Why Home Sales Bounce Back After Presidential Elections With the 2024 Presidential election fast approaching, you might be wondering what impact, if any, it’s having on the housing market. Let’s break it down. Election Years Bring a Temporary Slowdown In any given year, home sales slow down slightly in the fall. It’s a typical, seasonal trend. However, according to data from BTIG, in election years there’s usually a slightly larger dip in home sales in the month leading up to Election Day (see graph below): Why? Uncertainty. Many consumers hold off on making major decisions or purchases while they wait to see how the election will play out. It’s a pattern that’s shown up time and time again, and it’s particularly apparent for buyers and sellers in the housing market. This year is no different. A recent survey from Redfin […]

Buyer Representation and Its Importance for Sellers by Cassie Walker Johnson In today’s rapidly changing real estate landscape, understanding the critical role of buyer representation has never been more essential for home sellers. With the pending NAR settlement on the horizon, many sellers may not fully grasp the significant impact these changes will have on their transactions. The urgency to adapt is real, and overlooking the necessity of paying a buyer agent commission could expose sellers to unforeseen risks. Currently, home buyers are not allowed to roll their buyer agent compensation into their loan. This means they must bring cash to the table to pay their agent (if the seller is not offering buyer agent compensation). Unrepresented buyers should be considered more than a minor hiccup-it can lead to a cascade of complications that jeopardize the entire deal. To safeguard […]

Top 10 Predictions for Seattle’s Real Estate Market in 2024 1. Still no housing bubble This was number one on the list last year. The reason it’s being called out again is because the market performed better in 2023 than expected. Continued price growth, combined with significantly higher mortgage rates, might suggest to some that the market will implode in 2024, but highly unlikely. 2. Mortgage rates will drop, but not quickly The U.S. economy has been remarkably resilient, which has led the Federal Reserve to indicate that they will keep mortgage rates higher for longer to tame inflation. But data shows inflation and the broader economy are starting to slow, which should allow mortgage rates to ease in 2024. That said, it is estimated that rates will only fall to around 6% by the end of the year. 3. […]

Effective January 1, 2024: Big Changes Coming to Washington State Significant changes are on the horizon for real estate laws in Washington, coming into effect on January 1, 2024. This marks the most substantial revision to the agency statue since its inception in 1997, addressing the evolving real estate landscape. The revamped pamphlet formerly known as The Law of Agency, now named Real Estate Brokerage in Washington, not only modernizes existing regulations but introduces enhanced safeguards and sustained transparency for both buyers and sellers. To understand the impact of these changes, let’s rewind a bit. In the past, Washington brokers exclusively represented sellers, leaving buyers without dedicated representation. The introduction of the Law of Agency in 1997 allowed brokers to extend representation to home buyers, although without a mandatory agreement outlining the broker-buyer relationship. Starting January 1, 2024, a comprehensive […]