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Local Real Estate Market Predictions for 2014
We're well into 2014 and the real estate market is off to a great start. Now that the holidays and Superbowl celebrations are behind us, more people are starting to think about buying and selling homes again. Matthew Gardner, of Gardner Economics, recently gave a presentation with his predictions for the coming year for our area. In summary:
"Regional Employment Situation: Seattle remains one of the best west coast locations relative to potential growth; overall, we are looking better than a vast majority of states in the union with the metro area & I anticipate over 35,000 new jobs (2.5%) in 2014."
In addition, Mr. Garnder predicts that interest rates will climb, inventory is still low but will increase a bit, and prices will increase this year in the mid- to high-single digits. Even with prices going up, he does not forsee a housing bubble forming.
By all reports we've seen, we are at least two years into a great housing market with 2014 continuing the trend.
Seattle Market Update from the Seattle Times
This is a great synopsis of what's happening in the general Seattle market. The real estate news is near the bottom.
E-appealing Your Property Tax Valuation
You may have recently received a little, white post card in the mail from the King County Assessor’s office: OFFICIAL PROPERTY TAX NOTICE. Were you shocked at the new value? After declining for several years, values are now increasing, a reflection of what’s happening in the market. Property tax valuations typically lag behind the market and don’t generally reflect true market value. They do, however, set the value of the property that is used to determine how much property tax you will owe the following year.
Think your property is overvalued based on what you’ve seen selling in your neighborhood? There is a new, online way to appeal to the King County Board of Equalization (BOE). Go to www.kingcounty.gov/eappeals.
The site has some great tools for looking at comparables. There is a step-by-step process to figure out if it’s even worth the effort of appealing. Check out the You Tube video for instructions: https://www.youtube.com/watch?v=j3fq83SCNCo#at=16
And here’s what the Seattle Times is saying about the process: http://seattletimes.com/html/localnews/2021192964_assessorxml.html
Also, we found the “Area Report” (one of the options at the top of the page) very interesting. It describes what went into the assessment process for your specific neighborhood.
Need more information on comparables or the process? Give us a call or email – we’re happy to help!
