2020 Home Trends

2020 Interior Design Trends: 5 Takeaways to Refresh Your Home

 

With 2020 now in full swing, we’re seeing some clear shifts in how homes are being designed and decorated. Most notable for our area is the Modern Farmhouse trend with its juxtapositions of old & new, light & dark, and clean & rustic. Softer grey and lagom neutrals are here to stay, but are now being contrasted with deep hues and warm metals. Organic materials such as natural wood and potted plants are also gaining prominence. Here are some key trends to consider as you refresh or renovate…

 

#1: High Contrast Hues


Deep blue is the “it” color in home decor, with Pantone’s “Classic Blue” and Sherwin-Williams’ “Naval” each taking color of the year honors. Navy accent walls are gaining popularity in smaller spaces such as foyers, dining rooms and powder rooms. Black is also back as an accent set against white in kitchens, living rooms and bathrooms. High-contrast graphics are making an appearance on wallpaper and bathroom tile.


 

#2: Vintage Meets Modern


Whether it’s antique artwork, floral wallpaper or vintage tile, old world charm is making a comeback…with a twist. This time around we’re seeing vintage framed art, patterns, woods and statement pieces being incorporated into modern spaces with clean lines. The Modern Farmhouse epitomizes this trend with its fresh new take on the old.


 

#3: The Non-White Kitchen


The all-white kitchen is making room for grey and painted cabinets to take the stage. For the daring, “color pop” cabinets in deep blue, black or even red have been cropping up in the modern kitchen. Kitchens that do have white cabinets are being spiced up with decorative tile floors and backsplashes, along with darker wood shelving and contrasting light fixtures.


 

#4: Comfy and Cozy


Soft shearling, rustic leathers and fluffy textured mohairs are gradually replacing the luxe velvet we saw in years past. High performance outdoor-style fabrics have also gotten an upgrade and are appearing indoors on upholstered dining room chairs and couches. Cushy wing-backed dining benches and chairs are another notable trend, part of an emphasis on making dining rooms less formal and more comfortable. Another fun trend? Curved sofas for the dining room and kitchen.


 

#5: Warm & Earthy Accents


Matte brass continues its popularity in fixtures and frames, often mixed with silver metals. We’re seeing an infusion of aged wood accents, patina, rustic leathers and earthenware softening the clean lines of today’s minimalism. Potted plants are also popping up on shelves and in windows with olive trees usurping fig trees as a favorite statement piece.


 

Need an instant home update? Try adding throw pillows, blankets or artwork in hues from Pantone’s Spring/Summer 2020 color palette.

 


 

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Posted on March 5, 2020 at 9:52 am
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New Real Estate Excise Tax (REET) Rate (eff. 1/1/20)

We Want YOU...to Know About the Excise Tax Change

 

Now that Washington State Senate Bill 5998 has been signed into law, our local real estate excise tax—the tax paid when you sell a property—will be getting a facelift in 2020. The flat rate of the past will make way for a new tiered system which gives owners a tax cut on the first $500,000 of home value, keeps the current tax rate on the next $1 million of value, and then increases it sharply after $1.5 million.

 

The good news is that taxes will go down for the vast majority (~93%) of sellers in King County. Sellers of luxury homes that fetch more than $1.56m, however, will be paying more—much, much more in the case of multi-million dollar home sales.

 

Wondering how the changes might impact your bottom line when it comes time to sell? Scroll down or check out our quick reference worksheet

 

2020 CHnages to King County Excise Taxes

 

DETAILS & BACKGROUND

 

The previous flat state REET tax of 1.28% (1.78% after the 0.5% local portion is added) will be replaced on January 1, 2020, by the following rates (total REET after King County local portion is shown in parenthesis):

 

1.1% (1.6%) – Portion of selling price less than or equal to $500,000

1.28% (1.78%) – Portion of selling price greater than $500,000 and equal to or less than $1.5 million

2.75% (3.25%) – Portion of selling price greater than $1.5 million and equal to or less than $3 million

3.0% (3.5%) – Portion of selling price greater than $3 million


These thresholds may be adjusted again in 2022 and every four years after that using a formula for calculating value trends.


The current state real estate excise tax rate has been the same since July 1, 1989 while the local portion of the rate has been managed by each jurisdiction individually. You can find the full details in this Real Estate Excise Tax historical rates chart provided by the Department of Revenue.


The state provides a summary of the history and use of the real estate excise tax in Washington State detailing changes over the years. Currently, the bulk of the estate tax (92.3%) goes to the General Fund. Beginning January 1, 2020, and ending June 30, 2023, revenue distributions must be as follows: 1.7 percent must be deposited in the Public Works Assistance Account; 1.4 percent must be deposited in the City-County Assistance Account; 79.4 percent must be deposited in the general fund; and the remaining amount must be deposited in the Education Legacy Trust Account. Beginning July 1, 2023, and thereafter, revenue distributions to the Public Works Assistance Account increases to 5.2 percent. You can find the full law and definitions in Chapter 458-61A WAC (Washington Administrative Code).

 

SO WHAT’S THE BOTTOM LINE?

 

If you sell for $1,561,258 or less in King County, you will pay the same or less (up $900 less) in REET after 1/1/20. This is great news for most property owners in King County and across the state. Because the rate states the same on the portion of the selling price greater than $500,000 and equal to or less than $1.5 million as it currently is, all the savings comes in the portion below $500,000. This begins to whittle away as you creep above $1.5 million and into the higher tax rate of 2.75% (3.25%).


If you sell for more than that amount, you’ll be paying more–often much more. You can see from the quick reference chart below that the seller of a $2.5 million property will pay an additional $13,800, while a $5 million sale will cost an extra $55,550 and a $10 million sale a whopping $141,550 more.


Everyone will have a different take on the new tax rate, but if you have a valuable property and contributing more to the state’s coffers isn’t part of your charitable giving strategy, selling in 2019 might offer significant savings. On the other hand, selling in 2020 and beyond funds education and public works at greater levels than ever before, and that benefits everyone.

 

EXCISE TAX QUICK REFERENCE WORKSHEET


 

 

MERCER ISLAND


We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

 

© Copyright 2019, Windermere Real Estate/Mercer Island. Originally posted on Windermere Mercer Island’s “Local in Seattle” blog.

Posted on June 4, 2019 at 2:04 pm
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