CW Title and Escrow - July Newsletter

the

Volume 10 | Issue 7

EYE ON THE

JULY 2019

market

Tacoma is coming in hot! The Tacoma housing market, that is‌ A recent report ranks Tacoma as the hottest housing market in the U.S. Half of the homes for sale in Tacoma during the month of May went into contract during the first two weeks, giving sellers about a little over a week in finding a buyer. Of those homes sold in May, over half were sold above the asking price. After the first week, Tacoma was left with just over a month of home inventory. Many potential buyers are looking in South Puget Sound and are opting for space and value, rather than location. Moreover, mortgage rates don't appear to be increasing as much as we anticipated

JULY happenings earlier in the year. The last week of May was the fourth consecutive week to see a decrease in interest rates. The average rate for a 30-year fixed is currently 4 percent, compared to a month ago, when it was 4.06 percent.

Homeowners who are considering refinancing may want to jump on this opportunity before rates increase. The median price point for a single-family home in King County for the month of May was reported as $700,000. Pierce County reported $370,000 and Snohomish County was at $499,950.

As the Puget Sound region enters peak real estate season, we are seeing a more normalized pace in the market compared to prior years. Experts predict that real estate inventory will rise in the next month or two, which in turn will increase competition among buyers. Our local economy has seen steady job growth, and in addition to lower interest rates and home prices leveling out, buyers will be ready to make the move this summer.

WIRE FRAUD damage control

4 Seafair Summer 4th in Seattle seafair.com

4 Tacoma Freedom Fair & Air Show freedomfair.com

6-7 Seattle Street Food Festival do206.com

12-13 Redmond Derby Days redmond.gov 12-14 Kirkland Uncorked kirklanduncorked.com 12-14 Arlington Street Fair arlingtonwa.org 13 Lakewood SummerFEST cityoflakewood.us 14 Art on The Ave on6thave.org 19-21 Bite of Seattle biteofseattle.com

If you suspect that you are a victim of wire fraud, it’s important to act quickly.

Take these steps immediately: 1) Contact your financial institution immediately upon discovering the fraudulent wire transfer and request that they make attempts to stop it.

19-21 Capitol Hill Block Party capitolhillblockparty.com 20 West Seattle Grand Parade thewestseattleparade.com 20-21 Relay for Life of N. Snohomish County | main.ascevents.org 26-28 BAM ARTSfair bellevuearts.org/artsfair

2) Request that your financial institution contact the corresponding financial institution where the fraudulent wire transfer was sent.

26-28 Renton River Days rentonriverdays.org

3) Notify your local Federal Bureau of Investigation (FBI) office as soon as you suspect a fraudulent wire transfer. The FBI, working with the U.S. Department of the Treasury Financial Crimes Enforcement Network, might be able to help return or freeze the funds. (continued on next page)

27 Gig Harbor Wine & Food Experience harborwineandfoodfest.com 31-8/4 Thurston County Fair experienceolympia.com

July calendar

WIRE FRAUD DAMAGE CONTROL

(continued)

Thursday, July 4 CW Title and Escrow and all counties are closed in observance of the Fourth of July holiday.

Wishing You a Safe and Happy Independence Day!

OPTIMIZING YOUR OUTDOOR space It’s that time of year to start utilizing your patio, deck or gazebo. Here are some of the hottest trends for your outdoor space:

Outdoor fireplace: Add a cozy touch to your space with a fireplace fixture or pit.

Textured walls: Make sure you are choosing materials that are able to dissipate heat well.

Outdoor furniture: Woven furniture is a trend that’s here to stay. Adding woven chairs or side tables inspires a natural feel.

Water features: A nice fountain or water structure can add a stylish touch to your outdoor space.

Bright colors: Liven up your outdoor space with bright colors. Some of the hottest shades are bright orange, yellow, red and coral.

Lighting: LED lights have the capacity to illuminate your outdoor space in an energy-efficient way.

IS A solar-panel system RIGHT FOR YOUR HOME? Did you know that Washington state has 70 percent of the sunlight that Los Angeles receives? Our state has some of the best incentives for solar panel use, and it's been proven that solar panels are more efficient in cooler climates. If you're considering adding solar panels to your home, read through these helpful tips: The incentives: The average savings over a 20-year period when a solar panel system is installed in your home is over $15,500. Washington state specifically has an incentive called the Washington State Renewable Energy System Incentive Program (RESIP).

Under current legislation, solar-panel users receive an incentive based on the energy produced per kilowatt hour, depending on the size of their system, date of installation and certification, and the type of panels (depending on whether they are made in-state). The maximum incentive for residential properties are $5,000 a year.

The cost: To get an accurate cost estimate, you'll want to have a solarpanel installer visit your home to

measure things such as the solar exposure, roof pitch, your circuit breaker and more. They'll consider all of these factors and address any concerns they believe might affect your cost or whether a solar panel is right for your home. Currently, the Seattle market average for a residential 5kW solar-panel system is $14,600. The typical payback period is just under nine years.

The factors: When considering your solar output, there are three factors that will determine how much solar power you'll receive: the direction your roof is facing, shading and roof pitch. A south-facing roof will allow for the most sun. Roofs facing east and west still may receive enough sun, but roofs facing north are not feasible for solar power. Solar panels should have little to no shade and should have direct sunlight for at least six hours per day, year-round. The ideal roof pitch is between 20 and 35 degrees; however, both steeper and flatter roofs may still receive a good portion of sunlight.

For more information, visit solarwa.org.

Volume 10 | Issue 7

4) Be sure to file a complaint with the FBI, regardless of dollar loss, here: www.ic3.gov.

5) For business email compromise/email account compromise (BEC/EAC), file a complaint here: www.bec.ic3.gov.

6) Notify all affected or potentially affected parties.

7) Change all of your passwords.

If possible, change usernames as well.

8) Whether the scammer contacted you via email or phone, report the incident to the Federal Trade Commission (FTC) at 1.877.382.4357 or online at www.ftc.gov/complaint.

What law enforcement needs to know: When contacting law enforcement or filing a complaint with the Internet Crime Complaint Center, identify your incident as “BEC/EAC.” Then provide the following helpful information to investigators:  Date and time of incident  Amount transferred  Originating business name  Originating financial institution name and address  Originating account number  Beneficiary name  Beneficiary financial institution name and address  Beneficiary account number  Correspondent bank if known  IP, email address and/or phone number of fraudulent contacts  Incorrectly formatted letterhead or email signature  Description of contact with the scammer, including frequency and timing of calls and emails  Describe if something just seemed “off,” such as timing, requests for secrecy or immediacy, and/or unusual wording in the fraudulent phone calls or emails.