the
FEBRUARY 2018
Volume 9 | Issue 2
EYE ON THE
FEBRUARY happenings
market year in King County by 15.45 percent, in Snohomish County by 12.50 percent and in Pierce County by 12.25 percent.
A recently released report on real estate activity nationwide shows the Seattle metro area with 19 of the 25 most competitive markets in the country. The study took into account price appreciation, days on the market, how many sales were above list price, and other factors. That stunning result supports what many in the market for a home are currently experiencing: Our region is hot, and competition is fierce. The latest statistics from the Northwest MLS show closed-sales prices for singlefamily homes are again up year-over-
2018 FINANCIAL
Inventory remains the biggest concern for our region’s housing-market health. Brokers are reporting brisk traffic at open houses, and properly priced listings are moving fast. Some are speculating that the Seahawks missing the playoffs this year might have allowed prospective buyers a bit more time on the weekends to visit homes. While that may be true in many cases, the fact is that there are plenty of qualified buyers scouring the market and more entering every day.
It’s a great time to live and work in our area, and to invest in real estate here. There is no shortage of buyers, and for those who’ve been sitting on the fence about selling a home, now is a great time to enter the market and maximize their return.
1-3 Seattle Boat Show seattleboatshow.com
1-10 Children’s Film Festival childrensfilmfestivalseattle.org 2-3 11th Annual Eagle Festival arlingtonwa.gov 8 &10 UW CulturalFest | fiuts.org/events 9 Wine & Chocolate at Seymour Conservatory metroparkstacoma.org 11 Pike Chocofest strangertickets.com 11 Lunar New Year Celebration cidbia.org/event 14 Valentine’s Day Cocktail Hour at the Volunteer Park Conservatory brownpapertickets.com/event/1152572
resolutions
As you begin to prepare for tax time, February is a great time to take a look at your finances to ensure that you’re ready to reach your investment goals for the year. Here are a few suggestions to get you started with assessing your current situation: 1) Reassess your mortgage, and make sure it suits your current financial situation. Salary and cost-of-living fluctuations over the year can affect your monthly cash availability. Consider refinancing for better rate terms if the opportunity becomes available this year. 2) Review your insurance policy coverage, and shop other companies to see if you qualify for a lower premium. Make sure your policy adequately covers your home’s value, condition and any improvements you’ve made over the years. See last month’s newsletter for more tips for reviewing your homeowner’s insurance.
3) Obtain a copy of your credit report, and look for any errors. Mistakes on your report could significantly affect your ability to get a loan and could possibly increase the rates you pay. Follow up with the companies to correct any errors, and notify the three main credit bureaus (TransUnion, Experian and Equifax) once fixed. 4) If you're thinking about buying a home this year, start planning now. Cut out unnecessary spending in order to pay off any debt and to save up for emergency or repair expenditures. If selling a home, speak with a real estate professional or contractor about which improvements to your home can get you the best return.
16-17 Everett Film Festival everettfilmfest.org 16-22 Noir City Film Festival | siff.net
17-18 Fly Fishing Show flyfishingshow.com 17-19 Kids’n’Critters | nwtrek.org 17-25 Seattle Home Show seattlehomeshow.com 22-24 Seattle Wine & Food Experience seattlewineandfoodexperience.com 22-25 Asian American Film Festival seattleaaff.org 22-25 Wintergrass Music Festival 2018 wintergrass.com 24 Lunar New Year - Bellevue lunarnewyear.bellevuecollection.com 24-25 So Northwest Women’s Show nwwomenshow.com
February
IMPORTANT DATES
Friday, February 2 Groundhog Day
Tuesday, February 13 Mardi Gras/Fat Tuesday
Sunday, February 4 Super Bowl LII (52)
Wednesday, February 14 St. Valentine’s Day
Monday, February 12 Lincoln’s Birthday
Monday, February 19 Presidents Day (observed) CW & Counties are closed
TAX TIPS &
updates
Due date of return: File your tax return by April 17, 2018. The due date is Tuesday, April 17, instead of April 15, because of the Emancipation Day holiday in the District of Columbia. Personal exemption amount changes: Your personal exemption is now $4,050. But the amount is reduced if your adjusted gross income is more than: $156,900 if married filing separately, $261,500 if single, $287,650 if head of household, or $313,800 if married filing jointly or qualifying widow(er). Standard mileage rates have changed: The 2017 rate for business use of your vehicle has been reduced to 53.5 cents a mile. The 2017 rate for use of your vehicle to get medical care or to move has also been reduced. It is now 17 cents a mile.
Standard deduction: For tax year 2017, the standard deduction has increased to $6,350 if single; $12,700 if married filing jointly or qualifying widow(er); $6,350 if married filing separate returns; and $9,350 if head of household. Check your refund status: You can check Where's My Refund at IRS.gov (IRS.gov/refunds) after you file for a projected deposit date. Where's My Refund and the IRS2Go phone app allow you to check the status of any refund. Consult a tax professional: The information in this article was compiled from the IRS Publication “Your Federal Income Tax: For Individuals” on Jan. 17, 2018. There may be other changes that affect you this tax season. Please consult a tax accountant or visit the IRS on the Web at the links listed below for complete details on tax credits and deductions. www.irs.gov/pub/irs-pdf/p17.pdf www.irs.gov
Valentine’s GIFT IDEAS Gifts for Parents: • Homemade gifts from the kids • Full car detailing (check local shops) • Round of golf at a favorite course • Make a plate kit (at craft stores) • Stepping stone kit (at craft stores) • Monthly housecleaning for a year • Canvas prints of their little angels Ideas: water pics for bathroom, messy pics for laundry room, etc. (canvaspress.com) • Day at the spa or salon
On the “Free” Side: • Day Hike with Picnic (Bring blankets!) • Movie/TV Marathon: Binge-watch their favorite flicks or TV shows! • Garden Crawl: Spend the day visiting local gardens • Game Night: Invite other couples over for a night of board game fun! • Free Day: You take their chores, while they take off! Online: etsy.com findgift.com kotulas.com gifts.com
Classes (Check colleges and community centers for classes): • Cooking classes/ couples’ cooking classes • Wine tasting classes • Pottery classes • Photography classes
MORTGAGE RATES through the years
YEAR
Did you know 2017 mortgage rates were some of the lowest in history? The great news for 2018 is that current rates remain at historic lows! Check out the data for 30-year fixed-rate mortgages since 2000. Whether buying or selling, it’s still a great time to enter the market!
2016
2017 2015 2014 2013 2012 2011 2010 2009
(Yearly average interest rate on 30-year fixed-rate mortgages)
2008 2007 2006 2005 2004 2003 Data from freddiemac.com
2002 2001
Volume 9 | Issue 2
personalcreations.com perpetualkid.com canvaspress.com uncommongoods.com
2000
HIGH MONTHLY AVERAGE
LOW MONTHLY AVERAGE
YEARLY AVERAGE
4.20 (Mar) 4.20 (Dec) 4.05 (Jul) 4.43 (Jan) 4.49 (Sep) 3.95 (Mar) 4.95 (Feb) 5.10 (Apr) 5.42 (Jun) 6.48 (Aug) 6.70 (Jul) 6.76 (Jul) 6.33 (Nov) 6.29 (Jun) 6.26 (Aug) 7.01 (Mar) 7.16 (Jun) 8.52 (May)
3.81 (Sep) 3.44 (Jul & Aug) 3.67 (Jan & Apr) 3.86 (Dec) 3.41 (Jan) 3.35 (Dec) 3.96 (Dec) 4.23 (Oct) 4.81 (Apr) 5.29 (Dec) 6.10 (Dec) 6.14 (Dec) 5.58 (Jun) 5.45 (Mar) 5.23 (Jun) 6.05 (Dec) 6.62 (Oct) 7.38 (Dec)
3.99 3.65 3.85 4.17 3.98 3.66 4.45 4.69 5.04 6.03 6.34 6.41 5.87 5.84 5.83 6.54 6.97 8.05