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😮 Snohomish spends $6.3M, Cascades climbing restrictions, & millennial homeowner data

😮 Snohomish spends $6.3M, Cascades climbing restrictions, & millennial homeowner data

Stay up to date on what's happening in the Snohomish County economy.

Lisa Bender
January 19, 2024

Happy Friday!

This week on The Bender Buzz we have a lot of updates for you in Snohomish County.

The Tourism tax is about to be allocated for 2024 to continue boosting our economy. If you’re an outdoor enthusiast, you’ll want to keep reading to learn about some new climbing restrictions that could be coming to Washington State.

We are also taking a look at how millennials are approaching home ownership in the current real estate landscape.

— Lisa

🏞️ Snohomish County tourism group seeks to spend down $6.3M lodge tax balance

Driving the news: The Snohomish County Tourism Promotion Area is planning to spend its $6.3 million fund balance in 2024.

This decision marks a significant shift as it's the first time expenditures will surpass the revenue generated.

Details: The 2024 proposed budget includes expenditures of about $3.3 million, against an anticipated revenue of $2.4 million.

The tourism group imposes a $2 per night fee on lodging businesses with 40 or more units.

The funds will be allocated toward tourism promotion in Snohomish County

Why it matters: This move reflects a strategic change in the handling of funds accumulated through the lodge tax, particularly in the wake of the pandemic's impact on tourism.

The big picture: In 2019, the advisory board doubled the self-assessment fee to $2, effective from July 2020, to manage uncertainties in the tourism industry due to the pandemic.

Despite the spend-down plan, the 2024 revenue is expected to increase by 6.8% compared to 2023.

By the numbers: The projected 2024 revenues are set at $2.37 million, up from the $2.22 million in 2023.

Conversely, the 2024 expenses are projected at $3.3 million, a 47.2% increase from 2023's $2.2 million.

Between the lines: The excess of expenditures over revenues doesn't imply a downturn in tourism or lodging in Snohomish County for 2024.

What’s next: The 2024 tourism promotion plan awaits approval from the county’s Finance, Budget, and Administration Committee.

The bottom line: There's no specified deadline for the use of these undesignated funds, allowing for flexible planning and strategic allocation to boost the region's tourism in the post-pandemic era.

🎥 Avoid Making This Pre-Approval Mistake Before It’s Too Late!

Check out this cautionary tale of a buyer whose pre-approval sabotaged their chances of buying a home.

🌄 Federal proposals could curtail climbing anchors in WA wilderness

Driving the news: Federal land managers are inviting public input on new policies that could significantly impact rock climbing in the Cascades and across the United States.

These policies focus on the use of fixed anchors in federal wilderness areas, a crucial tool for climbers.

Details: In mid-November, the National Park Service (NPS) and U.S. Forest Service (USFS) released draft policies aimed at regulating fixed anchors, including bolts, pitons, and slings.

Climbing advocates fear these proposals could label these tools as prohibited "installations," posing risks to climber safety and overturning longstanding practices.

Why it matters: Kurt Hicks, a seasoned climbing guide, emphasizes the potential end of unrestricted climbing, which could change the face of the sport.

Comments on these proposals are open until January 30, and the climbing community is actively voicing concerns.

The big picture: Climbing routes, especially in renowned areas like North Cascades, Yosemite, and Joshua Tree, rely heavily on fixed anchors.

Without them, thousands of climbs might become inaccessible, altering the landscape of American climbing.

By the numbers: With over 8 million climbers in the U.S., the impact of these policies is far-reaching, both in terms of safety and accessibility to popular climbing destinations.

Between the lines: While federal agencies aim to balance climber safety with wilderness protection, groups like Wilderness Watch advocate for more restrictions, citing environmental concerns.

This tension reflects a broader debate on managing growing outdoor recreational activities.

What’s next: The climbing community, including figures like Erik Murdock of the Access Fund, is pushing for legislation to protect the use of fixed anchors.

Meanwhile, the NPS seeks to provide consistent guidelines for their installation and maintenance.

The bottom line: This issue extends beyond climbing; it's about how we balance recreational use with conservation.

The outcome of these policies will set a precedent for how wilderness areas are enjoyed and preserved for future generations.

🚨 The biggest barriers to homebuying for Millennials

Driving the news: A new report from Real Estate Witch identifies high interest rates as the primary barrier to homeownership for millennials.

This trend persists despite recent progress in the housing market towards increased affordability.

Details: The report reveals interesting data about millennials and how their financial relationships to homeownership.

Financial barriers are widespread, with 95% of millennials facing difficulties in homeownership. Over half (57%) carry debts exceeding $10K, and nearly half (47%) plan to make down payments of less than 20%.

50% of millennials cite interest rates as their top obstacle, followed by high home prices (46%) and difficulty in saving for a down payment (42%).

A notable 67% express regret over not buying homes when rates were lower.

While 96% of millennials admit that high interest rates have affected their homebuying plans, a resilient 78% are still open to purchasing homes at rates exceeding 7%. Most plan to refinance if rates decrease.

Why it matters: These findings highlight the challenges millennials face in the current real estate landscape, marked by high interest rates and escalating home prices.

The situation underscores the evolving dynamics of the housing market and its impact on younger buyers.

Between the lines: Millennials are increasingly willing to compromise, with many open to buying homes with significant issues like asbestos (67%) or mold (62%).

This willingness to accept less-than-ideal conditions reveals the pressure to enter the housing market.

What’s next: Despite financial barriers and market uncertainties, millennials are exploring various strategies to achieve homeownership.

These include taking on additional jobs, moving to more affordable areas, and even renting out parts of their future homes.

The bottom line: The struggle for homeownership among millennials mirrors broader economic challenges and changing market conditions.

Their experiences offer insights into the evolving narrative of the American Dream in the context of modern real estate realities.

📊 Our Current Local Market Data

The real estate market in Snohomish County, WA is currently cooler with the winter in full swing. Homes are sitting on the market a little longer, but we are still in a seller’s market.

If you want to buy a home in this market, you’ll need a solid strategy for searching and making strong offers. Your home search could take a while, but you’ll have to move quickly when you find a home you like.

I’m staying on top of the market daily and there are even financing options that can help you purchase at a lower rate.

If you ever have questions, don’t hesitate to ask.