Area Home Values Up Record 18.9 Percent

Despite a slowdown in the Olympia-area real estate market in recent months, the assessed value of the average home in Thurston County rose a record 18.9 percent this year over a year ago, according to assessments now being mailed to property owners.

"We live in a very desirable area, and the market is reflecting that," Assessor Patricia Costello told The Olympian. "Particularly with raw land and the waterfront, that type of property is not available much anymore, and demand is high."

Of course, some people wonder why the value of their property is going up even as the real estate market seems to have stalled. Writing in a local online discussion group, some local homeowners were sanguine, while others proposed a California Prop.-13 style limit on property taxes, freezing the taxable value at the price originally paid for the home. Others, like justin_time, protest that "this is a backdoor way to get a tax increase. ... I would also love to know what this tax increase is going to be used for. The county can justify this however they want, but for me it is a 46% tax increase."

Your thoughts?

Inside the Escrow Process

One of the stages of the home buying process is escrow. This process begins when the offer is accepted and ends once the financing is approved and the buyer and seller have fulfilled their requirements. So how does it work?

A neutral third party agent of the principals — buyer, seller, lender and borrower — is designated the escrow holder. This agent assists with the transfer of ownership by ensuring that the terms of the transaction are completed including safeguarding all funds (including the buyer’s deposit) and documents.

The escrow holder keeps track of obligations of the seller or buyer. For example, if the seller is required to supply a termite inspection, the escrow holder will make sure it is fulfilled before any funds are transferred to the seller. Findings in the termite inspection report must be corrected on or before the close of escrow.

In addition, the escrow holder receives from the title company a complete ownership history of the property and any liens on record in the preliminary title report. Any discrepancies that affect the condition of the title, such as condo liens, judgments, etc., against the buyer and seller, must be addressed prior to close of escrow.

The escrow process can last any number of days depending on what is agreed upon between the buyer and the seller. To assure a timely closing, it is important that each party provide the escrow holder requested information as soon as possible. For example, a lender will not fund a new home without a homeowner’s insurance policy. Without the lender’s verification that there is insurance, the escrow process may be delayed. An unsecured source of funding, such as a personal check can also delay the process, because it takes longer for those types of funds to clear.

The escrow process is just one step towards fulfilling the dream of homeownership. Your real estate professional can provide more detail on the escrow process, as well as answer other questions you may have about home buying and selling.

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

Cheering Gloomy Buyers

Feeling iffy about spending money on a new home in today's market? Some Tacoma firms are looking to lift you out of your spending funk.

The News Tribune reports that the Master Builders Association of Pierce County and the Washington Realtors are rolling out ad campaigns touting the upside of buying in the Tacoma area. And buying now, not later.

Pierce County's median home price in August climbed 4.4 percent compared with the same month in 2006, though the county had 2,702 new-construction houses and condos listed for sale compared with 1,947 the same month in 2006, according to the Northwest Multiple Listing Service.

Read the story.

Helping Your Children Through Your Family's Move

Moving is an exciting time full of commotion that can be tough on everyone, including the children. The impact the move will have on kids usually is age-related. Babies, toddlers and young children tend to deal well with moving, while adolescents may resent and resist the move. Here are a few timeless tips that may help all families on the move:

• Clearly explain why you’re moving. Children like to be in the loop and talking to them about the move, what it means and what it will entail can help limit move-related anxiety.
• Familiarize the children with the new location by providing them with exciting information about the area. Some useful tools include maps, news stories and pictures. Highlight some of the location’s points of interest that you think your children will appreciate, like an amusement park or nearby lake.

• Make sure everyone has packed and clearly labeled their most-used items and keep these items easily accessible. For a small child, this could include a few favorite toys or a security item. Older kids may not be able to survive without certain electronics or favorite clothing items.

Moving Babies and Toddlers

Babies and toddlers typically are easy to move, but they also can become confused or scared. Consider the following tips for them:

• Pack their rooms last and keep favorite toys and other must-haves close at hand.

• Try to stick to established routines like lunchtime and naptime.

• Once in the new house, young children may need to be reminded about which household appliances are dangerous and other safety precautions or rules they learned at the previous house.

Moving Preschoolers and School-Age Children

Kids this age can get excited about moving and may be eager to help. If you’re moving with school-age children, consider the following tips:

• Let the children help pack their own rooms and once you’re in the new house, let them help decorate and arrange their new rooms.

• Locate the recreational facilities and children’s group activity centers. Once you’re in the new location, enrolling your children in group activities can help them quickly make new friends.

Moving Adolescents

Adolescents are deeply involved in their social network. Child development experts suggest these kids receive news of the move as soon as possible. They will need more time to get used to idea and to say good-bye to their friends. Some other tips to consider:

• Spend time together getting to know the new area by driving around and noticing what other kids are doing and wearing. Discuss how you can help your child “fit in.”

• If your child is a senior in high school, some child-development experts suggest letting the child stay behind to finish the school year. These experts emphasize that this decision only makes sense if your child’s living conditions will be appropriate and safe.

Moving is an exciting time when families tend to work together to make sure the adventure goes smoothly. Your real estate professional has helped many families move and is a great resource for more information about moving with children.

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

What's Your Home's Walk Score?

One of the reasons my wife and I choose our home was the location. It's convenient to downtown Olympia, it's on the busline, and many destinations are easily walkable. We live within a half-mile or so of three grocery stores, a dozen restaurants, tennis courts, and several parks. A movie theater, mall, banks, video stores, postal store, and bookstores are less than a mile away.

But I didn't know there was a way to quantify "walkability" until I ran across Walk Score, a website that identifies and promotes walkable neighborhoods. Their mission, the website says, is to "help homebuyers, renters, and real estate agents find houses and apartments in great neighborhoods. Walk Score shows you a map of what's nearby and calculates a Walk Score for any property. Buying a house in a walkable neighborhood is good for your health and good for the environment."

The site isn't completely accurate. I noticed that it counted two local grocery store's offices as actual stores, for example. But it gives a good overall impression of a neighborhood's walkability.

My home's walk score is 60. Which makes me wonder where you'd have to live to score 80 or 90 or 100.

I checked up on my family, of course. My mother's home has a score of just 15, but then again...she lives on lakefront property, so that's some consolation. My sister's score is 6 (yikes!). The Prudential Olympia, REALTORS office scores in at 63 (but I wouldn't want to LIVE here!).

What's your walk score?