Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

 

April 12, 2024

Helpful tips for first time homebuyers

Posted in Market Updates
April 10, 2024

Median price in Everett WA is $650,000

Median price in Everett in March was $650,000

Median price in Everett in March was $650,000

Median price in Everett in March was $650,000

What can you buy for that amount of money? How about this one story home in an Everett neighborhood near Mukilteo, its a 3 bed 2 bath 1,268 sq ft and sold in March 2024 for  $657,000

For the complete report: Median price in Everett in March was $650,000

Posted in Market Updates
April 9, 2024

March 2024 Foreclosure Report for Snohomish County

March 2024 Foreclosure report for Snohomish County

Last month 35 properties went into the foreclosure process in Snohomish County.

If you want to know more or want addresses for the properties you can call me or go to: 

March 2024 Foreclosure Report for Snohomish County

Posted in Market Updates
April 8, 2024

Median sales price reaches $1.3M in Kenmore WA

Median sales price reaches $1.3M in Kenmore WA

Median price in Kenmore in March was $1,313,000

What can you buy for that amount of money in Kenmore? How about this split entry style in the Arrowhead neighborhood. Its 2000 sq ft and sold last month for $1,350,000

For the complete report: Kenmore Real Estate Market Update

Posted in Market Updates
April 5, 2024

Outdoor upgrades to wow homebuyers

Posted in Market Updates
April 4, 2024

Capital Gains tax consequences

Tax season is here!

Capital Gains tax consequences

Capital Gains Tax Review

With tax season in full swing, its a good time to do a quick review on the capital gains tax and what happens when you sell your home. 

When you sell your property for more than what you paid for it, you have a "capital gain" that could be subject to the capital gains tax. The current tax rate for capital gains on a federal level is anywhere from 0% to 20%, depending on your level of income. You may also be subject to an additional 3.8% "net investment income tax."

However, if you've lived in your house as your primary residence for two full years out of the past five years, you may be able to sell your house without paying any capital gains tax or net investment income tax. The primary residence capital gains tax exclusion is $250,000 for single taxpayers and $500,000 for married couples filing a joint tax return. House prices have increased so much in the past several years that many homeowners are at or above their cap.

For example, assume you currently have $500,000 of tax-free capital gains that you could get by selling your house today. If you wait to sell, and your house value increases by another $100,000, you may have to pay up to 23.8% in federal capital gains and net investment income tax on that extra $100,000, plus whatever state taxes you may owe.

But, lets say you will be over your allowable exclusion (250k for a single person and 500k for a married couple) and you have a choice to sell this year or next year. If you are retiring at the end of this year, maybe it would be wiser to sell your property next year because your income for next year will be lower and therefore your "gain" will be taxed at a lower rate?

I know just enough about taxes to be dangerous so please check with your CPA before making a major decision like this. 

Posted in Market Updates
April 3, 2024

Pay less for Homeowners Insurance?

Pay less for Homeowners Insurance?

Insurance rates have increased drastically for many of us in the last few years. According to Consumer Reports, here are a few things to consider to bring down the cost of your premiums.

• Bundle coverage. Purchasing your homeowners and auto coverage from the same company can provide savings of up to 30 percent overall. 

• Raise your deductible. Higher deductibles equal lower premiums. Going to a $1,000 deductible from $500, for instance, can reduce your premium by a double-digit percentage, the Insurance Information Institute says.

• Make home improvements. Replacing old plumbing and adding a security system and water- or gas-leak detection sensors can each provide insurance savings of 2 to 6 percent or more. Replacing a roof with an impact-resistant one can save up to 35 percent in some states. Cutting back dry brush around dwellings and outbuildings in a fire-prone area can earn you a 5 percent break on your premium.

Be careful when submitting a claim

-Making multiple claims in a short period will probably trigger a rate increase or even cause your insurer to not renew your policy.

-Avoid making claims of just a few hundred dollars above the deductible. Doing so might erase discounts you’re getting for remaining claim-free. Discuss the pros and cons with your insurance agent before you report a claim.

What Do I Do If My Homeowners Insurance Company Drops Me?

Insurers drop customers for a variety of reasons. There are several ways that can happen.

 

• Nonrenewal: Your insurer can decide not to renew your policy after it expires. Sometimes that has to do with your filing too many claims; even small claims are red flags if they’re filed too frequently. But your insurer also can decline to renew you for reasons that have nothing to do with you—for example, if it has determined that it’s no longer making a profit insuring homeowners in your area. Typically your insurer will give you at least 30 days’ notice if it’s not renewing your policy.

Posted in Market Updates
March 21, 2024

One bedroom Greenwood condo

Greenwood condo

Posted in Market Updates
March 20, 2024

Median price in Bothell WA in February 2024 was $1,165,000

Median price in Bothell WA in February 2024 was $1,165,000

What can you buy for that amount of money in Bothell? How about this new construction DR Horton house. Its a 2-story home, 2770 sq ft and sold in February 2024 for $1,169,995

For the complete Bothell market update go to: Bothell Market Update

Posted in Market Updates
March 18, 2024

Plan your retirement first, before someone else

Plan your retirement first, before someone else

Create your own family's wealth first...

The rent vs own discussion has been around for a long time. Most people want or are homeowners but there are people who prefer not to have the responsibility of homeownership.

 

As a renter, you are funding the payments to the property owners mortgage and helping them with their retirement goals. My advise is that you first consider your own retirement goals. Here is a short video about the differences in being a renter vs a homeowner. Plan your retirement first, before someone else's

Posted in Market Updates