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The Cascade Team Real Estate Blog

About eight of every 10 millennial renters want to purchase a home, but nearly three-fourths of them (72 percent) can't afford to do so, according to a survey by Apartment List. Among respondents in a recent survey, 67 percent said they plan to wait at least three years before buying a home.

A comparison of metro areas shows Ogden-Clearfield, Utah with the largest percentage of millennial homeowners. Abodo an apartment locator site, found 51 percent of young adults in that metro area own a home, well above the national figure of 32.1 percent. The study showed Seattle in 30th place among large cities (102nd place overall), with only 29 percent of millennials being homeowners.

Rounding out the top five metro areas with the highest rate of

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Attention Real Estate Brokers: Buyers and Sellers are targets for wire fraud and many have lost hundreds of thousands of dollars because they simply relied on the wire instructions received via email.

A hacker may break into a real estate licensee’s email account to obtain information about upcoming real estate transactions. After monitoring the account to determine the likely timing of a close, the hacker may send an email to the buyer, posing either as the escrow agent or as the licensee. The fraudulent email may contain new wiring instructions or routing information, and request that the Buyer send funds accordingly.

With scammers increasingly targeting real estate transactions, the National Association of REALTORS® is teaming up with the

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 Buying A Home Is More Affordable Than Renting In 54% Of US Counties | MyKCM

According to ATTOM Data Solutions’ 2018 Rental Affordability Report, “buying a median-priced home is more affordable than renting a three-bedroom property in 240 of 447 [or 54% of] U.S. counties analyzed for the report.”

For the report, ATTOM Data Solutions compared recently released fair market rent data from the Department of Housing and Urban Development with reported income amounts from the Department of Labor and Statistics to determine the percentage of income that a family would have to spend on their monthly housing cost (rent or mortgage payments).

Daren Blomquist, Senior Vice President of ATTOM Data Solutions had this to say:

“Although buying is still more affordable than renting in the majority of U.S. housing markets,

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  Image result for pictures of home repairs

After living in the same home for a while, it's amazing what you can get used to. A creaky floorboard, for instance. A chipped tile that you've been meaning to replace but haven't gotten around to. A doorknob that needs a little coaxing to turn. No big deal, right? Well, these small flaws can be huge deal breakers when you decide to sell your home.

Prospective buyers are going to add all the ‘flaws’ they find to the price of the property, and that’s when they start trying to discount the price. 

Curious what some of these seemingly small problems are? Check out this list of minuscule (to you) things that buyers see as big hurdles to closing a sale.

1. An old electrical panel

I had a buyer make a controversial request for

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This graph shows the medium sales price in 98074 in the dark color and 98075 in the green color. The median price increased in 2017 by 11.1% (98074)and 11.7% (98075) showing a strong increase in prices. The median home price in 98075 is $1.050.000 and in 98074 is $900.000 for all residential sales.

 

This graph shows the amount of inventory in months which decreased in 98074 (1.3 to 1.1 ) and stayed the same in 98075 (1.3). This statistic shows that we are still in a sellers market. If no more inventory came on the market, there would be less than a month and half of inventory. A balanced market is when there is 4-6 months of inventory, which is not something we will be seeing anytime soon.

 

What does this all mean for you?

It is even more

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  •  Households in the Seattle-Tacoma-Bellevue metropolitan area of Washington state spent an average of 33.4 percent more than the average U.S. household, a new federal study found. The study, conducted over the past two years for the U.S. Bureau of Labor Statistics, found that the average household in the Seattle metropolitan area spent $74,723 per year, significantly more than the $56,648 average expenditure level for households in the United States. The study also found that annual household income in the Seattle area averages $104,475 - which is also considerably higher than the national average of $72,156. Housing is the largest expenditure category for Seattle-area households, the research showed, averaging $24,993 per year - about a third
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Trying to decide when to plunge into the real estate market can be quite intimidating—especially when prices are high, choices are limited, and history urges restraint.

Locally we’ve seen two or three years of what could be considered unprecedented levels of price appreciation, as well as an inventory shortage that resulted in a record-low number of homes for sale across Western Washington.

See: 2018 Real Estate Market Trends - Seattle Area Prices Continue Upward March

If there’s one thing most early forecasters agree on, it’s that home prices will continue to rise. Where they differ however, is how much they will rise.

The median price of a home across the Seattle metro area has now soared 80 percent since bottoming out five years ago,

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Some Highlights:

  • Atlas Van Lines recently released the results of their annual Migration Patterns Survey in which they tracked their customer’s movement from state-to-state over the course of 2017.
  • Idaho held on to the top spot of ‘high inbound’ states for the 2nd year in a row followed by Washington.
  • The ‘outbound’ states seem to draw a line straight across the country from Connecticut to Wyoming.

 Where Did Americans Move in 2017? [INFOGRAPHIC] | MyKCM

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Is Magnolia a neighborhood for the working class of Seattle or just the top 2%?

Below is the last two years real estate growth for the Magnolia neighborhood for homes priced 2 million and less.  Not bad growth considering it was above the median price range to begin with for entire Seattle area however Magnolia is actually below other Urban neighborhoods like Queen Anne and Capital Hill and I believe there is definitive room for growth once people realize the upside of the neighborhood. 

 

Each week I am going to take a closer look at the market conditions of neighborhoods in the Seattle area.  This week I am going to start off in my own neighborhood Magnolia.  I consider Magnolia unique because it really is off the grid in many ways and seems to

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New Listing In South Cove Issaquah Near Lake Sammamish

Come and check out this new listing in the Greenwood Point neighborhood in South Cove with private beach access.  This 4 bedroom 3.5 bath 2300 square foot home is a must see that has been completely renovated and taken down the to the studs. As you enter you will be greeted with vaulted ceilings which leads in to your formal living room with fireplace. The kitchen is one a true chef could appreciate with quartz countertops, duel fuel gas range, new KitchenAid appliances, large center island, custom cabinets and backsplash. Large family room with vaulted ceilings and cozy fireplace. Upstairs find 2 master suites both with completely updated baths attached w/quartz and mud set showers. Two more

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