Association News is a favorite feature at Seattle Agent because it’s a chance to hear directly from local leaders in real estate. In 2021, our guest contributors shed light on critical topics, including property rights, barriers to homeownership and what’s ahead for 2022. Look through our top 5 Association News stories to reflect on the unique year in real estate.
This was the year that we proceeded slowly and cautiously to get our lives back to normal. When fans returned to stadiums, students returned to classrooms and tourists returned to flights, landmarks and hotel rooms. Thanks to overwhelmingly safe and effective vaccines that showcase the very best of modern society and modern medicine, business as usual is returning in America — just in a different way than we were accustomed to before.
Our current housing market shuts out many first-time homebuyers who historically represent 36% to 50% of all Washington real estate transactions. This is not a new problem, as the percentage of first-time homebuyers has been on the decline since 2010. If the trend continues, only the affluent will be able to afford to buy a home and an entire generation of first-time homebuyers will not have an opportunity to build wealth through real estate.
Over the past decade, Latinos have accounted for over 40% of household formations, driving demand for homeownership. However, the supply of housing has not kept up with this demand, resulting in prices that push homeownership out of reach for many and make it impossible to get an offer accepted for others, despite the low-interest-rate environment.
Seattle King County REALTORS® (SKCR) will join counterparts from eight other regions around the United States in launching a mentorship program to help boost homeownership in diverse areas and to promote inclusivity in the industry.
No. 1: Realtors’ public affairs team uses multi-faceted advocacy to promote housing supply and protect property rights
Despite a challenging environment for local government advocacy during the past several months of COVID-19 restrictions, including constraints on in-person meetings with public officials and shifting political environments, the members of the Government & Public Affairs team at Seattle King County REALTORS® (SKCR) can claim several successes.