Get the Facts Weekly Email
Get the Facts is a weekly e-mail newsletter sent to all members and affiliates on Tuesday afternoon. Regular features include the Legal Hotline Q & A of the week, career help resources, real estate news and more. These emails are automatically sent to members so if you're not receiving them, first check your spam folder, then email cara.mcneil@warealtor.org.
Get the Facts 01.09.24
Today is Your LAST CHANCE to Register for Legislative Days!Registration for WR Legislative Days on January 17-18th, 2024, at the Little Creek Casino Resort closes TODAY at 8:00 PM!
Secure your spot and join us as we carry forward the momentum from the historic 2023 Washington Legislative Session, known as "The Year of Housing." Register now before it's too late!
Register Here
House Passes REALTOR® Priority Residential Lot Splitting Bill on Day 1 of 2024 Session
On January 8, the first day of the 2024 Legislative Session, the House of Representatives passed HB 1245 regarding residential lot splitting, sponsored by Representatives Andrew Barkis and Jessica Bateman. The bipartisan bill passed 94-4, a vote similar to the House passage of the bill in 2023. The 2024 Legislative Session includes both bills from 2023 that did not pass, and new bills introduced in 2024. In 2023, HB 1245 passed the House but did not advance through the Senate Local Government & Land Use Committee, largely over concerns about whether increasing lot splitting would compound the density increases from the Middle Housing and ADU legislation. In 2024, REALTORS® and other housing stakeholders will work to create a streamlined process so that new residential lots can be created to build housing on separate lots, increasing opportunities for homeownership.
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Combatting Misinformation
Question: Will upzones driven by 2023s HB 1110 and 1337, or locally-adopted zoning changes, cause existing single-family properties to lose eligibility for conforming financing or FHA- and VA backed loan products on a widespread basis?
Answer: No. Any upzone can cause some homes to lose eligibility for certain loan products, either by increasing the property value to require borrowing beyond “conforming” limits, or if an appraiser writes that the upzoned land is no longer in its “highest and best use.” However, a single-family property will not lose eligibility for these loan products just because it has been upzoned.
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Legal Hotline Q & A
Q&A of the Week 01.09.24