the
Volume 8 | Issue 9
EYE ON THE
SEPTEMBER 2017
market
Job growth in our area continues, but our housing inventory isn’t quite keeping pace. Our region’s growth doesn’t appear to be slowing anytime soon, bringing along with it high-wage earners willing to pay a premium for a home. Cities and communities outside of the tricounty area continue to see an increase in interest in listings as buyers move farther out in search of affordability and less competition. Those willing to commute from outlying areas are finding success in their home searches. This has relieved the pressure on communities closer to job centers; nonetheless, low inventory persists in our region. One solution to the inventory issue would be more new construction. While Seattle in particular often has the title of “crane capital” of the U.S., there is still a lack of skilled construction labor in our area due in part to our high cost of living.
LOCAL A shortage of skilled labor results in construction projects taking longer to complete. Meanwhile, competition for the few existing available homes heats up, leading to rising prices. Of course, there’s no way to know how high prices will go, but in the most recent report released by the Northwest MLS, closed sales prices for single-family homes in July were up again year-overyear. Prices were up by 18.56 percent in King County, 9.56 percent in Pierce and 11.87 percent in Snohomish. Recent survey data from Meyers Research shows that millennials are adding more fuel to the competitive market, revealing that “40 percent of those aged between 27 and 36 want to purchase a home in the next one to three years.” Additional data from Meyers Research shows the homeownership rate for millennials jumped from 34.3 percent in the first quarter of this year to 35.3 percent in the second quarter. With our region being a popular choice to lay down roots, we can be sure many more millennials are headed our way.
PREPARING YOUR HOME FOR
fall
Before the cold weather hits, here are a few things you should do to get your home ready for the coming cold-weather seasons and to boost energy efficiency:
Walk all around your property checking for anything that needs repair before inclement weather arrives. Inspect your roof, and schedule repairs if needed. Clean your gutters and downspouts throughout the fall and winter. Look up the chimney for blockages, check that the damper is working, and schedule it for servicing and cleaning. Disconnect garden hoses and drain water still in faucets. If you do not have frost-proof faucets, install a foam insulated faucet cover or turn the shut-off valve to off inside your home.
Stow your mower and other gardening equipment, drain fuel, and clean yard tools to prevent rust. Check your trees for any weak areas that could cause damage during a fall or winter storm. Rake or mow over leaves before winter comes to ensure a healthy lawn when spring arrives. Check crawlspaces for flooding after the first long rainfall. Make sure your attic and crawlspaces have adequate insulation. Clean out the bathroom fan/filter. (continued on next page)
happenings
8/24 - Evergreen State Fair in 9/4 Monroe | evergreenfair.org 1-3 Bumbershoot Music Festival in Seattle | bumbershoot.com 1-3 Vintage Aircraft Weekend in Everett vintageaircraftweekend.org 1-24 Washington State Fair in Puyallup | thefair.com 8 Issaquah Art Walk downtownissaquah.com 8-10 Mukilteo Lighthouse Festival mukfest.com
9 Bacon, Eggs & Kegs Brunchy Booze Fest in Seattle baconeggsandkegs.com 9 Burien Arts-A-Glow Lantern Festival & Procession burienwa.gov 9 Chinatown-ID Night Market cidbia.org 14-17 Boats Afloat Show in Seattle boatsafloatshow.com 16 Hops & Crops Music & Beer Festival in Auburn wrvmuseum.org 16-17 Edmonds Art Studio Tour edmondsartstudiotour.com 20-24 Fashion Week in Bellevue fashionweekbellevue.com 21 Everett Art Walk snohomish.org 21 Luminata Lantern Parade at Green Lake fremontartscouncil.org (continued on next page)