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Phased RE Opening & Rebound
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!
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.
Blocks to new U District Link station!
Duncan Place is an amazing investment condo!
Superior location with easy access to the best of Seattle – University of Washington, Trader Joe’s & Upcoming U District Link Light Rail to everywhere.
Exceptional 2nd floor unit on SW corner opens to large deck.
Well maintained like new 2009 building. Secure parking & storage in garage.
Great Room – kitchen with granite counter tops & upgraded appliances. hardwoods throughout + carpet in bedroom.
NO RENTAL CAP. Walk Score(TM) of 94! Location is everything for living this Seattle lifestyle!
http://robertbjohnson.com/listing/104301801
Minutes walk to the U District Link Light Rail station coming early 2021!
Minutes to the South End of Lake Union.
Zero (0) step building is well maintained inside and out with secure lobby for mail and packages + secure common garage.
Artist rendering of the U District Link station coming early 2021 – 12 minutes to downtown Seattle!
2020 – Why you want to be in Seattle
I was able to listen to our chief economist for Windermere yesterday for his annual economic forecasts heading into 2020. The slides below illustrate his forecast for the Seattle area moving into 2020. #realestateislocal
Matthew Gardner, while being one of the brightest minds in our company, knows how to deliver a message.
We all know that most economist are calling for a national recession in the not too distant future. But most are now pushing back for this to begin in mid 2021, be short lived and not focused on the housing market like the great recession.
Matthew feels the next recession will be due to the ongoing trade wars with China and the EU as well as our escalating national debt. With interest rates already at historic lows, the Fed will NOT be able to help end the recession by lowering rates.
But the Seattle area will be somewhat insulated to these national issues in the coming years, here’s why…
- We’re no longer a one trick pony. Like when this sign from 1973 went up during a Boeing slump. Seattle’s industries have diversified. There are now 34 Fortune 500 companies in the Seattle Area compared to 7 just a few years ago! Boeing is still king with over 80,000 employees in the area but their ups and downs don’t threaten the Seattle economy like they did not too long ago.
- The tech industry is the largest employer in the Seattle Metro area and have driven our unemployment #’s down to 3%.
- The other employers to round out the top 5 for the Seattle area are JBLM, Joint Base Lewis McCord (56,000), Microsoft (42,000), Amazon (25,000) and UW, University of WA (25,000). A healthy mix of different industries that are projected to grow their employment by 2.2% next year, again leading the nation.
- All of these growing companies in the Seattle area are why our economy will continue to expand through 2020.
- There is still no signs of a Housing Bubble.
- $18.7 trillion dollars of home equity in the US! We’re not upside down on our mortgages like during the great recession.
- FICO credit scores are over 750 and the average amount of a down payment was 17%.
- So we’re qualified and invested when we purchase our homes.
And that’s a wrap!
44 pumpkin pies delivered to welcoming past, present and future clients.
Hours of holiday music that Morgan & Paige will recount to their therapist along with my embarrassing Pie Hat 😬
Happy Holidays everyone!
#pieguy #lovemyjob #happyholidays #wearewindermere
Gardner Report 2019 – Q3
Our esteemed economist, Matthew Gardner, has released his 3rd quarter assessment of our Western WA real estate market. Enjoy!
WW | Home Run 5k Walk & Run
Hello all of my generous and active friends, family and clients!
I hope you can join me, Lari, Morgan and Paige for our HOME RUN 5K on Nov 9th!
We welcome kids, runners & walkers – a FUN RUN for all.
Hats will be given to participants and give-aways for young runners too.
Hosted by Windermere Wedgwood, with all proceeds benefiting the Windermere Foundation. Our mission is to assist low income and homeless families and over $40million has been awarded since 1989. Currently thousands of dollars are awarded monthly to schools, food banks, enrichment programs for kids, and numerous other organizations in the greater Seattle area.
*This is a non-timed event*
Click here to register for the Home Run
If you can’t participate on the day of the race but would still like to donate please click here Windermere Foundation and designate your donation to the Wedgwood office.
Thank You!
This Saturday the 14th – Summer Splash!
We’ll be at Greenlake again with so many great family games and activities by the lake.
Crew races featuring your favorite Windermere agents and water activities for all.
Saturday the 14th from 9am to 3pm at the Southwest corner of Green Lake at
5900 W Green Lake Way N
