2024 Year in Review

Happy 2025 to all our REALTOR® members and colleagues.

I have been reflecting on our annual tradition of the holiday season beginning with Thanksgiving, which is usually seen as a time of deep gratitude. This is followed by Christmas and Hanukkah, which are both about recognizing miracles and sharing our blessings with those around us. The season concludes with New Years Eve which is an opportunity to say farewell to the previous year and welcome the new year which often gives people renewed hope and optimism. I recognize there are several other secular and religious holidays during that same timeframe, but I highlight these because they serve as the format for this year-end letter.

Gratitude

We have much to be thankful for from an association perspective. This has been one of the most consequential years the REALTORS® have had since being founded in 1908. Several civil and anti-trust lawsuits that have been brewing for years came to their apex resulting in one of the largest judgements in the history of the United States. Thankfully we were able to settle for a fraction of the judgement amount which reflects the true goals of the plaintiffs that may have been less benevolent than they purported to be. We also made fundamental changes to how we conduct business which volunteer leaders and staff at our state and local levels wisely had been preparing us for that ultimately made our transition one of the smoothest in the country. We remain an incredibly strong local association with a diverse membership base spanning legacy companies, national franchises, and recent startups. Sizes range from independent firms with a couple of broker-operators to corporate regional and national firms with hundreds of brokers, all with varying business models and areas of focus. This proves the long-term viability of the REALTOR® organization and our ability to grow and evolve with our members.

Shared Blessings

Many of our local market transaction counts are down nearly 40% from recent highs and down 25% on average from historical norms. That creates a tough environment for practitioners to maintain their own goals and puts tremendous pressure on our broker firms. Even still, NAR’s “2024 Profile on Home Buyers & Sellers” tells us that 88% of all home purchases were made with a broker, and 89% of Sellers used a broker. FSBO clocked an all-time record low of just 6%. Anyone suggesting our industry is antiquated or in existential trouble is either being dishonest or just not paying attention. REALTOR® member firms continue to outperform their non-member peers and individual REALTORS® continue to outpace non-REALTOR® members in both productivity and volume. The REALTOR® brand continues to be trusted by consumers, policy makers, and fellow brokers. REALTORS® doing transactions with other REALTORS® remains the vast majority of all closed sales and nearly all top producing individuals and firms locally and across the country are REALTOR® members. We have seen a record attendence in our educational classes as well as our events this year proving the local REALTOR® community remains strong and knows how to weather any storm.

Hope & Optimism

I read a metaphor many years ago for our life’s journey that there is a reason why our car’s windshield is so much larger than the review mirror. We should be mindful of what’s behind us, but the primary focus should always be what’s in front of us. The REALTOR® organization is already looking well beyond 2024 issues and is focused on issues for 2025. At the local level we remain committed to advancing our goals around affordable housing options, supporting public safety initiatives, and advocating for strong local public schools. At the state level, REALTORS® will kick off 2025 with our annual legislative visits in Olympia focused on zoning issues, building regulations, and enhancing missing middle housing options. Nationally, REALTORS® will be leading discussions with the new administration and the 119th Congress on issues including insurance availability, adjustments to the residential capital gains exclusion, enhancements to the state and local tax (SALT) deductions, Fannie Mae and Freddie Mac (GSE) reform, and countless other issues that affect every single one of our clients whether they realize it or not.

I could not be prouder and more confident in both the volunteer and staff leadership at Seattle King County REALTORS®. We are in very capable hands with 2025 President Garrett Nelson and CEO, Russ Hokanson along with their respective board volunteers and staff. No doubt there will be more issues to manage we haven’t even thought about yet, but we will continue to evolve and adapt as needed.

It’s been a privilege to serve as your 2024 President. Happy 2025, onward and upward!

Respectfully,

Michael Orbino
2024 President
Seattle King County REALTORS®