A Guide To Washington's New Real Estate Excise Tax

A Guide To Washington's New Real Estate Excise Tax

Washington State legislators implemented a new graduated Real Estate Excise Tax (REET), replacing the current 1.28 percent sales tax applied to all transactions with a variable rate based on a property’s value (a structure quite similar to that being followed in California). In response, Realogics Sotheby’s International Realty (RSIR) has launched, a calculator to help home sellers navigate this new tax structure by displaying estimations of 2019 and 2020 taxes.

Short-Term Issues Affecting Real Estate

Short-Term Issues Affecting Real Estate

An international organization of high profile property professionals, The Counselors of Real Estate® (CRE), recently published a report detailing the most pressing trends and issues affecting real estate. The “Top Ten Issues Affecting Real Estate™ 2018-2019” highlights five short-term and five long-term national and global topics that are having a direct impact on the real estate market. In a quick summary, we wanted to share the issues they thought were most pressing.

Realogics Sotheby's International Realty Makes the Puget Sound Business Journal's List of Top Residential Real Estate Firms; Continues to Innovate Industry with "Change Agents"

Realogics Sotheby’s International Realty (RSIR) is featured in the latest print version of the Puget Sound Business Journal for its position on the list of Top Residential Real Estate Firms (ranked by 2015 residential home sales in the Puget Sound region). Taking the 7th spot on the list, RSIR reported $800 million in local residential sales for 2015. Most notably, despite being smaller than any of the brokerages in the top 5 spots at 159 agents, the boutique brokerage reported an average sales price of $767,000, higher than the average of each of the top 5 firm’s by at least $225,000.

“We are proud of our consistent recognition among the area’s largest brokerage firms and extend a congratulations to all the firm’s that made this year’s list,” said Jennifer Johnsen, Vice President of Brand Development. “Our brokers work tirelessly and this is ultimately an acknowledgement of their achievements."

The feature was opposite an RSIR spread that reads, “We Are. | Change Agents” and describes the firm’s commitment to industry innovation, extraordinary marketing prowess and broker servicing that befits a global company. It also makes note of the new and improved, RSIR’s Asia Services Group, and the firm's over $2 billion in marketing sales experience for new construction.

As Dean Jones, Owner & CEO of RSIR previously said of the “change agent” philosophy, “Our brand is creating a positive disruption in the industry and our brokers are increasingly change agents in their respective markets. We observe a unique added-value, full-service business model that’s being endorsed by our brokers and consumers alike.”

Market Update

November’s numbers indicate that buyers continue to reign in King County, as residential homes spent an average of just one month on the market, down nearly 30% compared to last year. Inventory continued its low trend, as the number of active homes was down 44% year-over-year and 27% month-over-month. Given the low inventory and increased demand, the median sale price rose to $440K, up slightly from last month and nearly $40K from the previous year. In downtown Seattle, condo active inventory held steady month-over-month but was down 12% from the previous year. Downtown Seattle condos likewise saw an increase in median sale price, up over $100K compared to last year’s numbers.


For the latest numbers from areas around the sound, View November’s Market Reports >>

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We are thrilled to announce that Ev Winningham and Kimberleigh King, Global Real Estate Advisors and Brokers with Realogics Sotheby’s International Realty (RSIR) were featured in the October issue of Top Agent Magazine!

The full-page article described the evolution of the broker duo, who have been working together since 1992. While both did not enter real estate right after college, they were drawn to the industry and found one another when Kimberleigh approached Ev for a position. Since then, the two have fostered a partnership with profound success. As the article reads, “‘We’re both principals and the clients know it,’ says Ev, ‘we don’t have a set division of labor, we work together, we trust each other and it just works.'”

Of their somewhat recent move to RSIR’s brokerage firm, Kimberleigh noted that despite their still intense local focus and desire to assist buyers and sellers at all property types and price points, “the business is changing and becoming more global: 35% of our business is internationally based. We recognized the shift and felt we needed to move in order to grow in that direction.'”

This feature is quite an honor for the team, as the Top Agent Magazine website describes that the agents included in the magazine “have earned their place because of their commitment to providing the best real estate service possible. They are innovative in marketing your home for sale, renowned for pairing Washington home buyers with their perfect home, and experts at negotiating your home sales and purchase prices.”

For the full article, click here.

Puget Sound Business Journal Lists Realogics Sotheby's International Realty as Sixth Largest Residential Real Estate Firm in Puget Sound (Sales Volume 2014)

The much anticipated Book of Lists for 2015 will soon be published by the Puget Sound Business Journal but the results are already in for the Largest Residential Real Estate Firms in Puget Sound (ranked on residential sales volume for 2014). Realogics Sotheby’s International Realty (RSIR) improved its position from #10 in 2013 to #6 in 2014, according to the survey results. With $560 million in gross sales volume represented by just 111 active brokers and three branch offices in 2014, RSIR is now acknowledged among the most productive, fastest growing and largest brokerage firms in the region.

“We are proud to join our many peers amongst the largest brokerage firms in the region – congratulations to all of the companies that made the list,” said Stacy Jones, Owner of RSIR. “We are even more proud of our many fine brokers and we thank them for their tireless efforts every day. This is really their acknowledgement and we are the ones that are privileged to work alongside their success.”

Jones states she has no illusions about being the largest real estate organization in the region nor having the most brokers. Her goal is to make a meaningful difference in her broker’s business and to optimally represent the interest of their clients – one sale at a time.

“Our growth in the region has always been very organic,” says Jones. “We are always open to new business ventures and new brokers but we find the best opportunities are referred to us by our current brokers and even from brokers at other companies. We have distinguished ourselves from the pack in just five years of operation. We like being innovative and creating a new model within the industry.”

NOTE: RSIR is an independently owned and operated franchise with branch offices in downtown Seattle, Bainbridge Island, Kirkland and coming soon to Issaquah. Unlike other franchise networks surveyed, RSIR statistics do not incorporate the production from other Sotheby’s International Realty affiliates in Washington State.