Gay Rights and Real Estate

Washington Gov. Christine Gregoire signed into law today House Bill 2661, the so-called "gay rights" bill. Washington becomes the 17th state to protect gays and lesbians and the seventh to also protect transgender people. The law will less directly affect the lives of many others in the state, including real estate agents.

State law now bans discrimination in real estate transactions, employment, public accommodations, insurance and commerce based on race; color; religion; national origin; gender; the presence of any sensory, mental or physical disability; or the use of a trained dog guide or service animal.

In today's signing ceremony, Gov. Gregoire said:

In my State of the State address last month, I said that we must see ourselves through history’s lens. A generation from now, citizens will wonder what took us so long. They’ll see this law for what it is: A natural extension of our values as Washingtonians: The values of fairness, of justice, and of opportunity.

Shortly after the bill became law, for-profit initiative sponsor Tim Eyman filed an initiative that would negate the law's provisions, if it gets onto the ballot and is approved by voters this fall.

Full story from The Olympian
Full story from The Seattle P-I

Protect Your Home Against Weather Disasters

The recent destruction caused by Hurricanes Katrina and Rita serves as a reminder of the type of havoc Mother Nature can cause. Water, wind, fire and earth movement can be hazardous to your home, perhaps your most cherished and largest investment. But, there are actions you can take now to protect your property and prevent major damage should one of these elements strike. Depending on the age of your home and the building codes in your area, some of these improvements may already be in place.

Water
Apart from major flooding, most damage occurs when water seeps in through cracks and leaks. Make sure that windows and doors are well sealed. Seal any cracks and holes in the foundation and exterior walls. Repair or replace roof shingles around any area that allows water to penetrate the roof sheathing. Check for holes or air leaks in the attic and basement. Your basement windows and doors should have built-up barriers or flood shields. Inspect your sump pump regularly to make sure that it is working properly. Install or make sure that the flashing, a thin metal strip, around the doors, windows, thresholds, chimney and roof are in tact.

Wind
Minimize the damage by keeping the wind from getting inside your home. Windows and glass doors should be fitted with impact-resistant laminated glass or covered with impact-resistant shutters. Consider solid wood or hollow metal doors, which are more likely to resist wind pressure and flying debris. There are also roofing products with high wind resistance available.

Wildfire
Some inexpensive home improvements that you can make include installing a spark arrestor on your chimney, eliminating brush and debris from around your property, and modifying your attic, sub-floor and basement vents. More expensive improvements include replacing single-pane glass windows, doors or skylights with tempered glass, recovering your exterior walls with a more fire-resistant material, and re-roofing your home with a Class A roof covering.

Earthquake
California isn't the only earthquake zone. Other zones include the New Madrid region, west and just east of the Rockies, the southern Appalachians, New England, Alaska, and here in the Pacific Northwest. Steps you can take to protect your property and possessions include anchoring appliances, water heater, dressers, and other heavy items to the wall. Attach your TV, computer and other small appliances to desks, tables or countertops. Secure ceiling lights, chandeliers and other hanging items to the permanent structure of your home. Apply safety film to windows and glass doors. It is also a good idea to install a main gas shut-off device.

Of course, there may be times, when no amount of prepping can protect your home. However, homeowners insurance can help protect you financially in case something happens to your property or its contents. Most standard homeowners insurance policies include structural coverage and personal property coverage. Depending on your location, you may also need additional coverage against earthquake, hurricane and fire.

Be aware that flood damage is not covered under the traditional homeowners insurance policy. Flood insurance needs to be purchased separately through the National Flood Insurance Program (NFIP), a federal program. It is available to nearly 20,000 communities across the U.S. and its territories that participate in the NFIP. Flooding can be caused by heavy rains, melting snow, inadequate drainage systems, failed protective devices such as levees and dams, as well as by tropical storms and hurricanes. So, although you may be in a low to moderate risk area, you may still want to consider this coverage.

Periodically review your homeowner's insurance policy to make sure that you are adequately covered to rebuild your home and replace your contents.

If there is ever damage to your personal property, having a home inventory can make it easier when filing an insurance claim. Start with a sheet a paper for each room in the house. Go around the room and list every item. Don't forget the attic, basement or other storage places. For each item, write the original cost, purchase date, replacement cost, model number, brand name, where purchased, and a general description. In addition, take photos or video of each room for visual documentation. It is also a good idea to arrange valuable collections, silver, jewelry, etc. and take close up photos. Make sure you update your home inventory photos and list at least once a year.

When weather-related disasters strike, what's most important is your safety and that of your family. However, by taking precautions to protect your home, you can possibly help keep damage to a minimum; or in the case of severe damage, make sure that you have the financial means to rebuild.

For more information go to http://www.ibhs.org/ or www.fema.gov.

Prudential Olympia, REALTORS is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

Real Estate News - Olympia, Washington

The Olympian newspaper has crunched Multiple Listing Service (MLS) data and found that the pool of affordable homes has shrunk dramatically.

Last year, home sales priced at between $140,000 and $200,000 dropped an average of 42 percent compared with the year before, while home sales priced at $400,000 or higher rose 125 percent, according to Olympic Multiple Listing Service data. The data shows that the pickings are particularly slim for homes priced lower
than $140,000.

Read the full story here.

More encouraging is the city of Olympia's agreement with the Port of Olympia to purchase 11.7 acres of land along West Bay Drive for a future waterfront park. The price tag of around $4 million brings the city a parcel with a stunning location. Once the deal is final, the city will start assembling a concept plan for how the park will look, then take it to the public for feedback, said David Hanna, associate director of Parks, Arts and Recreation. The city is also interested in another 5 acres of land nearby, and in securing rights to the old railroad right-of-way linking the future park to downtown.

Budget Surplus to Fund Low-Income Housing?

A bill currently in the Washington State legislature would use some of the state's $1.4 billion budget surplus to fund low-income housing. It's estimated that as much as half of the surplus comes from real estate transactions in a still-hot market, particularly in larger cities.

Spokane's Spokesman-Review reports:

The bill would pay for $100 million worth of low-income housing projects in the next four years. The bulk of the funding would go to the state's Housing Trust Fund, which has a backlog of $45 million in projects that could serve 2,300 households across the state, housing advocates said. Last year, two-thirds of all applications to the public fund were denied because of a lack of money, advocates said. ... The bill would also provide some funding for homeless programs, migrant laborers and victims of domestic violence, as well as projects to reduce energy bills by weatherizing older homes.
[Read full article]

Don't Make the Mistake of Overpricing Your Home

Pricing matters. When you decide to sell your home, one of the most important decisions you'll make is your initial listing price. Of course, you want to get as much for your home as buyers may be willing to pay. However, when determining the price, don't make the mistake of overpricing. It's an understandable mistake, but one that could prove costly if it slows down the sale and/or makes other homes look like a good value by comparison.

One trap many sellers fall into when deciding a price is basing it on emotion. After all, your home has been special to you and your family. You've perhaps made changes and improvements over the years. But you need to ask yourself: how important are those changes to a potential buyer? How up-to-date are the improvements? It is easy to think your home is worth more than your neighbor's or more than the current market may support. But, if you overprice your home, you may attract the wrong buyers--buyers who will compare your home to other homes within the same price range and walk away disappointed. Some of those other homes may have more amenities or be in better condition. At the same time, you may eliminate a pool of potential buyers who are shopping for homes priced in the range of your home's true market value.

Another challenge you face with overpricing is less initial traffic and diminished interest. Generally, a home receives the most activity during the first weeks its on the market. If your home is priced more than similar homes in your market, it may discourage potential buyers who believe they can get a better value somewhere else. In addition, real estate professionals tend to not guide qualified buyers to overpriced properties. And, the longer your home stays on the market, the more buyers may begin to reason that there is something wrong with the property.

If you overprice your home with a thought of using a "price high then drop" strategy, you run into the same risk of buyers believing that something is wrong with the property--or that you are desperate to sell. Eventually the property may sell, but at how much of a loss--especially if you have purchased another residence and now have to cover two mortgages and pay ongoing expenses?

Overpricing can also result in fewer offers. For various reasons, buyers may feel uncomfortable submitting a low bid when there's a considerable difference between the market value and selling price. And, if you were to accept a bid at an inflated price, your buyer may face financing problems, because an overpriced house will not appraise for the selling price.

What can you do to ensure you're not overpricing your home? Stick to the facts. You may want to hire a real estate appraiser for an objective unbiased estimate. Then consult with a real estate professional who can help you determine true market value based on a comparable market analysis. The key is to work with your real estate professional to price right and create a strategic marketing plan that creates excitement from the moment your home debuts on the market.

Don't let the temptation to overprice keep you from your best chance of getting the best price, quickly.

Prudential Olympia, REALTORS is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.