CW Title and Escrow Newsletter | 1.2018

the

JANUARY 2018

Volume 9 | Issue 1

EYE ON THE

market

The Seattle metro area ended 2017 as the hottest real estate market in the country. Market experts are predicting this trend will continue into 2018.

The latest statistics from the Northwest MLS show closed-sales prices for singlefamily homes in King County are up year-overyear by 14.68 percent, in Snohomish County by 11.25 percent and in Pierce County by 7.46 percent.

What to watch in 2018: Inventory will continue to be the top issue in our market, as homebuilders and developers work to maintain the new construction boom in our region. For 2018 we expect to see more development as local builders work to implement their comprehensive plan to expand the housing supply.

Our region’s high-paying job opportunities will keep unemployment low and attract millennials from across the country. Initially drawn to our region by the good jobs, they’ll plant roots here because of the excellent quality of life.

This year will see the beginning wave of

LOCAL millennials starting families and along with that purchasing homes.

According to the U.S. Census, an estimated 1,000 new residents are moving to our area each week. Competition over available rental housing will cause rents to rise, which may also lead more renters to decide the long-term consistency of homeownership is preferable to being at the mercy of the rental market.

Foreign interest in Puget Soundarea real estate will continue to play an influential role in our local real estate market, in particular because of the all-cash offers foreign buyers are likely to bring.

Affordability will remain a hot topic. A report released in late 2017 by HSH.com revealed that it took an annual income of $93,400 to be able to afford monthly payments on the median house in the Seattle metro area, up from around $82,000 the previous year.

Our diverse economy, educated workforce and startup spirit will continue to fuel innovation and strengthen our region in 2018 and in the years to come.

happenings

1 15th Annual Polar Bear Plunge parkways.seattle.gov 1 Resolution Run 5K & Polar Bear Dive | promotionevents.com 1 Tacoma Polar Bear Plunge metroparkstacoma.org 1-15 Bellevue Magic Season Ice Arena bellevuedowntown.com 5-7 Northwest Remodeling Expo homeshowcenter.com 5-7 Puyallup Home & Garden Show puyalluphomeshow.net 6 Worst Day of the Year Run 5K worstdayrun.com 11-14 Nordic Lights Film Festival nordicmuseum.org 12-14 Monster Jam | monsterjam.com 12-14 Rustycon 35 | rustycon.com 13 Issaquah 2nd Saturday Film downtownissaquah.com

WIRE FRAUD IS AN epidemic According to data from the FBI, in 2016, $19 million in home closing funds were reported lost to wire fraud.

In just the first nine months of 2017, nearly $1 billion in funds were diverted from real estate purchase transactions and wired to scammers.

Never act on wire instructions sent to you via email or text.

If you suspect wire fraud with your transaction or have questions about wire procedures, contact your escrow closer immediately at a known and verified number.

13 Xtreme International Ice Racing xfinityarenaeverett.com 13-14 Seattle Wedding Show weddingshow.com 15 MLK Day Parades mlkseattle.org | cityoftacoma.org 24-28 Washington Sportsmen’s Show thesportshows.com 1/25- Children’s Film Festival 2/10 childrensfilmfestivalseattle.org 1/26- Seattle Boat Show 2/3 seattleboatshow.com 27 GroundFrog Day Celebration snohomishcoc.com

IS YOUR HOUSEHOLD PREPARED IN CASE OF

January

emergency?

IMPORTANT DATES Monday, January 1 New Year’s Day CW and Counties are closed

It’s recommended that every household have some basic supplies on hand in order to survive for at least three days if an emergency occurs. Following is a listing of basic items that every emergency supply kit should include:

Monday, January 15 Martin Luther King Jr. Day CW and Counties are closed

HOMEOWNER’S INSURANCE checkup



If your New Year’s resolutions include reviewing your homeowner’s insurance policy or putting together a home inventory, here are a few helpful tips:

• Review your insurance policy to know what is covered and whether your possessions are insured for actual cash value (the amount it would take to replace or repair the item minus any depreciation) or for replacement cost (the amount it would take to repair or replace the item without deducting for depreciation).

• If you’ve made improvements to your home, let your insurance agent know. Be sure to include copies of permits (if required), receipts from contractors, and the appraisal if one has been made since the work was finished. Revising your coverage to include that additional value can save you from paying extra replacement costs out of pocket.

• There are many renovations that insurance companies look upon favorably, such as updated wiring, installation of a security system and earthquake retrofitting. These improvements may actually lower your insurance premiums.

• Did the number of people living in your home change? If you’re a new empty nester, if your parents are now living with you, or if you have a new baby, check with your agent to see how this may affect your coverage.

• Look through your policy for exclusions and limitations, which can include swimming pools, trampolines, certain breeds of dogs and more.

• Renewal time is also a good time to review your policy and perhaps shop around for better or cheaper rates.

• Ask your agent if there are discounts for bundling home and auto policies if you aren’t doing this already.

TIPS FOR CREATING A HOME INVENTORY Creating a home inventory can save you time and heartache in case you need to file a claim. Check your homeowner’s insurance company’s website for a home inventory checklist, template or app you can download.

• Document each item as completely

• Did you receive high-value gifts over

as possible and take photos. Include brand, model number, serial number, purchase date, condition, etc.

• Include receipts, canceled checks or an appraisal report to prove what you paid for (or the value of) items.

• Also remember to include items you don’t use regularly, such as holiday decorations, sports equipment or tools.

the holidays? For rare or valuable items such as jewelry, antiques, artwork or wine collections, you may want to consider adding additional insurance (a rider) to your policy.

• Keep the completed list outside of your home. Store it at your office, at a family member’s house or in a safe-deposit box.

• Update the list annually.

Volume 9 | Issue 1

 water: one gallon of water per person per day for at least three days, for drinking and sanitation  food: at least a three-day supply of nonperishable food  can opener for food  battery-powered or hand-crank radio and a NOAA Weather Radio with tone alert, and extra batteries for both  flashlight and extra batteries  first aid kit  whistle to signal for help  dust mask to help filter contaminated air, and plastic sheeting and duct tape for sheltering in place  moist towelettes, garbage bags and plastic ties for personal sanitation  wrench or pliers to turn off utilities  local maps  prescription medications and glasses  infant formula and diapers  pet food and extra water for your pet  important family documents, such as copies of insurance policies, identification and bank account records, in a waterproof, portable container  cash or traveler’s checks, and change  sleeping bag or warm blanket for each person  complete change of clothes, including a long-sleeved shirt, long pants and sturdy shoes  household chlorine bleach and medicine dropper, which can be used to create a disinfectant (nine parts water to one part bleach)  fire extinguisher  matches in a waterproof container  personal hygiene items  mess kits, paper cups, paper plates and plastic utensils, paper towels  paper and pencil  books, games, puzzles or other activities for children  emergency reference material such as a first aid book For more information, go to www.ready.gov.