Advocacy In Action
Since it’s still winter it may be too early to talk about butterflies but have you heard of the Butterfly Effect? It’s the notion that the world is deeply interconnected such that one small occurrence can influence a much larger, complex system. I for one, happen to believe in the impact and compounding effect of small changes.
I serve as VP of Governmental & Public Affairs for Seattle King County REALTORS®. Last week, along with hundreds of other REALTORs® from across the state, we went to Olympia and met with our representatives to advocate for critical housing legislation. If adopted, these changes will positively impact the housing market by introducing more inventory and choices to help shift the supply and demand dynamic that continues to contribute to steep price escalations in our area - making homeownership for some a distant dream.
With less than 2 month’s supply of inventory it’s no wonder that December’s median home price in Seattle was $850,000, UP from $500,000 in 2014. And on the Eastside the median sale price last month was $1,440,000 vs. $640,000 in 2014.
These dynamics are still very much in play. Now that the holidays are behind us and interest rates are coming down, more buyers have entered the market and in many cases, multiple offers are back. I just helped buyers win in multiple offers in where the final sale price is near 10% over asking.
Ensuring a variety of options across all rungs of the housing ladder is critical. Last year in what Governor Inslee dubbed “the year of housing” an unprecedented amount of pro-housing legislation was passed. This year, REALTOR®'s sought to build on that momentum by focusing on 4 legislative priorities.
These include:
Enabling a homeowner to create an additional residential buildable lot through an administrative lot split while ensuring cities maintain oversight of certain requirements
Increasing housing stock and commercial services near areas with major transit centers, with the affordability component being addressed through locally developed programs vs. a state-wide mandate
Allowing detached accessory dwelling units in rural areas to address the inequity of housing supply in rural areas in which attached ADUs are already permitted
Ensuring no further harm is done to our already fragile market to ensure Washington can continue to attract investments in housing and real estate.
As a REALTOR®, I’m proud to be engaged in these efforts, believing strongly that - like the butterfly effect - these changes will have much needed, positive impacts. I also understand that for some, these proposals raise questions so I’d love to hear YOUR thoughts. And as always, if you need a trusted advisor to help you either buy or sell your home, reach out today, I’m happy and ready to help!
Call/text 425-495-0926 - or email me anytime! ginam@windermere.com.
