According to CNNMoney.com, the forecasts for housing price growth are calling for booming values in the state of Washington. For the June issue of MONEY Magazine, Fiserv Lending Solutions and Moody’s Economy.com provided forecasts for the coming 12 months for 380 metro areas – they predict that five of the top 10 fastest growers will be in Washington. The median home price in Wenatchee is set to grow at 16.7 percent from June 2006 to June 2007. Other local areas forecast to have robust housing value appreciation are: Mount Vernon (14.5 percent), Olympia (13.1 percent) and Yakima (12.8 percent). Washington is among the top 10 of states in attracting more domestic migration than they lose to other states. Seattle prices are forecasted to grow 10.5 percent in the next four quarters. Much of the appreciation in housing is attributed to above average job and population growth and limited supply of housing.
According to a survey of home buyers by HomePages.com, 70 percent of consumers say rising gas prices have become an important consideration when deciding where to live. Nearly half of all home buyers (48 percent) ranked rising gas prices as “very important.” Consumer attitudes and opinions about commuting long distances to work have also shifted rather dramatically over the past year. More than 40 percent of home buyers now think a short commute to work is an important factor in choosing a new home. Real estate professionals also report that consumers are seeking homes that are closer to desired local services and amenities, such as restaurants, coffee shops, and schools.
Ferry Ridership on Washington State Ferries in the Puget Sound region decreased in 2005 for the sixth consecutive year, according to a report by the Puget Sound Regional Council. Overall, Puget Sound ferry ridership in 2005 was down by more than 190,000 from 2004, a decrease of 0.9 percent. The Edmonds-Kingston route lost the most riders in 2005, with over 137,000 fewer riders compared to the previous year. The rest of the car-ferry routes had ridership consistent with the previous year, within a 1 percent difference. The full report is available online at psrc.org or from the Information Center at 206.464.7532.
One in four Americans born from 1946 to 1964 own more than one property, according to a survey of nearly 2,000 boomers done this spring by Harris Interactive for the National Association of REALTORS® and reported in USA Today. Boomers own 57 percent of vacation homes and 58 percent of rental properties, according to NAR. Beyond their primary residences, 13 percent of boomers own vacant land, 8 percent own a vacation or seasonal home and 2 percent own commercial real estate. Those surveyed reported that they aren’t financially prepared for retirement, but real estate ownership is a key part of boomers’ retirement plans. Four in 10 boomers who own a vacation home intend to make it their primary home eventually. Also, according to the survey conducted by Harris Interactive for the National Association of REALTORS®, boomers were asked where they want to retire: 60 percent want to retire in Rural or small town, 49 percent in an age-restricted community, 38 percent close to family, and 12 percent in Urban or city (respondents could choose more than one location).
NWREporter July 2006 