East County Chambers discuss affordability

REALTORS® continue to promote regional discussions of affordability in our housing market. Seattle King County REALTORS® VP-Elect of Governmental and Public Affairs Lynn Sanborn shared her insights as a panelist at the East King Chambers Coalition meeting on housing affordability Thursday.

The goal of the discussion is to develop public policy positions in support of increased housing inventory of all kinds and across all price points. With a tight labor market and home price growth far outpacing wage growth, Sanborn talked about the challenges homebuyers face and what REALTORS® are doing to bring back a balanced market.

“We have had some recent increases in inventory, but the market remains very difficult for buyers,” said Sanborn. “REALTORS® are seeking the opportunity to work with others in developing the kind of huge coalition to work on these issues that no one in the legislature has seen in at least 50 years.”

Sanborn emphasized what REALTORS® have been doing on condo reform and recent discussions of legislative solutions offered at the annual REALTORS® Housing Issues Briefing. “Condo demand is huge,” said Sanborn. “We’re working now to develop specific legislative proposals to address condominium liability, construction liability insurance and condominium supply issues.”

Other panelists included (pictured in front of the screen from left to right in the photo above): Matthew Gardner, Chief Economist for Windermere Real Estate; Lynn Sanborn; Allison Butcher, Senior Policy Analyst at Master Builders of King and Snohomish Counties; and Marty Kooistra, Executive Director at Housing Development Consortium. The panel was moderated by Doug Davis, President of Hallmark Realty Corporation.

The East King Chambers Coalition represents businesses along the I-405 suburban crescent. The panel was a collaboration with REALTORS®, builders and non-profit organizers to talk about the biggest issues facing our region, including housing affordability and congestion on our roadways.

For more information on the issues facing our market, visit HousingTranslator.com.