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FINDING THE KEY TO UNLOCK ‘STUCK’ HOMEOWNERSHIP RATE

Will Springer Realtor

Well, I am only a single real estate professional with one opinion but, for me, the solution includes enacting a blend of corporate and federal dollars toward incentivizing the development of affordable for-purchase housing that targets under-served communities whose residents would otherwise find homeownership difficult to achieve.

Design 36
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100+ YEARS IN, ZONING LAWS INCH TOWARD HOUSING EQUITY

Will Springer Realtor

The first successful zoning laws were established in 1916 to determine building heights in New York City, soon followed by the zoning of residential and business districts. The effort was led by lawyer Edward Bassett, who went on to develop freeways and parkways. Seattle alone saw a 29% (1213) monthly increase in new listings.

Law 36
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Will Springer Realtor - Untitled Article

Will Springer Realtor

This year’s “cold down” is stark, with 36% fewer new listings and about 26% fewer homes under contract (Pendings) for all King County home types combined as well as single-family structures alone – and that’s simply from October to November. of a tastefully designed home on one-third acre. Prices declined 5.4% Feeling European?

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CAN HOUSING SHORTAGE CATCH UP TO EASTSIDE DEMAND?

Will Springer Realtor

While these are promising developments, there will always be the affordability question. based on 2020 data from the U.S. >> Insights from 12,000 consumers and over 300 architectural designers show that 51% of residents will work from home in 2022, up from 33% before the pandemic. . >> That’s up from 2333 sq.

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Will Springer Realtor - Untitled Article

Will Springer Realtor

Even with aggressive changes to state and local zoning and fewer obstacles for building developers, the highly regarded Urban Institute estimates that by 2044 the Puget Sound region will be 140K homes shy of real demand. seconds – when not parked in a penthouse high atop a gleaming new urban condo. shy of the need.

HOA 36
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HINTS OF SHARP INCREASE IN NEW CONSTRUCTION

Will Springer Realtor

It is developing several single-family and multifamily communities in King and Snohomish counties. The company forecasts an 8% YoY increase in new communities for 2021 across the U.S. Others – Meritage Homes (+20% YoY in 2021) and Tri Point Homes (+15-30% YoY in 2022) – expect tremendous growth of new communities.

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Signs of Inflation Expand Well Beyond Housing Prices

Will Springer Realtor

The median down payment on single-family homes and condos purchased with financing jumped 19% in Q4 of 2020 from the previous quarter. trillion in equity in 2020 from a year earlier, according to S&P CoreLogic, a property information and analytics business. Hold on for a bumpy – and inflationary – ride! BY THE NUMBERS.