UPDATE - Governor signs important billS for REALTORS®

Exempting Residential Sale/Leasebacks from Landlord-Tenant Act HB 1070 When a house is sold, sometimes the seller is not yet ready to move out, or the buyer is not able to move in. In this situation, the buyer and seller will agree to a written “leaseback” as part of the sale so that the seller stays in the house after closing for a certain period of time. This is not a typical landlord-tenant type situation, so this bill would clarify that a sale/leaseback is exempt from the state’s landlord-tenant act.

Improve Consumer Protections in Real Estate Agency Law SB 5191

This includes:

Governor Jay inslee signed four housing bills into law this week. “The bills we’re signing today are blocks in a foundation that will help us build more, and smarter, housing,” said Inslee.

Creating the covenant home ownership account and program to address the history of housing discrimination due to racially restrictive real estate covenants in Washington state. HB 1474 Establishes a covenant home ownership account and program to provide down payment and closing cost assistance to help address generations of systemic, racist, and discriminatory policies that formed barriers to home ownership. 

Allow Middle Housing in Cities HB 1110 “Middle Housing” types are duplex to six-plex units, townhouses, cottage houses, and other smaller housing types that fit within existing residential neighborhoods.  

Increasing the Supply & Affordability of Condominiums SB 5258 Condominiums are the most affordable type of homeownership, but the supply of new condominiums in Washington is among the worst in the country. This bill improves the condominium market by improving the process to repair condominium defects (“Right to Cure”), streamlines the process for construction of smaller condominium projects.

Expanding housing options with ADUs. HB 1337 This bill works to ease barriers to the construction and use of accessory dwelling units.

Streamline Regulations that Increase Housing Costs & Litigation HB 1293 

Streamlining Project Review SB 5290 

Spokane REALTORS® met with Congresswoman Cathy McMorris-Rodgers who pledged to help address the housing issues in our community.

Key talking points for Congress include:

A number of your fellow Spokane REALTORS® are in Washington DC this week for the National Association of REALTORS® Legislative Week.

Stay tuned for more details!

In his annual forecast for the National Association of REALTORS®, Chief Economist Lawrence Yun predicts Home Sales will bottom out later this year, before an upturn expected in 2024. He points to several key factors:

But Yun says the Feds will play a critical role in keeping the market strong. His recommendations are among the key policy recommendations being offered lawmakers in Washington DC this week.

Last January, the Federal Housing Finance Agency announced its plan to help low-credit buyers by adjusting its pricing based critical indicators such as loan-to-values, credit scores, occupancy and number of units in a home. The direction signaled great news for marginal buyers, especially with the new Loan-Level Pricing Adjustments (LLPA) that offer pricing adjustments for borrowers with a DTI ratio above 40%.

But in the details of the FHFA’s guidance, comes information the fees may be paid by adding fees to higher income, or high-credit borrowers. It’s this fine print that has raised concerns from the National Association of REALTORS®. Especially when the cost of these mortgages appears to be on the backs of borrowers with good credit.

Gov. Jay Inslee of Washington State, the nation’s longest-serving current governor has announced he will not seek a fourth term in office next year.

he announced on Monday.

“Serving the people as governor of Washington State has been my greatest honor,” he said. “During a decade of dynamic change, we’ve made Washington a beacon for progress for the nation. I’m ready to pass the torch.”