Ever hear of the Starbucks or Whole Foods real estate effect?

Major retailers spend a lot of time and money researching up and coming neighborhoods in city like Seattle. Purchasing a home near a future site of a retailer that caters to a deeper-pocket clientele should help increase the value of your home over the long-term compared to a home in a similar neighborhood without one. Many people do make home purchasing decisions based on the accessibility (or walkability) to their favorite retailers.

Here is a great article regarding this real estate effect.

http://realestate.usnews.com/real-estate/articles/does-the-new-whole-foods-in-your-neighborhood-increase-your-home-value/

I'm often asked why are there so few home available to purchase here in the Seattle area. There are many reasons but here are some on the main ones.

1. Economy - the Seattle economy is doing very well making it a very good time for residence to buy. Its also drawing in new people every month, moving here to get in on our good fortune.

2. A New Baby Boom - the Millennial generation is huge and they are just now starting to reach the typically age that people purchase their first home. This echo of the Baby Boomer generation is doing the same thing that generation did in the 60's and 70's.

3. Loan Eligible Again - almost all of the home owners that went through short sales and foreclosures during the Housing Bust are now loan eligible again. As a matter of pride many of them want to get back into home ownership.

4. Slow Development - During and after the Housing Bust most developers, builders and lenders were very skittish about building too quickly or at all. Many that survived the Bust are still licking their wounds while so many others didn't make it. Although development had returned it take a long time to get that manufacturing engine really humming again. Lending for new construction development has still been a huge set back as most small builders are having to borrow from high interest private lenders.

5. Fear of the Market - I talk to home owners all the time that would love to move to downsize or buy into a different location. They know that the current market conditions are ideal to sell, but they fear having to become one of the masses trying to buy a new home. So they are sitting on the sidelines and deciding to stay put rather than making their home available for purchase.

Here is a great synopsis article writing but he National Association of Realtors if you'd like to read more about reasons why there is a supply shortage of homes.

http://realtormag.realtor.org/daily-news/2016/03/23/6-ways-explain-low-inventory

Have you ever wondered if your roof is ideal for solar panels? Leave it to Google to figure it out. Project Sunroof by Google has liked mapped your roof outline and directional configuration already. Take a look!

https://www.google.com/get/sunroof#exp=7.1&p=0

Expect your 2017 property taxes to be going up!

Low available home inventory in Seattle is pushing sale prices to record highs. These rapidly increasing valuations are starting to have a serious impact on the rest of Seattle residents. Many will see a jump in their assessed home value which will push up their property tax bill. 

First you have to remember that your property tax assessment is made up of two parts. The first is an amount based on value. The second is determined by local levies that are voted in by Seattle citizens. So not all of your property tax increase is directly associated to the rising home values.

King County has a program to help out disabled citizens and low income seniors. If you or someone you know falls into either one of these categories you should check with the King County Assessor's office about a reduction property taxes. Snohomish and Pierce counties probably have similar programs.

This Seattle Times article has more information about the King County program.

The city of Seattle is proposing some big changes to short-term housing rentals that may make your AirBNB dreams a nightmare. 

In an effort to stop Seattle property owners from renting out their secondary homes or investment properties as hotel rooms the city is planning on capping the number of days you can rent a property as a short-term rental at 90. You would be ale to continue renting part of your primary residence year-round such as a extra bedroom or mother-in-law / ADU unit.

The city feels that consumer demand for AirBNB and VRBO services is contributing heavily to the short supply of long-term rentals in the city. 

Do you think the city is over-stepping their bounds? Shouldn't property owners be able to rent their property as they see fit? What about the seniors that only leave in Seattle in the summer and maintain a second residence for the winter? Would they not be able to rent their Seattle home for more than 90 days as an income source?

The city is also going to require property owners of short-term rentals to license and register their rental businesses. I always wondered how short-term renters were getting around the motel and hotel licensing and public health laws. Maybe they will not be able to anymore. 

Here is a link from an article in the West Seattle Blog regarding this new proposal.

Seattle Real Estate Agent - David Warren - Seattle Realtor

How to sell my home in Seattle?