|
THAT YOU MAY NOT HAVE HEARD ABOUT Whether it’s the latest hot real estate show you've been binging on Netflix or checking out new listings for fun, something in real estate captured your attention over the holidays. The conversation topics are likely about remodeling a home, local housing prices, interest rates or buying or selling a home. As we roll into 2024, let’s look at the 3 hottest topics in real estate that may not be on your radar yet. These 3 seismic jolts are sure to be center stage this year and beyond. Hot topic #1. Do you know about House Bill 1110? House Bill 1110, otherwise known as the missing-middle Bill, is intended to create more affordable housing in the State of Washington. This house bill will have an effect on all cities with populations over 25,000. Depending on city size, the E2SHB 1110 encourages the building of 2 to 6-unit complexes, townhouses, stacked flats, courtyard apartments and cottage housing built on lots predominately zoned for residential use. This hot topic will be interesting to watch as the makeup of communities may change significantly in the coming years. Hot topic #2. Housing Inventory Shortage We've been talking about this one for the last 18 months and it’s not going away anytime soon. The housing shortage is due to the following cross currents that are affecting the real estate market. Mortgage rates as high as 8% in 2023 caused a “lock-in” effect, higher home prices triggered affordability issues, tightened lending standards made it more difficult to get a mortgage and a lot of people are still working from home. Good news/Bad news? The Federal Reserve has hinted at several rate cuts in 2024, which could lower interest rates further. If this occurs, it's important to be mindful when purchasing a property, as the recent decrease in interest rates from 8% to high 6% resulted in a significant surge in mortgage applications towards the end of 2023. This could mean increased competition when you go to buy this spring. If you are seller, lower rates could fuel demand, and as a result, it is predicted that home prices could rise by as much 3.5% in 2024. Hot topic #3. Real Estate Commissions You probably read the click-bait headlines towards the end of 2023 regarding the court cases that involved the National Association of Realtors (NAR) and how real estate agents are paid for their services. The result was that home seller's were awarded $1.8B. While this could be tied up in appeals for years to come, the big change that matters most to you is the Washington State law change. This change was not a result of the NAR ruling, rather a coincidence in timing. Starting January 1, 2024 it is required that buyer representation agreements are signed by a buyer and their agent (see story below). The bottom line is that more transparency is required for the real estate industry, which ultimately benefits clients and agents alike. Whatever your housing questions or needs are in 2024, The Trey Danna Team is here to serve you. How can we help you in 2024? |
|
|
|
|
|
|
|
| | The state of Washington now requires real estate agents to enter into broker services agreements with buyers, changing the way agents and purchasing clients form relationships. The revisions to Agency Law require that agents enter into a brokerage services agreement with their buying client before — or as soon as reasonably practical after — providing real estate brokerage services. This contract includes provisions such as the length of partnership, exclusivity vs. non-exclusivity and the rate of agent compensation. Sellers will continue to be required to sign a Listing Services Agreement when selling their home. Washington is the first state to enact such legislation for buyers. |
|
|
|
|
|
|
| | | Elle spoke to a roster of ELLE DECOR A-List designers and industry experts from across the country to reveal some surprising—and not-so-surprising—home design trends for the coming year (and beyond). One key trend is how people are embracing the technology that allows for color tuning, which changes interior light intensity and color that adjusts the feeling of each room. |
|
|
|
|
| | 25 Exciting Things to do in |
| It’s not only a new month, but a brand-new year for exploring our city. If you’re looking for some exciting things to do in Seattle in January 2024, we have plenty of options for you. Whether you’re interested in catching a live show, getting outdoors, going shopping, or seeing an immersive exhibition, there’s something on this list for you. |
|
|
|
|
| | Bring Sweetness and Warmth to Your Home |
| Each year, Pantone’s Color of the Year influences interior design, fashion, and even our collective mood. For 2024, Pantone chose a color that symbolizes nurturing, warmth, and a gentle embrace of the future: Peach Fuzz. This velvety, soft hue, resting between the vibrancy of pink and the calmness of orange, marks the 25th anniversary of Pantone’s Color of the Year program. |
|
|
|
|
| | | | As a junior at Texas Christian University, Avery embarks on an exhilarating semester in Rome, Italy. She's immersing herself in the city's rich history and vibrant culture until May. This journey represents more than academic pursuits; it's a deep dive into Italian life, brimming with opportunities for cultural engagement and personal growth. |
|
|
|
|
| | Winter Whites Floral Design |
| January 18 | 5:30-8:00 pm Join Montinure Estate on Thursday, January 18th to design beautiful seasonal blooms and unique textured greens into a stunning bouquet. Participants will walk away with a creative and stunning design to display at home. |
|
|
| | |
|
| | | | One of the perks of living in Seattle is the easy access to fresh produce, local ingredients, artisan goods, handcrafted floral bouquets, and more. Chances are you don’t have to leave your neighborhood to find a popular Seattle farmers market. If your neighborhood doesn’t have one, the closest farmers market is likely only a short bike ride or bus trip away. Seattle has a total of 10 neighborhood farmers markets! |
|
|
|
|
| | Experience the food and culture at one of Seattle’s most famous landmarks, Pike Place Market, on this walking tour. This is the original food and cultural tour of Pike Place Market. Enjoy a ton of diverse tastings, from fresh produce to pastries and much more. Feel like a market insider on this behind-the-scenes adventure to savor the flavors of this historic attraction. |
|
|
| | |
|
| | | | Dry January is a popular trend where individuals abstain from alcohol for the entire month. It's an opportunity to reset and focus on healthier habits, and many people use it as a stepping stone to reducing their overall alcohol consumption. While it can be a challenge for some, it's also an opportunity to explore new and exciting options for non-alcoholic beverages. And what better place to do that than in Bellevue? |
|
|
|
|
| |
|
709 29th Street Southeast |
| 4 BD 2 BA 2070 SF $455,000 |
| |
|
|
|
|
|
|
|
|
Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. |
|
|
|
|
|
|
![](https://cdn.filestackcontent.com/ALjVIPyY5SBCdSTP1630Sz/rotate=deg:exif/crop=dim:[0,72,683,683]/output=format:png,density:500/resize=width:600,fit:max/auto_image/compress/"https://www.compass.com/m/15/eb39b543-ee73-456d-996d-e2a08518c222/origin.jpg")
![](https://cdn.filestackcontent.com/ALjVIPyY5SBCdSTP1630Sz/rotate=deg:exif/crop=dim:[0,1211,3333,3265]/output=format:png,density:500/resize=width:600,fit:max/auto_image/compress/"https://www.compass.com/m/15/005bbad7-8417-46f8-af69-c99e34b75f22/origin.jpg")
![](https://cdn.filestackcontent.com/ALjVIPyY5SBCdSTP1630Sz/rotate=deg:exif/crop=dim:[1,0,240,240]/output=format:png,density:500/resize=width:600,fit:max/auto_image/compress/"https://www.compass.com/m/15/926c13ef-e1d0-45da-b30b-4250339c563f/origin.png")
![](https://cdn.filestackcontent.com/ALjVIPyY5SBCdSTP1630Sz/rotate=deg:exif/crop=dim:[0,3,241,236]/output=format:png,density:500/resize=width:600,fit:max/auto_image/compress/"https://www.compass.com/m/15/28ab6090-e048-45ac-9437-af1d5965664a/origin.png")
![](https://cdn.filestackcontent.com/ALjVIPyY5SBCdSTP1630Sz/rotate=deg:exif/crop=dim:[0,0,1697,1131]/output=format:png,density:500/resize=width:600,fit:max/auto_image/compress/"https://www.compass.com/m/9158239eb308617dd393e2787c422eb6acc8eb96_img_0_4035d/origin.jpg")
![](https://cdn.filestackcontent.com/ALjVIPyY5SBCdSTP1630Sz/rotate=deg:exif/crop=dim:[0,0,3600,3600]/output=format:png,density:500/resize=width:600,fit:max/auto_image/compress/"https://www.compass.com/m/14/9d8777aa-fc9f-439a-b7f3-8576a5cc3cfc/origin.jpg")
![](https://cdn.filestackcontent.com/ALjVIPyY5SBCdSTP1630Sz/output=format:png,density:500,background:ffffff/resize=width:600,fit:max/auto_image/compress/"https://beta.compass.com/ucfe-assets/mc-assets/3/Compass_Logo_H_W.svg"){kind=logo}