The Seattle Times recently reported that both Redfin and Zillow showed drops in gross profit, with substantial losses. Over my decades in the industry, I have focused on doing an exemplary job of representing both my buyer and seller clients. Real Estate is a people business, with excellent service dependent upon good technical knowledge and awareness of the importance of the real estate purchase or sale. Real Estate will always be a people business. There are too many variables in each home and property to believe home values can be solely interpreted by a logarithm. Call Betsy when you are ready to talk Real Estate.
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My Thoughts • March 7, 2023
Substantial Losses Reported at Zillow & Redfin
by Betsy Weyer
Market Updates First Recent Year Over Year Price Drop King County held steady longer than surrounding areas, but marked a 7% year over year sales price reduction in February; according to the NWMLS. This was the first monthly, year over year drop since May 2020. Prices in 2022 continued to rise through the second quarter, so we will likely see this become a pattern. […]
My Thoughts Escrow Tip-Escrow and IRS Reporting This post is courtesy of Chicago Title Insurance, re-posted with permisssion What exactly do settlement agents have to report to the Internal Revenue Service? In accordance with IRS Regulations the settlement agent must report the sale or transfer of an interest in U.S. real property by filing IRS form 1099-S Proceeds from Real Estate transactions, […]
My Thoughts Excise Tax Increase for 2023 Washington State charges an excise tax on the sale of real estate. The rate can vary by county and locality. For the vast majority of the property in King, Pierce and Snohomish Counties; the rates are as follow: 1.6% of the first $525,000 in sales price 1.78% of the amount between $525,000-$1,525,000 3.25% of the […]