Snoqualmie Pass Real Estate, Mortgage, and the Economy – Should Seattle Tax Foreign Investors?

Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate, http://www.snoqualmiepassliving.com

Seattleites love to blame outsiders for skyrocketing housing prices.
In the 1990s, it was Californians. Today, it’s Chinese investors and their notorious all-cash offers.
Some Seattle leaders want to tax these foreign investors – or at least know how much of the market they’ve cornered.
Said Cary Moon, mayoral candidate: “It is a fact that speculators are driving up prices and exacerbating Seattle’s housing crisis, but we don’t know the real depth or dynamic of this problem because no one wants to look.”
Moon’s rival, Jenny Durkan, said she would oppose real estate databases or taxes as “discriminatory and illegal.”
Moon and others got the idea to tax foreign investors from Vancouver, B.C., neighbor to the north, where 16 percent of buyers were from abroad, mostly China.
And it worked at first. The percentage of foreign buyers dipped to 4 percent from 16 percent right away.
And then it didn’t: Within a year, foreign investors returned, having figured out a way around the tax.
Not that it mattered much for Canadians. Housing prices didn’t go down in Vancouver, and vacancy didn’t go up. But it did help government, said Stephen Quinn, a host with CBC radio. He called it a “windfall for government.”
“It’s raking in hundreds of millions in property transfer taxes,” Quinn said. But, “it’s not meaning much for people buying a house under $1.5 million.”
Marc Stiles, reporter for the Puget Sound Business Journal, said such a tax would be a “knee-jerk reaction.”
“I’m not sure that taxing foreign buyers is going to necessarily calm the roiling waters of Puget Sound’s red-hot housing market,” Stiles said.
Foreigners tend to buy pricier properties, he said, so taxing them in Seattle would have more impact on the higher-end market.
“I’m not so sure on the lower-end market,” he said.
Examples of high-end buying, he said: In Belltown, at Battery Street and 3rd Avenue, a Taiwanese company is building a 12-story apartment building. And at 2nd and Stewart downtown, where the Caffe D’arte used to be, Chinese and other international investors are building a 40-story building called “The Emerald.”
In the residential arena, realtor Becco Zou, said business started booming for her four years ago – she hasn’t had an off season or much vacation. She said most of her clients are new immigrants who have received green cards set aside for investors and entrepreneurs.
“Seattle is attractive for a couple of reasons,” Zou said. “Number 1, it’s the closest city, flying, to China. And number 2, believe it or not, is the movie, ‘Meeting Mr. Right.’ That’s a movie that came out in 2013 and it shows the beautiful scenery of Seattle.”
Zou, a realtor with Berkshire Hathaway in Bellevue, said her clients contact her six months to a year before moving to Seattle.
“They do a lot of online research,” she said. “I ask them what kind of house are you looking for? They are most focused on the good schools. I will present them the different school options, then do a preparation to move the funds to the U.S.”
She said it’s daunting for foreigners to buy property here. Many don’t speak English, she said, and those all-cash offers are dwindling now that China has made it harder to pull a lot of money out of the country.
Candidate Moon told The Stranger last August that "the flow of Chinese money is looking for the next housing market, and it appears that Seattle and California cities are emerging targets." 
She has since softened her position, emphasizing that she has no problems with families buying luxury homes to move here. She and Lisa Herbold, a city council member, say they are focusing on investors -- particularly those who leave homes and units vacant.
Tracking foreign buyers is nearly impossible in King County. There’s no box to check for citizenship.
The Seattle city attorney has said it would be illegal for Seattle to tax real estate sales to foreign investors, as Vancouver has done. And the King County Assessor has refused to collect information on these buyers, saying it could lead to “racial bias” against Asian investors.
Councilmember Herbold said she won't pursue the tax, given the city attorney's position, but she would like more disclosure around real estate investments.
“Given that we don’t appear to have the authority to tax properties that are vacant,” Herbold said, “looking at another way of addressing the problem, like more transparency for these types of investments, might be a good way to go.”
Herbold said she’d like to commission a study like Vancouver’s, which found the city had the highest proportion of empty and underused homes in 35 years. She emphasized that she is not trying to single out foreigners. Rather, she believes that disclosure of investors and shell companies would help discourage investors buying properties to sit vacant.
She said she specifically asked for “neutral” information that would disclose who is behind cash transactions and shell companies.  
“An important first step is to see whether or not we have a problem with large number of vacancies with high-rise or luxury properties,” she said.
In Canada, officials learned about their high vacancy rate by examining where little energy was being used. They’ve also relied on neighbors to tattle.
But Stiles, the reporter, said he doesn’t believe that Chinese buyers are the only reason the market is so hot.
“It’s simply incredibly strong demand,” he said. “This is the most robust, most dynamic market, both commercially and residentially, that I’ve seen in my many years of writing about real estate. It just keeps getting hotter.”
He doesn’t believe it will stay this way forever.
“When the music stops – and it will stop – prices will drop,” he said. “But because Seattle has reached the premier status among U.S. cities, the drop off won’t be as severe.” 









Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate, http://www.snoqualmiepassliving.com

Snoqualmie Pass Real Estate, Mortgage, and the Economy – Should Seattle Tax Foreign Investors?

Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate, http://www.snoqualmiepassliving.com

Seattleites love to blame outsiders for skyrocketing housing prices.
In the 1990s, it was Californians. Today, it’s Chinese investors and their notorious all-cash offers.
Some Seattle leaders want to tax these foreign investors – or at least know how much of the market they’ve cornered.
Said Cary Moon, mayoral candidate: “It is a fact that speculators are driving up prices and exacerbating Seattle’s housing crisis, but we don’t know the real depth or dynamic of this problem because no one wants to look.”
Moon’s rival, Jenny Durkan, said she would oppose real estate databases or taxes as “discriminatory and illegal.”
Moon and others got the idea to tax foreign investors from Vancouver, B.C., neighbor to the north, where 16 percent of buyers were from abroad, mostly China.
And it worked at first. The percentage of foreign buyers dipped to 4 percent from 16 percent right away.
And then it didn’t: Within a year, foreign investors returned, having figured out a way around the tax.
Not that it mattered much for Canadians. Housing prices didn’t go down in Vancouver, and vacancy didn’t go up. But it did help government, said Stephen Quinn, a host with CBC radio. He called it a “windfall for government.”
“It’s raking in hundreds of millions in property transfer taxes,” Quinn said. But, “it’s not meaning much for people buying a house under $1.5 million.”
Marc Stiles, reporter for the Puget Sound Business Journal, said such a tax would be a “knee-jerk reaction.”
“I’m not sure that taxing foreign buyers is going to necessarily calm the roiling waters of Puget Sound’s red-hot housing market,” Stiles said.
Foreigners tend to buy pricier properties, he said, so taxing them in Seattle would have more impact on the higher-end market.
“I’m not so sure on the lower-end market,” he said.
Examples of high-end buying, he said: In Belltown, at Battery Street and 3rd Avenue, a Taiwanese company is building a 12-story apartment building. And at 2nd and Stewart downtown, where the Caffe D’arte used to be, Chinese and other international investors are building a 40-story building called “The Emerald.”
In the residential arena, realtor Becco Zou, said business started booming for her four years ago – she hasn’t had an off season or much vacation. She said most of her clients are new immigrants who have received green cards set aside for investors and entrepreneurs.
“Seattle is attractive for a couple of reasons,” Zou said. “Number 1, it’s the closest city, flying, to China. And number 2, believe it or not, is the movie, ‘Meeting Mr. Right.’ That’s a movie that came out in 2013 and it shows the beautiful scenery of Seattle.”
Zou, a realtor with Berkshire Hathaway in Bellevue, said her clients contact her six months to a year before moving to Seattle.
“They do a lot of online research,” she said. “I ask them what kind of house are you looking for? They are most focused on the good schools. I will present them the different school options, then do a preparation to move the funds to the U.S.”
She said it’s daunting for foreigners to buy property here. Many don’t speak English, she said, and those all-cash offers are dwindling now that China has made it harder to pull a lot of money out of the country.
Candidate Moon told The Stranger last August that "the flow of Chinese money is looking for the next housing market, and it appears that Seattle and California cities are emerging targets." 
She has since softened her position, emphasizing that she has no problems with families buying luxury homes to move here. She and Lisa Herbold, a city council member, say they are focusing on investors -- particularly those who leave homes and units vacant.
Tracking foreign buyers is nearly impossible in King County. There’s no box to check for citizenship.
The Seattle city attorney has said it would be illegal for Seattle to tax real estate sales to foreign investors, as Vancouver has done. And the King County Assessor has refused to collect information on these buyers, saying it could lead to “racial bias” against Asian investors.
Councilmember Herbold said she won't pursue the tax, given the city attorney's position, but she would like more disclosure around real estate investments.
“Given that we don’t appear to have the authority to tax properties that are vacant,” Herbold said, “looking at another way of addressing the problem, like more transparency for these types of investments, might be a good way to go.”
Herbold said she’d like to commission a study like Vancouver’s, which found the city had the highest proportion of empty and underused homes in 35 years. She emphasized that she is not trying to single out foreigners. Rather, she believes that disclosure of investors and shell companies would help discourage investors buying properties to sit vacant.
She said she specifically asked for “neutral” information that would disclose who is behind cash transactions and shell companies.  
“An important first step is to see whether or not we have a problem with large number of vacancies with high-rise or luxury properties,” she said.
In Canada, officials learned about their high vacancy rate by examining where little energy was being used. They’ve also relied on neighbors to tattle.
But Stiles, the reporter, said he doesn’t believe that Chinese buyers are the only reason the market is so hot.
“It’s simply incredibly strong demand,” he said. “This is the most robust, most dynamic market, both commercially and residentially, that I’ve seen in my many years of writing about real estate. It just keeps getting hotter.”
He doesn’t believe it will stay this way forever.
“When the music stops – and it will stop – prices will drop,” he said. “But because Seattle has reached the premier status among U.S. cities, the drop off won’t be as severe.” 









Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate, http://www.snoqualmiepassliving.com

Snoqualmie Pass Real Estate, Mortgage, and the Economy – Should Seattle Tax Foreign Investors?

Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate, http://www.snoqualmiepassliving.com

Seattleites love to blame outsiders for skyrocketing housing prices.
In the 1990s, it was Californians. Today, it’s Chinese investors and their notorious all-cash offers.
Some Seattle leaders want to tax these foreign investors – or at least know how much of the market they’ve cornered.
Said Cary Moon, mayoral candidate: “It is a fact that speculators are driving up prices and exacerbating Seattle’s housing crisis, but we don’t know the real depth or dynamic of this problem because no one wants to look.”
Moon’s rival, Jenny Durkan, said she would oppose real estate databases or taxes as “discriminatory and illegal.”
Moon and others got the idea to tax foreign investors from Vancouver, B.C., neighbor to the north, where 16 percent of buyers were from abroad, mostly China.
And it worked at first. The percentage of foreign buyers dipped to 4 percent from 16 percent right away.
And then it didn’t: Within a year, foreign investors returned, having figured out a way around the tax.
Not that it mattered much for Canadians. Housing prices didn’t go down in Vancouver, and vacancy didn’t go up. But it did help government, said Stephen Quinn, a host with CBC radio. He called it a “windfall for government.”
“It’s raking in hundreds of millions in property transfer taxes,” Quinn said. But, “it’s not meaning much for people buying a house under $1.5 million.”
Marc Stiles, reporter for the Puget Sound Business Journal, said such a tax would be a “knee-jerk reaction.”
“I’m not sure that taxing foreign buyers is going to necessarily calm the roiling waters of Puget Sound’s red-hot housing market,” Stiles said.
Foreigners tend to buy pricier properties, he said, so taxing them in Seattle would have more impact on the higher-end market.
“I’m not so sure on the lower-end market,” he said.
Examples of high-end buying, he said: In Belltown, at Battery Street and 3rd Avenue, a Taiwanese company is building a 12-story apartment building. And at 2nd and Stewart downtown, where the Caffe D’arte used to be, Chinese and other international investors are building a 40-story building called “The Emerald.”
In the residential arena, realtor Becco Zou, said business started booming for her four years ago – she hasn’t had an off season or much vacation. She said most of her clients are new immigrants who have received green cards set aside for investors and entrepreneurs.
“Seattle is attractive for a couple of reasons,” Zou said. “Number 1, it’s the closest city, flying, to China. And number 2, believe it or not, is the movie, ‘Meeting Mr. Right.’ That’s a movie that came out in 2013 and it shows the beautiful scenery of Seattle.”
Zou, a realtor with Berkshire Hathaway in Bellevue, said her clients contact her six months to a year before moving to Seattle.
“They do a lot of online research,” she said. “I ask them what kind of house are you looking for? They are most focused on the good schools. I will present them the different school options, then do a preparation to move the funds to the U.S.”
She said it’s daunting for foreigners to buy property here. Many don’t speak English, she said, and those all-cash offers are dwindling now that China has made it harder to pull a lot of money out of the country.
Candidate Moon told The Stranger last August that "the flow of Chinese money is looking for the next housing market, and it appears that Seattle and California cities are emerging targets." 
She has since softened her position, emphasizing that she has no problems with families buying luxury homes to move here. She and Lisa Herbold, a city council member, say they are focusing on investors -- particularly those who leave homes and units vacant.
Tracking foreign buyers is nearly impossible in King County. There’s no box to check for citizenship.
The Seattle city attorney has said it would be illegal for Seattle to tax real estate sales to foreign investors, as Vancouver has done. And the King County Assessor has refused to collect information on these buyers, saying it could lead to “racial bias” against Asian investors.
Councilmember Herbold said she won't pursue the tax, given the city attorney's position, but she would like more disclosure around real estate investments.
“Given that we don’t appear to have the authority to tax properties that are vacant,” Herbold said, “looking at another way of addressing the problem, like more transparency for these types of investments, might be a good way to go.”
Herbold said she’d like to commission a study like Vancouver’s, which found the city had the highest proportion of empty and underused homes in 35 years. She emphasized that she is not trying to single out foreigners. Rather, she believes that disclosure of investors and shell companies would help discourage investors buying properties to sit vacant.
She said she specifically asked for “neutral” information that would disclose who is behind cash transactions and shell companies.  
“An important first step is to see whether or not we have a problem with large number of vacancies with high-rise or luxury properties,” she said.
In Canada, officials learned about their high vacancy rate by examining where little energy was being used. They’ve also relied on neighbors to tattle.
But Stiles, the reporter, said he doesn’t believe that Chinese buyers are the only reason the market is so hot.
“It’s simply incredibly strong demand,” he said. “This is the most robust, most dynamic market, both commercially and residentially, that I’ve seen in my many years of writing about real estate. It just keeps getting hotter.”
He doesn’t believe it will stay this way forever.
“When the music stops – and it will stop – prices will drop,” he said. “But because Seattle has reached the premier status among U.S. cities, the drop off won’t be as severe.” 









Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate, http://www.snoqualmiepassliving.com

Snoqualmie Pass Real Estate, Mortgage, and the Economy – Few In King County Have Flood Insurance

Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate, http://www.snoqualmiepassliving.com
As the nation watches tropical storm Harvey devastate the U.S. Gulf Coast, officials in King County are taking note of the recovery efforts.
The county has multiple floodplain areas and is no stranger to floods. The lower Snoqualmie River swells into local farmlands most years. Flooding in the 1990s was strong enough to damage levees on the Tolt River and the Upper Snoqualmie.
King County Councilmember Reagan Dunn also chairs the county's Flood Control District.
Dunn: "We have some very significant reservoirs in the foothills of the Cascade Mountains and a substantial number of river systems that run right through our populated areas. So we need to be prepared for major flooding. It's happened in the past, it can happen again."
Dunn is spearheading legislation to review the flood response plan and evacuation routes.
He says Kent, Renton and the greater Green River Valley are at particular risk if there's a major rain event.
Dunn: "That's the second largest industrial and manufacturing center on the West Coast of the United States. If we were to have a major flood, or a breach of the levee, you'd see what you're seeing in Houston, you'd see there [in the Green River Valley]. And so, that's one-eighth of the state's economy, we want to make sure we're protecting it as best we can."
Dunn encourages residents to buy flood insurance. A King County report from 2013 shows that 32,000 residents live in the path of a flood-plain. However, only about 7,000 households have flood insurance.
The National Flood Insurance Program helps homeowners obtain coverage. Washington's Insurance Commissioner, Mike Kreidler, is an advocate of the program and says it works thanks to federal subsidies. Kreidler says he wants Congress to keep funding it.
Kreidler: "They need to reauthorize the National Flood Insurance Program. I've been very supportive in seeing that done, I think the federal government is trying to get away from that."
The federal program will expire Sept. 30 if it's not renewed.











Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate, http://www.snoqualmiepassliving.com

Snoqualmie Pass Real Estate, Mortgage, and the Economy – Few In King County Have Flood Insurance

Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate, http://www.snoqualmiepassliving.com
As the nation watches tropical storm Harvey devastate the U.S. Gulf Coast, officials in King County are taking note of the recovery efforts.
The county has multiple floodplain areas and is no stranger to floods. The lower Snoqualmie River swells into local farmlands most years. Flooding in the 1990s was strong enough to damage levees on the Tolt River and the Upper Snoqualmie.
King County Councilmember Reagan Dunn also chairs the county's Flood Control District.
Dunn: "We have some very significant reservoirs in the foothills of the Cascade Mountains and a substantial number of river systems that run right through our populated areas. So we need to be prepared for major flooding. It's happened in the past, it can happen again."
Dunn is spearheading legislation to review the flood response plan and evacuation routes.
He says Kent, Renton and the greater Green River Valley are at particular risk if there's a major rain event.
Dunn: "That's the second largest industrial and manufacturing center on the West Coast of the United States. If we were to have a major flood, or a breach of the levee, you'd see what you're seeing in Houston, you'd see there [in the Green River Valley]. And so, that's one-eighth of the state's economy, we want to make sure we're protecting it as best we can."
Dunn encourages residents to buy flood insurance. A King County report from 2013 shows that 32,000 residents live in the path of a flood-plain. However, only about 7,000 households have flood insurance.
The National Flood Insurance Program helps homeowners obtain coverage. Washington's Insurance Commissioner, Mike Kreidler, is an advocate of the program and says it works thanks to federal subsidies. Kreidler says he wants Congress to keep funding it.
Kreidler: "They need to reauthorize the National Flood Insurance Program. I've been very supportive in seeing that done, I think the federal government is trying to get away from that."
The federal program will expire Sept. 30 if it's not renewed.











Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate, http://www.snoqualmiepassliving.com

Snoqualmie Pass Real Estate, Mortgage, and the Economy – Puget Sound Housing Market Hits New Summer Record


Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate, http://www.snoqualmiepassliving.com


Puget Sound housing market hits new summer sales record

“It’s been the best summer for sales activity, with June, July, and August clocking in a record number of transactions,” said Lennox Scott, chairman and CEO of John L. Scott Real Estate. “The other big stories are the high sales activity compared to new listings coming on the market, with pending sales activity virtually matching the number of new listings in August, and record low inventory.”
In Kirkland, homes continue to sell quickly, and oftentimes with multiple offers. New listings rose 8.5 percent compared to August 2016 and pending home sales increased 4.7 percent. That being said, overall inventory is down 17 percent from last year. In fact, as the summer market comes to a close and we head into fall, low inventory appears to be the new normal. According to the Northwest Multiple Listing Service, last month was the lowest August on record for total active inventory. In King County listings are down almost 21 percent from August 2016; listings are also down 10.6 percent in Snohomish, 14.46 in Pierce, and 18.85 in Kitsap Counties.
“Houses are still selling in a short period of time,” said Mona Spencer, Office Leader of John L. Scott Eastside. “However, there are not as many multiple offers because of the expected seasonal shift due to vacations, back-to-school activities, and some buyer fatigue.”
Spencer goes on to say that the forecast is calling for smaller gains in price appreciation in the next year. Housing inventory in Kirkland still remains tight, which means that prices will still appreciate due to supply and demand.
“If you are buying in the Kirkland market in the near future and on into 2018, be prepared to compete with other buyers,” she said.
As we head into fall, September and October will see new listing inventory coming on the market drop by about 20 percent from the summer months, so the next two months will be the best opportunity for selection and availability for buyers to purchase a home, because starting November the number of new listings will drop another 30 percent over the winter.
Interest rates and job growth also play into the record-breaking summer; we’re experiencing the lowest rates since last November, and job growth remains very strong.
The luxury market continues to outpace last year’s market in a huge way, with 504 homes selling over one million dollars last month in King County compared to last year’s 332 homes, equating to a 51 perent increase in homes sold. A total of 24 uber luxury homes sold (priced above $3 million), compared to last year’s 14 homes, a 71 percent increase.”

 Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate, http://www.snoqualmiepassliving.com

Snoqualmie Pass Real Estate, Mortgage, and the Economy – Puget Sound Housing Market Hits New Summer Record


Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate, http://www.snoqualmiepassliving.com


Puget Sound housing market hits new summer sales record

“It’s been the best summer for sales activity, with June, July, and August clocking in a record number of transactions,” said Lennox Scott, chairman and CEO of John L. Scott Real Estate. “The other big stories are the high sales activity compared to new listings coming on the market, with pending sales activity virtually matching the number of new listings in August, and record low inventory.”
In Kirkland, homes continue to sell quickly, and oftentimes with multiple offers. New listings rose 8.5 percent compared to August 2016 and pending home sales increased 4.7 percent. That being said, overall inventory is down 17 percent from last year. In fact, as the summer market comes to a close and we head into fall, low inventory appears to be the new normal. According to the Northwest Multiple Listing Service, last month was the lowest August on record for total active inventory. In King County listings are down almost 21 percent from August 2016; listings are also down 10.6 percent in Snohomish, 14.46 in Pierce, and 18.85 in Kitsap Counties.
“Houses are still selling in a short period of time,” said Mona Spencer, Office Leader of John L. Scott Eastside. “However, there are not as many multiple offers because of the expected seasonal shift due to vacations, back-to-school activities, and some buyer fatigue.”
Spencer goes on to say that the forecast is calling for smaller gains in price appreciation in the next year. Housing inventory in Kirkland still remains tight, which means that prices will still appreciate due to supply and demand.
“If you are buying in the Kirkland market in the near future and on into 2018, be prepared to compete with other buyers,” she said.
As we head into fall, September and October will see new listing inventory coming on the market drop by about 20 percent from the summer months, so the next two months will be the best opportunity for selection and availability for buyers to purchase a home, because starting November the number of new listings will drop another 30 percent over the winter.
Interest rates and job growth also play into the record-breaking summer; we’re experiencing the lowest rates since last November, and job growth remains very strong.
The luxury market continues to outpace last year’s market in a huge way, with 504 homes selling over one million dollars last month in King County compared to last year’s 332 homes, equating to a 51 perent increase in homes sold. A total of 24 uber luxury homes sold (priced above $3 million), compared to last year’s 14 homes, a 71 percent increase.”

 Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate, http://www.snoqualmiepassliving.com

Snoqualmie Pass Real Estate, Mortgage, and the Economy – Puget Sound Housing Market Hits New Summer Record


Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate, http://www.snoqualmiepassliving.com


Puget Sound housing market hits new summer sales record

“It’s been the best summer for sales activity, with June, July, and August clocking in a record number of transactions,” said Lennox Scott, chairman and CEO of John L. Scott Real Estate. “The other big stories are the high sales activity compared to new listings coming on the market, with pending sales activity virtually matching the number of new listings in August, and record low inventory.”
In Kirkland, homes continue to sell quickly, and oftentimes with multiple offers. New listings rose 8.5 percent compared to August 2016 and pending home sales increased 4.7 percent. That being said, overall inventory is down 17 percent from last year. In fact, as the summer market comes to a close and we head into fall, low inventory appears to be the new normal. According to the Northwest Multiple Listing Service, last month was the lowest August on record for total active inventory. In King County listings are down almost 21 percent from August 2016; listings are also down 10.6 percent in Snohomish, 14.46 in Pierce, and 18.85 in Kitsap Counties.
“Houses are still selling in a short period of time,” said Mona Spencer, Office Leader of John L. Scott Eastside. “However, there are not as many multiple offers because of the expected seasonal shift due to vacations, back-to-school activities, and some buyer fatigue.”
Spencer goes on to say that the forecast is calling for smaller gains in price appreciation in the next year. Housing inventory in Kirkland still remains tight, which means that prices will still appreciate due to supply and demand.
“If you are buying in the Kirkland market in the near future and on into 2018, be prepared to compete with other buyers,” she said.
As we head into fall, September and October will see new listing inventory coming on the market drop by about 20 percent from the summer months, so the next two months will be the best opportunity for selection and availability for buyers to purchase a home, because starting November the number of new listings will drop another 30 percent over the winter.
Interest rates and job growth also play into the record-breaking summer; we’re experiencing the lowest rates since last November, and job growth remains very strong.
The luxury market continues to outpace last year’s market in a huge way, with 504 homes selling over one million dollars last month in King County compared to last year’s 332 homes, equating to a 51 perent increase in homes sold. A total of 24 uber luxury homes sold (priced above $3 million), compared to last year’s 14 homes, a 71 percent increase.”

 Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate, http://www.snoqualmiepassliving.com

Snoqualmie Pass Real Estate, Mortgage, and the Economy – Seattle In Top 10 US Cities For Greatest Investment Return

Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate, http://www.snoqualmiepassliving.com



The problem for homeowners who decide to sell in a hot real estate market like Seattle, is that it turns you into a buyer in a very competitive environment. But for those who do decide to cash in, perhaps because they’re leaving the area for someplace cheaper, there’s big money to be gained in Seattle and other cities across the West.
A new analysis by Zillow, the Seattle-based real estate technology company, found that sellers who had held onto their home for a little bit of time are seeing huge returns on their investment. Oakland and Portland lead the way, followed by San Jose, Calif., Denver, Los Angeles, Sacramento, Calif., and Seattle. Philadelphia, New Orleans and Boston round out the top 10 and are the only cities outside the American West.
Zillow reports that the typical seller in Oakland in 2016 sold their home for an average of $590,000 after living in it for just over seven years. That’s an increase of 78 percent more than what they initially paid. In Portland, the typical 2016 seller sold for about $145,000 more than what they paid nine years earlier, a 65 percent gain.
Seattle sellers, bowing to dollar signs and the influx of well-paid technology workers looking to purchase in the area, gained 53.1 percent or $185,000 on a 2016 sale for a home in which they lived for an average of about nine years.
“The housing market can change a lot in 10 years, and you see that reflected in this top 10 list,” Zillow Chief Economist Dr. Svenja Gudell said in a news release. “Buying a home is one of the biggest financial decisions people will make in their lifetime, and it really paid off for sellers in these cities. Every city on this list has been growing extremely fast over the past decade, with the majority passing peak home value hit during the housing bubble. It’s extremely difficult to time the market, but if you’re a longtime homeowner in one of these cities, you could potentially see a great return on your investment.”
That ROI potential doesn’t appear to be slowing, especially in Seattle where home values rose 15.5 percent year over year. That figure makes the city the fastest growing on Zillow’s top 10 list, followed by Boston and Sacramento.














Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate, http://www.snoqualmiepassliving.com

Snoqualmie Pass Real Estate, Mortgage, and the Economy – Seattle In Top 10 US Cities For Greatest Investment Return

Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate, http://www.snoqualmiepassliving.com



The problem for homeowners who decide to sell in a hot real estate market like Seattle, is that it turns you into a buyer in a very competitive environment. But for those who do decide to cash in, perhaps because they’re leaving the area for someplace cheaper, there’s big money to be gained in Seattle and other cities across the West.
A new analysis by Zillow, the Seattle-based real estate technology company, found that sellers who had held onto their home for a little bit of time are seeing huge returns on their investment. Oakland and Portland lead the way, followed by San Jose, Calif., Denver, Los Angeles, Sacramento, Calif., and Seattle. Philadelphia, New Orleans and Boston round out the top 10 and are the only cities outside the American West.
Zillow reports that the typical seller in Oakland in 2016 sold their home for an average of $590,000 after living in it for just over seven years. That’s an increase of 78 percent more than what they initially paid. In Portland, the typical 2016 seller sold for about $145,000 more than what they paid nine years earlier, a 65 percent gain.
Seattle sellers, bowing to dollar signs and the influx of well-paid technology workers looking to purchase in the area, gained 53.1 percent or $185,000 on a 2016 sale for a home in which they lived for an average of about nine years.
“The housing market can change a lot in 10 years, and you see that reflected in this top 10 list,” Zillow Chief Economist Dr. Svenja Gudell said in a news release. “Buying a home is one of the biggest financial decisions people will make in their lifetime, and it really paid off for sellers in these cities. Every city on this list has been growing extremely fast over the past decade, with the majority passing peak home value hit during the housing bubble. It’s extremely difficult to time the market, but if you’re a longtime homeowner in one of these cities, you could potentially see a great return on your investment.”
That ROI potential doesn’t appear to be slowing, especially in Seattle where home values rose 15.5 percent year over year. That figure makes the city the fastest growing on Zillow’s top 10 list, followed by Boston and Sacramento.














Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate, http://www.snoqualmiepassliving.com