Phased RE Opening & Rebound

804f962c3f9ef58a0c75e7af_1280x988.png


Gov. Inslee lays out our plan

A 4 Phase plan to re-open Washington from the Stay Home Order.

In this letter, I will give my interpretation of this plan and how it relates to real estate along with updates and clarifications from the WA Realtor Association.

This plan is similar to many other states including NY and CA in that it has specifics about what can open at each Phase but doesn’t put a timeline on future phases.
But, Phase 1 started on Monday the 5th! Each phase should last about 3 weeks.

The WA Realtor Assc. announcement, below, interprets the governors announcement for real estate activity.
It says that all real estate activities will be allowed in Phase 2, with the exception of maybe in person open houses since gatherings are restricted to 5 people total.
Also in Phase 2, housecleaning is allowed which I think gives way to allowing contractors into your house to prep your home for sale.


GOVERNOR ANNOUNCES 4 PHASE APPROACH – from WA Realtors Assc.

On Friday, May 1st Governor Inslee announced an extension of the “Stay Home, Stay Healthy” order to May 31st and laid out a phased approach to re-opening the State economy. Phase 1 begins Tuesday, May 5th. Please note that this does not affect the modifications that were made to the original Stay Home, Stay Healthy order that allow certain real estate activities to take place.
Phase 2 businesses will include all other real estate activity including commercial real estate, the re-opening of real estate offices, and services such as sign installation. Phase 2 also allows gatherings outside your residence for up to 5 people, which presumably would apply to parts of the real estate transaction such as showings, appraisals notarizations, etc. The Governor’s phased-in plan will apply in counties that have been harder hit by COVID-19. The 10 counties that have not been as impacted by the virus will be allowed to apply for waivers that will let them open up faster (see KING5 story for summary).
Although it is not yet clear when Phase 2 will begin, we will be in constant dialog to make our case for the earliest possible start date that is consistent with maintaining public health as the number one priority, and we also will continue urging the Governor’s office to approve additional, and safe, modifications that we’ve requested to allow brokers to more fully meet the needs of their clients.



RE Transactions Rebound

Transactions in Seattle and King Co. bottomed out the first week of April, down -65% vs LY but have been increasing since this low.

This data plus a decrease in market time to sell a home and a +8% increase in sold home prices in April in Seattle show us that there are still buyers in the market and they are transacting.

The residential real estate market is still active and I think it will be headed back to “normal” once we are further along into Phases 2 & 3 this summer.

Only time will tell how the Stay Home Order will ultimately impact our housing market.

So far, real estate is fairing better than most segments of our economy.


Almost $700k for our neighbors in need!!

Thank you, thank you to all that helped support this incredibly worthy cause to help our neighbors in need and bring food and resources to our local food banks.

Our agent supported Windermere Foundation matched $250,000 to the $440,000 raised to get the total donation to almost $700,000! Amazing!



Life goes on…

I know it’s been hard for all of us to adapt to this crazy time and it is so much

more challenging for the most vulnerable in our city.

Things around my house have been moving forward, sometimes without me. I owe so much to my incredible family!

They have all stepped up and kept a positive attitude while spreading some kindness.

With love, the Johnson’s

My wife, Lari, and I celebrated our lucky

13th wedding anniversary in early May!

 


Posted on May 21, 2020 at 10:11 am
Robert Johnson | Category: Familiy, Giving, Home Info, Market Info | Tagged , , , , , , ,

Breaking News – More Counties to Phase 2

WR & NWMLS RELEASE REAL ESTATE GUIDANCE FOR PHASE 2

May 20, 2020

Governor Inslee announced that ten additional Washington Counties have been approved to apply for Phase 2 recovery status. Additional counties will be considered by the administration to apply when their infection rates per thousand residents meet the threshold set by the Governors recovery plan. Counties must also demonstrate the health care capacity and tracing ability to qualify.

The counties now approved for Phase 2 must comply with the regulations and protocols set forth by the Governor to protect public safety.

Washington REALTORS® and the NWMLS have revised the Covid-19 Frequently Asked Questions to assist you in applying those regulations to your day-to-day business. Please discard previous copies of your FAQs for this revision.

Leadership and your Government Affairs team have worked very hard to earn these modifications, please continue to demonstrate compliance with the regulations so we can expand Phase 2 eligible counties.

Phase 1 counties (gray) status has not changed and business practices have not changed from previous weeks. When infections rates go down and other requirements are met, they too can apply for Phase 2.

Recap of modifications for Phase 2 include:

  • Real estate firms may open their offices in a limited fashion;
  • Commercial brokers can engage in the same in-person services as residential brokers;
  • Three persons (as opposed to two persons) are allowed on site for permitted in-person real estate activities for both residential and commercial brokerage (for both improved and unimproved property); and
  • Sign installers may install real estate signs.

For both Phase 1 and Phase 2 in-person real estate activities, real estate brokers and industry partners (e.g. appraisers, inspectors, photographers, stagers, etc.) must wear cloth face coverings and should encourage clients and customers to do the same.  

Public and broker open houses and similar invitations to view a property without an appointment are not permitted in Phase 1 or Phase 2. Only previews and showings by appointment are allowed.

Brokers must adhere to the “phase” protocols for the county where the property is located, regardless of the location of the broker’s office or home. Brokers conducting real estate activities in a Phase 1 county, must continue to abide by the Phase 1 protocols, which include only allowing two persons in a property, including the broker, at one time.

REVISED FAQ DOCUMENT

Posted on May 20, 2020 at 9:50 am
Robert Johnson | Category: Market Info | Tagged , , , , , ,