The Housing Affordability and Livability Agenda is about to rezone many properties here in Seattle. Here’s how you can take advantage of it as a homeowner.
In case you didn’t know, the city of Seattle has instituted a program designed to address housing affordability. They call it the Housing Affordability and Livability Agenda, H.A.L.A. for short. This program involves upzoning potential properties, and today I want to walk you through a few things you need to know to be the most informed homeowner and make the most money possible off this opportunity.
The first thing you need to know is your lot size by square foot and what your zoning will change into. The reason you want to know this is because every square foot counts—if you end up with one less lot, that could mean a lot of money.
If you’re thinking of selling to a builder or developer, you’ll also to want to look at the comparable properties in your area. What are new construction properties, townhouses, duplexes, etc. selling for in your neck of the woods? This is important because the builder will already have a very simple formula to calculate how much they’re going to pay for that property. They’ll look at the comps, their cost to build, and their profit margin.
Next, you’ll want to know what your mortgage payoff is and what your home is worth. Not every house is a teardown—it’s a common myth that every builder is only interested in tearing down your house. If your house is worth more than the lot, the builder will actually help you sell the house.
They might also just call me and hash out the details to sell the house for market value so they’re able to get the lots in the back, subdivide them, and start building. If you intend to sell the back lots but can’t pay off your mortgage, things will get a little more complex and take longer, which will affect your bottom line.
“If you want to sell your house as soon as the rezone comes through, you need to know this information now.”
The rezoning or upzoning involved in this initiative isn’t guaranteed to happen in particular neighborhoods. If you want to sell your house as soon as the rezone comes through, you need to know this information now and be ready to give me a call. You can also tune into KOMO News on FM 97.7 or AM 1000 this Sunday from 9 a.m. to 11 a.m. to hear me talk about this subject. Feel free to call in or text me while we’re on air if you have questions. If you can’t tune in, keep an eye out for my next video where I’ll talk about different strategies you can use to maximize this program.
There are many different options, and there are a lot of steps to buying and selling a home. The one you need to remember most is to give me a call so I can advise and guide you through the process. I’d love to speak with you.