More high-end properties coming on the market

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Real Estate

Windermere’s chief economist is noticing a significant number of high-end properties coming onto the market in King County.

“On the residential side we’ve already seen a fairly significant uptick in King County of listings above $1.5 million,” Matthew Gardner told KIRO Radio’s Dave Ross. “I think there are some people who are aware of this.”

They’re aware that the Washington State Real Estate Excise Tax will go up after 2019 — at least it will go up for the more expensive properties. That’s created a bit of a race to get properties on the market and close before Jan. 1, 2020.

The Washington State Real Estate Excise Tax is paid by those who sell a house or conduct commercial transactions. A total of 1.28 percent of the sale price goes to the state, and another half percent goes to city. So 1.78 percent altogether.

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