sales of homes for less than $100,000 have plunged 10.6 percent from a year ago. There is a shortage of these more affordable homes on the market because existing owners lack the funding to upgrade to a more expensive property.</div>
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"The mismatch between the price of what's available and what home buyers are looking for is holding back sales this year," said Danielle Hale, chief economist for realtor.com.</div>
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Existing home sales fell in the Northeast, Midwest and South last month, although they increased in the pricier West market.</div>
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Inventories did stabilize in July at 1.92 million existing homes available, which was unchanged from a year ago. Prior to last month, home listings had declined on an annual basis for the past three years. Still, sales listings are relatively low and that stifles the potential for higher home sales despite the possible boost in demand because of the recent strength in the job market.</div>
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"Unless and until more existing homes enter the market, it is difficult to see a meaningful rise in sales," said David Berson, chief economist at the insurance firm Nationwide. "We expect existing sales this year to be about flat relative to 2017."</div>
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Would-be buyers are coping with higher mortgage rates than a year ago, and home price growth that has consistently outpaced average wage gains.</div>
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The median sales price in July increased 4.5 percent from a year ago to $269,600.</div>
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The average interest rate charged on a 30-year, fixed-rate mortgage was 4.53 percent last week, up from 3.89 percent a year ago, according to mortgage buyer Freddie Mac.</div>
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The median U.S. home value climbed 8 percent over the past year to $218,000, but in a sign that buyers are beginning to balk at sustained, rapid escalations in prices, home value growth is slowing in 20 of the 35 largest housing markets. Four of the hottest markets – Seattle, Tampa, Sacramento, Calif., and Portland, Ore. – reported the greatest slowdowns from their growth rates at this time last year.</div>
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Seattle, which led the country in home-value growth of 14.8 percent in June 2017, is now the 12th fastest-appreciating housing market with year-over-year values climbing at 9.1 percent in July. Home values are partly a function of how many homes are available for sale, and Seattle had 13.2 percent more homes on the market in July than it had a year earlier. Nationally, there were 3.9 percent fewer homes for sale than a year ago.</div>
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Home-value growth is slowing in 20 of the 35 largest U.S. housing markets, with Seattle and Tampa, Fla., reporting the greatest slowdowns.<small class="article-photo-credit" style="box-sizing: border-box; font-size: 9px; font-style: normal; font-weight: normal; line-height: 2; margin-left: 8px; text-transform: uppercase;">ZILLOW PHOTO SERVICE</small></div>
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Tampa’s growth slowed to 10.6 percent (for a median home value of $205,900), Sacramento and Portland each to 5.7 percent ($400,800 and $391,800, respectively).</div>
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While 8 percent annual growth for U.S. home values is above the 7.3 percent annual growth from July 2017, it is down slightly from growth earlier in 2018. And Zillow forecasts the annual appreciation rate will slow to 6.8 percent by this time next year.</div>
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Home values are still growing faster in most major markets than they did historically, one reason it’s too soon to call it a buyer’s market. Lower-valued homes also continue brisk gains: Homes valued in the lower third nationally rose 10.9 percent in value year-over-year, while homes valued in the top third rose at less than half that, at 4.9 percent.</div>
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Rent slowdown, too</h2>
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The rental market shows signs of a slowdown as well.</div>
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The median U.S. rent rose 0.5 percent over the past year to $1,440 (a month), down from 1.6 percent growth a year earlier. Among the 35 largest housing markets, 21 had slower annual rent appreciation in July than a year earlier, with Seattle, Portland and Kansas City leading the slowdown. Still, rents rose 0.3 percent in Seattle and fell by 0.7 percent in Portland and 1 percent in Kansas City.</div>
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Median rent climbed the most in Riverside, Calif., where it was up 4.6 percent from July 2017 to $1,898. It was followed by Sacramento, up 4.4 percent to $1,842 and Las Vegas, up 3.2 percent to $1,305.</div>
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Inventory crunch also eases</h2>
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Home shoppers in July had 3.9 percent fewer homes to choose from than a year earlier – the slowest pace of declining inventory since March 2017.</div>
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Columbus, Ohio, and Atlanta posted the largest drops in inventory at 14.4 percent and 14.2 percent, respectively.</div>
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The largest gains in inventory were in the pricey markets of San Jose, Calif., where inventory rose 46.2 percent from last July, and San Diego, where it climbed 36.3 percent.<br />
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Anonymoushttp://www.blogger.com/profile/11255853788632157927noreply@blogger.com2tag:blogger.com,1999:blog-2696672773482107478.post-82413899385433546232018-04-10T09:28:00.000-07:002018-04-10T09:28:42.693-07:00Snoqualmie Pass Real Estate, Mortgage, and the Economy - Housing Market Back to "Pressure Cooker Situation" <b style="font-family: "times new roman";"><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white; font-family: "times new roman";"> </span><b style="font-family: "times new roman";"><span style="background: white; color: #1f497d;">http://</span></b><b style="font-family: "times new roman";"><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b><br />
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<span style="background-color: white; color: #007a87; font-family: "Droid Serif", serif; font-size: 21px;">Housing Market Back to "Pressure Cooker Situation" But Brokers Remind Sellers "Pricing Is Still Important"</span></div>
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Latest Press Release</h4>
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KIRKLAND, Washington (April 5, 2018) - Job growth and a recent run-up in mortgage rates has created an "extremely intense market for each new listing," stated J. Lennox Scott, chairman and CEO of John L. Scott Real Estate in commenting on the latest statistics from Northwest Multiple Listing Service.</div>
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MLS figures for March show a surge in both new listings and pending sales compared to February as the spring market heats up. Compared to a month ago, pending sales climbed more than 29 percent (from 7,980 in February to 10,311 in March), while the volume of new listings jumped more than 45 percent from February to March.</div>
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"What used to be a quick action market for buyers is now, once again, an instant response market, and this has been the case since the first of the year," remarked Scott, adding "This is especially true in the more affordable and mid-price ranges in all markets, and also pertains to luxury properties close to the job centers."</div>
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Whether defined as $1 million or more or $2 million-plus, Northwest MLS figures confirm sales of luxury homes are surging. A comparison of first quarters show the year-over-year volume of sales of homes priced at $2 million or more is up 30 percent. Members reported 136 such sales during first quarter 2017; this year, the number is 177. For homes priced at $1 million or more, sales rose from 941 during first quarter last year to 1,204 this year, a gain of nearly 28 percent.</div>
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Prices overall are up about 13.2 percent from a year ago, and even more so in the four-county Puget Sound region. Among these four counties, Kitsap had the largest year-over-year increase at 19 percent, but King County homes are still the priciest. The median price for last month's sales of single family homes and condos combined in King County is $625,000, up 17.9 percent from a year ago. For single family homes, excluding condos, the median price for last month's sales was $689,950.</div>
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Year-over-year prices are up more than 18 percent in Pierce County and about 14.3 percent in Snohomish County.</div>
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Commenting on rising prices, veteran broker Mike Grady said "The market continues to trend hot" with no apparent end in sight. The slight rise in mortgage interest rates since January 1 could mean "some minor impact on non-cash first-time homebuyers," he suggested, adding, "Only time will tell." Grady, the president and COO of Coldwell Banker Bain, said his company's tracking and analysis based on average prices (instead of median prices) shows that "along the I-5 corridor, our average sales price is tracking slightly higher than what the NWMLS median sales prices show."</div>
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Northwest MLS member brokers continue to scramble to replenish supply. They added 10,595 new listings during March, slightly more than a year ago when they added 10,321 properties to the selection. Last month's additions marked a big gain from February when 7,284 new listings were added.</div>
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As has been the pattern, pending sales nearly equaled the number of new listings. Brokers reported 10,311 pending sales last month, a slight drop from the year-ago figure of 10,415. Tight inventory may be to blame as the number of total active listings stood at 8,825 at month end, down nearly 9.7 percent from the year-ago total of 9,772. Fourteen of the 23 counties in the Northwest MLS market area reported drops in pending sales.</div>
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"We have returned to an extremely intense market for each new listing due to extremely strong job growth and eager buyers who want to purchase before interest rates go higher," Scott reported. "The housing market is back to a pressure cooker situation and we are witnessing high levels of sales activity intensity for each new listing coming on the market," he commented.</div>
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Dick Beeson, principal managing broker at RE/MAX Professionals in Tacoma, commented on the frustration many would-be homebuyers are experiencing. "I think this last quarter especially, many buyers are feeling like they brought a knife to a gunfight, there's been so much competition to buy a home."</div>
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The tri-county area comprised of King, Snohomish and Pierce counties added essentially the same number of new listings during first quarter 2018 as the same period a year ago, Beeson noted, while the actual number of sales dropped slightly. "Why? Because there are too few properties for sale and rental rates are through the roof. People are desperate to find a home," he stated. He likened the situation to Nordstrom not being able to keep their clothing racks filled because customers storm the store each day buying everything that's available.</div>
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Housing inventory remains well below "normal" ranges based on a level of 4-to-6 months of supply used as an indicator of a balanced market. Area-wide, Northwest MLS figures show there is about 1.2 months of supply, with four counties reporting less than a month's supply. Snohomish has the sparsest selection at 0.67 months, followed by King (0.83 months), Kitsap (0.95 months), and Pierce (0.99 months).</div>
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"Despite the low inventory and sellers' market, proper pricing is still important," emphasized John Deely, principal managing broker at Coldwell Banker Bain in Seattle.</div>
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"In March we saw more listings where sellers pushed the price envelope causing the property to go past their offer review date with no offers in hand," Deely reported. "It is not uncommon for buyers to consider a property on the market over 10 days as having something wrong with it," he added.</div>
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Nevertheless, Deely said many buyers are returning from taking a break during the winter after having lost out on several attempts to win in the multiple offer competition. "Throwing caution to the wind, these seasoned veterans of the multiple offer bidding wars are pulling out all the stops (contingencies) to win."</div>
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Rising interest rates and keen competition are motivating some buyers to make compromises, according to George Moorhead, designated broker at Bentley Properties.</div>
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"I was asked recently why some communities are seeing a higher sales volume then last year," Moorhead stated. "I explained this was simple logic with buyers in that instead of competing at their maximum price point in closer in communities and losing out on the perfect home, they compete in a lesser priced area where they can be more aggressive on the better homes in those areas. They may compromise on schools, public services, and commute times, but the opportunity of ownership increases significantly. The second key reason is that 30-year mortgage interest rates have increased .5% since the beginning of the year which erodes home affordability and pushes some buyers out of market places."</div>
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Commenting on the uptick in interest rates, the president of a mortgage firm who trains brokers around the country recently noted, "While $100 a month might not sound like too much, it might adjust a client's debt-to-loan ratio, which could push the size of a house they can afford down by $40,000 or $50,000."</div>
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Moorhead dismissed "chatter about a looming real estate bubble" based on prices and what used to be the norm. "The key is to understand the normal cyclical pattern of our real estate market. A healthy market has corrections and booms with a mix of flattening cycles," he stated, noting "Markets without these healthy cycles have catastrophic events much like we experienced in 2007 to 2011."</div>
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Instead of competing in today's market, some current owners are opting to remodel. "We are getting more and more requests for quality contractors for current homeowners looking to make updates to their home, instead of trying to move up to a better home or community," Moorhead said. "Just in the last 30 days we know of 12 homeowners starting home improvements in the $100,000 and up range, more out of sheer frustration that they cannot find or secure a move-up home to purchase. What this means on the larger scale is a continued lack of inventory coming on the market to feed the voracious appetite of the buyers in our marketplace."</div>
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NWMLS - Market Update</div>
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Anonymoushttp://www.blogger.com/profile/11255853788632157927noreply@blogger.com1tag:blogger.com,1999:blog-2696672773482107478.post-19957360212076174212018-02-23T14:36:00.000-08:002018-02-23T14:36:03.063-08:00Snoqualmie Pass Real Estate, Mortgage, and the Economy - Downtown Seattle Poised For Even Bigger Residential and Hotel Boom<b style="font-family: "times new roman";"><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white; font-family: "times new roman";"> </span><b style="font-family: "times new roman";"><span style="background: white; color: #1f497d;">http://</span></b><b style="font-family: "times new roman";"><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b><br />
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Downtown Seattle poised for even bigger residential and hotel boom</h1>
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Downtown Seattle is experiencing explosive growth—but not all Seattleites have access to opportunity</h2>
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2017 was a big year for construction, with more than 5,700 homes, 3.6 million square feet of office space, and more than 600 hotel rooms coming online in the city center alone. But the future outlook is even bigger.</div>
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Downtown neighborhood association Downtown Seattle Association (DSA) released its annual State of Downtown report this morning, which explored the trajectory of the city center’s growth over the past eight years—and forecasted even more explosive growth in the future.</div>
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DSA’s work covers not just the downtown retail core and waterfront, but some surrounding core neighborhoods: Uptown, South Lake Union, Denny Triangle, First Hill, parts of Capitol Hill, the International District, Pioneer Square, and Belltown.</div>
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Out of those neighborhoods, South Lake Union had the biggest year for new homes and homes-in-progress, with 5,473 units finished or in active construction in 2017. Next came First Hill, with 2,503 new homes, and Denny Triangle, with 2,445.</div>
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While 5,703 units were completed in the area in 2017, the real boom year to watch is 2020. If all permitted and planned projects move forward, those neighborhoods combined could have nearly 17,500 homes built in that year alone.</div>
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The outlook for hotel rooms is similar. 637 rooms were added in 2017, and nearly 2,200 are planned for 2018—largely because of the <a href="https://seattle.curbed.com/2017/6/5/15742998/hyatt-regency-hotel-lmn-architects-renderings-photos" style="border-bottom: 1px solid rgb(113, 138, 131); box-sizing: border-box; color: #ff604a; font-family: inherit; font-size: inherit; font-style: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration: inherit; transition: color 0.1s, background-color 0.1s, fill 0.1s; vertical-align: inherit;">Hyatt Regency under construction</a>, which will be the largest hotel in Seattle when it’s done. In 2020, though, that number skyrockets to 2,923.</div>
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DSA president Jon Scholes did acknowledge while presenting the report on Wednesday morning that despite the boom, many are being left behind.</div>
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“The welcome mat to our city is narrow,” said Scholes, limited to those “who can afford the high cost of housing.”</div>
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In previous Seattle eras, said Scholes, “rich, poor, and in-between” contributed to downtown. And while the expansion of the region’s light rail “will allow more people to have access to the jobs and opportunity” downtown, said Scholes, Seattle needs even more homes to address affordability problems—or, as he puts it, “lift the limits on housing supply.”</div>
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Scholes voiced support for the city’s <a href="https://seattle.curbed.com/2017/11/9/16629248/seattle-hala-mha-upzone-plan" style="border-bottom: 1px solid rgb(113, 138, 131); box-sizing: border-box; color: #ff604a; font-family: inherit; font-size: inherit; font-style: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration: inherit; transition: color 0.1s, background-color 0.1s, fill 0.1s; vertical-align: inherit;">Mandatory Housing Affordability (MHA) plan</a>, which trades extra building height for either physical affordable housing units or payment into an affordable housing fund. The plan is currently undergoing a public comment period while <a href="https://seattle.curbed.com/2017/11/10/16635566/single-family-zoning-hala-lawsuit" style="border-bottom: 1px solid rgb(113, 138, 131); box-sizing: border-box; color: #ff604a; font-family: inherit; font-size: inherit; font-style: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration: inherit; transition: color 0.1s, background-color 0.1s, fill 0.1s; vertical-align: inherit;">under a hearing examiner appeal</a>.</div>
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At a media availability after the presentation, Scholes acknowledged that MHA isn’t the only way to work toward housing affordability. “But if we’re going to spend $7 billion on one of the most expensive rail systems in the country... we will not realize the return on that investment if we’re not building housing around it. We need to do that, and we need to get ahead of it and not chase it.”</div>
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Scholes argued the Link light rail corridor, which currently stretches from the University of Washington down through the Rainier Valley to just south of Seatac Airport, should have been rezoned before transit went in. “Now we’re trying to catch up.”</div>
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Brookings Institution centennial scholar and former Housing and Urban Development chief of staff Bruce Katz, appearing at the event with Scholes, agreed. “You did lose a bit of time here,” he said.</div>
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Much of the corridor that the light rail line serves runs through an area acknowledged by the city as having a high risk of displacement. Still, said Katz, “going up on height is critical, you have to go up on height... think you can do this in a very smart and sensitive way.” He said other regions have used “policy techniques” successfully to address displacement, but didn’t provide specifics.</div>
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Aside from MHA, Scholes said he’d like to see “a property tax rebate to existing landlords of existing properties if in exchange they keep some of those units restricted to a certain income” to “take some of the older supply that’s not at that market rent” and “bridge some of that gap.”</div>
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He said this would be a “great opportunity to set aside thousands of [affordable] units,” but would need action in the state legislature to come to fruition.</div>
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Katz said that said that to address many of Seattle’s problems, we “need private capital to come in and fill what are growing gaps, because the federal government and states are backing away.” He other cities are leveraging private capital toward large-scale neighborhood regeneration, giving <a href="https://urbanland.uli.org/economy-markets-trends/publicprivate-partnerships-driving-growth-cincinnati/" style="border-bottom: 1px solid rgb(113, 138, 131); box-sizing: border-box; color: #ff604a; font-family: inherit; font-size: inherit; font-style: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration: inherit; transition: color 0.1s, background-color 0.1s, fill 0.1s; vertical-align: inherit;">Cincinnati</a> as a notable example.</div>
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“You have the wealth. You have enough crises to get you motivated,” explained Katz. “But the cultural of collaboration that is backed by capital doesn’t quite exist here in the same way it exists in other parts of the United States. I do think it would be really important just to choose one thing and say, okay, we’re going to bring together leaders and institutions from multiple sectors, put real money on the table, then play it out for two years.”</div>
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When asked about Seattle’s plethora of <a href="https://seattle.curbed.com/2018/1/24/16929976/one-table-king-county-homelessness" style="border-bottom: 1px solid rgb(113, 138, 131); box-sizing: border-box; color: #ff604a; font-family: inherit; font-size: inherit; font-style: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration: inherit; transition: color 0.1s, background-color 0.1s, fill 0.1s; vertical-align: inherit;">public-private task forces</a>, Katz said that “most of those task forces have no force... in the end a lot of people come together and they put together policy ideas and then those ideas never get executed or implemented. [Other groups are] meeting to decide—they’re not meeting to discuss.”</div>
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“You are much wealthier than these places,” said Katz. “It’s a cultural difference.”</div>
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Katz said Seattle has to get out of its “consensus-driven” comfort zone—which, to be fair, is somewhat codified for certain projects and policies through the <a href="https://wdfw.wa.gov/licensing/sepa/" style="border-bottom: 1px solid rgb(113, 138, 131); box-sizing: border-box; color: #ff604a; font-family: inherit; font-size: inherit; font-style: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration: inherit; transition: color 0.1s, background-color 0.1s, fill 0.1s; vertical-align: inherit;">Washington State Environmental Policy Act</a>, which leaves governmental action open to environmental appeals. It’s the process that brought both the current MHA appeal and a <a href="https://www.seattlemet.com/articles/2016/12/14/ruling-puts-more-density-in-single-family-neighborhoods-on-hold" style="border-bottom: 1px solid rgb(113, 138, 131); box-sizing: border-box; color: #ff604a; font-family: inherit; font-size: inherit; font-style: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration: inherit; transition: color 0.1s, background-color 0.1s, fill 0.1s; vertical-align: inherit;">delay to the city’s plan</a> to allow more accessory dwelling units.</div>
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Still, said Katz, the Northwest is in a “quiet crisis”: “The question is whether cities can remain complacent about it.”</div>
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<b style="font-family: "times new roman";"><span style="background-color: white; color: #7d7d7d; font-family: Acto, Helvetica, sans-serif; font-size: 12.6px; font-weight: 400; letter-spacing: 0.882px;">By </span><span class="c-byline__item" style="background-color: white; box-sizing: border-box; color: #7d7d7d; font-family: Acto, Helvetica, sans-serif; font-size: 12.6px; font-weight: 400; letter-spacing: 0.882px; line-height: inherit; margin: 0px; padding: 0px; text-decoration-line: inherit; vertical-align: inherit;"><a href="https://seattle.curbed.com/authors/sarah-anne-lloyd" style="background-color: transparent; box-sizing: border-box; color: #718a83; font-family: inherit; font-size: inherit; font-style: inherit; font-weight: 700; line-height: inherit; margin: 0px; outline: dotted thin; padding: 0px; text-decoration: inherit; transition: color 0.1s, background-color 0.1s, fill 0.1s; vertical-align: inherit;">Sarah Anne Lloyd</a></span></b></div>
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Anonymoushttp://www.blogger.com/profile/11255853788632157927noreply@blogger.com1tag:blogger.com,1999:blog-2696672773482107478.post-77630329819610880712018-02-22T16:02:00.003-08:002018-02-22T16:02:53.418-08:00Snoqualmie Pass Real Estate, Mortgage, and the Economy -1 in 10 Seattle Residents Live Downtown <b style="font-family: "times new roman";"><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white; font-family: "times new roman";"> </span><b style="font-family: "times new roman";"><span style="background: white; color: #1f497d;">http://</span></b><b style="font-family: "times new roman";"><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b><br />
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<span style="background-color: white; color: inherit; font-family: roboto, sans-serif; font-size: 41px;">Study: 1 in 10 Seattle residents live downtown and nearly 75% of commuters don’t drive alone to work</span><br />
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Seattle is speeding toward some of its density and transportation goals, according to a new study from an organization that works to improve the city’s downtown core.</div>
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The <a href="https://downtownseattle.org/" style="background-color: transparent; box-sizing: border-box; color: #94381d; text-decoration-line: none;">Downtown Seattle Association</a> studied commuting habits, real estate development, and other metrics for its State of Downtown 2018 report. The group found that more than 70,000 people — or one in 10 Seattleites — live in the downtown area, which includes the downtown core, Capitol Hill, First Hill, the International District, SODO, and Uptown.</div>
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<figure class="wp-caption aligncenter" id="attachment_397803" style="box-sizing: border-box; height: auto; line-height: 1.625; margin: 0px auto 13px; max-width: 630px;"><img alt="" class="wp-image-397803 size-full-width" height="646" sizes="(max-width: 630px) 100vw, 630px" src="https://cdn.geekwire.com/wp-content/uploads/2018/02/downtown1-630x646.png" srcset="https://cdn.geekwire.com/wp-content/uploads/2018/02/downtown1-630x646.png 630w, https://cdn.geekwire.com/wp-content/uploads/2018/02/downtown1-768x787.png 768w, https://cdn.geekwire.com/wp-content/uploads/2018/02/downtown1.png 1042w" style="border: 0px; box-sizing: border-box; vertical-align: middle;" width="630" /><figcaption class="wp-caption-text" style="box-sizing: border-box; font-size: 12px; padding: 9px;">The study area as defined by the Downtown Seattle Association. (DSA Graphic)</figcaption></figure><br />
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Downtown is also seeing record public transit ridership, according to a related report by Commute Seattle, a partner organization of DSA. The report indicates that just over 25 percent of commuters get downtown by single-occupancy vehicle, a 10-point drop since 2010. The number of single occupancy vehicles on the road is 6 percent less than the 71,000 car commuters in 2010. That decline happened as some 60,000 jobs were added downtown. Nearly 75 percent of commuters take public transit, walk, or use a new mobility service, like rideshare.</div>
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<em style="box-sizing: border-box;">This post has been updated to clarify the change in single occupancy vehicles since 2010.</em></div>
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<figure class="wp-caption aligncenter" id="attachment_397809" style="box-sizing: border-box; height: auto; line-height: 1.625; margin: 0px auto 13px; max-width: 630px;"><img alt="" class="wp-image-397809 size-full-width" height="410" sizes="(max-width: 630px) 100vw, 630px" src="https://cdn.geekwire.com/wp-content/uploads/2018/02/downtownrideshare-630x410.png" srcset="https://cdn.geekwire.com/wp-content/uploads/2018/02/downtownrideshare-630x410.png 630w, https://cdn.geekwire.com/wp-content/uploads/2018/02/downtownrideshare-768x499.png 768w, https://cdn.geekwire.com/wp-content/uploads/2018/02/downtownrideshare.png 789w" style="border: 0px; box-sizing: border-box; vertical-align: middle;" width="630" /><figcaption class="wp-caption-text" style="box-sizing: border-box; font-size: 12px; padding: 9px;">Seattle Department of Transportation</figcaption></figure><br />
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That massive job growth is driven by Amazon — which is headquartered in the downtown area, in South Lake Union and the Denny Triangle — as well as other tech and healthcare companies ranging from startup to titan.</div>
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To accommodate those workers, downtown Seattle added 3.6 million square feet of office space in 2017, amounting to a total of 11.2 million. There are currently just over 15,000 residential units downtown with an additional 26,000 scheduled for completion in the next three years.</div>
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<figure class="wp-caption aligncenter" id="attachment_350191" style="box-sizing: border-box; height: auto; line-height: 1.625; margin: 0px auto 13px; max-width: 630px;"><img alt="Seattle cranes" class="size-full-width wp-image-350191" height="490" sizes="(max-width: 630px) 100vw, 630px" src="https://cdn.geekwire.com/wp-content/uploads/2017/07/seacranes-630x490.jpg" srcset="https://cdn.geekwire.com/wp-content/uploads/2017/07/seacranes-630x490.jpg 630w, https://cdn.geekwire.com/wp-content/uploads/2017/07/seacranes-768x598.jpg 768w, https://cdn.geekwire.com/wp-content/uploads/2017/07/seacranes-1260x980.jpg 1260w" style="border: 0px; box-sizing: border-box; vertical-align: middle;" width="630" /><figcaption class="wp-caption-text" style="box-sizing: border-box; font-size: 12px; padding: 9px;">Seattle has more construction cranes in operation than any city in the country. (GeekWire Photo / Kurt Schlosser)</figcaption></figure><br />
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That growth has been a challenge and point of contention in Seattle, as anyone who has tried to navigate Mercer St. at 5 p.m. could tell you. In addition to increased traffic, rising housing costs are displacing some longterm residents. The downtown-adjacent Central District’s African American population was 74 percent in 1970. In 2019, it is <a href="https://theevergrey.com/gene-balk-seattle-seattleites-know-growth-gentrification-housing-viaduct/" style="background-color: transparent; box-sizing: border-box; color: #94381d; text-decoration-line: none;">expected to be 14 percent</a>.</div>
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Despite these challenges, DSA is optimistic about Seattle’s potential to navigate growth in its urban core.</div>
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“Since 2010, downtown has added more than 60,000 new jobs and we have one of the fastest growing residential populations of any downtown in the country,” said DSA CEO Jon Scholes in a statement. “Looking forward, we must expand housing options across our city and maximize our major investment in new light rail to sustain our vibrancy and economic progress. We have an incredible opportunity in Seattle to lead the way nationally by increasing prosperity and opportunity at the same time.”<br />
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<span class="text-uppercase" style="box-sizing: border-box; color: #47403e; font-size: 12.8px; font-weight: 600; text-transform: uppercase;"><span style="box-sizing: border-box;">BY <span itemprop="author" style="box-sizing: border-box;"><a class="author url fn" href="https://www.geekwire.com/author/monica-nickelsburg/" rel="author" style="background-color: transparent; box-sizing: border-box; color: #94381d;" title="Posts by Monica Nickelsburg">MONICA NICKELSBURG</a></span></span></span><span style="color: #47403e; font-size: 12.8px; font-weight: 600;"> </span><br />
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<b style="color: black; font-family: "times new roman"; font-size: medium;"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">,</span></b><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "times new roman"; font-size: small;"> </span><b style="color: black; font-family: "times new roman"; font-size: medium;"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #1f497d;">http://</span></b><b style="color: black; font-family: "times new roman"; font-size: medium;"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b><br />
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Anonymoushttp://www.blogger.com/profile/11255853788632157927noreply@blogger.com0tag:blogger.com,1999:blog-2696672773482107478.post-27686702385441189002018-02-21T13:50:00.004-08:002018-02-21T13:50:50.126-08:00Snoqualmie Pass Real Estate, Mortgage, and the Economy -Mortgage Rates Reach Highest Levels In Four Years <br />
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Mortgage rates are now at their highest level in four years and poised to move even higher. The timing couldn't be worse, as the usually busy spring housing market kicked into gear early this year amid higher home prices and strong competition for a record low supply of homes for sale. <br style="user-select: text;" /><br style="user-select: text;" />Add it all up, and affordability is starting to hurt.</div>
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The average rate on the popular 30-year fixed is now right around 4.50 percent, still low when looking historically, but buyers over the past six years have gotten more used to rates in the 3 percent range. Mortgage rates have not been at 5 percent since 2011.</div>
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A 5 percent rate would cause more than a quarter of today's homebuyers to slow their plans, according to a Redfin survey of 4,000 consumers at the end of last year. Just 6 percent said they would drop their plans to buy altogether. About one-fifth of consumers said 5 percent rates would cause them to move with more urgency to purchase a home, fearing rates would rise even further. Another fifth said they would consider more affordable areas or just buy a smaller home.</div>
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Despite rate concerns, the bigger issue for buyers is changes to tax laws that had lowered the cost of homeownership. Specifically, the deduction on property taxes is now limited to $10,000. While that does not affect homeowners in the majority of the country, it does hit those in high-cost states like New York, New Jersey and Illinois, and those in higher-priced housing markets like California.</div>
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Some have claimed that higher rates and the new tax law will put downward pressure on home prices, alleviating some of the current sticker shock, but other factors are fighting that assertion.</div>
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"Tight credit, lack of inventory and high demand are the major factors that tell us there's no housing bubble, despite rapid price increases," said Redfin's chief economist, Nela Richardson. "There are still many more buyers than the current housing supply can support, with no major relief in sight."</div>
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Unlike during the last housing bubble in the mid-2000s, mortgage lenders today are much more strict with regard to the borrower's ability to repay the loan. They are required by new regulations in the industry to be that way. Higher mortgage rates may mean some borrowers on the margins will not qualify for the size of the loan they need or want.</div>
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Mortgage rates have been quite volatile in recent weeks especially given the wide swings in the stock market. Rates loosely follow the yield of the <a class="inline_quotes" data-gdsid="5093160" data-inline-quote-symbol="US10Y" href="https://www.cnbc.com/quotes/?symbol=US10Y" style="color: #2077b6; font-family: "Gotham Narrow SSm 5r"; outline: none; text-decoration-line: none; user-select: text;">10-year Treasury</a>, which moved higher again Monday. Things could change Wednesday, with the release of the monthly read on the consumer price index.</div>
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"The most informative and disconcerting reaction would be a weak CPI reading followed by a knee-jerk rally that then gives way to more selling. That would be the worst case scenario in terms of implications for the bigger picture," wrote Matthew Graham, chief operating officer of Mortgage News Daily. "Conversely, an eventual rally that follows stable or stronger CPI would suggest bonds are increasingly ready to hold their ground near current levels."</div>
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Diana Olick</div>
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Anonymoushttp://www.blogger.com/profile/11255853788632157927noreply@blogger.com2tag:blogger.com,1999:blog-2696672773482107478.post-30989249807558586322018-02-20T09:24:00.001-08:002018-02-20T09:24:18.853-08:00Snoqualmie Pass Real Estate, Mortgage, and the Economy - Higher Rates Aren't Deterring Home Builders, At Least For Now.<b style="font-family: "times new roman";"><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white; font-family: "times new roman";"> </span><b style="font-family: "times new roman";"><span style="background: white; color: #1f497d;">http://</span></b><b style="font-family: "times new roman";"><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b><br />
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Homebuilders shrug off higher mortgage rates, stay optimistic on economic boost from tax cuts</b></h1>
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<li style="margin: 0px 0px 7px; padding: 0px; user-select: text;">The National Association of Home Builders/Wells Fargo Housing Market Index checked in at 72, close to a cyclical high.</li>
<li style="margin: 0px 0px 7px; padding: 0px; user-select: text;">Higher rates aren't deterring home builders, at least for now.</li>
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<b style="font-family: "times new roman";">Diana Olick</b></div>
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Homebuilder sentiment unchanged in February <time style="bottom: 25px; color: #999999; display: block; font-family: "Gotham Narrow SSm 5r"; font-size: 12px; left: 130px; letter-spacing: -0.02em; line-height: 22px; margin-left: 0px; margin-right: 0px; user-select: text;">10:24 AM ET Thu, 15 Feb 2018 | 00:58</time></div>
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Tax cuts are still making homebuilders feel better, even as mortgage rates rise to the highest level in more than four years.</div>
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Builder confidence was unchanged in February from the prior month, remaining at 72 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Anything above 50 is considered positive sentiment.</div>
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The index is up from 65 in February 2017 and hit a cyclical high of 74 last December, just as the <a href="https://www.cnbc.com/2017/12/22/trump-signs-gop-tax-plan-short-term-government-funding-bill.html" style="color: #2077b6; font-family: "Gotham Narrow SSm 5r"; outline: none; text-decoration-line: none; user-select: text;">Republican tax cut plan</a> was being passed.</div>
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"Builders are excited about the pro-business political climate that will strengthen the housing market and support overall economic growth," said NAHB chairman Randy Noel, a custom home builder from LaPlace, LA.</div>
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"However, they need to manage supply-side construction hurdles, such as shortages of labor and lots and building material price increases," he added.</div>
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Future sales expectations appear to be driving builder confidence. That component of the index rose to a post-recession high of 80, while the index measuring buyer traffic held steady at 54. Current sales conditions, however, fell one point to 78.</div>
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"With ongoing job creation, increasing owner-occupied household formation, and a tight supply of existing home inventory, the single-family housing sector should continue to strengthen at a gradual but consistent pace," said NAHB chief cconomist Robert Dietz.</div>
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One headwind for builders, however, is <a href="https://www.cnbc.com/2018/02/14/stock-jitters-higher-rates-pressure-mortgage-demand-down.html" style="color: #2077b6; font-family: "Gotham Narrow SSm 5r"; outline: none; text-decoration-line: none; user-select: text;">rising mortgage rates.</a> Mortgage applications to purchase a newly built home jumped 18 percent in January year-over-year, according to the Mortgage Bankers Association, but rates moved even higher in the first two weeks of February.</div>
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The average rate on the 30-year fixed is now up more than 50 basis points since the beginning of the year. Not only do higher rates translate to less purchasing power for buyers, they also make it harder for some buyers on the margins of good credit to qualify for a home loan.</div>
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Builders are benefiting from the severe shortage of existing homes for sale, but new construction comes at a premium. Buyers may have rushed in in January, fearing rates would rise even more, which they did. If rates continue to move higher, some buyers will be priced out.</div>
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Looking at the three-month moving averages for regional HMI scores, the Midwest rose two points to 72, the South increased one point to 74, the West remained unchanged at 81, and Northeast fell two points to 56.</div>
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Anonymoushttp://www.blogger.com/profile/11255853788632157927noreply@blogger.com0tag:blogger.com,1999:blog-2696672773482107478.post-31307011912094664602018-02-12T13:43:00.003-08:002018-02-12T13:43:28.903-08:00Snoqualmie Pass Real Estate, Mortgage, and the Economy - 4 Money Lessons Every Teenager Needs To Know<b style="font-family: "times new roman";"><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white; font-family: "times new roman";"> </span><b style="font-family: "times new roman";"><span style="background: white; color: #1f497d;">http://</span></b><b style="font-family: "times new roman";"><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b><br />
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4 money lessons every teenager needs to know</h1>
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It's time to talk to your teenager about money.</h2>
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The teen years may be the first time kids start to earn their own money. And establishing good habits now can pay dividends well into their future.</div>
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Plus, teaching kids to be smart about money will have benefits for parents too. Clients that have been more transparent with their kids tend to have children that are smarter with money,' said Bill Van Sant, a certified financial planner and senior vice president at Univest Wealth Management. "Parents that may not be as transparent tend to have children that stay in the house a little longer."</div>
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But it's hard to know where to start -- especially if parents don't have a solid grasp on their own finances.</div>
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The first step is to avoid making money talks into lectures, said Ted Beck, CEO of the National Endowment for Financial Education. "Do it in reasonable sound bites and make it a discussion."</div>
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And don't forget: While talking about money is important, children are also very observant so parents need to practice what they preach.</div>
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<span style="box-sizing: border-box; margin: 0px; padding: 0px;"><span class="inStoryHeading" style="box-sizing: border-box; display: block; font-size: 26px; line-height: 36px; margin: 0px 0px -25px; padding: 0px;">1. How to create a budget</span></span></div>
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Experts recommended teaching kids <a href="http://money.cnn.com/pf/money-essentials-budget/index.html?iid=EL" style="box-sizing: border-box; color: #1173b4; margin: 0px; padding: 0px; text-decoration-line: none;">how to track their money</a> before they start earning paychecks and the stakes are higher.</div>
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If a teen has a cash flow from a part-time job or an allowance, set up a budget that documents how much money is coming in and how much is designated for savings and spending.</div>
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Parents can also show their children their own budgets. If they aren't comfortable with divulging their own finances, parents can also create a fictional scenario of an income and living expenses. Bonus points if it's based on the teen's wanna-be profession and living location.</div>
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<a href="http://money.cnn.com/2018/01/19/pf/weekly-budget/index.html?iid=EL" style="box-sizing: border-box; color: #1173b4; margin: 0px; padding: 0px; text-decoration-line: none;"><span class="inStoryHeading" style="box-sizing: border-box; display: block; line-height: 36px; margin: 0px; padding: 0px;">Related: This is why you need a weekly budget</span></a></div>
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It can also help to have a teenager be responsible for funding part of their lifestyle to help teach the value of money.</div>
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"When they make the connection that they will need to go shovel more dog poop or take out the trash to get more money to spend, they will make the connection between working and money and not spending other people's money," said Gregg Murset, a CFP and founder of chores app BusyKid.</div>
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<span style="box-sizing: border-box; margin: 0px; padding: 0px;"><span class="inStoryHeading" style="box-sizing: border-box; display: block; font-size: 26px; line-height: 36px; margin: 0px 0px -25px; padding: 0px;">2. The real cost of life</span></span></div>
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Our increasingly cash-less society can make it hard for children to understand the true cost of their spending. Experts recommend parents take the time to walk teenagers through their financial transactions.</div>
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For instance, the 16th birthday milestone is often marked with a driver's license and freedom to hit the road. But this new freedom comes at a hefty cost to parents. Beck recommended sharing the insurance policy with a teen<span style="box-sizing: border-box; margin: 0px; padding: 0px;">. </span>"Share the policy and the huge jump in rates for the child compared to the parents. Don't forget to also show the cost of gas and maintenance."</div>
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<a href="http://money.cnn.com/2017/11/30/pf/credit-card-debt-pay-down-debt/index.html?iid=EL" style="box-sizing: border-box; color: #1173b4; margin: 0px; padding: 0px; text-decoration-line: none;"><span class="inStoryHeading" style="box-sizing: border-box; display: block; line-height: 36px; margin: 0px; padding: 0px;">Related: How to get out of the overspending trap</span></a></div>
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Having a child watch you pay bills can also help show the importance of living within your means, said Murset. Have them watch from start to finish: show them your bank account balance, the bill amount and then the pending transaction in your bank account where the payment will come from.</div>
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<span style="box-sizing: border-box; margin: 0px; padding: 0px;"><span class="inStoryHeading" style="box-sizing: border-box; display: block; font-size: 26px; line-height: 36px; margin: 0px 0px -25px; padding: 0px;">3. How to read a paycheck</span></span></div>
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It's important to show children the source of the funds that cover all those credit card swipes, bill payments and cash injections, said Van Sant.</div>
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<a href="http://money.cnn.com/2017/06/15/pf/paycheck/index.html?iid=EL" style="box-sizing: border-box; color: #1173b4; margin: 0px; padding: 0px; text-decoration-line: none;">Show them how much is taken out</a> for taxes, retirement and health insurance, he recommended. "This shows there isn't an endless amount of money," he said.</div>
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Teaching a kid <a href="http://money.cnn.com/2017/06/15/pf/paycheck/index.html?iid=EL" style="box-sizing: border-box; color: #1173b4; margin: 0px; padding: 0px; text-decoration-line: none;">how to read a paycheck</a> can also avoid future head scratching when the first one comes in and it's a lot less than what they expected</div>
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<span style="box-sizing: border-box; margin: 0px; padding: 0px;"><span class="inStoryHeading" style="box-sizing: border-box; display: block; font-size: 26px; line-height: 36px; margin: 0px 0px -25px; padding: 0px;">4. The difference between "good" vs. bad debt</span></span></div>
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Debt can be a necessary part of adulthood, but parents should teach their children how to distinguish the "<a href="http://money.cnn.com/pf/money-essentials-loans/index.html?iid=EL" style="box-sizing: border-box; color: #1173b4; margin: 0px; padding: 0px; text-decoration-line: none;">good debt" from the bad.</a></div>
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Money borrowed at a relatively low interest rate that helps you grow wealth over the long run -- like a mortgage or a student loan -- is considered good debt. High-interest consumer debt is the "bad" kind.<span style="box-sizing: border-box; margin: 0px; padding: 0px;"></span></div>
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"If you borrowed money on a credit card for a road trip, that might be a good memory, but you should be using debt to acquire an asset or skill that is going to prove to serve you, Beck said. "Look at what you are getting over time from the debt."</div>
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<b style="font-family: "times new roman";"><b style="font-family: "times new roman";"><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white; font-family: "times new roman"; font-weight: 400;"> </span><b style="font-family: "times new roman";"><span style="background: white; color: #1f497d;">http://</span></b><b style="font-family: "times new roman";"><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b></b>Anonymoushttp://www.blogger.com/profile/11255853788632157927noreply@blogger.com0tag:blogger.com,1999:blog-2696672773482107478.post-44823827125517330532018-02-07T15:49:00.000-08:002018-02-07T15:49:06.766-08:00Snoqualmie Pass Real Estate, Mortgage, and the Economy - Mortgage Wire Fraud Is A Much Bigger Threat Than You Realize <b style="font-family: "times new roman";"><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white; font-family: "times new roman";"> </span><b style="font-family: "times new roman";"><span style="background: white; color: #1f497d;">http://</span></b><b style="font-family: "times new roman";"><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b><br />
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Sounding the alarm: Mortgage wire fraud is a much bigger threat than you realize</h1>
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If you think mortgage wire fraud is a problem only for vendors, think again</h4>
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Fraud is one of those issues that we don’t like to think about in the mortgage industry. Yet it always seems to be there, lingering on the fringe of our focus. From time to time, the topic bubbles up in the news or at a convention. We talk about it a bit, giving it the proverbial “15 minutes of fame.” But rarely are we forced to drastically alter the way we do business or invest large amounts into protecting ourselves from it. Inevitably, it seems a vendor comes along with a new technology, and the fraud (or, at least, the coverage of it) goes away. Or our service providers tweak the way they operate. At the very least, the issue always seems to go away to the extent that we can return our full attention to emerging markets, new loan products and sales strategies.</div>
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<span style="font-size: 1rem; text-align: center;">That’s about to change.</span></div>
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The latest mortgage fraud to affect the mortgage industry is being called wire fraud or down payment wire fraud. Each case tends to involve a combination of email hacking, identity fraud and wire fraud. A scammer hacks the sensitive data of an impending mortgage transaction, assumes the identity of a party involved (such as a real estate agent or title/closing professional), and attempts to convince another party to change the down payment wiring instructions so that the down payment is actually sent to the fraudster’s account. Sounds simple enough. Should be easy enough to quell, right? </div>
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Wrong. </div>
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The speed at which these scams are evolving, and the lengths scammers are willing to go to in order to fool us are at once impressive and terrifying. The latest iteration of wire fraud is one that will take an entire industry to stamp out. </div>
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Let’s start with the scope of the threat. If you’re a mortgage originator of any kind (lender, broker, etc.) …or involved in the mortgage transaction in any way, but feel this threat isn’t something you’ll ever encounter, consider these numbers:</div>
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<li style="box-sizing: border-box;"> $5.3 billion: The amount targeted by perpetrators in the mortgage industry alone in 2016 (source: FBI) </li>
<li style="box-sizing: border-box;">480%: Year-over-year increase in wire fraud scams reported by title companies to the Internet Crime Complaint Center (IC3) in 2016.</li>
<li style="box-sizing: border-box;">15%: The amount of perpetrated fraud attempts actually even reported in 2016! (Source: IC3)</li>
<li style="box-sizing: border-box;">2,370%: Increase in identified exposed losses to the most typical of wire fraud scams between January 2015 and December 2016. </li>
<li style="box-sizing: border-box;">103: Number of nations to which fraudulent transfers have been rerouted (Source: IC3 and ALTA)</li>
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The threat from wire fraud is wide. It’s international in nature. It’s difficult to track. And, its perpetrators are growing increasingly more sophisticated in their ability to disguise its true nature. Some fraudsters are now even using things like phone porting technologies to camouflage their phone numbers to resemble those of authorized parties to the transaction. Even “call and verify” is no longer a foolproof way to thwart wire fraud.</div>
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New technologies aimed at thwarting this epidemic are already starting to come online. But there are other things that can be done as well. I start by imploring readers to ask themselves this question: “How confident am I that my service providers are working actively to protect my interests?” This applies especially to lenders and originators, but can be fairly asked of real estate professionals, settlement services firms and more. The fact is that numerous parties touch each mortgage transaction. Multiple entities are asked to protect sensitive data that can be used by hackers to separate lenders and consumers from their funds. And many of these entities are falling well short in that task.</div>
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Even now, in the wake of an industry-wide scramble to comply with TRID, lock down vendor networks and protect personal data, many firms <em style="box-sizing: border-box;">still</em> trust service providers they know little or nothing about. Many times, these service providers have no vested interest in the outcome…and it shows in the way they go about their business.</div>
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Ask yourself what you really know about your title agent; closing professional; vendor manager; correspondent lender and so forth. Are you sure they’re constantly and consistently working to make themselves as “fraud-resistant” as possible? Are they regularly educating themselves (and even you) about the latest fraud scams? Do they research and invest in technology and trained personnel positioned to protect you? And if they were doing the right things when you first sent an order their way years ago; are they still doing those things today?</div>
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It seems that, like any other criminal, the typical wire fraud perpetrator looks for the easiest target. Even if we can’t prevent 100% of wire fraud at the moment, we can make ourselves and our clients “harder targets.” But that starts with the questions above—and the answers you get. Because if you’re not even asking them, chances are, you’re not far from learning about wire fraud the hard way.</div>
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<a href="https://www.housingwire.com/authors/304-joseph-murin" style="box-sizing: border-box; color: #1a7991; font-family: "Open Sans", sans-serif; font-size: 14px; font-style: italic; text-decoration-line: none;">Joseph Murin</a><br />
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<b style="font-family: "times new roman";"><br /></b>Anonymoushttp://www.blogger.com/profile/11255853788632157927noreply@blogger.com0tag:blogger.com,1999:blog-2696672773482107478.post-43343478495001321512018-02-06T16:45:00.003-08:002018-02-06T16:45:17.637-08:00Snoqualmie Pass Real Estate, Mortgage, and the Economy - U.S. Pending Home Sales Rise 0.5 Percent In December <b style="font-family: "times new roman";"><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white; font-family: "times new roman";"> </span><b style="font-family: "times new roman";"><span style="background: white; color: #1f497d;">http://</span></b><b style="font-family: "times new roman";"><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b><br />
<span style="background-color: white; color: #3f3f40; font-family: knowledge-medium, sans-serif; font-size: 40px; font-style: inherit; font-variant-caps: inherit; font-variant-ligatures: inherit; font-weight: inherit;">U.S. pending home sales rise 0.5 percent in December</span><br />
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WASHINGTON (Reuters) - Contracts to buy previously owned homes in the United States rose for the third straight month in December, bolstered by a robust job market.</div>
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The National Association of Realtors said on Wednesday its pending home sales index increased to a reading of 110.1 last month, up 0.5 percent from November.</div>
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Economists polled by Reuters had forecast pending home sales rising 0.4 percent last month.</div>
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Pending home contracts are seen as a forward-looking indicator of the health of the housing market because they become sales one to two months later.</div>
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Pending sales rose 0.5 percent in December from the same month in 2016. Pending home sales rose 4.0 percent in the South from a year earlier, while they were up 0.3 percent in the Midwest. Pending home sales fell 2.7 percent in the Northeast and 3.1 percent in the West on a year-on-year basis.</div>
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Reporting by Jason Lange</div>
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<b style="font-family: "times new roman";"><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white; font-family: "times new roman";"> </span><b style="font-family: "times new roman";"><span style="background: white; color: #1f497d;">http://</span></b><b style="font-family: "times new roman";"><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b>Anonymoushttp://www.blogger.com/profile/11255853788632157927noreply@blogger.com0tag:blogger.com,1999:blog-2696672773482107478.post-74685708987125483152018-02-05T11:41:00.003-08:002018-02-05T11:41:34.550-08:00Snoqualmie Pass Real Estate, Mortgage, and the Economy - Amazon Go Is Finally A Go<br />
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Amazon Go is finally a go: Sensor-infused store opens to the public Monday, with no checkout lines</h1>
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<span class="text-uppercase" style="box-sizing: border-box; text-transform: uppercase;"><span style="box-sizing: border-box;">BY <span itemprop="author" style="box-sizing: border-box;"><a class="author url fn" href="https://www.geekwire.com/author/todd/" rel="author" style="background-color: transparent; box-sizing: border-box; color: #94381d; text-decoration-line: none;" title="Posts by Todd Bishop">TODD BISHOP</a></span></span></span> </div>
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The first <a href="https://www.amazon.com/b?node=16008589011" style="background-color: transparent; box-sizing: border-box; color: #94381d; text-decoration-line: none;">Amazon Go</a> grocery and convenience store will open to the public Monday in Seattle — letting any person with an Amazon account, the Amazon Go app and a willingness to give up more of their personal privacy than usual simply grab anything they want and walk out, without going through a checkout line.</div>
<aside class="callout clearfix" style="box-sizing: border-box; float: right; margin-bottom: 13px; margin-left: 13px; padding: 0px 0px 0px 20px; width: 300px;"><span style="box-sizing: border-box; font-weight: 700;">Amazon Go, <a href="https://www.amazon.com/b?node=16008589011" style="background-color: transparent; box-sizing: border-box; color: #94381d; text-decoration-line: none;">at 2131 7th Ave. in Seattle</a>, will be open from 7 a.m. to 9 p.m. Monday-Friday.</span></aside><div style="box-sizing: border-box; margin-bottom: 13px;">
Emerging from internal testing <a href="https://www.geekwire.com/2016/amazon-unveils-self-driving-convenience-store-set-open-seattle-early-2017/" style="background-color: transparent; box-sizing: border-box; color: #94381d; text-decoration-line: none;">a year later than originally expected</a>, Amazon Go is the online retail pioneer’s attempt to reinvent the physical store with the same mindset that brought one-click shopping to the internet. After shoppers check in by scanning their unique QR code, overhead cameras work with weight sensors in the shelves to precisely track which items they pick up and take with them.</div>
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When they leave, they just leave. Amazon Go’s systems automatically debit their accounts for the items they take, sending the receipt to the app.</div>
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<a href="https://www.geekwire.com/2018/hands-amazon-go-tested-tech-giants-experiment-checkout-free-retail/" style="background-color: transparent; box-sizing: border-box; color: #94381d; text-decoration-line: none;">In my first test of Amazon Go this past week</a>, my elapsed time in the store was exactly 23 seconds — from scanning the QR code at the entrance to exiting with my chosen item. Most of that time was spent choosing my preferred flavor of Odwalla juice.</div>
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Of course, customers can also linger and fill up a shopping bag, and that’s where Amazon Go gets really interesting, or disturbing, depending on your perspective.</div>
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The company says the tracking is precise enough to distinguish between multiple people standing side-by-side at a shelf, detecting which one picked up a yogurt or cupcake, for example, and which one was merely browsing. The system also knows when people pick up items and put them back, ensuring that Amazon doesn’t dock anyone’s account for milk or chips when they simply wanted to read the label.</div>
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The idea is to “push the boundaries of computer vision and machine learning” to create an “effortless experience for customers,” said Dilip Kumar, Amazon Go vice president of technology, after taking GeekWire through the store this past week.</div>
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So what does this store say about the future of jobs?</div>
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It may be common for a convenience store to be sparsely staffed, but if taken to the scale of a grocery store, it’s easy to see how Amazon Go’s automated approach could translate into less need for retail workers, at least at checkout.</div>
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Apart from the kitchen staff preparing fresh food at the back, we saw only two workers in the 1,800-square-foot Amazon Go store during our visit: one at the beer and wine section to check IDs, and another just inside the entrance to greet customers. Workers are also needed to restock shelves and help customers.</div>
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<a href="https://www.geekwire.com/2016/amazon-unveils-self-driving-convenience-store-set-open-seattle-early-2017/" style="background-color: transparent; box-sizing: border-box; color: #94381d; text-decoration-line: none;">Originally announced in December 2016</a> as a private beta for Amazon employees, the Amazon Go store was initially slated to open to the public in early 2017. But that public opening didn’t happen as expected. The delay came <a href="https://www.wsj.com/articles/amazon-delays-convenience-store-opening-to-work-out-kinks-1490616133" style="background-color: transparent; box-sizing: border-box; color: #94381d; text-decoration-line: none;">amid reports</a> that the technology was encountering problems when too many people were in the store, and that the system struggled to track some items when they were moved.</div>
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However, when asked about those reports, Kumar said the delay wasn’t a result of the technology not working as expected. “Not at all. We’ve been operational from day one, and it has performed flawlessly,” he said.</div>
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Skeptical, I pressed him later during our visit. Has the system ever misidentified something that someone has pulled off the shelf? “Very rarely. The system is very, very accurate,” Kumar said, adding that it has been that way since the store started operating. Amazon says it has been developing the Amazon Go concept and its “Just Walk Out” technology for a total of five years now.</div>
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Then why the delay in the public opening?</div>
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“When we first opened (to employees), we knew that we needed a lot of traffic in order to be able to train the algorithms, to be able to learn from customer feedback, from customer behavior,” he said. “We thought we had to open to the public to get that traffic. But we had a significant amount — well beyond our expectations — of demand from just the Amazon population itself, which allowed us to learn everything that we needed.”</div>
<figure class="wp-caption aligncenter" id="attachment_391510" style="box-sizing: border-box; height: auto; line-height: 1.625; margin: 0px auto 13px; max-width: 630px;"><figcaption class="wp-caption-text" style="box-sizing: border-box; font-size: 12px; padding: 9px;"><span style="font-size: 16px;">As evidence of that, we saw a steady stream of Amazon employees walking with orange Amazon Go bags through the company’s Day One building lobby while waiting for our tour of the Amazon Go store this past week.</span></figcaption></figure><div style="box-sizing: border-box; margin-bottom: 13px;">
Because of that demand, Kumar said, there was no need to rush the public debut. “We were able to take our time, learn, and now we’re ready.”</div>
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The learning wasn’t just technical. For example, Amazon stopped mixing dressing in with prepared salads for people who were watching their calories. Other feedback included requests for smaller portion sizes in Amazon Meal Kits, and clearer labeling of vegetarian food.</div>
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Amazon Go’s merchandising mix includes some non-food items such as batteries (Amazon Basics, of course), Band-Aids, Tylenol, Advil, and cold medicine. But the majority of the store is dedicated to food and beverage items.</div>
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That includes one section of Whole Foods 365 brand products. Amazon Go was unveiled before the tech giant’s $13.7 billion acquisition of the upscale grocery chain. Kumar said Amazon has no plans to roll out the Amazon Go technology in Whole Foods stores. He declined to say whether the company plans to open additional standalone Amazon Go locations. (A job posting last year <a href="https://www.geekwire.com/2017/amazon-go-job-posting-points-potential-expansion-checkout-free-retail-concept/" style="background-color: transparent; box-sizing: border-box; color: #94381d; text-decoration-line: none;">hinted at the possibility of additional Amazon Go stores</a>.)</div>
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Amazon Go is part of a broader push by Amazon into physical retail, including its Amazon Books stores and Amazon Fresh Pickup locations, in addition to the company’s massive bet on Whole Foods Market. More than any of those other initiatives, Amazon Go has the feel of a retail store created by a company with roots in e-commerce. Online, of course, it’s status quo to log in and leave virtual footprints as you shop.</div>
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But given that this is the physical world, privacy concerns were raised <a href="https://www.geekwire.com/2016/ready-tracked-grocery-store-amazons-mini-mart-new-frontier-digital-privacy/" style="background-color: transparent; box-sizing: border-box; color: #94381d; text-decoration-line: none;">almost as soon as Amazon Go was announced.</a></div>
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Amazon’s experiment is likely to attract people comfortable giving up some privacy to experience something new. But if this is the future of physical retail, what does the company say to people who are uneasy about having their activities in the real world tracked so closely by a computer system?</div>
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First of all, Kumar emphasized that the focus of the Amazon Go system is on customer interactions with products at the shelves. Beyond that, he pointed to the sheer convenience of the setup.</div>
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“People are rushed. They’re in a hurry,” Kumar said, reciting Amazon’s mantra of starting with the customer and working backward. “People don’t like waiting in lines.” That’s the premise of the store, he said — “to be respectful of your time as a customer.”</div>
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The reality is, with loyalty programs and in-store accounts, purchases are already being tracked at many grocery stores, and of course security cameras are already ubiquitous in stores and other public places. But Amazon Go takes that to a new level by tying all of it together.</div>
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For now, at least, Amazon isn’t linking Amazon Go with Amazon.com online. For example, if you pull an item off a shelf and replace it because it isn’t quite what you were looking for, Amazon won’t show you an ad for a related product the next time you’re online. Kumar declined to speculate on whether that type of physical-to-online retargeting might be something Amazon does with Amazon Go data in the future.</div>
<figure class="wp-caption aligncenter" id="attachment_391545" style="box-sizing: border-box; height: auto; line-height: 1.625; margin: 0px auto 13px; max-width: 630px;"><figcaption class="wp-caption-text" style="box-sizing: border-box; font-size: 12px; padding: 9px;"><span style="box-sizing: border-box; font-size: 16px; font-weight: 700;">Update, 9 a.m.:</span><span style="font-size: 16px;"> </span><span style="font-size: 16px;">The Amazon Go apps</span><span style="font-size: 16px;"> </span><a href="https://itunes.apple.com/us/app/amazon-go/id1183036929?mt=8" style="background-color: transparent; box-sizing: border-box; color: #94381d; font-size: 16px; text-decoration-line: none;">for iOS</a><span style="font-size: 16px;"> </span><span style="font-size: 16px;">and</span><span style="font-size: 16px;"> </span><a href="https://play.google.com/store/apps/details?id=com.amazon.ihm.richard" style="background-color: transparent; box-sizing: border-box; color: #94381d; font-size: 16px; text-decoration-line: none;">Android</a><span style="font-size: 16px;"> </span><span style="font-size: 16px;">are already out, a day ahead of the opening.</span></figcaption></figure><div style="box-sizing: border-box; margin-bottom: 13px;">
Customers can use their existing Amazon credentials to log in to the Amazon Go app. In addition to providing a QR code to scan at the entrance to the store, the Amazon Go app is where the receipt shows up after customers leave the store carrying their chosen items.</div>
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Amazon Go, <a href="https://www.amazon.com/b?node=16008589011" style="background-color: transparent; box-sizing: border-box; color: #94381d; text-decoration-line: none;">at 2131 7th Ave. in Seattle</a>, will be open from 7 a.m. to 9 p.m. Monday through Friday. While there will be no checkout lines inside, the concept is novel enough that it wouldn’t be a surprise to see lines of people outside waiting to check it out.</div>
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<b><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white;"> </span><b><span style="background: white; color: #1f497d;">http://</span></b><b><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b></div>
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Anonymoushttp://www.blogger.com/profile/11255853788632157927noreply@blogger.com0tag:blogger.com,1999:blog-2696672773482107478.post-49693649650704201372018-02-02T09:34:00.001-08:002018-02-02T09:34:33.424-08:00Snoqualmie Pass Real Estate, Mortgage, and the Economy - Seattle Booming With Construction Of New Housing<br />
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<b><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white;"> </span><b><span style="background: white; color: #1f497d;">http://</span></b><b><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b></div>
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Seattle area added 12,000 residential units in 2017—with a similar outlook for 2018</h1>
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That’s 50 percent more than 2016</h2>
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<span style="font-family: inherit; font-size: inherit; font-style: inherit; text-decoration-line: inherit;">Seattle has been the</span><span style="font-family: inherit; font-size: inherit; font-style: inherit; text-decoration-line: inherit;"> </span><a href="https://seattle.curbed.com/2018/1/26/16938798/seattle-crane-construction-projects-count" style="border-bottom: 1px solid rgb(113, 138, 131); box-sizing: border-box; color: #ff604a; font-family: inherit; font-size: inherit; font-style: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration: inherit; transition: color 0.1s, background-color 0.1s, fill 0.1s; vertical-align: inherit;">construction crane capital of the world</a><span style="font-family: inherit; font-size: inherit; font-style: inherit; text-decoration-line: inherit;"> </span><span style="font-family: inherit; font-size: inherit; font-style: inherit; text-decoration-line: inherit;">for a few years running now, and it shows. 2017 was a boom year for residential construction, with 12,008 new units sprouting up in the Seattle area, according to analysis by real estate data company Realpage.</span></div>
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That’s around 50 percent more than 2016, which saw 7,935 new units hit the market. And residential construction shows no signs of slowing down, with 11,999 units currently in the pipeline for 2018.</div>
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Those numbers apply to the metropolitan statistical area that includes Everett and Bellevue. And while the whole region is certainly feeling the effects of boomtown Seattle, residential growth in the city limits is robust on its own.</div>
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Numbers compiled by <a href="https://www.seattleinprogress.com/pro/aggregates" style="border-bottom: 1px solid rgb(113, 138, 131); box-sizing: border-box; color: #ff604a; font-family: inherit; font-size: inherit; font-style: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration: inherit; transition: color 0.1s, background-color 0.1s, fill 0.1s; vertical-align: inherit;">Seattle in Progress</a> show around 8,000 new units completed in the past year—around 7,500 if you only count multifamily development—in the Seattle city limits alone. More than 30,000 additional units have permits approved, and another 30,000 have applied.</div>
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This record-breaking year for Seattle construction—2017 <a href="https://www.seattletimes.com/business/real-estate/seattles-record-apartment-boom-is-ready-to-explode/" style="border-bottom: 1px solid rgb(113, 138, 131); box-sizing: border-box; color: #ff604a; font-family: inherit; font-size: inherit; font-style: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration: inherit; transition: color 0.1s, background-color 0.1s, fill 0.1s; vertical-align: inherit;">exceeded beginning-of-year estimates</a> by around 2,000 units—ended with the region’s <a href="https://seattle.curbed.com/2018/1/12/16886558/seattle-median-average-rent-cost" style="border-bottom: 1px solid rgb(113, 138, 131); box-sizing: border-box; color: #ff604a; font-family: inherit; font-size: inherit; font-style: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration: inherit; transition: color 0.1s, background-color 0.1s, fill 0.1s; vertical-align: inherit;">highest vacancy rate</a> since 2010, meaning Seattle’s supply crunch could be starting to alleviate. It also shows some early signs of having some effect on rent, with a larger quarterly decrease in cost than usual.</div>
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But, in addition to these numbers still being early, rent is already high. Many renters are still feeling the effects of double-digit increases in <a href="https://www.seattletimes.com/business/real-estate/after-brief-slowdown-seattle-area-rents-surge-back-up-again-when-will-it-end/" style="border-bottom: 1px solid rgb(113, 138, 131); box-sizing: border-box; color: #ff604a; font-family: inherit; font-size: inherit; font-style: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration: inherit; transition: color 0.1s, background-color 0.1s, fill 0.1s; vertical-align: inherit;">recent years</a> and, according to the Cost of Living Index, the <a href="https://www.seattletimes.com/seattle-news/data/beer-burgers-and-haircuts-seattle-hits-new-high-for-cost-of-living-and-its-not-just-housing/" style="border-bottom: 1px solid rgb(113, 138, 131); box-sizing: border-box; color: #ff604a; font-family: inherit; font-size: inherit; font-style: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration: inherit; transition: color 0.1s, background-color 0.1s, fill 0.1s; vertical-align: inherit;">sixth-highest cost of living in the country</a>. And with a <a href="https://www.seattletimes.com/business/real-estate/500000-for-a-1-bedroom-condo-shortage-worse-than-ever-in-king-county/" style="border-bottom: 1px solid rgb(113, 138, 131); box-sizing: border-box; color: #ff604a; font-family: inherit; font-size: inherit; font-style: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration: inherit; transition: color 0.1s, background-color 0.1s, fill 0.1s; vertical-align: inherit;">staggering shortage of condominium units </a>across the state—and not too many in the pipeline—the construction boom is doing little to address the <a href="https://seattle.curbed.com/2018/1/11/16876640/condo-low-inventory-high-prices" style="border-bottom: 1px solid rgb(113, 138, 131); box-sizing: border-box; color: #ff604a; font-family: inherit; font-size: inherit; font-style: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration: inherit; transition: color 0.1s, background-color 0.1s, fill 0.1s; vertical-align: inherit;">housing market inventory crunch</a>.</div>
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<span style="color: #7d7d7d; font-family: Acto, Helvetica, sans-serif; font-size: 12.6px; letter-spacing: 0.882px;">By </span><span class="c-byline__item" style="box-sizing: border-box; color: #7d7d7d; font-family: inherit; font-size: inherit; font-style: inherit; letter-spacing: 0.882px; line-height: inherit; margin: 0px; padding: 0px; text-decoration: inherit; vertical-align: inherit;"><a href="https://seattle.curbed.com/authors/sarah-anne-lloyd" style="box-sizing: border-box; color: #ff604a; font-family: inherit; font-size: inherit; font-style: inherit; font-weight: 700; line-height: inherit; margin: 0px; padding: 0px; text-decoration: inherit; transition: color 0.1s, background-color 0.1s, fill 0.1s; vertical-align: inherit;">Sarah Anne Lloyd</a></span></div>
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<b><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white;"> </span><b><span style="background: white; color: #1f497d;">http://</span></b><b><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b></div>
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Anonymoushttp://www.blogger.com/profile/11255853788632157927noreply@blogger.com0tag:blogger.com,1999:blog-2696672773482107478.post-937922655059611662018-02-01T16:52:00.000-08:002018-02-01T16:52:06.945-08:00Snoqualmie Pass Real Estate, Mortgage, and the Economy - Quadrant Planning 63 Homes Near Laurelhurst<b><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white;"> </span><b><span style="background: white; color: #1f497d;">http://</span></b><b><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b><br />
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Quadrant planning 63 homes on landmarked 18-acre Laurelhurst site</h2>
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Quadrant Homes has the landmarked 17.8-acre former Battelle Memorial Institute campus near Laurelhurst under contract to buy, and plans houses there.</div>
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The initial plan for the property at <a href="https://goo.gl/maps/e9uM3yBG9mz" style="color: #993399; position: relative; text-decoration-line: none; z-index: 1;" target="_blank">4000 N.E. 41st St.</a>, now called the Talaris Conference Center, is for 63 single-family homes. Some of the original nine buildings would be preserved; others would be removed, if the Seattle Landmarks Preservation Board allows it.</div>
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Quadrant previewed its plan on Wednesday to the board. Its initial team consists of land use attorney Jack McCullough, of McCullough Hill Leary, Robert Hidey Architects of Irvine, California and civil engineer KPFF Consulting Engineers.</div>
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CBRE's Tom Pehl, Lou Senini and Dean Johnson are marketing the property on behalf of the owner, an LLC controlled by Bruce and Jolene McCaw. The McCaws paid $15.6 million for the property in 2000 to house their childhood education nonprofit, The Talaris Institute. A few other nonprofits are also still tenants on the campus.</div>
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The McCaws sold the institute, but not the land, in 2012. With Triad Associates, they then proposed a plan to raze all the existing buildings for 89 residential lots. That resulted in local groups successfully submitting the campus for landmark designation in 2013. The campus was built between 1965 and 1971, designed by landscape architect Richard Haag and NBBJ's Bill Bain Jr. and David Hoedemaker.</div>
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McCullough and Quadrant's Bonnie Geers told the board on Wednesday that, “We know this will be a long process.” They spoke of Quadrant being selected from “a large stack of offers” in part because of their desire to “maintain a single-family approach to portions of this site.”</div>
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What portions will be preserved or removed is bound to be contentious. The board meeting was attended by over two dozen representatives from the Friends of Battelle/Talaris and Laurelhurst Community Club. Most public comments were negative, but polite. A resident den of coyotes was mourned.</div>
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Board members were not opposed to the residential plan. “This doesn't scare me,” said one member. Though some questioned the number of houses. “In a perfect world, this would be a park,” said another.</div>
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The proposed 63 homes would mostly be arrayed around the perimeter of the campus, which is largely surrounded by houses. Individual lots would average about 5,500 square feet.</div>
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McCullough cited the example of Fort Lawton as a protected historical mini-district where a “design book” would regulate individual home design. He suggested that a homeowners association could oversee the community buildings that would be preserved.</div>
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Regarding Laurelhurst residents' past access to the park-like campus and central pond, until it was fenced in 2013, Geers said, “We don't have a plan for fences.” She emphasized that Bain, now 88, would also consult for Quadrant.</div>
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Geers also cited the local roots of Quadrant, which is based in Bellevue but owned by Irvine-based Tri Pointe Homes. Quadrant was previously part of Weyerhaeuser Real Estate Co. until the $2.7 billion merger in 2014 between WRECO and Tri Pointe. The publicly traded Tri Pointe Group has a current market capitalization of about $2.8 billion.</div>
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Architect Hidey doesn't list any Northwest projects on its website, though the firm has much experience with master-planned communities and counts Tri Pointe among its past clients.</div>
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<span style="color: #444444; font-family: georga, "times new roman", times; font-size: 13.3333px;">By </span><a href="mailto:brian.miller@djc.com" style="color: #993399; font-family: georga, "times new roman", times; font-size: 13.3333px; position: relative; text-decoration-line: none; z-index: 1;">BRIAN MILLER</a><br style="color: #444444; font-family: georga, "times new roman", times; font-size: 13.3333px; position: relative; z-index: 1;" /></div>
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<b><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white;"> </span><b><span style="background: white; color: #1f497d;">http://</span></b><b><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b></div>
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Anonymoushttp://www.blogger.com/profile/11255853788632157927noreply@blogger.com0tag:blogger.com,1999:blog-2696672773482107478.post-84393118650775175222018-01-31T13:24:00.000-08:002018-01-31T13:24:12.289-08:00Snoqualmie Pass Real Estate, Mortgage, and the Economy - Real Estate Scams<b><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white;"> </span><b><span style="background: white; color: #1f497d;">http://</span></b><b><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b><br />
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Real Estate Scams that Stump Even the Savviest Homebuyers</h1>
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<span style="font-size: 16px;">You’ve done your homework, worked with a qualified real estate agent, and feel like you’ve checked all the boxes (hah, literally) so you’re ready for your move. But despite your preparations, scammers and con artists might have a few curve balls to throw your way. And with something as big as a deal as buying a home, you need to be extra cautious. Consider these real estate scams even savvy homebuyers should be on guard for.</span></div>
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<span style="box-sizing: border-box; font-weight: 700;">1. The Hacked Closing</span></h1>
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<span style="box-sizing: border-box;">You’re so close to the point of ownership. Your closing date is upon you, and you get an email from your real estate agent with instructions on where to wire your down payment. What do you do?</span></div>
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<span style="box-sizing: border-box;">Real estate scammers hope you trust the email address you know, and that’s how they get you. According to Steven J.J. Weisman Esq. of</span><a href="http://www.scamicide.com/" style="box-sizing: border-box; color: #1cbeec; text-decoration-line: none;">Scamicide</a><span style="box-sizing: border-box;">, this is one of the most common home-buying scams people experience.</span></div>
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<span style="box-sizing: border-box;">“A cybercriminal hacks into the email account of someone involved in a real estate conveyances, such as the buyer, seller, lawyers, real estate agents or bankers involved in the mortgage,” he explains. </span></div>
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<span style="box-sizing: border-box;">Because they have access to the emails, they know when the closing date is and contact the buyer with wiring instructions from an address they know at just the right moment for it to look legit. Then they lose their whole down payment.</span></div>
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<span style="box-sizing: border-box;">The fix? Keep communication open with the people involved (over phone as well as email) – and pay in person.</span></div>
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<a href="https://www.bellodimora.com/" style="box-sizing: border-box; color: #1cbeec; text-decoration-line: none;">Realtor Katie Messenger</a><span style="box-sizing: border-box;"> had a client nearly tricked by this type of scam, but they sensed something was off and checked in to be safe.</span></div>
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<span style="box-sizing: border-box;">“The lender had already talked to them on the phone and explained how they needed to bring their down payment to closing, so when they got this email with wiring instructions, they immediately called me and asked why things had changed.”</span></div>
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<span style="box-sizing: border-box; font-weight: 700;">2. Fake Tenants in Your Home</span></h1>
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<span style="box-sizing: border-box;">Imagine walking up to your new home the day after closing, putting your key in the lock and…finding it that it doesn’t work. While you’re trying to figure out what’s going on, someone walks up and asks why you’re trying to get into </span><i style="box-sizing: border-box;">their</i><span style="box-sizing: border-box;"> home.</span></div>
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<span style="box-sizing: border-box;">This happened to one of</span><a href="http://www.grossoproperties.com/" style="box-sizing: border-box; color: #1cbeec; text-decoration-line: none;"><span style="box-sizing: border-box;"> realtor </span><span style="box-sizing: border-box;">Anthony Grosso’s</span></a><span style="box-sizing: border-box;"> clients. The supposed tenant appeared to be the victim of a common scam in which someone advertises as the landlord of a vacant property, creates a lease, takes a down payment, and even provides keys – only for the renter to realize someone else actually owns the property. The renters are usually victims in this case – they lose their deposit and first month’s rent to the scammer. But if they’ve already moved in, they could have renter’s rights and the new owner will have to go through a costly eviction process to get their own home back. </span></div>
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<span style="box-sizing: border-box;">In the case of Grosso’s client, there was a twist.</span></div>
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<span style="box-sizing: border-box;">“There was no fake agent,” he said. “They broke in themselves, changed the locks, and created a fake lease. This was a scam they did over and over, and since they played the victim, there were never criminal charges.”</span></div>
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<span style="box-sizing: border-box;">How can you avoid this? It’s tricky since the law hasn’t really caught up with the crime. If the home you’re hoping to buy has been vacant for a while, ask if anyone has been </span><a href="https://quoted.thezebra.com/5078/ways-to-learn-about-your-neighborhood-before-you-buy/" style="box-sizing: border-box; color: #1cbeec; text-decoration-line: none;">checking on the property regularly</a><span style="box-sizing: border-box;">. Look to see if it’s listed on Craigslist as a rental property. If you suspect there may be potential fraud, ask your agent about negotiating visits to check that the locks still work or the realtor’s lockbox is still in place. The most you can do is try to catch it happening before your purchase. </span></div>
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<span style="box-sizing: border-box; font-weight: 700;">3. The Electrical Breaker Swap</span></h1>
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<span style="box-sizing: border-box;">This is a lower-stakes scam than some of the others, but still worth being aware of: swapping required electrical breakers for cheaper versions.</span></div>
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<span style="box-sizing: border-box;">Arc fault breakers, which break the circuit when they detects an electric “arc” which may increase the risk of electrical fire, are more expensive than traditional circuit breakers, but they’re </span><a href="http://www.afcisafety.org/afci/what-is-afci/#1466500774327-c62dcd1f-8a12" style="box-sizing: border-box; color: #1cbeec; text-decoration-line: none;">required by modern building codes</a><span style="box-sizing: border-box;">. People who flip homes have to install them during renovation to be on the right side the law, but it adds around $800 to their costs.</span></div>
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<span style="box-sizing: border-box;">As a result, Evan Roberts of Dependable Homebuyers says he’s seen examples of flippers who will return to the home and replace these expensive arc fault breakers with the cheaper traditional breakers, adding profit to their bottom line.</span></div>
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<span style="box-sizing: border-box;">Luckily, this one has a relatively easy fix. When you’re </span><a href="https://quoted.thezebra.com/5275/5-warning-signs-look-buying-home/" style="box-sizing: border-box; color: #1cbeec; text-decoration-line: none;">setting up your inspection</a><span style="box-sizing: border-box;">, ask the inspector to check the fault breaker for you. You can even ask them to show you what it looks like, so you’ll notice a difference if the seller switches it out before you move in.</span></div>
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<span style="box-sizing: border-box; font-weight: 700;">4. Moving Companies Holding Your Belongings Hostage</span></h1>
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<span style="box-sizing: border-box;">Even if </span><a href="https://quoted.thezebra.com/4546/moving-manual-boxes-need-check-pack/" style="box-sizing: border-box; color: #1cbeec; text-decoration-line: none;">everything goes according to plan</a><span style="box-sizing: border-box;"> with the home buying process, you can still get conned during the move.</span><a href="http://www.newsweek.com/moving-movers-fraud-scams-congress-encore-moving-california-americas-best-529840" style="box-sizing: border-box; color: #1cbeec; text-decoration-line: none;"><span style="box-sizing: border-box;"> Unfortunately, </span><span style="box-sizing: border-box;">moving scams are extremely common</span></a><span style="box-sizing: border-box;"> and the federal government receives thousands of complaints every year.</span></div>
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<span style="box-sizing: border-box;">But it can be hard to spot the bad apples before you choose a moving company, as my brother’s family learned the hard way. They went with a moving company that had both been recommended by a friend </span><i style="box-sizing: border-box;">and</i><span style="box-sizing: border-box;"> had a good BBB rating, so they thought they’d done their due diligence. The quote of $3,500 seemed reasonable, but once they’d packed everything up they got a new bill for $7,000.</span></div>
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<span style="box-sizing: border-box;">“</span><span style="box-sizing: border-box;">This was our first move and since there was not a lot we could do and our stuff was already loaded, we signed the receipt,” said Jason Hicks.</span></div>
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<span style="box-sizing: border-box;">This is how moving companies get you – once they have your stuff packed up, they can hold it hostage until you pay what they say you owe.</span></div>
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<span style="box-sizing: border-box;">Making matters worse, once their items were delivered to the new home, “we realized we were missing a few things including a Wii, most of my tools, and a small TV.”</span></div>
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<span style="box-sizing: border-box;">So what can you do? Check the reviews along with the BBB score. Ask for in-home estimates and get several. If you know what’s normal then you’ll be better at spotting too-good-to-be-true pricing that suggests a possible scam. And consider buying </span><a href="https://quoted.thezebra.com/4090/what-you-need-to-know-before-buying-homeowners-insurance/" style="box-sizing: border-box; color: #1cbeec; text-decoration-line: none;">extra insurance</a><span style="box-sizing: border-box;"> to protect your belongings in the move, just to be safe.</span></div>
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<span style="box-sizing: border-box;">By: </span><a href="https://quoted.thezebra.com/author/kristen-hicks/" style="background-color: white; box-sizing: border-box; color: #222222; font-size: 15px; font-weight: 700; text-decoration-line: none;">Kristen Hicks</a></div>
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<b><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white;"> </span><b><span style="background: white; color: #1f497d;">http://</span></b><b><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b>Anonymoushttp://www.blogger.com/profile/11255853788632157927noreply@blogger.com1tag:blogger.com,1999:blog-2696672773482107478.post-18433981651547214802018-01-25T10:17:00.006-08:002018-01-25T10:17:59.644-08:00Snoqualmie Pass Real Estate, Mortgage, and the Economy - Mom Warns Others After Losing $25,000 In Wire Fraud Scheme<b><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white;"> </span><b><span style="background: white; color: #1f497d;">http://</span></b><b><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b><br />
<span style="background-color: white; color: inherit; font-family: inherit; font-size: 48px;">San Antonio mom warns others after losing $25,000 in wire fraud scheme</span><br />
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<div class="sd-news-story-container" data-title="San Antonio mom warns others after losing $25,000 in wire fraud scheme" data-url="/news/trouble-shooters/san-antonio-mom-warns-others-after-losing-25000-in-wire-fraud-scheme" data-uuid="5d19bbfa-76dd-4b61-89a9-b4649276e27d" style="box-sizing: border-box; padding-right: 22px;">
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SAN ANTONIO - Born one day apart, Jayna Gibbs and her husband fell in love and got married at 28. But this last summer her husband died suddenly and unexpectedly, leaving her and their two daughters distraught.</div>
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Family and friends gifted Gibbs $25,000 dollars following her husband's death. She planned to use the money as a down payment on her new home.</div>
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"Losing him, my best friend, was hard anyway, and then people gave this money in his honor and memory -- and for someone to have stolen it -- it's very hurtful," Gibbs said.</div>
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A week before closing, Gibbs got an email requesting closing funds be wired to an escrow account.</div>
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"It looked exactly like the emails that came from the escrow assistant. It looked like it has their logo. It says Presidio Title, and it has the escrow officer's name," Gibbs said.</div>
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Gibbs had no concerns about the validity of the email and subsequently wired $25,500 dollars as instructed.</div>
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When she showed up to closing a week later at Presidio Title, everyone was surprised when they figured out what had happened.</div>
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"I got a phone call and they were saying we don't have a wire from you," Gibbs said.</div>
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Gibbs doesn't know who requested the funds or where they ended up, but looking back at her emails, she noticed a wire fraud alert from her title company that she overlooked initially.</div>
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"I wish they had either called me or specifically sent out a disclosure saying this happened," Gibbs said.</div>
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Some title companies have insurance for this type of fraud. When we inquired with Presidio Title Company founder, Don Walker, he said he hadn't yet filed the claim and didn't know whether this type of fraud would be covered.</div>
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Walker could not say with certainty whether Presidio Title uses encryption to protect private information, but Paul Duran with the U.S. Secret Service said even companies that do use encryption need to be careful.</div>
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"Your IT defenses are only as good as the employees that are monitoring and clicking on items," Duran said.</div>
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Information is generally compromised through phishing emails. Duran said this type of fraud is on the rise and is impacting more than just real estate transactions.</div>
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The best way to avoid becoming a victim is practicing good cyber hygiene.</div>
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"Being very scrutinous of emails coming in, make sure that in the emails that you get in the attachments or the links that are in them are verified," Duran said.</div>
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If you do become a victim, the sooner you report it, the better.</div>
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"It really needs to be probably between 24 and 48 hours," Duran said.</div>
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The less time they have to cash out accounts and get the money out of the country, the greater the chance investigators will be able to track down the money.<br />
<span style="font-size: 14px;">by April Molina</span></div>
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<b><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white;"> </span><b><span style="background: white; color: #1f497d;">http://</span></b><b><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b><br />
<b><br /></b>Anonymoushttp://www.blogger.com/profile/11255853788632157927noreply@blogger.com0tag:blogger.com,1999:blog-2696672773482107478.post-55398012426994831952018-01-24T14:47:00.000-08:002018-01-24T14:47:18.049-08:00Snoqualmie Pass Real Estate, Mortgage, and the Economy - Now May Be The Time To Add Living Space To Your Home<b><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white;"> </span><b><span style="background: white; color: #1f497d;">http://</span></b><b><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b><br />
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<section style="background-color: white; box-sizing: inherit; color: #333333; font-family: Roboto, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 16px;"><div class="hero shadow-none white block-looser-for-large-up padding-top-loose-for-small-only " style="box-shadow: rgba(0, 0, 0, 0.5) 0px 0px 0.3125rem 0px; box-sizing: inherit; margin-bottom: 2rem !important; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding: 27px 0px 0px; position: relative;">
<div class="flex-row relative" style="-webkit-box-direction: normal; -webkit-box-flex: 0; -webkit-box-orient: horizontal; box-sizing: border-box; display: flex; flex-flow: row wrap; flex: 0 1 auto; margin: 0px auto; max-width: 62.5rem; padding: 0px; position: relative !important;">
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<h1 class="hero-heading flex-media-heading heading-larger heading-largest-for-medium-up text-tighter block-normal" style="box-sizing: inherit; font-size: 2.25rem !important; font-weight: 500; line-height: 1.16667; margin: 0px 0px 0.9375rem; padding: 0px; text-rendering: optimizeLegibility;">
Why Now May Be the Right Time to Add a New Living Space to Your Home</h1>
<h3 class="subheader heading-small heading-light text-steel text-loose block-normal" style="box-sizing: inherit; color: rgb(102, 102, 102) !important; font-size: 1rem !important; font-weight: 400 !important; line-height: 1.66667; margin-bottom: 0.9375rem !important; margin-left: 0px; margin-right: 0px; margin-top: 0.2rem; padding: 0px; text-rendering: optimizeLegibility;">
Got family that needs a place to stay or looking for extra income? An accessory dwelling unit may be the answer.</h3>
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<span style="color: #999999; font-family: inherit; font-size: 0.875rem;">Depending on where you live and how you plan like to utilize your property, an in-law suite or tiny home could be a good investment. </span></div>
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<span style="color: #333333; font-family: inherit; font-size: 1rem;">English basements. In-law suites. Garage apartments. Whichever type of </span><a href="https://money.usnews.com/money/personal-finance/articles/2016-04-13/should-you-turn-your-residence-into-a-rental" style="box-sizing: inherit; color: #2c7ef0; font-family: inherit; font-size: 1rem; line-height: inherit; text-decoration-line: none;">additional living space</a><span style="color: #333333; font-family: inherit; font-size: 1rem;"> may be popular where you live, they all fall under the umbrella of “accessory dwelling unit.” And while these living options have been around in one form or another for many years, they’re gaining popularity for a few reasons.</span></div>
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</section><div class="flex-row sticky-container" id="content-main" style="-webkit-box-direction: normal; -webkit-box-flex: 0; -webkit-box-orient: horizontal; background-color: white; box-sizing: border-box; color: #333333; display: flex; flex-flow: row wrap; flex: 0 1 auto; font-family: Roboto, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 16px; margin: 0px auto; max-width: 62.5rem; padding: 0px;">
<main class="flex-small-12 flex-large-8 columns article-body" style="-webkit-box-flex: 0; box-sizing: border-box; flex: 0 1 66.6667%; float: left; max-width: 66.6667%; padding-left: 0.9375rem; padding-right: 0.9375rem; position: relative; width: 666.656px;"><div class="block-loose" id="ad-in-text-target" style="box-sizing: inherit; margin-bottom: 1.5rem !important; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding: 0px;">
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As defined by the U.S. Department of Housing and Urban Development, an accessory dwelling unit is additional living quarters on a lot with a single-family home that has a separate entrance, bathroom and kitchen. It doesn’t matter if the ADU is attached to the home or a separate structure, which makes basement apartments, carriage houses and tiny homes located on the land all potential ADUs.</div>
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Having an ADU on your property can serve a number of functions, from bringing in additional income to <a href="https://realestate.usnews.com/real-estate/articles/when-your-parents-dont-live-with-you-yet-should-you-buy-a-multigenerational-house" style="box-sizing: inherit; color: #2c7ef0; line-height: inherit; text-decoration-line: none;">living close to family members</a> while maintaining an added level of privacy, explains Martin John Brown, co-editor of AccessoryDwellings.org, an informational website about ADUs.</div>
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“It would be nice to have someone close living next to me, but not quite in my same space,” Brown says.</div>
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Of course, adding an ADU to your property is a major investment at the start. The cost of building an addition onto a home is, on average, just under $42,000, according to HomeAdvisor. A fully functioning tiny house would likely cost you more – a 266-square-foot tiny home from builder Escape Traveler goes for $66,600.</div>
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More recently, cities including Seattle, San Francisco, Atlanta, the District of Columbia and Portland, Oregon, have relaxed zoning laws to allow for the creation of an ADU on residential property without requiring <a href="https://realestate.usnews.com/real-estate/articles/the-dos-and-donts-of-buying-vacant-land" style="box-sizing: inherit; color: #2c7ef0; line-height: inherit; text-decoration-line: none;">rezoning</a> to a multifamily property.<iframe frameborder="0" height="1" id="google_ads_iframe_/4020/usn.realestate/realestate/article_6" marginheight="0" marginwidth="0" name="google_ads_iframe_/4020/usn.realestate/realestate/article_6" scrolling="no" style="border-style: initial; border-width: 0px; box-sizing: inherit; vertical-align: bottom;" title="3rd party ad content" width="1"></iframe></div>
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Depending on where you live, how you’d like to utilize your property and your financial situation, the addition of an in-law suite or basement apartment could be a good investment. But first, you’ll want to dive a bit deeper to understand how you can benefit from an ADU.</div>
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<span data-rte2-sanitize="bold" style="box-sizing: inherit; font-weight: 700; line-height: inherit;">What Good Can Accessory Dwelling Units Do?</span></div>
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Whether it’s providing a loved one with a home or helping to <a href="https://realestate.usnews.com/real-estate/articles/5-things-homeowners-wish-theyd-known-before-becoming-landlords" style="box-sizing: inherit; color: #2c7ef0; line-height: inherit; text-decoration-line: none;">bring in additional income</a> for you with a renter, ADUs not only offer benefits to the individual who adds it to his or her property, but also to the community and local housing market.</div>
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Brown says ADUs rented to the public are more likely to offer greater variation in pricing than the construction of large apartment and condo buildings.</div>
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“Because it’s homeowners who create these things and it’s homeowners who decide exactly how they’re used, it’s not always operated with the idea of maximum profit,” Brown says. “Oftentimes they are rented out for less than market rates, so it’s providing housing for the community, and sometimes it’s quite affordable.”</div>
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Built as one-off additions to homes, for the most part, accessory dwelling units <a href="https://realestate.usnews.com/real-estate/articles/want-to-invest-in-real-estate-consider-off-campus-student-housing" style="box-sizing: inherit; color: #2c7ef0; line-height: inherit; text-decoration-line: none;">can benefit any type of community</a> – whether it’s a major city, suburb or even a rural town, Brown says. “However, the places where there’s going to be maybe the strongest movement to make these rules reasonable and allow them is in a place that’s growing and needs extra housing, or perhaps in a place where homeowners need some financial stability,” he adds.</div>
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<span data-rte2-sanitize="bold" style="box-sizing: inherit; font-weight: 700; line-height: inherit;">How Can You Add an ADU to Your Home?</span></div>
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The number of cities looking to relax zoning laws to make it easier for homeowners to add a second unit to their property is growing. For example, in 2017 California enacted a requirement that local municipalities amend their zoning laws to make it easier to develop ADUs.</div>
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The first thing to do before even entertaining the idea of adding an ADU to your home is to look up the details of your local laws, which you can often find on your city's or county's government website, or inquire with city hall where you can find the information. Some cities, such as Chicago and Detroit, don’t allow the construction of new ADUs, while others require a maximum amount of square footage, mandate at least one parking space or restrict the amount of days you can use the unit as a short-term rental on sites such as Airbnb or VRBO.</div>
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Rather than building on an existing property, you could <a href="https://realestate.usnews.com/real-estate/articles/remodel-new-construction-or-fixer-upper-finding-the-right-home-for-you" style="box-sizing: inherit; color: #2c7ef0; line-height: inherit; text-decoration-line: none;">buy a new house</a> made for multigenerational housing. Luxury home builder Toll Brothers has always been able to incorporate an in-law suite or other accessory dwelling unit per the client’s request, but the company is now offering more options that include living spaces complete with their own kitchen, bathroom and separate entrance.</div>
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“That was something we turned our attention to,” says Kira Sterling, chief marketing officer at Toll Brothers. Whether it’s for the growing diversity of cultures in the U.S. where multigenerational homes are the norm or providing an alternative income option, a new build with an ADU should comply with local zoning requirements and building codes with less red tape on your end.</div>
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Renovating or building an addition onto your house to make room for an ADU is still possible – it’s simply a matter of ensuring the right zoning requirements and building codes are followed, then financing the project. Brown says most who construct an ADU either use extra cash they have in the bank or <a href="https://money.usnews.com/money/personal-finance/banking-and-credit/articles/2017-08-25/your-house-is-worth-more-than-ever-should-you-take-out-a-heloc" style="box-sizing: inherit; color: #2c7ef0; line-height: inherit; text-decoration-line: none;">borrow against the equity of their home</a>.</div>
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<span style="font-family: inherit; font-size: 1rem; font-weight: 700;">What Stands in Your Way?</span></div>
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Of course, anything that breaks the norm when it comes to how you use your home is going to have at least a few obstacles. Be sure to carefully weigh the cons before you jump into adding an accessory dwelling unit.</div>
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<i data-rte2-sanitize="italic" style="box-sizing: inherit; line-height: inherit;">Local laws might make building difficult.</i> While more cities are changing their laws to help make ADUs possible, plenty of others make it hard to get approval. You may have to apply for rezoning to add an ADU to your home.</div>
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“Usually there are zoning issues relating to that in terms of multifamily zoning for a rental,” Sterling says. The multifamily zoning, which is typically reserved for apartment buildings and condo properties, would likely make it more difficult to sell your house to another individual owner down the line.</div>
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The red tape also extends to the construction of any addition to your property. Any major construction will almost certainly <a href="https://realestate.usnews.com/real-estate/articles/5-must-ask-questions-about-code-violations-in-your-home" style="box-sizing: inherit; color: #2c7ef0; line-height: inherit; text-decoration-line: none;">require permits</a> and inspection by the city or county. Failing to follow protocol could lead to you having to tear down the fresh construction and do it over again.</div>
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<i data-rte2-sanitize="italic" style="box-sizing: inherit; line-height: inherit;">They’re still uncommon.</i> While you’ve likely heard of in-law suites and probably know one or two people who rent out a basement or garage apartment to a tenant, ADUs aren’t necessarily the norm yet. As a result, appraisers often struggle to accurately <a href="https://realestate.usnews.com/real-estate/articles/whats-dragging-down-the-value-of-your-home" style="box-sizing: inherit; color: #2c7ef0; line-height: inherit; text-decoration-line: none;">measure the value of a home</a> that has an ADU when it’s appraised for sale.</div>
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That’s not to mention, of course, the fact that as an individual homeowner taking on this project, you likely <a href="https://realestate.usnews.com/real-estate/articles/how-to-get-along-with-your-contractor" style="box-sizing: inherit; color: #2c7ef0; line-height: inherit; text-decoration-line: none;">lack the experience of a seasoned real estate developer</a>. “Things that would not stop an experienced developer can easily stop this idealistic homeowner,” Brown says. “They might not know how to argue with the city planning department, for example, whereas a developer would.”</div>
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<i data-rte2-sanitize="italic" style="box-sizing: inherit; line-height: inherit;">Lack of funding.</i> The biggest problem for most homeowners looking to make some additional income with a basement apartment is <a href="https://realestate.usnews.com/real-estate/articles/want-a-home-equity-loan-you-may-have-trouble-qualifying" style="box-sizing: inherit; color: #2c7ef0; line-height: inherit; text-decoration-line: none;">funding it</a>. Few people have between $40,000 and $60,000 on hand to build an addition or commission a tiny house for the backyard.</div>
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Additionally, some cities don’t allow tiny houses on wheels to count as an ADU, and they must instead follow RV and camper laws. In some places, that means you can't use a tiny house as an ADU unless your property is zoned as a mobile home or RV park.</div>
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“It’s going to cost a lot of money, and [homeowners] might not have that money to spend, and borrowing it might be difficult,” Brown says.</div>
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The good news is as more cities take a closer look at the benefits of creating additional housing opportunities in less traditional ways, it will likely become easier for homeowners to get the approval, support and funding needed to offer a second living space on their property.</div>
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<span style="color: #666666; font-size: 14px;">By </span><a href="https://www.usnews.com/topics/author/devon-thorsby" style="box-sizing: inherit; color: #2c7ef0; font-size: 14px; line-height: inherit; text-decoration-line: none;">Devon Thorsby</a></div>
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<b><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white;"> </span><b><span style="background: white; color: #1f497d;">http://</span></b><b><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b>Anonymoushttp://www.blogger.com/profile/11255853788632157927noreply@blogger.com1tag:blogger.com,1999:blog-2696672773482107478.post-90996788752067718972018-01-23T11:51:00.000-08:002018-01-23T11:51:12.672-08:00Snoqualmie Pass Real Estate, Mortgage, and the Economy - 6 Things That Might Make Your Property Taxes Go Up<b><span style="background: white; color: #333333;">Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate</span><span style="background: white;">,</span></b><span style="background: white;"> </span><b><span style="background: white; color: #1f497d;">http://</span></b><b><span style="background: white;"><a href="http://www.snoqualmiepassliving.com/">www.snoqualmiepassliving.com</a></span></b><br />
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6 Things That Might Make Your Property Taxes Go Up</h1>
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And yes, some are within your control</div>
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As if buying a home isn’t expensive enough, you have to pay property taxes on top of a mortgage and insurance. For those who haven't had the, ahem, <em style="box-sizing: border-box;">pleasure</em> of dealing with them, a property tax is a tax on the real estate you own, including both the land and the value of your home. The funds collected from property taxes are used for libraries, public schools, road construction, and a handful of other programs, so they are an inevitable fact of home ownership in the U.S. The thing is, your property tax rate isn't fixed because the value of your home isn't fixed—and also because different states have different regulations—which means they can increase down the road. “Depending on where you live, there may be events that can trigger a reassessment of your property and a more significant increase to your annual tax bill,” says Lexi Newman, a realtor in Los Angeles. “These items vary, so your best bet is to contact your local assessor's office to find out specifics.” The good news is that in some states, such as California, regulations keep property taxes fairly stable.</div>
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But for first-time homeowners, understanding what moves the needle can be a little confusing. Below you'll find six factors that might make your property taxes go up.</div>
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1. Moving to a New Area</h2>
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“Rates vary by city, county, and state,” Lexi explains. “In Los Angeles, we use 1.25 percent as a baseline, although this rate actually varies depending on where you live in the county. In order to calculate what your property tax will be each year, you would multiply your property tax rate by the assessed value of your home." So if you move to a home of comparable value in a new neighborhood or new state, the taxes will likely differ. And multiple municipalities can even impose taxes on the same property: You might pick up an additional property tax if you move downtown from a place outside the city limits. Moving can also result in a lower tax bill, of course. A local realtor can help you understand the rates and municipalities involved in a new neighborhood.</div>
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2. Adding onto Your Home</h2>
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Home-improvement projects big and small can trigger reassessments to your property's value, Lexi points out. In fact they’re one of the most common causes of a higher property tax bill. If a home-improvement project adds square footage to your home, that will almost certainly boost your home’s assessed value, which is a good thing for your home as an investment. But it also means you can expect a bigger tax bill when your home is reassessed. (Homes are reassessed every few years depending on where you live.)</div>
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3. Other Home-Improvement Projects</h2>
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It's not just expansions, either. “Anytime you modernize existing space or change its physical configuration and use, that square footage can also be reassessed,” Lexi says. “Anything from installing a pool to adding a shower to a half-bathroom to regrading your yard for improved drainage can trigger a bump in your taxes.” As a general rule of thumb, any project that adds value to your home will (you guessed it) also increase your tax bill. So do your research before you renovate to make sure you're adding enough value to your home to offset the tax increases—you want the investment to be worthwhile!</div>
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While it’s difficult to determine exactly how much your property taxes may increase, you can use a tool like this <a href="http://www.remodeling.hw.net/cost-vs-value/2008/" style="box-sizing: border-box; color: black; font-style: inherit;">Cost vs. Value report</a> to see how much different home-remodeling projects will increase the value of a piece of real estate on average, depending on the state. Combine that with SmartAsset’s <a href="https://smartasset.com/taxes/property-taxes" style="box-sizing: border-box; color: black; font-style: inherit;">property tax calculator</a>and you’ll get a general idea of how much more you can expect to pay in taxes.</div>
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4. An Increase in Home Sales Around You</h2>
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“We find that property tax bills jump higher when there have been a number of sales in the neighborhood,” says Jeff Miller, cofounder of <a href="http://www.aehomegroup.com/" style="box-sizing: border-box; color: black; font-style: inherit;">AE Home Group</a>. More sales mean an increase in the assessed value of properties in the area because, well, it's proof positive that the neighborhood is more desirable—so the properties are too. Ergo, Jeff says, your property tax bill will go up. For the same reason, nearby construction can increase your home’s value too, including the addition of such amenities as parks, golf courses, or lakes, for example.</div>
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Most counties assess the value of homes every few years, although in some states they are reassessed annually. When the time comes, your county’s assessor will appraise the value of your home based home additions, nearby construction, and comparable properties sold near you.</div>
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5. State and Local Budget Decisions</h2>
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When your state and local governments decide to cut or fund a public service that is subsidized by property taxes, you might see that reflected in your assessment. Maybe they're aiming to better the public school system, or the local roadways. Even if you don't use the service, you might pay for it in property taxes. “With property taxes, public officials basically argue that they can repeal the law of gravity as far as the economy goes!” is how Pete Sepp, executive vice president of the National Taxpayers Union, once <a href="https://www.cnbc.com/id/40658494" style="box-sizing: border-box; color: black; font-style: inherit;">put it to CNBC</a>. Similarly, if the state decides to cut funding for those services, your local government has to pull the money from somewhere, and that could mean higher property taxes too.</div>
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6. Supplemental Tax</h2>
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New homeowners might be surprised when they get a supplemental tax bill in the mail. “Keep in mind that the first year you own a property, you may be subject to a supplemental tax that covers the difference between the old assessed value (what the last owner was paying) and the new assessed value (after the property is deeded to you and is reassessed by the tax authorities),” Lexi says. “There can be lag time before the new taxable rate is being reflected on your tax bill, hence this supplemental tax that bridges that difference.” While not actually an increase in your property tax, it’s a potential extra cost to be aware of nonetheless.</div>
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But for all of the potential increases, there is also the possibility of a potential decrease in your tax bill, should the opposite take place (if home sales are dropping off in the area, for example). If you think your property tax assessment is wrong, or you believe your home has declined in value, you can request a reassessment. Just head to your county tax assessor’s website and search for forms. (<a href="https://assessor.lacounty.gov/decline-in-value/" style="box-sizing: border-box; color: black; font-style: inherit;">Here</a> are the forms for L.A. County, for example.)</div>
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The one bright spot in all of this? Property taxes are deductible, which basically means you can use them to lower your federal income tax bill. There are, of course, some big changes to our tax code underway, which will impact many homeowners in this arena. “For those who itemize, property taxes may be deducted up to $10,000," explains Mark Hamrick, Bankrate.com's senior economic analyst in regard to the changes. Filers who are used to taking a larger deduction—those with really big property tax bills—might end up paying more when the changes take effect (likely in January, so tax returns filed in 2019 would be the first affected).</div>
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