REMINDER: Ballots are due today!

To find out where Seattle-King County candidates stand on issues affecting homeownership, you may review the Seattle-King County REALTOR® Voting Guide: https://www.nwrealtor.com/advocacy/voting-guide

To view a list of Tacoma-Pierce County candidates that received endorsements from the Tacoma-Pierce County REALTORS®: https://tpcar.org/tpcar-2021-general-election…

For the list of Spokane Association of REALTORS® endorsed candidates: https://www.spokanerealtor.com/2021election-update

Feel free to reach out to me for information about REALTOR® endorsed candidates in other areas. I’ll be happy to help you support candidates that support homeownership!

The Washington REALTORS® had some big wins this week!


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The Washington REALTORS® advocates for REALTORS® and their clients, and we had some big wins this week! ALL real estate sales will be exempt from the new capital gains tax, and the bill for rent control died. Contact me if you have questions about the government affairs that affect your real estate goals; I’ll be happy to help! 🤝

Washington REALTORS® Legislative Day 2021

REALTORS around the state of Washington, including myself, will be meeting with our legislators today to discuss housing solutions for 2021: how to make housing available and affordable, and to erase out-dated racial covenants.

For information about our efforts: MyNeighborWa.com

Trick or Treat! How to adapt your home for candy-seekers this Halloween

If you’re participating in the spookiest holiday this year, a few adjustments can make for a safer Halloween.

Like many holidays and celebrations in 2020, Halloween is sure to look different due to the COVID-19 pandemic. For those who plan on doling out candy for their neighborhood ghosts and goblins, consider these ideas for a safer way to accommodate trick-or-treaters.

Arrange candy outside

The CDC is recommending “one-way trick-or-treating” this year for those still partaking in Halloween. Rather than having children ring the doorbell, arrange candy outside in advance for curbside pick-up. This way, children can visit your house for treats in a contact-free manner.

Instead of the traditional candy bowl, consider filling small bags with a few pieces of candy and lining them up on the front steps or driveway. These Halloween goodie bags mean you can stay inside the house and trick-or-treaters avoid the germs that come with rifling through a communal bowl.

Get creative

Have extra string lying around? Create a zipline – perfect for transporting contact-free confections – from your front door to the sidewalk. Or, if you love a good engineering challenge, encourage neighbors to a friendly competition to see who can build the most creative system for delivering candy.

Put out hand sanitizer

If accessible, place a hand sanitizer bottle with a pump-top outside to encourage neighbors to clean their hands in passing.

If your house won’t be participating in trick or treating this year, you can still enjoy the holiday by:

  • Decorating the house’s exterior with creepy, crawly and festive décor.
  • Carving or painting pumpkins.
  • Watching scary movies.
  • Enjoying Halloween treats, like pudding “dirt” cups, candy corn and, of course, your favorite pieces of candy.

Candidate Interviews for State Legislative Positions within King County

As a member of the Seattle King County REALTORS® Government Affairs Committee and a REALTOR® Political Action Committee major investor, I’m very happy to be participating in candidate interviews for state legislative positions within south King County. We get to know the candidates better, their top legislative issues and discuss where they stand on the following issues important to home owners, sellers, landlords, tenants and REALTORS®:

  • Growth Management Act
  • State Capital Gains Tax
  • Rent Control and Tenant Protections
  • Real Estate Excise Tax
  • Homelessness
  • Point of Sale Mandates

Interviewers help decide if the candidate should receive the REALTORS’ endorsement and funding from RPAC. The Seattle King County REALTORS® offers a Voting Guide for the public and REALTORS® to make informed decisions about which candidates will support housing opportunities and vibrant communities. Please reach out to me for more information and/or if you have any questions!

Great News for the Real Estate Industry in WA

On Saturday, March 28th, in cooperation with Washington Realtors, Governor Inslee agreed to certain modifications to the Stay Home, Stay Healthy Order for the real estate industry.  Due to the fact that the vast majority of real estate brokers are abiding by the Order, several of the original restrictions on in-person activities have been revised – provided that strict protocols for social distancing are implemented.

The protocols that must be followed for the permitted in-person activities include:

  • In-person activities must be by appointment only
  • No more than two people, including the broker, may be at the property at any one time
  • Those two persons must strictly follow social distancing guidelines established by the Centers for Disease Control and Prevention (“CDC”) by remaining at least six feet apart at all times.

The revisions to the Order are limited to allow the following in-person activities, provided the above protocols are followed:

  • Previews and showings of listings by appointment only
  • Listing presentations, photography, and creating virtual tours for new listings [Note: professional photographers are not considered “essential,” thus all photos must be taken by the broker or seller]
  • Inspections for pending transactions
  • Appraisals for pending transactions
  • Buyer “walk-throughs” for pending transactions prior to closing
  • Providing keys to buyers at closing

The Order strictly prohibits all other real estate brokerage services that are not conducted remotely from the broker’s home. Also, please note that staging and moving services are not considered essential and also remain prohibited by the Order.

Source: NWMLS 3/28/20

WA State Governor Inslee’s “Stay Home, Stay Healthy” order

Effective midnight on Wednesday, March 25, 2020, real estate brokers in the state of Washington are limited to providing services to their clients remotely from their homes using technology for a minimum of 2 weeks. You may read the document NWMLS created that provides details of how we’re effected. If you’re planning to buy or sell real estate soon, please reach out to me and I’ll be happy to explain what we may do to help you prepare to be ready when the order is lifted.

(you may select/click the picture above
to open and view a large version)

The Global Demand for Affordable Housing

The subject of affordable housing in cities around the world is becoming a focus of discussion as we move into the next decade. Whether it be in Los Angeles, San Francisco, London, Sydney, or Cape Town, academics, politicians, and developers are trying to solve the growing problem.

It cannot be a solution to the demand for housing in thriving cities, to move people further away from the city in search of cheaper places to live. The cultural issue is how to bring about significant increases in supply to city precincts without resorting to building on green belts and other open areas. Various cities will require the incumbent powers and political leaders to align with housing providers, new financial models, and the market to support low-cost housing essential to creating economically successful and enduring living places.

LA’S CRISIS

Los Angeles’ affordable housing crisis is well documented. According to the annual report from the California Housing Partnership, LA county would need over half a million units of affordable housing to meet the demand from low-income renters. In most major cities around the world, the price of most market-rate units is out of reach for low-income earners.

Most definitions of affordable housing are homes affordable to those entering or in the housing market but unable to access current planned or available supply either because of income circumstances or the stage of their lives.

According to the California Housing Partnership, the crisis is more significant than single communities. No matter how hard local governments and citizens work, help is needed from state, provincial, and federal authorities. A report by Savills in Britain estimated that as many as 500,000 families a year are unable to access available housing supply.

In Sydney and Cape Town, demand for affordable housing far exceeds supply. A comparison between the 20 most affordable Sydney suburbs for low-income earners in 2006, and again in 2010, found dramatic reductions in the number of affordable properties. The suburb of Westmead, for instance, recorded a 90 percent reduction in affordable properties over the period. A study done in Cape Town by a prominent architect suggests that mixed-income high-rise residential developments have the potential to break the mold. Integrating private sector investment and provision of tax breaks to developers would allow a larger budget for better aesthetics in design, giving people from a spectrum of income groups the ability to be accommodated in previously exclusive city areas. Blended buildings would provide people with inhabiting social housing units more integrity and all the inhabitants a sense of value and strong dignity.

We have a way to go before viable solutions are found to this problem, but comfort can be found in the fact that some of the most qualified people are applying their minds to solving the global affordable housing crisis.

Source: Washington REALTORS®

Top 10 Outperforming Markets

Metro Areas NAR Expects Home Price Appreciation to Outpace in the Next 3 to 5 Years

The National Association of REALTORS® identified the top metro areas taking into account a myriad of variables, including domestic migration into the area, housing affordability for new residents, consistent job growth outperforming the national average, age structure of the population, attractiveness for retirees, and the area’s home price appreciation.

In alphabetical order, the markets are:

  • Charleston, South Carolina
  • Charlotte, North Carolina
  • Colorado Springs, Colorado
  • Columbus, Ohio
  • Dallas-Fort Worth, Texas
  • Fort Collins, Colorado
  • Las Vegas, Nevada
  • Ogden, Utah
  • Raleigh-Durham-Chapel Hill, North Carolina
  • Tampa-St. Petersburg, Florida

Read more on the National Association of REALTORS® website…

Real Estate Forecast: Recession Unlikely in 2020

Expect Continued Economic Growth, Slower Real Estate Price Gains and Small Chance for Recession in 2020, According to Group of Top Economists

 

A group of top economists recently arrived at a consensus at the 2020 economic and real estate forecast at the National Association of Realtors®’ first-ever Real Estate Forecast Summit. The economists who gathered at NAR’s Washington, D.C. headquarters expect the U.S. economy to continue expanding next year while projecting real estate prices will rise and reiterating that a recession remains unlikely.

These economists predicted a 29% probability of a recession in 2020 with forecasted Gross Domestic Product growth of 2.0% in 2020 and 1.9% in 2021. The group expects an annual unemployment rate of 3.7% next year with a small rise to 3.9% in 2021.

When asked if the Federal Open Market Committee will change the federal funds rate in 2020, 69% of the economists said they expect no change, while 31% expect the committee will lower the rate next year.

The average annual 30-year fixed mortgage rates of 3.8% and 4.0% are expected for 2020 and 2021, respectively. Annual median home prices are forecasted to increase by 3.6% in 2020 and by 3.5% in 2021.

“Real estate is on firm ground with little chance of price declines,” said NAR’s Chief Economist Lawrence Yun. “However, in order for the market to be healthier, more supply is needed to assure home prices as well as rents do not consistently outgrow income gains.”

Apartment rents are expected to rise 3.8% and 3.6%, respectively, in 2020 and 2021. According to the group of economists, annual commercial real estate prices will climb 3.6% in 2020 and 3.4% in 2021.

“Residential and commercial real estate investment remains attractive as we approach the start of a new decade,” said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, CA. “Increased home building can serve as a stimulator for the overall economy, and we strongly encourage more homes to be built as buyer demand remains strong.”

The 2019 NAR Real Estate Forecast Summit consensus forecasts are compiled as averages of the responses of 14 leading economists who participated during the summit. The survey was conducted from December 2-5, 2019.

The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

Source: National Association of Realtors 12/11/19