All Forum Posts by: Aaron Morrow

@Kevin Lee That makes sense! Thank you for your insight :) Is there something that a buyer's agent could do for you that would have you use them vs working with the listing agent instead? 

@Ridge Tullos Thank you for that perspective. This is what I have found most of the time as well! Same opinion here... "IMO if you're buying off theMLS it's easiest to just use an agent you know and trust to help you accomplish your goals."

Hey there fellow BiggerPocketers and local greater Seattle area investors!

I would love to know regarding the situations where you have used a Relator to procure investment properties for you, how often have you used your own buyer's agent vs working with the listing agent on the deal? 🤔

Thank you for your input! 🙏

Originally posted by @Rafael Molinaro:

ALWAYS HAVE A REAL ESTATE AGENT TO REPRESENT YOU WHEN YOU BUY, there is no cost to you. Dealing with the seller's agent is like someone knows everyone's hands in a poker table.

I second this, Rafael! 

-Hey everyone! Here is an update for you regarding protocols for Phase 2 counties including King, Pierce, Snohomish for in-person activities which include showings, inspections, appraisals, and final walkthroughs!


-The key takeaway is that these activities may now include up to 5 people including the agent. The prior restriction in Phase 2 limited the number of people on site to three people including the Realtor.

ALSO

Open houses are still NOT permitted in Phase 2 counties.

👋 Hey "BiggerPocketers"!

👉 Check out this article in Seattlepi! It is interesting. There are several bidding wars going on in popular low end price points. The sources are coming right from NWMLS (North West Multiple Listing Service).

"The local housing market is hot, but it looks different than it traditionally does...The
constraint on available inventory makes it feel like we’re running out
of homes to sell. Buyers are eagerly waiting for each home to come on
the market, with increased focus on homes in the more affordable and
mid-price ranges, compared to last year.”

What are your thoughts!? For the lenders and Realtors out there, what are you seeing?

The data from the MLS that I have been seeing suggest properties that are below the median for the area are selling like hot cakes and seem more of the higher end luxury market is suffering a little more.


👉 Here is a link to the article: Seattle Housing Market

@Julie Marquez You are correct! Real estate photography and sign companies are allowed! :)

Huge Covid-19 Update in regards to real estate business:

(Source is right form the North West Multiple Listing Service)

"Brokers must adhere to the “phase” protocols for the county where the property is located, regardless of the location of the broker’s office or home.

The additional real estate activities allowed in Phase 1.5 and Phase 2:

-Real estate firms may open their offices in a limited fashion (with additional restrictions for Phase 1.5)

-Three persons (as opposed to two persons) are allowed on site for permitted in-person real estate activities for both residential and commercial brokerage (for both improved and unimproved property)

As a reminder, all in-person activities must be by appointment only and real estate brokers and industry partners must wear cloth face coverings and should encourage clients and customers to do the same."

Summary- The counties that my buyer's are looking in (King, Snohomish, and Pierce) Have gone from only one buyer being able to go into a property with me at any given time to now TWO buyer's can enter a property at any given time.

One thing to not is all property showings must be set up ahead of time regardless of occupancy type.

I finished attending a Zoom class the other day with an economic advisor, Ted Jones. He offered these insights and predictions into our local (Greater Seattle Area) RE market:

1) We do not have an overbuilt market. Looking at 2013-2019 we had a total of 174,071 dwelling unit permits. We had 359,500 net new jobs. That is 2.07 new jobs for every dwelling unit. 1.25-1.5 new jobs/dwelling unit is normal.

2) He predicts a drop in the need for commercial space. He also stated hospitality and leisure will be "ground zero" and will see the greatest impact. He pointed out that the majority of the people employed by these businesses are lower-income, rent, and have lower credit scores---so they wouldn't have been our clients anyway. Additionally, he also thinks people will realize they do not need large office spaces. AND have a very nice home office could be the "new" thing is design and trends.

3) A key will be the maintaining of jobs. Our employment analysis for the area is strong with a large percentage of jobs in government, trade-transport-utilities, manufacturing, and information.

4) He does predict a decrease in overall sales but not a decrease in price.

5) He predicts the interest rates will stay low.

What do you all think? 

What are all of your thoughts!?!? 

Check out this article from KCM below:

Linke here: Will Surging Unemployment Crush Home Sales?

The main takeaway from the article is: "The housing market will have challenges this year. However, with the help being given to those who have lost their jobs and the fact that we’re looking at a quick recovery for the economy after we address the health problem, the housing industry should be fine in the long term."

What are your thoughts?