2019 YEAR IN REVIEW & 2020 FORECAST

In 2019, I had 25 sales with a gross sales volume of $26.5M and was ranked 8 at my firm, Realogics Sotheby's Int'l Realty, out of 225 amazing agents and ranked 322 out of approximately 30,000 licensed agents in Washington state. 

????by Ryan Reese with Reese Films. See Sold Story

?? by Blake Roubos with Drone Hub Media. See 98UnionPenthouse.com.

I did not reach my goals this year. Two sales under contract totaling $3.7M fell through due to reasons outside my control. Both were Buyer-Clients. One believed they filed their tax returns, which they did not (that's never happened to me before). The other....in short, the Seller failed to perform and is currently in a lawsuit with my Buyer-Clients (that never happened either). 

There were several other sales specifically for Buyer-Clients that did not come together because of recession concerns that were incessantly broadcast in unison by the media all year until about mid-November. I did my best to educate my clients. Very frustrating.

In January 2019, the average single-family home in King county cost $754,000 and in December 2019 the cost is $829,000, which is a 9.54% increase. The false information that was disseminated by the media cost my clients approximately $75,000. Even if there was a recession, Buyers should, at a minimum, break-even on their investment while not paying for something they don't own (i.e. rent) after living at the residence about 5 years. See my article, How to Time the Market.

2020 has set-up to be a very strong Seller's market. See my article from mid-November, A Renewed Prosperity Cycle. The supply of homes has reduced to demand levels and I anticipate explosive demand (i.e. home Buyers) levels in 2020 resulting in higher sales prices and annual appreciation over 10% in King county (i.e. Seattle-Bellevue metro area).

Affordable housing is a real issue in Seattle and the nation. The supply of homes must be increased above demand levels to reduce price. This can be achieved by Government de-regulation and other incentives for investors (AKA animal spirits) to have a larger profit margin while building more easily and timely. Accordingly, the Federal Government, Housing and Urban Development (HUD), has taken this action,  https://www.hud.gov/…/press_releases_media_ad…/HUD_No_19_096.

Click LINK to learn more about the Block Project referenced by Ben Carson.

Government, whether city, county or state, involvement with short-term non-sustainable fixes (more regulations), such as rent controls, will have the opposite intended effect by reducing capital investment (builders won't want to build) thereby further reducing supply below demand levels, which will further increase prices. Economists have long considered rent control a failed housing policy. This article titled the The High Cost of Rent Control by the National Multi-Family Housing Council's is regarding an analysis of rent controls. Nonetheless, rent control laws were implemented in California this year, which is one of the most highly regulated states.

Have a healthy, happy and prosperous new year! If you're thinking of starting a new job, starting your own business, investing in the stock market or whatever....now is the time to take action. You get what you put into the marketplace--and YOU can do anything!?

??www.FreemanNW.com