CW Title and Escrow Newsletter | May 2019

the

Volume 10 | Issue 5

EYE ON THE

MAY 2019

In the past few years, home value appreciation in the Puget Sound area has stood out among markets around the country, but a recent report now ranks Seattle 12th in the nation for home value appreciation. ( Has the 12th man caught up to us?) The rate at which homes appreciate is now comparable to the national trend, the first time Seattle has seen this slower pace in almost seven years.

U.S. home prices rose by an average of 3.6 percent from a year earlier, while Seattle is reporting an average increase of 4.1 percent compared to this same time last year. In February, average hourly earnings rose by 3.4 percent over a year ago, indicating wage increases are beginning to match rises in home prices.

Buyers should consider taking advantage of these trends given the current state of

MAY IS

MAY happenings

market the market. Mortgage rates for a 30-year fixed are averaging around 4 percent, with the expectation that rates will slowly increase through 2019.

With current mortgage rates steadily decreasing in the past few weeks, applications for refinances have surged. Some loan types reached their lowest level, in terms of rates, since January 2018, and the volume of applications is 58 percent higher than a year ago. Current homeowners should act fast if considering refinancing, while rates are at this threshold. Real estate experts predict that home prices outside the major metro areas and along the I-5 corridor will continue to rise throughout the spring season. The real estate season for Seattle and surrounding areas is off to a good start, and the peak is expected to be more normal compared to prior years.

national home improvement month

Here are some tips to help you prepare your home and family if you’re planning projects over the next few months.

Research. Start researching early so you can make as many decisions as possible before target areas are gutted.

Get referrals. Find qualified and licensed contractors, interior designers and other professionals by contacting friends and family who can give you recommendations. Be sure to ask for references, and allow time to view past work to gauge quality and experience.

Allow time for permits. Keep track of whether your contractor has applied for and received permits that are needed for the work to be begin. There may be other permits needed later, but it’ll

1 May Day Celebration and Potluck fremontartscouncil.org/mayday/ 4 Cinco de Mayo Celebration elcentrodelaraza.org 4 Opening Day 2019 Boat Parade seattleyachtclub.org

11, 25 Kirkland Art Walk kirklandartwalk.com/home 11 Half-Price Moms’ Day at the Zoo | pdza.org 12 The Color Run thecolorrun.com May 16– Seattle International Film June 9 Festival siff.net/festival 18 Savor Spring Food, Wine, & Spirits Tour whidbeycamanoislands.com 18-19 Lacey Spring Fun Fair laceyspringfunfair.com

save time to pull the permits needed by the time work is scheduled to begin.

Arrange for materials early. Order supplies as soon as possible to ensure that you get the style and finishes you want without delay. Inspect everything (continued on next page)

25 Tankfest Northwest flyingheritage.org 30 Bingo for the Badge experienceredmond.com May 31- Solstice Night Market June 1 thestranger.com/events

May I M P O R T A N T

tips to help you prepare for a

D AT E S

HOME REMODEL

Wednesday, May 1 May Day

Sunday, May 12 Mother’s Day

Saturday, May 4 Opening Day of Boating

Saturday, May 18 Armed Forces Day

(continued from previous page)

Tuesday, May 7 Teacher Appreciation Day

Monday, May 27 Memorial Day

as it arrives so that you can make exchanges of damaged items as early as possible during your renovation.

2019 COLORS of the YEAR The 2019 color of the year is … well, it depends on who you ask. The selections for 2019 run the gamut (pun intended), and each paint company or color authority has their own take on what the new trendy color should be. Paint can brighten a space, and it’s been reported that certain colors may even fetch you a higher sales price when it comes time to list.

Whether you’re painting your kitchen or swapping out accessories in your living room, now is a great time of year for projects that are begging for a change in color scheme, whatever color you choose.

Here are the trendy colors chosen by major paint companies and color experts, along with painting and decorating ideas to consider for each:

Living Coral

Orange Slice

Cavern Clay

PANTONE Color: “Living Coral” Buzz: vibrant, energetic, uplifting Use on: vivid piece of artwork, curtains VALSPAR Color: “Orange Slice” Buzz: zesty, intense, bright Use on: home office, extra bedroom SHERWINWILLIAMS Color: “Cavern Clay” Buzz: bohemian, refined, ancient Use on: wood furniture, living spaces

Metropolitan

Blueprint

Night Watch

BENJAMIN MOORE Color: “Metropolitan” Buzz: glamour, beauty, balance Use on: living room, dining room, bedrooms BEHR Color: “Blueprint” Buzz: rich, dark, contrast Use on: accent walls, cabinetry, front doors

PPG DIAMOND Color: “Night Watch” Buzz: deep green, luxurious, nature Use on: dining areas, accent walls

Create stand-in spaces. If you’re living in your home while the work is happening, plan to set up temporary spaces to stand in for the space you’re remodeling. Be sure they’re located out of the way of contractors. For instance, if you have a bar sink in the family room, add a mini fridge and top with a small microwave so the area can serve as your kitchen for quick meals.

Prevent dirt, dust and damage. Cover furniture and other surfaces with sheets or drop cloths to protect from construction dust. This will save you time and perhaps even cleaning fees after the work is done. Also, remove fragile items from walls and shelves to protect from damage.

De-stress your pets. Renovations can be hard on your pets. Have a friend look after your furry family member, or kennel your pet during all or part of the renovations. If this is not possible, create an area with all your pet’s favorite toys, food and water for them to hang out in. Be sure to let contractors know which area is off-limits, and caution them to not open the door.

(Post a sign.)

Keep kids busy. Although summer is a great time to do remodels, if you have young children who are around the house more during the summer, it might be worth considering postponing your renovations until they are back in school.

Otherwise, schedule activities to keep children from being underfoot during what is likely to be a dangerous time around the house.

Stay positive. Most importantly, keep your eyes on the finish line no matter how stressful things may become. Once the work is done, you’ll get to enjoy your newly renovated space.

To find additional tips for getting ready for a home remodel, visit www.nari.org.

Volume 10 | Issue 5