Category: Millennials (7)

The Seattle market has continued to thrive and drive up home prices in and around the Puget Sound making it harder for some buyers to purchase a home. A new startup wants to help you buy a house in Seattle, but there is a small catch.

Loftium is a new company that seeks to help eager home buyers purchase 50 homes in the Seattle area by helping with the down payment. For those who do not have enough money saved for a down payment, Loftium can help buyers in the competitive market.

The catch – home buyers who opt to use Loftium must sign a contract renting a room on Airbnb for a specified time and turn over the majority of the income from Airbnb to pay back the company. Contracts can range from one year up to three years. For more information on Loftium, read the full article HERE.

 

In recent years, the Seattle area has attracted new residents in droves. The booming job market, nearby outdoor amenities, and relatively affordable cost of living has many considering our region the most desirable for relocation. Can you blame them? With Amazon and Microsoft  regularly making huge business moves (not to mention Starbucks, Facebook, Google, T-Mobile, Expedia, REI, Apple, etc) the job market is consistently flourishing.

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A new report on realtor.com was just released with a lot of hard data on what home styles, sizes, locations, floor plan options, and more affects your home’s appreciation. To gather this information, Realtor looked at millions of listings from 2011 to 2016 and compared features against each other. And, to preface, they also start by stating, “If the economy is strong, a home’s value generally increases 3% to 4% every year, driven by inflation and natural population growth.” Even better, they report that, “From 2011 to 2016, the national housing market was recovering from the bubble at a slightly higher speed: 6.3% a year, on average.”

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It’s no secret that Seattle is a haven for the millennial-aged crowd. However, with the recent construction and real estate boom in the Puget Sound area, is the growth leaving this young crowd in the dust? A recent Seattle Times article would report a resounding “yes.” It states, “Local young adults ranked housing costs as their biggest concern…” and 45% of millennials in our area expect to relocate somewhere more affordable to live the life they want. What’s even more troubling is that they would all actually prefer to stay in the region! The potential impact of a mass-millennial-exodus is nothing to sneeze at. “King County alone has 400,000 millennials…” which is the second highest rate nationwide, just losing out to Brooklyn. This is the future of the Seattle-area workforce and you better believe a drastic shift would affect more than just the morning line at your neighborhood coffee shop.

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A recent article published by Forbes outlines millennial moving habits, asking “why do millennials move?” As Maureen Henderson writes, while “the stereotype may have them shacking up Chez Mom and Dad . . . 59% of 18- to 35-year-olds currently live in a locale other than their hometown and almost 80% have moved at some point in their lives, not counting moves made to attend college.”

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