Snoqualmie Pass Real Estate, Mortgage, and the Economy – Real Estate Scams

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



Real Estate Scams that Stump Even the Savviest Homebuyers

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.

1. The Hacked Closing

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?
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. ofScamicide, this is one of the most common home-buying scams people experience.
“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.  
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.
The fix? Keep communication open with the people involved (over phone as well as email) – and pay in person.
Realtor Katie Messenger had a client nearly tricked by this type of scam, but they sensed something was off and checked in to be safe.
“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.”

2. Fake Tenants in Your Home

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 their home.
This happened to one of realtor Anthony Grosso’s 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.  
In the case of Grosso’s client, there was a twist.
“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.”
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 checking on the property regularly. 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.  

3. The Electrical Breaker Swap

This is a lower-stakes scam than some of the others, but still worth being aware of: swapping required electrical breakers for cheaper versions.
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 required by modern building codes. 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.
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.
Luckily, this one has a relatively easy fix. When you’re setting up your inspection, 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.

4. Moving Companies Holding Your Belongings Hostage

Even if everything goes according to plan with the home buying process, you can still get conned during the move. Unfortunately, moving scams are extremely common and the federal government receives thousands of complaints every year.
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 and 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.
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.
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.
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.”
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 extra insurance to protect your belongings in the move, just to be safe.
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 – Real Estate Scams

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



Real Estate Scams that Stump Even the Savviest Homebuyers

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.

1. The Hacked Closing

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?
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. ofScamicide, this is one of the most common home-buying scams people experience.
“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.  
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.
The fix? Keep communication open with the people involved (over phone as well as email) – and pay in person.
Realtor Katie Messenger had a client nearly tricked by this type of scam, but they sensed something was off and checked in to be safe.
“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.”

2. Fake Tenants in Your Home

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 their home.
This happened to one of realtor Anthony Grosso’s 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.  
In the case of Grosso’s client, there was a twist.
“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.”
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 checking on the property regularly. 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.  

3. The Electrical Breaker Swap

This is a lower-stakes scam than some of the others, but still worth being aware of: swapping required electrical breakers for cheaper versions.
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 required by modern building codes. 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.
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.
Luckily, this one has a relatively easy fix. When you’re setting up your inspection, 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.

4. Moving Companies Holding Your Belongings Hostage

Even if everything goes according to plan with the home buying process, you can still get conned during the move. Unfortunately, moving scams are extremely common and the federal government receives thousands of complaints every year.
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 and 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.
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.
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.
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.”
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 extra insurance to protect your belongings in the move, just to be safe.
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 – Mom Warns Others After Losing $25,000 In Wire Fraud Scheme

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
San Antonio mom warns others after losing $25,000 in wire fraud scheme
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.
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.
"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.
A week before closing, Gibbs got an email requesting closing funds be wired to an escrow account.
"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.
Gibbs had no concerns about the validity of the email and subsequently wired $25,500 dollars as instructed.
When she showed up to closing a week later at Presidio Title, everyone was surprised when they figured out what had happened.
"I got a phone call and they were saying we don't have a wire from you," Gibbs said.
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.
"I wish they had either called me or specifically sent out a disclosure saying this happened," Gibbs said.
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.
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.
"Your IT defenses are only as good as the employees that are monitoring and clicking on items," Duran said.
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.
The best way to avoid becoming a victim is practicing good cyber hygiene.
"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.
If you do become a victim, the sooner you report it, the better.
"It really needs to be probably between 24 and 48 hours," Duran said.
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.
by April Molina

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 – Now May Be The Time To Add Living Space To Your Home

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


Why Now May Be the Right Time to Add a New Living Space to Your Home

Got family that needs a place to stay or looking for extra income? An accessory dwelling unit may be the answer.

























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. 
English basements. In-law suites. Garage apartments. Whichever type of additional living space 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.
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.
Having an ADU on your property can serve a number of functions, from bringing in additional income to living close to family members while maintaining an added level of privacy, explains Martin John Brown, co-editor of AccessoryDwellings.org, an informational website about ADUs.
“It would be nice to have someone close living next to me, but not quite in my same space,” Brown says.
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.



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 rezoning to a multifamily property.
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.
What Good Can Accessory Dwelling Units Do?
Whether it’s providing a loved one with a home or helping to bring in additional income 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.
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.
“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.”
Built as one-off additions to homes, for the most part, accessory dwelling units can benefit any type of community – 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.
How Can You Add an ADU to Your Home?
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.
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.
Rather than building on an existing property, you could buy a new house 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.
“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.
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 borrow against the equity of their home.
What Stands in Your Way?
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.
Local laws might make building difficult. 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.
“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.
The red tape also extends to the construction of any addition to your property. Any major construction will almost certainly require permits 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.

They’re still uncommon. 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 measure the value of a home that has an ADU when it’s appraised for sale.
That’s not to mention, of course, the fact that as an individual homeowner taking on this project, you likely lack the experience of a seasoned real estate developer. “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.”
Lack of funding. The biggest problem for most homeowners looking to make some additional income with a basement apartment is funding it. Few people have between $40,000 and $60,000 on hand to build an addition or commission a tiny house for the backyard.
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.
“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.
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.
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 – Now May Be The Time To Add Living Space To Your Home

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


Why Now May Be the Right Time to Add a New Living Space to Your Home

Got family that needs a place to stay or looking for extra income? An accessory dwelling unit may be the answer.

























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. 
English basements. In-law suites. Garage apartments. Whichever type of additional living space 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.
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.
Having an ADU on your property can serve a number of functions, from bringing in additional income to living close to family members while maintaining an added level of privacy, explains Martin John Brown, co-editor of AccessoryDwellings.org, an informational website about ADUs.
“It would be nice to have someone close living next to me, but not quite in my same space,” Brown says.
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.



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 rezoning to a multifamily property.
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.
What Good Can Accessory Dwelling Units Do?
Whether it’s providing a loved one with a home or helping to bring in additional income 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.
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.
“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.”
Built as one-off additions to homes, for the most part, accessory dwelling units can benefit any type of community – 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.
How Can You Add an ADU to Your Home?
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.
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.
Rather than building on an existing property, you could buy a new house 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.
“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.
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 borrow against the equity of their home.
What Stands in Your Way?
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.
Local laws might make building difficult. 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.
“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.
The red tape also extends to the construction of any addition to your property. Any major construction will almost certainly require permits 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.

They’re still uncommon. 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 measure the value of a home that has an ADU when it’s appraised for sale.
That’s not to mention, of course, the fact that as an individual homeowner taking on this project, you likely lack the experience of a seasoned real estate developer. “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.”
Lack of funding. The biggest problem for most homeowners looking to make some additional income with a basement apartment is funding it. Few people have between $40,000 and $60,000 on hand to build an addition or commission a tiny house for the backyard.
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.
“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.
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.
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 – 6 Things That Might Make Your Property Taxes Go Up

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

6 Things That Might Make Your Property Taxes Go Up

And yes, some are within your control
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, pleasure 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.
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.

1. Moving to a New Area

“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.

2. Adding onto Your Home

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.)

3. Other Home-Improvement Projects

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!
While it’s difficult to determine exactly how much your property taxes may increase, you can use a tool like this Cost vs. Value report 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 property tax calculatorand you’ll get a general idea of how much more you can expect to pay in taxes.

4. An Increase in Home Sales Around You

“We find that property tax bills jump higher when there have been a number of sales in the neighborhood,” says Jeff Miller, cofounder of AE Home Group. 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.
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.

5. State and Local Budget Decisions

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 put it to CNBC. 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.

6. Supplemental Tax

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.
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. (Here are the forms for L.A. County, for example.)
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).
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 – 6 Things That Might Make Your Property Taxes Go Up

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

6 Things That Might Make Your Property Taxes Go Up

And yes, some are within your control
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, pleasure 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.
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.

1. Moving to a New Area

“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.

2. Adding onto Your Home

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.)

3. Other Home-Improvement Projects

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!
While it’s difficult to determine exactly how much your property taxes may increase, you can use a tool like this Cost vs. Value report 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 property tax calculatorand you’ll get a general idea of how much more you can expect to pay in taxes.

4. An Increase in Home Sales Around You

“We find that property tax bills jump higher when there have been a number of sales in the neighborhood,” says Jeff Miller, cofounder of AE Home Group. 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.
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.

5. State and Local Budget Decisions

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 put it to CNBC. 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.

6. Supplemental Tax

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.
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. (Here are the forms for L.A. County, for example.)
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).
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 – Four Housing Predictions For 2018

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Here are four housing predictions for 2018

Entry-level home prices could increase up to 11%

2017 is now officially over and 2018 has begun. As the year comes into full swing, many experts continue to give their predictions for the housing market during the new year.
American Enterprise Institute's Center on Housing Markets and Finance Co-director Edward Pinto gave four points he expects to see from the housing market in 2018.
Many of his predictions, including low inventory and rising home prices, are shared by other housing experts. However, Pinto forecasted home prices will increase at a faster rate in 2018, while other experts expect they will slow down.
1. The historically tight supply of single-family homes will tighten further in 2018 after hitting a record low in November 2017: On December 21, 2017, the National Association of Realtors announced that November 2017 remaining inventory of existing homes for sale hit a record low of 3.4 months, eclipsing the prior record of 3.5 months reached in both January 2005 and January 2017. Expect new lows to be recorded for December 2017 and January 2018. January is projected to come in at around three months.  This tight supply trend has been going on for more than five years.
2. The national home price boom that began in mid-2012, will continue, and given the unprecedented low levels of inventory, will even accelerate further: Expect year-over-year increases of 6.25% to 6.75%, up from about 6% to 6.5% in 2017. The substantial reduction in the utilization of the mortgage interest deduction and commensurate reduction in subsidies, will somewhat reduce upward pressure on home prices. Without the tax act, the prediction for 2018 home price increase would have been even higher: 6.75% to 7.25%.
3. First-time buyers will face even higher home price gains for entry level homes: Expect year-over-year gains for the bottom third of homes to come in at 10.5% to 11% for 2018, December 2018 over December 2017 based on 16 tiered HPI from CoreLogic Case Shiller. At current levels of wage growth, this boom in entry level home prices is ultimately unsustainable.

4. First-time buyers will continue take on even more leverage in an effort to keep up with the out-sized home price gains on entry level homes: The AEI First-Time Buyer National Mortgage Risk Index is expected to rise to 17.1% for September 2018 agency originations, up from to 16.4% for September 2017. Risk scores above 12% have a high risk of default under severe economic stress.

Kelsey Ramírez

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 – Hot Housing Market Could Cool In 2018

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


Hot housing market could cool in 2018

Using real estate to secure your financial future isn't for the faint of heart, but if done right, it has a lot to offer. USA TODAY
For several years, home sellers have had the upper hand as they haggled with buyers over price. In 2018, it might at least be more of a fair fight.
The nation’s hot housing market could cool off next year as rising costs and tax-law changes discourage some buyers even as more homeowners put their homes up for sale.
The shift in bargaining power won't be dramatic. Many sizzling housing markets on the West and East Coasts will continue to see solidly rising prices, economists say. Yet the pace of the run-up will likely slow as a market that has long favored sellers evens out somewhat.
“Existing home sales will probably not make gains in 2018 even as the economy creates more jobs,” says Lawrence Yun, chief economist of the National Association of Realtors. If his forecast bears out, it would mark the first year of flat or falling home sales since the housing crash 11 years ago.
Existing home sales are projected to be unchanged at about 5.6 million after rising 6.3%, 3.8% and 2.7%, respectively, each of the past three years ending in 2017, Yun says. The median home price, he predicts, will edge up about 2% to $253,000 after averaging 6% jumps since 2015.

DEMAND COULD COOL

In many cities, buyers haven't been in the driver's seat since the launch of the home price recovery in 2012. And there hasn’t been much relief for house hunters recently. In November, existing home sales hit an 11-year high despite just a 3.4-month supply of homes on the market, the lowest since 1999. The skimpy inventory has driven up the median home value by 48% since 2011.
Healthy job and income growth has fueled demand for houses, including from more Millennial first-time buyers. At the same time, many Baby Boomers are staying in their homes instead of selling and flocking to retirement havens. Investors -- who buy houses to rent out or flip for a profit rather than to occupy --   also have held onto their property, reaping lucrative rents and sharp price gains, says Ralph McLaughlin, chief economist of real estate research firm Trulia. And new home construction has been curtailed by shortages of workers and available lots.
But the tide may be turning. The climbing prices, combined with stagnant wages, are making purchases less feasible for many prospective buyers, Yun says. And after falling this year, 30-year mortgage rates should increase from 3.9% to near 5% by the end of 2018, Yun predicts, as the Republican tax-cut plan sparks a stronger economy and mounting concerns about the federal deficit. All that could curb home buying. 

MORE HOUSES AVAILABLE?

Meanwhile, the lofty prices should finally coax more prospective sellers to pull the trigger.
“Homeowners may be thinking prices are going to peak,” McLaughlin says.
Also, despite shortages of workers and lots, home builders are expected to ramp up construction to meet steady demand. Housing starts are projected to rise 2.2% next year to 1.3 million.
The result? More houses could come on the market even as buyers pull back. 

TAX-CHANGE IMPACT

Then there's the tax cut package. The package signed into law by President Trump last week will cap the deduction for property and state and local income taxes at $10,000. That could particularly affect a state like New Jersey, which has the country's highest property taxes, a high state income tax and expensive homes.
On the margins, the prospect of a bigger tax bill may discourage some buyers and prompt some homeowners to sell and move to lower-tax states, says Nick Boniakowski, managing broker for Redfin in New Jersey.
That could moderate sharp price increases in hot markets with easy access to New York City and pose a further drag on values in less desirable areas of the state, he says. Already, he says, some buyers have canceled contracts in the hope of finding a better deal later in 2018.
The tax bill also caps the mortgage interest deduction at home values up to $750,000, down from $1 million, for homes bought after Dec. 15. The change will likely deter some high-end home purchases, particularly in California, Yun says.

NO LET-UP IN PRICE GAINS?

Neal Conatser, a Redfin broker in the San Francisco area, says the mortgage interest limit will more likely lead some prospective sellers to stay in their houses to hold onto their tax savings, further crimping supplies and pushing up prices in an already tight market.

In fact, Mark Fleming, chief economist at First American Financial, thinks the inventory crunch will worsen across the U.S. next year. Many homeowners, he says, are inclined to stay in place for fear of not finding another house in a competitive market or don’t want to take out a new, higher-rate mortgage.
Meanwhile, he forsees surging demand from Millennial first-time buyers as more enter their early 30s and realize bigger income gains. The homeownership rate for households headed by people under 35 increased to 35.3% in the second quarter from 34.1% a year earlier, according to Trulia and Census Bureau figures.
“All those renters want to buy homes,” Fleming says.
Despite the conflicting views, there are some signs that the market overall may cool. A recent Trulia survey shows that for the first time in four years, buyer optimism has waned: Just as many Americans think next year will be worse than the current year for buying a house as those who think it will be better. And nearly one in three said 2018 would be a better year to sell a home vs.14% who said it would be worse.
“We’re seeing waning interest in buying a home and greater interest in selling one,” McLaughlin says.
With fewer homes for sale today, would-be buyers are having to get creative about making their bid stand out. USA TODAY
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 – Hot Housing Market Could Cool In 2018

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


Hot housing market could cool in 2018

Using real estate to secure your financial future isn't for the faint of heart, but if done right, it has a lot to offer. USA TODAY
For several years, home sellers have had the upper hand as they haggled with buyers over price. In 2018, it might at least be more of a fair fight.
The nation’s hot housing market could cool off next year as rising costs and tax-law changes discourage some buyers even as more homeowners put their homes up for sale.
The shift in bargaining power won't be dramatic. Many sizzling housing markets on the West and East Coasts will continue to see solidly rising prices, economists say. Yet the pace of the run-up will likely slow as a market that has long favored sellers evens out somewhat.
“Existing home sales will probably not make gains in 2018 even as the economy creates more jobs,” says Lawrence Yun, chief economist of the National Association of Realtors. If his forecast bears out, it would mark the first year of flat or falling home sales since the housing crash 11 years ago.
Existing home sales are projected to be unchanged at about 5.6 million after rising 6.3%, 3.8% and 2.7%, respectively, each of the past three years ending in 2017, Yun says. The median home price, he predicts, will edge up about 2% to $253,000 after averaging 6% jumps since 2015.

DEMAND COULD COOL

In many cities, buyers haven't been in the driver's seat since the launch of the home price recovery in 2012. And there hasn’t been much relief for house hunters recently. In November, existing home sales hit an 11-year high despite just a 3.4-month supply of homes on the market, the lowest since 1999. The skimpy inventory has driven up the median home value by 48% since 2011.
Healthy job and income growth has fueled demand for houses, including from more Millennial first-time buyers. At the same time, many Baby Boomers are staying in their homes instead of selling and flocking to retirement havens. Investors -- who buy houses to rent out or flip for a profit rather than to occupy --   also have held onto their property, reaping lucrative rents and sharp price gains, says Ralph McLaughlin, chief economist of real estate research firm Trulia. And new home construction has been curtailed by shortages of workers and available lots.
But the tide may be turning. The climbing prices, combined with stagnant wages, are making purchases less feasible for many prospective buyers, Yun says. And after falling this year, 30-year mortgage rates should increase from 3.9% to near 5% by the end of 2018, Yun predicts, as the Republican tax-cut plan sparks a stronger economy and mounting concerns about the federal deficit. All that could curb home buying. 

MORE HOUSES AVAILABLE?

Meanwhile, the lofty prices should finally coax more prospective sellers to pull the trigger.
“Homeowners may be thinking prices are going to peak,” McLaughlin says.
Also, despite shortages of workers and lots, home builders are expected to ramp up construction to meet steady demand. Housing starts are projected to rise 2.2% next year to 1.3 million.
The result? More houses could come on the market even as buyers pull back. 

TAX-CHANGE IMPACT

Then there's the tax cut package. The package signed into law by President Trump last week will cap the deduction for property and state and local income taxes at $10,000. That could particularly affect a state like New Jersey, which has the country's highest property taxes, a high state income tax and expensive homes.
On the margins, the prospect of a bigger tax bill may discourage some buyers and prompt some homeowners to sell and move to lower-tax states, says Nick Boniakowski, managing broker for Redfin in New Jersey.
That could moderate sharp price increases in hot markets with easy access to New York City and pose a further drag on values in less desirable areas of the state, he says. Already, he says, some buyers have canceled contracts in the hope of finding a better deal later in 2018.
The tax bill also caps the mortgage interest deduction at home values up to $750,000, down from $1 million, for homes bought after Dec. 15. The change will likely deter some high-end home purchases, particularly in California, Yun says.

NO LET-UP IN PRICE GAINS?

Neal Conatser, a Redfin broker in the San Francisco area, says the mortgage interest limit will more likely lead some prospective sellers to stay in their houses to hold onto their tax savings, further crimping supplies and pushing up prices in an already tight market.

In fact, Mark Fleming, chief economist at First American Financial, thinks the inventory crunch will worsen across the U.S. next year. Many homeowners, he says, are inclined to stay in place for fear of not finding another house in a competitive market or don’t want to take out a new, higher-rate mortgage.
Meanwhile, he forsees surging demand from Millennial first-time buyers as more enter their early 30s and realize bigger income gains. The homeownership rate for households headed by people under 35 increased to 35.3% in the second quarter from 34.1% a year earlier, according to Trulia and Census Bureau figures.
“All those renters want to buy homes,” Fleming says.
Despite the conflicting views, there are some signs that the market overall may cool. A recent Trulia survey shows that for the first time in four years, buyer optimism has waned: Just as many Americans think next year will be worse than the current year for buying a house as those who think it will be better. And nearly one in three said 2018 would be a better year to sell a home vs.14% who said it would be worse.
“We’re seeing waning interest in buying a home and greater interest in selling one,” McLaughlin says.
With fewer homes for sale today, would-be buyers are having to get creative about making their bid stand out. USA TODAY
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