Real Estate Market Update for Fall 2016. What you need to know about changes and trends in the real estate industry.
It has been an amazing year and with the holidays around the corner, it is time to start thinking about 2017 – yes, 2017…
There have been shifts in the market and changes in local ordinances that may affect your investment. If you have questions or need advice, I am here to assist!
Zillow Blog – Premier Agent Forum
This past week, we traveled to Las Vegas to attend the 3rd Annual Zillow Premier Agent Forum. The event was focused on the Zillow Trends Report; new Zillow products offered to agents to help best connect with the modern day homebuyer and seller; and then shifted to sessions based on leadership and personal growth.
HERE ARE A FEW INTERESTING DATA HIGHLIGHTS:
- Half the homebuyers in the US are under 36 years old & 47% are first-time buyers.
- 83% of buyers are shopping for single-family houses with top considerations being affordability and being in a safe neighborhood.
- Only 46% of buyers secure the first property they put an offer on, otherwise the average search takes up to 4.2 months!
- More than 50% of all homeowners purchase a property that needs updates.
- Sellers’ top regret is that they didn’t take more time to prepare for a sale.
- 63% of all sellers are listing a home for the first time and 38% of all sellers are members of Generation X.
- While looking for a property to rent, 58% of renters also consider buying.
- Renters spend an average of 10.4 weeks searching for a home, and they contact 5 landlords while submitting 3 applications during the process.
RENTAL UPDATE
There have been several changes to our local Rental Ordinances and Laws.
RENTAL REGISTRATION AND INSPECTION ORDINANCE (RRIO)
ALL landlords within Seattle city limits MUST register their rental properties (single family, condos or apartment buildings) with the city by 12/31/16. You can register at www.seattle.gov/RRIO – let us know if you have any questions!
The City will be requiring property inspections every 5-10 years and will make random selections monthly. If you have been selected, we can recommend an inspector and answer any questions you or your tenant might have.
OTHER CHANGES
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- The City now prohibits increasing rent if a property fails to comply with the RRIO.
- The City has prohibited special deals or concessions for tenants based on where they work.
- The City approved a new law outlawing housing discrimination based on source of income.
- When selling or reoccupying a property, landlords MUST give 90 days notice (formerly 60 and 20 days), but landlords may request a hardship exception to shorten the notice period in certain circumstances.
- The time in which landlords need to refund a tenant’s security deposit is 21 days from the date the tenant surrenders possession, unless otherwise stated in a lease agreed upon prior to 2016
- Effective January 2017, landlords will need to accept applicants on a “first come, first serve” basis. All information regarding minimum screening criteria will need to be disclosed prior to accepting applications and they must be screened in the order in which they have been received.
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We at Seattle Rental Group will be adopting a new application screening process in order to comply with the new policies.
SALES UPDATE
2016 has been a successful year in assisting buyers, sellers, landlords and renters in over 110+ transactions year to date!
If you are interested in learning what your home is worth – click below for an instant, custom CMA.
If you are thinking 2017 will be the year to purchase a new home or investment property, we would love to assist – contact us today to start your search!
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