CW Title and Escrow Newsletter | 1.2017

the

JANUARY 2017

Volume 8 | Issue 1

EYE ON THE

market

What a year we’ve just experienced in the Puget Sound real estate market. If 2017 is anything like last year, we’re in for a busy and successful year. Many brokers predict we’ll see the traditional slowdown in the month of January. This lull could be a great time for buyers to make their move on the existing inventory. There’s less competition during the early weeks of the new year, which may mean a better chance of their offer getting attention.

By mid-February brokers believe the market will heat up again.

Interest rates are top-of-mind and mixed predictions for 2017 have only served to motivate more buyers to enter the market and close a deal just in case they go higher. Our region is flush with motivated buyers willing and able to absorb rate increases for a chance to own a home.

LOCAL The most recent Northwest MLS stats (from November) show closed sales prices up 10.01 percent in King County, 15.14 percent in Pierce County and 14.28 percent in Snohomish County.

This hasn’t deterred prospective buyers who in recent weeks continued the trend of remaining steadfast in the market and resolute in their quest to find a home.

The stats also show that competition continues to heat up in areas outside of King County. As buyers expand their search area to include job centers in Pierce and Snohomish counties, they hope to find more affordable homes that match their lifestyle in addition to matching their wallet.

All across Puget Sound we can look forward to an exciting 2017.

Happy New Year!

HOMEOWNER’S INSURANCE checkup If your new year’s resolutions include reviewing your homeowner’s insurance policy and putting together a home inventory, here are some helpful tips:  Review your insurance policy to know  Additionally, there are many what is covered and whether your renovations that insurance companies possessions are insured for actual look upon favorably such as updated cash value (the amount it would take wiring, installation of a security to replace or repair the item minus system, earthquake retrofitting, etc. any depreciation) or for replacement These improvements may actually cost (the amount it would take to lower your insurance premiums. repair or replace the item without  Did the number of people living in deducting for depreciation). your home change? If you’re a new  If you’ve made improvements to your empty nester, if your parents are now home let your insurance agent know. living with you, or if you have a new Be sure to include copies of permits baby, check with your agent to see (if required), receipts from how this may affect your coverage. contractors and the appraisal if one  Look through your policy for has been made since the work was exclusions and limitations which can finished. Revising your coverage to include swimming pools, trampolines, include that additional value can save certain breeds of dogs and more. you from paying extra replacement (continued next page) costs out of pocket.

happenings

1 Polar Bear Plunge at Point Defiance Park metroparkstacoma.org 1 Resolution Run 5K & Polar Bear Dive at Magnuson Park promotionevents.com 7 Worst Day of the Year 5K & 10K in Bothell worstdayrun.com 12 Dr. Martin Luther King, Jr. Celebration at the Paramount kingcounty.gov 13 Kirkland Art Walk kirklandartwalk.com 13-15 Northwest Remodeling Expo in Seattle homeshowcenter.com 16 Dr. Martin Luther King, Jr. Celebration in Tacoma cityoftacoma.org 19 Marysville Blues & Brews marysvillewa.gov 21 Lunar New Year Celebration in the International District cidbia.org 26-29 Tacoma Home & Garden Show otshows.com 26-2/11 Children’s Film Festival Seattle childrensfilmfestival.org

27-2/4 Seattle Boat Show seattleboatshow.com 28 Belgian Fest at Seattle Center washingtonbeer.com 28 Ground Frog Day in Snohomish groundfrogday.com

January

IMPORTANT DATES Friday, January 1 New Year’s Day CW and Counties are closed Monday, January 18 Martin Luther King Jr. Day CW and Counties are closed

15 WAYS TO CUT YOUR WINTER ENERGY BILLS 1 If you have a fireplace, close the damper and seal the opening shut when not in use.

2 If you used the oven to cook dinner, leave the oven door cracked open when done to let heat escape.

3 Close the vents and doors to rooms less used.

4 Put up storm doors.

5 Use do-it-yourself plastic-film storm windows.

6 Make sure doors and windows are properly sealed.

7 Purchase a door draft stopper for any doors (outside, basement, to the garage, etc.) that tend to let in cold air.

8 Make sure the attic has adequate insulation.

9 Insulate your pipes and hot water heater.

10 Inspect your furnace filters each month during the winter and clean or replace more often if needed. Build up on filters means your furnace works harder.

11 Install a programmable thermostat and set it to lower the temperature at night and while away.

12 Dress in layers, wear warm sweaters, heavy socks and consider wearing a hat at home.

13 Install heavier drapes for the winter months and keep them closed in the evening and through the night, and open them during the day.

14 Place rugs on your hardwood and tile floors.

15 Run ceiling fans clockwise on low to push warm air back down.

HOMEOWNER’S INSURANCE checkup (continued from previous page)

 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 the case you need to file a claim. Check your homeowner insurance company’s website for a home inventory checklist or template you can download.  Document each item as completely  Did you receive high-value gifts as possible and take photos. over the holidays? For rare or Include brand, model number, valuable items such as jewelry, serial number, purchase date, antiques, artwork, furs, or wine condition, etc. collections, you may want to consider adding additional  Include receipts and/or cancelled insurance (a rider) to your policy. checks to prove what you paid for items.  Keep the completed list outside of your home. Store it at your  Remember to include items you office, a family member’s house don’t use regularly, such as holiday or safe-deposit box. decorations, sports equipment or tools.  Update the list annually.

Volume 8 | Issue 1

2017 year of the

smart home Smart home products have really become mainstream in the last year as companies including Google (Google.com/home, $129), Amazon (Amazon.com/echo, $179) and others have made it easy for anyone with a wireless connection to make compatible products part of their daily lives. Some items can save you time and money while others can may add value to your home.

Outlets, light bulbs and switchplates Turn lights off and on during your next vacation to deter thieves, or while you’re at work so you don’t have to enter a dark home. Philips.com starter kit, $70.

Wireless Thermostat These come with a wide range of features including automatic temperature reduction when no one is at home, energy usage tracking, program-mable schedule and the ability to control from multiple computers or mobile devices simultaneously.

Nest.com, $249 Smart Garage Door Opener Ever wonder if you’ve left your garage door open? Or need to give your neighbor access to borrow some tools? Now you can open and close your garage door from anywhere.

Chamberlain.com, $270 Smart Deadbolt Lock Let the house sitter or plumber into your home while you’re away. August.com, $229 Video Doorbell Know who’s at the door before you get up off the sofa. Popular video doorbell models allow you to see who’s on your front porch and chat with them before opening the door. Motion sensors detect activity and trigger alerts. View on your smartphone or desktop or laptop computer.

Ring.com, $199-$249 You can also find smart slow cookers and other kitchen appliances, exterior home lighting, yoga mats, smoke and carbon monoxide detectors, and many other products.

Do your research to be sure your items are compatible with your devices and controllers.