What a Ride

December 2023

The real estate rollercoaster ride continues as the year draws to a close with remarkable changes in the industry and local housing market.  

Here are three big areas to keep an eye on as we turn to 2024.

1. State of Washington laws for real estate agency - RCW 18.86 - under Senate Bill 5191 were updated to provide additional protection and transparency for consumers and agents. Starting January 1, 2024 home buyers will be expected to sign a buyer broker services agreement with their agent before starting their new home search.  

2. National Pending homes sales for October dropped to the lowest on record. This drop is shocking to see as the demand for housing dropped lower than the lowest measure during the Great Financial Crisis of 2008. Local reports have pending sales off approximately 30% (Year over Year).

3. 30-year mortgage rates reached above 8% in October, but have settled back to just above 7%. Will lower mortgage rates get home buyers off the fence? Perhaps, however 62% of existing mortgages in the US are under 4%. This is the great "clash" of 2023. Homeowners with historically low interest rates versus willing home buyers staring down high interest rates and home prices.  

The good news...

For Buyers:
If you plan to make a move or are a 1st time home-buyer, the competition for homes for sale has significantly lessened over the past 6 months.  

For Sellers:
Home values in the Pacific Northwest are relatively stable, unlike significant drops in home values experienced in other major markets around the country. 

This month also is a time to enjoy all that the season has to offer, celebrating the holiday season with family and friends.

Wishing you all a wonderful holiday season.

Trey, Valerie and Fallon

Real Estate in the News

New 2024 Real Estate Law

Big changes are coming to real estate transactions 
in Washington next month. 

The governing body for real estate licensees, Northwest Multiple Listing Service (NWMLS), revised the "Agency Law" to include a new requirement for brokers to enter into a written services agreement when representing a buyer or seller. This agreement covers compensation, representation scope, and related terms. 

As a buyer, this means signing a buyer agreement before a broker provides services or as soon as "reasonably possible." Services include a broker showing you a home for sale. As a seller, you will still sign a listing agreement, and you now have the option to not provide a commission to the buyer's agent. This fee may be paid by the buyer. 

This shift, like all changes, comes with its own set of pros and cons. 
As your advisors, we're here to help you navigate the evolving landscape of home ownership in Washington. 
Stay tuned as we share more in the coming months!

Tips & Trends

12 Design Trends you will see Everywhere in 2024

As unbelievable as it might be to some, 2023 is hurtling towards its end, and it’s been another big year in design. Like every year, design trends have come and gone and as we look forward to 2024, the question on your mind is may be, “What’s on the menu for next year?”

To give you a head start on the design elements likely to take off in a big way next year, Vogue Living has recruited architects and designers from across the globe to give us their predictions. From the colors you might see more of to the layouts you probably won’t expect, this is your 2024 design trend survival guide. 
Consider yourself prepared.

Vogue

Seattle Times Holiday Gift Guide

The holidays are a reminder of the people and traditions we love. The comforts of home and the importance of community continue to resonate deeply, so our hand-picked gift ideas reflect both.

The Seattle Times gift guide has some new additions this year: creative ideas to surprise the hard-to-please, gifts of self-care for the stressed-out (and who isn’t?) and stocking stuffers under $40.

Seattle Times

11 Places to see Holiday Light Displays in Seattle

Nothing gets us in the holiday mood quite like a festive light display. Whether you’re excited to celebrate Christmas or Hanukkah or simply trying to ward off the long dark nights of a PNW winter, you’ll love these holiday light displays in Seattle. 

Secret Seattle

Word Around Silverstar

Home for the Holidays

All the kids were home for the Thanksgiving Holiday! 
We had a great time with all of them and hope to get a full family picture when they are back home for the Christmas holiday. 

Kids Update:
(pictured left to right)
Parker is in the Ranch Management program at Texas Christian University (TCU) after graduating with an undergraduate degree in Psychology last spring. 
Luke is enjoying his senior year at O'Dea High School and applying to many great colleges.
Harrison is swinging the clubs at BearCreek Country Club as an assistant pro. 
Logan is at CU, Boulder as a freshman and enjoying all the school and area has to offer. 
Avery is a junior studying kinesiology at TCU and heads to Rome in January to study abroad!

Local Events

South Lake Union Winter Market

December 7 - 8 

UCU will be returning to South Lake Union again this year to showcase a couple dozen vendors. This event runs for two consecutive days and is FREE to attend! Vendors will rotate out each day so you can come shop BOTH days and find brand new stuff each time!

Urban Crafting Uprising

Bellevue Snowflake Lane
December 1 - December 24

Experience the wonder of falling snow, dazzling lights, festive music, toy drummers, and dancers in this complimentary nightly parade of holiday floats. Join in on the sidewalks between Bellevue Square and Lincoln Square from NE 4th to NE 8th Streets every night at 7 pm. 

Snowflake Lane

Garden D'Lights at
Bellevue Botanical Gardens

November 25 - December 31

Garden d’Lights features over half a million sparkling lights formed into the whimsical shapes of plants, flowers, birds, animals, and cascading waterfalls set amid the natural beauty of the Bellevue Botanical Garden.

Garden D'Lights

Seattle Restored Winter Market December 9

The Seattle Restored Winter Market will feature 24+ vendors selling body care, home goods, new and thrifted clothing, jewelry, and art!

Check out the vendors and free RSVP below!

Seattle RESTORED

Winter Concert Series at
Chateau Ste Michelle 

December 1 - January 1

On select Friday nights this Winter, enjoy live music performed by local Seattle-area musicians at the beautiful Chateau Ste. Michelle Winery.

Events Calendar

Humptulips

1935 Kirkpatrick Road

Established Gas & Convenience Store near the river in Humptulips, Washington is up for sale. Check out this fantastic opportunity to own and run a well established business with little to no competition.

The only game in town! 

Trey & Valerie Danna
Real Estate Advisors

M: 425.652.7055
treydannateam@compass.com
treydanna.com 
Youtube: Trey Danna Team

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.