Seattle Real Estate Blog

 

April 18, 2020

Landlord Tips for COVID19

So much of real estate feels like a moving target in the era of COVID19.  Just this week Gov. Inslee extended the moratorium on evictions until June 4, and also enacted a rent freeze. To help navigate the changes and assist landlords in protecting their investments we’ve assembled a few tips and best practices for landlords and investors amidst COVID19.

Rent Collection:

As more tenants find themselves in a financial bind and unable to pay rent, here’s a few ideas on mitigating the loss of income.  

  • Convert all or part of the security deposit into rent
  • Offer a weekly payment program (some tenants might have an easier time breaking the rent into smaller chunks)
  • Offer a later payment date.  Perhaps they can pay by the 10th or the 15th and your mortgage payment isn’t due till after that. 
  • Offer tenants incentive to pay rent up front - for example: offer a 30% discount on rent if they pay all rent for the rest of the year
  • Create a payment plan, here’s one idea:
    • Allow month of April/May to be delayed and paid over the course of a 10 month period - for example, 1 month rent = $1000… if not paid for month of May then payments made June - March 2021 could be $1100 
  • Offer a pay by credit card option and waive any credit card fees associated with that

We also recommend some amount of screening before offering any rent abatement or forgiveness.  Creating some kind of simple application for tenants to describe exactly how COVID19 has impacted them could ensure that you are helping actual hardships, not just handing out discounted or free money to tenants who might not need help right now.  Also remember to get any agreement or plan in writing and signed by all parties!  

 

Mortgage Payments: 

More Resources: 

https://www.rhawa.org/covid-19## Rental Housing Association of Washington has great resources, webinars, and support for both tenants and landlords. 

April 1, 2020

2-Bed residential property for sale in Seattle | 3700 SW Myrtle St

*PENDING*

 

Beautiful Cape Cod in desirable Gatewood with elevation for inspiring Sound & Mountain views! South-facing home brings maximum natural light through well-appointed butcher block kitchen and living room with ample space to entertain. Limitless possibilities downstairs with laundry and rec-room/office options. Fully-fenced private yard with Detached Garage and open space for summer BBQ and personal garden. Potential for 360º rooftop deck or second floor! Completely renovated around 2006.

>>CLICK HERE<< to search all 1-Bed properties for sale in Seattle

 

Posted in Exclusive Listings
March 27, 2020

1-Bed Condominium in Seattle | 1815 14th Ave #6, Seattle

*SOLD*

 

A walker & commuter paradise w/ Walk & Transit Scores of 98 & 92 this cute Cap Hill condo is in the coolest neighborhood in Seattle on a quiet tree-lined street. Brand new kitchen appliances, fresh paint & warm bamboo floors make this home shine. Covered, private balcony off dining rm w/city & sunset views & space to entertain! In-unit W/D, deeded parking spot & fantastic storage offer convenience & value. Great floorplan & fireplace make for comfy living. Secure 9 unit bldg w/ strong HOA.

Posted in Exclusive Listings
March 26, 2020

We're Open... Despite COVID 19 Pandemic

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In a crisis, it's always good to focus on what we can do to make a positive impact. Much of our business can be done remotely and we can still bring value to our clients. SRG's physical office is closed, but we are very much still open for business. The real estate market is HOT and STRONG right now and all our agents are still putting together deals remotely and transactions are closing smoothly. Contact us today for help with your all your real estate needs in the midst of COVID19! .

Posted in News
Feb. 10, 2020

Thoughts on the Housing Shortage:

We’re missing 225,000 housing units.  From the year 2000 to 2015 there were 225,000 housing units that should have been built in Washington state but were not.  Various reasons and issues created this gap - the recession, construction costs, a diminished labor force in the building industry, oppressive government and municipal regulations, land use and building code etc… Supply and demand is economics 101, but the local trends have not honored this principle with the job and population growth creating a demand that the supply falls dramatically short of. This missing number of houses includes both owner and rental units, and it impacts everyone in slightly different ways.  It impacts the young professionals who would/could be first time buyers but are priced out of the neighborhoods they want to live in.  It impacts the families that want to raise their children with enough space in an affordable, but nice neighborhood. It clogs the freeways and traffic as more residents flee the urban core looking for affordable housing and then congest the roads commuting to their jobs.  It hits the low income renter who watches rent rates creep up and sees their rent dollars yield a diminished rental property condition and location. As WA residents we all pay for this 225,000 disparity in different ways, and we hope that solutions are enacted soon that effectively close the gap.

 

  

At Sound Realty Group we see this issue through the investor/property owner perspective.  Here’s what this 225,000 unit shortage means for landlords: There is a desperate need for “affordable.”  That doesn’t necessarily mean low income, but it does mean “attainable.”  “Since 2000, the state under-produced 181,000 rental units for households earning 80% or less of AMI relative to the increase in the number of households formed in these income levels.”  That means that out of that 225,000 number, 181,000 units should have been for average, middle income renters. AMI (Area Median Income) in King County households for 2016 was $84,897. This isn’t just a low income problem, this is a middle class problem.  Working with this number and applying the 30% rule (ideally 30% of one’s income covers housing costs) this median King County household would be paying around $2,100/month in rent. The current opportunity for landlords is creating and curating a rental product that appeals to that middle income renter.  The majority of the new construction apartment projects being delivered target a higher income renter. These buildings are typically more luxury level, with high end amenities and a high price tag for monthly rent plus extra fees. Some of these high brow amenities could/should be replicated in the middle class and “mom and pop landlord” rental space, like secure package delivery space and pet rent options. 

However, most median income renters are just looking for an affordable and clean rental unit in a safe and conveniently located neighborhood. We’re encouraging our clients to invest in this space since the data points to a need for rental space for middle and low income tenants. Hopefully more development and government regulations will contribute to more units (both rental and owner occupied) coming online to serve this gap, but until then we recommend buying/building and holding onto this type of real estate! 

 

 

Sources: https://ofm.wa.gov/sites/default/files/public/dataresearch/economy/median_household_income_estimates.pdf

 

https://www.upforgrowth.org/sites/default/files/2020-01/HousingUnderproductionInWashingtonState2020-01-10.pdf

Posted in News
Feb. 5, 2020

3-Bed residential property for sale in Seattle | 1537 NW 59th St, Seattle

*SOLD*

 

Stunning new construction corner home in the heart of Ballard minutes from local shops, dining, Ballard library & parks. Featuring an open & efficient layout w/a plethora of natural light from walls of windows, hardwood floors, floating staircase & gourmet kitchen w/SS appliances. Top floor master suite w/5-piece spa-like bath & large walk-in closet. 2 spacious bdrms w/bath on lower level. Entertainer's roof top deck w/views. Designated parking space included. Super Walkscore of 96. Built Green.

>>CLICK HERE<< to search all 3 bedroom residential properties for sale in Seattle

Posted in Exclusive Listings
Jan. 30, 2020

2-Bed residential property for sale in Tacoma | 3612 S Sheridan Ave

*SOLD*

 

Cute, clean, and affordable home located in the heart of Tacoma's historic Lincoln district. Move-in ready! Newly refinished hardwoods; new appliances; updated bath; windows & roof replaced within the last few years. 1 bedroom, bath, formal dining room, & separate laundry room on main floor; 2nd bedroom and bonus room on upper floor. Off-street parking off alley in rear. Great quiet neighborhood - close to shopping, schools, and I-5.

>>CLICK HERE<< to search all 2 bed residential properties for sale in Tacoma

Posted in Exclusive Listings
Dec. 31, 2019

4-Bed residential property for sale in Seattle | 10838 11th Ave NE, Seattle

*SOLD*

 

Beautiful, Serene & Rare Find in Maple Leaf. 4BD/1.75BA Glowing Hardwoods on Main Level w/Large Living Area. Big Picture Window Looking out to Entertainment Deck Overlooking Thornton Creek. Kitchen w/New Quartz Counters, Eating Area & Separate Dining Room. New Flooring in Kitchen & Bath. Lower Level Offers New Carpet, 3rd & 4th BRs, Lots of Storage & Workshop Spaces. Large 1-car Garage as well as Off-Street Parking. High Walk Score. Close to I-5, Grocery, Shopping, Community Center & More.

>>CLICK HERE<< to search all 4 bed residential properties for sale in Seattle

Posted in Exclusive Listings
Nov. 26, 2019

3-Bed condominium in Seattle | 524 12th Ave E #103, Seattle

*SOLD*

 

Elegant & spacious condo w/ marbled foyer and soaring 9' ceilings. 3 beds, 2 baths, a den/office, 2 secure parking spots w/ storage. Flanking the open dining/living room is a west facing balcony. Patio w/ garden space outside master suite. End unit has full size laundry rm, custom crown moulding & coved ceilings in the bedrooms. Perfect N. Capitol Hill location just 3 blocks to Broadway and Volunteer Park, 96 walk score.

>>CLICK HERE<< to search all 3-bed condominiums for sale in Seattle

Posted in Exclusive Listings
Oct. 21, 2019

4-Bed residential property for sale in Brier | 22318 34th Place W, Brier

*SOLD*

 

Beautifully updated 4 bed/3 bath home in highly desired Brier neighborhood! Updates include brand new roof, flooring, trim, doors, interior and exterior paint, tile work and much more! Large open living with vaulted ceilings and wood fireplace with wood accent and beams! Updated kitchen with quartz countertops and new SS appliances! Large lower level with additional bedroom and family/bonus room with wood fireplace and WET BAR! All schools within several blocks! Close to parks and trails!

>>CLICK HERE<< to search all 4 bed residential properties for sale in Brier

Posted in Exclusive Listings