Budd Bay Blog

Featured Home: Log Home on 20 Acre Estate

2010-11-03T12:54:00.000-07:00

Stunning custom built lodge-style log home nestled on 20-acre estate. Superb details of craftsmanship. Home is app 3000sf on 3 flrs w/3 bdrms & 3 bths. The master suite & loft are on the upper flr, 2 bdrms are on the lower flr. There is a barn/stable for horses & a multiple roomed shop for the craftsman. The landscaping will please the most discriminating gardner & includes an orchard & grape arbor. Year-round meandering stream thru property. Half way between Portland & Seattle app 7 minutes from I-5

Bedrooms: 3.0 Baths: 2.75 Price: $615,000
MLS# 29072586
Reference # R-2410

For more information or to see home, contact:
El Sanchez, 360-791-2991

Prudential Olympia, REALTORS®

2630 Martin Way
Olympia, WA 98506

Featured Home: Immaculate Lacey Rambler

2010-04-20T12:49:00.000-07:00

Lacey, Washington

Home features 2 suites plus den with French doors. Big, bright and open floor plan in lovely neighborhood. Large great room with stone fireplace, high ceilings, dining area and lovely kitchen w/lots of counter space & ample nook plus desk area for computer.

Guest suite with access to full bath, spacious master suite with walk-in closet and beautiful private bath.

Lovely, well groomed yard with wonderful landscaping and nice sized patio. Garage with storage, all appliances stay. MLS # 60366.

For more information or to see home, contact:

Kim Rucker, 360-481-1863
Roberta Rudnick, 360-791-0688

Prudential Olympia, REALTORS®

2630 Martin Way
Olympia, WA 98506

Featured Home: Natural Beauty & Privacy

2010-02-22T11:55:00.000-08:00

Stunning Shelton, WA Home

There are simply no words to adequately describe the beauty of this property: Rolling hillsides covered with trees, and a winding paved road leading to a truly unique and special home. If you are looking for natural beauty and privacy, this is for you. This home boasts a huge open floor plan, soaring ceilings, bright open kitchen, high end finish level, bonus room, huge 8 car shop/garage with separate living area, an additional garage in back and just too much to list. It's simply a must see!
More photos & info

Bedrooms: 4.0
Baths: 2.75
Price: $459,000
MLS# 25521

Contact El Sanchez, 360-791-2991 or Roxanne Byrd, 360-480-2242

Prudential Olympia, REALTORS®
2630 Martin Way
Olympia, WA 98506

The Walkability Premium

2009-08-25T10:39:00.000-07:00

How much more would you pay for a home that is within walking distance of a grocery store, a library, or your workplace? A new nationwide survey finds that people were willing to pay from $4,000 to $34,000 for homes in walkable neighborhoods, and that people throughout the USA find walkable neighborhoods a premium home feature.

You can check the walkability index of your own neighborhood -- or one where you're thinking about buying -- on the website walkscore.com. That site not only gives information at the neighborhood level, it also ranks the most walkable cities in the US. The top 10 are:

What makes a place walkable? "The cities at the top of the Walk Score rankings have density, mixed use, transit, short blocks—and almost everything else on our walkability checklist," the website says. "Most importantly, these cities have lots of destinations near each address, which is the strongest indicator of whether people walk."

The website has done detailed workups only on the 40 largest US cities, so no Olympia stats, (though you can look up your walkability score no matter where you live). In Seattle, the top neighborhoods for walkers are:

1 Pioneer Square
2 Downtown
3 First Hill
4 Belltown
5 Roosevelt
6 International District
7 South Lake Union
8 University District
9 Lower Queen Anne
10 Wallingford

Happy walking!

Is silver the color of real estate recovery?

2008-11-20T10:05:00.001-08:00

Some real estate professionals and others are pushing for a unique solution to the current market slump: importing homeowners.

The idea is to encourage wealthy retired people from other nations to relocate to the USA, where they would buy homes and live out their lives while spending their savings on US goods and services. Some are calling this the "silver card" system, like the "green card" that is sought by people hoping to work in the USA.

The National Association of Realtors website says they have directed their staff "to explore the feasibility of creating and implementing a retirement visa or 'silver card' for foreign nationals who are over 55 years of age, have documented income and own U.S. residential real property." A report is expected at the NAR meeting in May 2009.

"Millions of dollars would get spent in this country. It would be a boon to the U.S. economy — to real estate, people buying properties, the automobile industry, the restaurant industry, retail, airline travel, furniture makers, there are so many dimensions," says John Mike, chairman of the Realtors Association of the Palm Beaches in Wellington, Florida.

Immigrant advocates, meanwhile, would say that wealthy foreigners should not get special treatment when thousands of others — including relatives of US citizens — are waiting for visas. And whether the "silver card" immigrants could be a drain on the US health care system is another heated question.

Five Tips to Help You Sell Your Home Fast

2008-11-10T14:55:00.000-08:00

There is no question that in many parts of the country, houses are currently on the market longer. As a seller, this slow-down means there is more competition for a limited pool of potential buyers. Consider the following five tips to place your home on the fast track to sale:

Price It Right
The first 30 days are the most critical. If your home is priced too high, interested buyers may never even tour your listing. The longer the property is on the market, the fewer the prospects. Deciding the value of a home isn’t an exact science. Yet, there is data to help you determine a fair asking price that is right on target. 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, which will include recent home sale transactions as well as homes currently on the market. From your analysis, you may want to price your home conservatively to give it a competitive edge.

Make Your Home Irresistible
Unless they are looking for a fixer-upper, most homesellers are more likely to make a bid on a home that they can enjoy immediately. Therefore, you need to create an environment the buyer can’t resist. In other words, do everything you can to make the home so attractive, charming, cozy, inviting, comfortable and exciting that a buyer will want to buy that lifestyle for himself. Evaluate the home from a buyer’s point of view. An experienced real estate professional will be able to offer an objective view and will also know what buyers are asking for. Get your home in tip-top shape by making repairs and cosmetic improvements, and removing clutter. This may mean investing in a few upgrades to modernize your home’s look such as installing newer carpet and light fixtures and painting the walls a neutral shade.

Create Traffic
If you want buyers to see your home, you must first find the buyers. Work with your real estate professional to design a marketing plan that is flexible and capitalizes on your property’s most desirable features. Your strategy should include ways to reach buyers online and offline – such as word of mouth, the Internet, yard signs, direct mail, open houses and so on.

Go with a Professional
Selling a home is more than just putting a sign in your yard and having a listing on the Internet. And in a competitive market, you don’t really want to take the chance of making novice mistakes that can slow the selling of your home. By hiring a real estate professional, you get the benefit of an experienced marketer and negotiator who is familiar with real estate issues in your community. A real estate professional can offer worthy advice on pricing and staging your home based on their vast experience. Plus, there’s the added value of the peer-to-peer networking among real estate professionals, which can bring buyers and sellers together – sometimes even before the property goes on the market.

Offer Incentives
Offering incentives can be just the impetus a potential buyer needs to select your property over others. You may want to consider offering a carpet or paint allowance. Or, pay for a professional home inspection or a home warranty – and, depending on your market and budget, offer to pay some of the closing costs. Don’t be discouraged if there are competing homes for sale in your neighborhood. With just a few smart moves, you can turn a buyers’ market in your favor.

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

Do You Know Your Real Estate Facts?

2008-10-30T11:12:00.000-07:00

How well do you know the real estate market? Will today's Fed move to lower interest rates have a direct impact on mortgage rates? Has the market bottomed out yet? Is it a bad time to sell and a good time to sell? We can't answer all your questions here, but here are a few myths that need busting, and points that need making.

1. Peak-to-trough home price declines to date have been about 20 percent. Wrong. Measurements of home price declines can be skewed depending on which homes in which markets are being measured. For instance, the Case-Shiller Index, which indicates that home prices are down 20 percent, is heavily skewed towards homes with subprime loans and other distressed home sales. These troubled homes have experienced a steeper decline than home prices in general, says Yun, adding that both government data based on loans backed by Fannie Mae and Freddie Mac and data from the National Association of Realtors suggest much more modest price declines. TIP: If you're selling your home, the best thing to do is price your home right.

2. The much smaller number of new homes now under construction indicates the dismal outlook for the housing market. Wrong. The inventory of homes on the market is very high, so the last thing we need now is more new homes being built. Home builders have cut back sharply on production, which will help lower inventories and stabilize prices. The builders have done exactly what market forces are dictating under current conditions, Yun says. TIP: With many new homes completed but not sold, you can find great opportunities.

3. Even when the housing market recovers, home price growth will be only 4 to 6 percent per year -- much less than historical average returns for the stock market. Most buyers put less than 20 percent of their own money into a home purchase; this borrowing power can translate to a greater rate of return. This is how Yun explains it: Home price appreciation historically has been about 1 to 2 percentage points higher than consumer price inflation, which translates into about 4 to 6 percent per year. But this growth rate cannot be viewed as a rate of return like the stock market. The reason is that most people do not buy a home for all cash, instead making a cash down payment and borrowing the rest. The leverage this borrowing creates can magnify returns -- and losses. If price growth returns to historic norm, the price growth of 4 percent can easily turn into 20 to 30 percent rate of return if the home buyer makes a down payment of 10 or 20 percent. TIP: Get the fundamentals right when investing in real estate.

4. Impending baby boomer retirements and moves to small homes will cause a glut of homes on the market. Wrong. The first edge of the baby boomers has reached 60 years of age and the massive bulk of that generation will soon go into retirement, but far from trading down, many of these older homeowners are keeping their homes or moving to ones of comparable size. And even if more boomers do sell their larger homes in the years ahead, Yun points out, the rapidly growing U.S. population should absorb the inventory of existing homes on the market. TIP: Active seniors can find a retirement community that caters to their needs and interests.

5. The federal government takeover of secondary mortgage companies Fannie Mae and Freddie Mac is a bailout that will cost taxpayers bundles. Too soon to tell, says Yun. It's conceivable that taxpayers may have to cover some losses. It's also possible that the government takeover will result in no loss of taxpayer dollars. Even if taxpayer funds are used, the bailout would be preferable to the global economic problems that would have occurred if Fannie and Freddie had gone belly up. TIP: Uncle Sam is "bailing out" homeowners facing foreclosure. Find out more about the Hope for Homeowners plan.

6. The Federal Reserve controls mortgage rates. Wrong. Yun explains: The Fed's activities influence mortgage rates but don't directly control them. What the Fed sets is a very short-term interest rate called the Federal Funds Rate. Mortgage rates are determined by global savings as well as credit spreads and inflationary pressures. Over the past two years, the Fed has raised the Fed Funds Rate to 5.5 percent, and then cut it deeply to around 2 percent. All the while, the 30-year mortgage rate has averaged in the 6 to 6.5 percent range. TIP: Today's rates don't look bad compared to the 10 percent we saw in the early '90s and 17 percent in the '80s.

7. It's the wrong time to buy. Wrong. All real estate is local. For those who are financially and mentally ready to buy, there has never been a better time to be a buyer in many markets. An abundant selection of homes and historically low interest rates give buyers an edge over sellers. The recently passed $7,500 federal tax credit for first-time home buyers creates an added incentive. For someone with a long-time horizon, Yun says, there is very little worry about home values since homes have historically provided a solid foundation for wealth accumulation. TIP: Compare the pros and cons of renting vs. buying to see what makes sense for you.

8. It's the right time for everyone to buy. No. All real estate is local, and everyone is unique. Someone who is not emotionally or financially ready should not be forced or induced to join the rank of homeowners, even when a market presents good buying opportunities. Potential homeowners clearly need to understand that the decision to move up to ownership requires sacrifices, like saving up for down payment and elevating their credit scores. Homeowners who lose their home to foreclosure serve no one's interest, Yun adds. TIP: Take a good hard look at your financial status and create a homeowner's budget to see if you're ready to buy a home.

9. It's a terrible time to sell. Wrong. In markets where home sales are picking up strongly, a seller can easily get an offer if the property is priced correctly. Also, Yun says, for those looking to trade-up, selling low on an existing home is more than offset by buying the new move-up home at a lower price. When the market recovers, home price appreciation on the traded-up home will bring bigger bang for the buck. TIP: Homebuyers want bargains in this market. If you price your home much lower than your competition, you might end up with a bidding war.

10. With the advent of the Internet, more and more homes are being sold by owners (FSBOs), and real estate practitioners are becoming obsolete. Nope. According to Yun, the share of home sellers who choose to go it alone when selling their home has actually decreased from about 20 percent in the late 1980s to about 12 percent today. Even after these sellers successfully complete a transaction, only 4 in 10 say they would sell their next home without the assistance of a real estate professional. TIP: You don't have to sign a listing contract to talk to a Realtor. Ask family and friends for referrals and interview a few. You might even get some free advice.

(source: HGTV's frontdoor.com)

Foreclosure Stats Released

2008-10-23T10:29:00.000-07:00

Home foreclosures were down in September, according to a report released today but RealtyTrack. But the decrease of 12 percent from August still marked an increase of 21 percent over September 2007, and means that one in every 475 U.S. housing units received a foreclosure filing in September.

According to James J. Saccacio, chief executive officer of RealtyTrac:

Much of the 12 percent decrease in September can be attributed to changes in state laws that have at least temporarily slowed down the pace at which lenders are moving forward with foreclosures. Most significantly, SB 1137 in California took effect in early September and requires lenders to make contact with borrowers at least 30 days before filing a Notice of Default (NOD). In September we saw California NODs drop 51 percent from the previous month, and that drop had a significant impact on the national numbers given that California accounts for close to one-third of the nation’s foreclosure activity each month. Another example is North Carolina, where legislation was signed into law in August that requires lenders to provide homeowners and the state’s commissioner of banks a 45-day notice prior to filing a Notice of Default. We saw NODs drop 66 percent in North Carolina in September.

On the other hand, initial foreclosure filings in Massachusetts jumped 465 percent from August to September after being much lower than normal in June, July and August. That temporary lull happened after a new law took effect in May requiring lenders to give homeowners a 90-day right to cure notice before initiating foreclosure. But in September, about 90 days after the law took effect, initial foreclosure notices jumped back up close to the level we were seeing earlier in the year.

Read the report here.

How to Get Your Home in Selling Condition

2008-10-16T11:17:00.000-07:00

As a seller, your No. 1 goal is to sell your home as quickly as possible at or near the listing price. In today’s market, where there is much more competition for buyers, it is important to put your best foot, or in this case, best home forward because first impressions are vital.

Many of today’s prospective home buyers have busy lifestyles and are looking for properties that don’t require a lot of work. Therefore a home in move-in condition is much more attractive. Before placing your home on the market, you may want to invest in making needed repairs.

To get started, inspect both the inside and outside of the home. Take inventory of practical and aesthetic repairs. You may want to apply a fresh coat of paint on the walls, doors, and shutters. Clean the carpet and buff and polish wooden floors. Tighten and polish hardware. Repair cracks in sidewalks and driveways, and clean any stains on them. Replace missing or warped roofing. Clean or re-grout kitchen and bathrooms. Repair dripping faucets and drains or plumbing fixtures that aren’t operating.

Fix sticking doors and replace old locks and doorknobs. Replace old bulbs and broken electrical sockets. Replace cracked windows and torn screens. Repair broken fencing and reseal the deck. Clean up stains on the tiles and counter tops.

Some experts also recommend hiring a certified home inspector to thoroughly and impartially evaluate the property. (For a list of inspectors in your area, visit the American Society of Home Inspectors website, www.ashi.com, or ask your real estate professional for recommendations.) A standard report will review the condition of the home’s heating system, central air conditioning, plumbing and electrical systems, the roof, attic, walls, ceilings, floors, windows and doors, the foundation, basement and visible structure.

If there are recommendations for improvement, consult with your real estate professional in prioritizing the list of repairs.

Depending on your goals and budget, you may want to repair only items that could cause significant deterioration to the home, such as a leak. In addition, your local market conditions may dictate how extensive your repairs need to be. Let your budget and your real estate professional guide you.

However, be careful about major repairs. Sellers rarely recoup money on major remodeling projects, and you may want to save funds for your new home.

A home in good condition demonstrates pride of ownership. Taking the time to make small repairs to your home can go a long way in making sure that your home is presented to potential buyers in its best possible light. They also just might make the sale.

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

Making a Successful Move with Your Pet

2008-10-09T11:35:00.000-07:00

When making your moving plans, don’t forget to include your beloved pets. Although they present a new set of challenges, it doesn’t have to add to your stress if you take the following steps before your big move.

Visit the vet
Schedule a pre-move visit with your veterinarian for a checkup and to make sure that all vaccinations are current. Use this time to get copies of your pet’s records, a recommendation for a veterinarian in your new location, and possibly a tranquilizer to give your pet during transportation.

Research laws in new area
Research the requirements regarding animals in your new locality. Nearly every state has laws regarding entry of dogs, cats, horses, birds and other pets. For example, most states require interstate health certificates for dogs and horses coming from another state.

If you own an exotic animal such as a ferret or potbellied pig, check to see if it is allowed as a pet in your new city. Some states require an entry permit. You can obtain compliance information from the state veterinarian or other appropriate authority. It’s important to get this information well ahead of your move so that you can get any necessary examinations or documents.

Make sure your pet’s identity and rabies tags are current. You should also have a special travel identification tag just in case they become lost during the move. The tag should include the pet’s name, your name and new address, and an alternate contact.

Decide on transportation mode
Decide how you will be transporting your pet. Animals are not allowed on moving vans, so your choices are by car or air.

By car
If traveling by car, the American Animal Hospital Association suggests that you take your pet on short rides before the trip so that he can get accustomed to the movement. The day of the trip, don’t feed your pet for several hours before departure. It’s also a good idea to take him on a long walk before heading out.

Pack a travel kit to include food, food and water dishes, can opener, scooper, paper towels for clean ups, and plastic bags. You may also want to include a blanket to cover your car seats, plus treats and a favorite toy. If you are traveling with birds or other small pets, such as a hamster, make sure they are in a stable cage with proper ventilation. A kennel for cat or dog may also be a good idea.

If your trip will require an overnight stay, find out well in advance of your trip whether pets are allowed at the lodging of your choice. The website www.petswelcome.com is a great place to search for lodging that accommodates pets.

By air
Traveling by air definitely requires preplanning. Each airline has its own policy regarding pet transportation. In addition, there are federal requirements you must follow. For example, dogs and cats must be at least eight weeks old and weaned for at least five days. In addition, cages and containers must meet certain standards.

You need to decide if your pet will accompany you in the cabin or be checked as baggage, or shipped separately by air freight. Check with your airline to make sure that pets are allowed to travel in the cabin and obtain guidelines. The U.S. Federal Animal Welfare Act requires that pets traveling in the passenger cabin be in a carrier that can fit underneath the seat without blocking the main aisle. The container must remain stowed the entire flight.

If your pet will be transported as baggage or by freight, make shipping arrangements as far in advance as possible so that space can be reserved. It is recommended that you schedule a non-stop flight on a weekday. You also need to supply the air carrier written instructions for food and water.

Other precautions to take when transporting your pet by air include:

Before traveling, get your pet accustomed to the kennel in which it will be shipped.
Don’t give your pet solid food six hours prior to the flight. Providing water a few hours before the flight is advisable.
Write your contact information on the container and make sure your pet is wearing a tag with the same information.

The Federal Aviation Administration (www.faa.gov) and Department of Transportation’s (airconsumer.ost.dot.gov) websites have valuable information regarding traveling with pets.

Transitioning to new home
Once you are in your new home there are some things you can do to help ease the transition for your pet. If you have a dog, take him for a walk immediately so that he can become familiar with the new area. Cats, on the other hand, have a tendency to run away searching for their old home. They should be kept indoors for several weeks until they become comfortable in the new home and familiar with its scents and noises.

Veterinarians also advise that you bring water from your old home, because a change in water sources can sometimes cause your pet to become sick.

Like humans, pets are can become stressed when change occurs. By planning ahead, you can help to make sure your pet has a smooth transition to its new environment.

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

Foreclosures have many seeing red...

2008-09-23T13:56:00.000-07:00

Well, at least we're not dark red here in Washington State... or in Thurston County.

Click either image for the foreclosure report details.

Is it possible to "green" a McMansion?

2008-09-09T14:41:00.000-07:00

Green building is the buzz these days, from renewable-material flooring to super insulation to solar panels. But is green consumption really better for the environment?

Writing in High Country News, Monique Cole uses a case study of a 6,500 square foot home to question the application of earth-friendly techniques to "humungalows."

...how can size not matter when it comes to green building? The resources required to build and furnish a larger home need to be factored in, as well as the fuel expended and pollution created to transport those resources to the site. Big homes like the Abramsons' often are built far from urban centers. The rulers of these prairie castles must therefore burn fuel to get to work or an airport. Bigger homes also require more upkeep -- think of the landscapers, housekeepers, window cleaners and dog walkers who have to commute to service the home and its occupants. Adding solar panels and cork floors to one of these mansions is a nice touch, but is this going green, or is it green-washing?

The article is worth reading, the author torn between criticizing supersized homes and praising the instinct to build green.

... a small part of me feels bad about criticizing people like the Abramsons. They are, after all, helping to advance the sustainable building movement by paying an 8-to-15 percent premium to make their mansions greener. As in the case of organic foods, as green building materials become commonplace, prices will come down, and the rest of us will be able to afford them.

Still, if they're striving to be the "greenest," I can't understand why the Abramsons couldn't make do with a more modest house, say 3,500 square feet. That would still be twice the size of the median home in America 35 years ago.

I think that the "green" McMansion symbolizes what's wrong with how Americans have faced climate change and resource devastation. Everyone's looking for the silver bullets that will allow us to carry on our consumptive lifestyles just as we always have. But to be truly green, some sacrifices have to be made, such as giving up the home theater or that fourth bay in the garage.

complete article here

That Big "Vacancy" Sign

2008-09-02T14:42:00.000-07:00

It's a welcome thing if you're traveling a lonely highway late at night, eyelids drifting south. But the kind of vacancies corporate and residential landlords are facing as the economy slows to a crawl are less welcome.

US Census Bureau statistics show that 1 in every 35 homes in the US stands vacant, the highest recorded vacancy rate in history. The rental market is fairly strong, but Americans still seem reluctant to buy new homes in the continuing economic fallout of the mortgage loan crisis.

Commercial real estate faces a similar situation. New London, Connecticut, is facing a one-third vacancy rate among downtown storefronts (source: theday.com). Nationally, the suburban office vacancy rate is around 14 percent, which makes the 11 percent vacancy rate here in the Puget Sound region (source: thenewstribune.com) sound pretty rosy.

Deepening Deluge of Real Estate Resources

2008-08-26T14:48:00.000-07:00

We still recommend going with a real estate professional when it comes time to buy or sell a home, but if you're just probing the market or curious about the value of your home or others in your neighborhood, you've got an increasing number of online resources at your disposal. Just bear in mind that none of these have the complete information available from your local Multiple Listing Service, which your real estate professional can tap into for you.

For comparison, we checked listings in the popular West Olympia zip code of 98502. The local MLS shows 432 current home listings.

Roost (www.roost.com) show 376 listings in the same area; Trulia (www.trulia.com) lists 322 homes; Zillow (www.zillow.com) lists 434 homes -- which sounds impressive until you realize that their search criteria somehow included homes as far away as Shelton, WA; and Redfin (www.redfin.com) reports more than 500 results in a search for homes in the 98502 zip code. We're still puzzling over that number.

Obviously, you need to take these numbers with a grain of salt. As you do with home value estimates from Zillow or Eppraisal (www.eppraisal.com), which can vary by many thousands of dollars. So we'll stick with our advice to use these resources for rough research, then contact a real estate professional when it's time to proceed with a purchase or sale.

Should Homebuyers Use a Real Estate Professional?

2008-08-14T10:47:00.000-07:00

With just the stroke of a few keys, you can find myriad resources on the Internet to help you in your search for a new home. Besides property listings, you can find out about specific communities, schools and mortgage options. Prudential Real Estate has made three great resources – Environmental Profile, Property Profile and Value Range Estimate – available on prudential.com/realestate that provide detailed real estate information just by keying in a U.S. property address.

With this wealth of information at your disposal, do you really need a real estate professional to represent you? Absolutely.

Think of it this way, when you go to an unfamiliar place, sure you could do a self-guided tour. However, your tour is much more rewarding and enriching when you have someone who is familiar with the location to guide you along because he or she has inside knowledge on the history, culture and stories that you may not have otherwise received.

The same can be said about sales professionals. Their role is more than someone to drive you around from property to property. They can be a great resource, especially to homebuyers relocating from other communities. He or she knows the local area including home values, taxes, utility costs, and school data, and may even be knowledgeable about resources pertaining to your special interests or needs. For instance, should you require help relocating an aging parent with you, your real estate professional may be able to direct you to local services or organizations for the elderly.

A sales professional can familiarize you with the processes involved in buying a home, alert you to potential risks, help you determine how much house you can afford, explain alternative financing strategies, as well as provide tremendous moral support.

Another benefit is having a strong advocate during the negotiating process. Sales professionals can help you objectively evaluate an offer then work to negotiate a favorable contract. During the process, he or she will review the contract and obligations before you sign, explain how contingencies and release clauses work, and so on.

And something easy to overlook is our familiarity with the complexity and risks inherent in the process. In the years I have been practicing I have been continually amazed at how quickly a seemingly simple transaction can grow legally complex and risky. When complex questions arise, a sales professional can help you quickly locate an attorney or other licensed professionals whose services you may require, such as home inspectors, engineers, surveyors and lenders.

As your single point of contact, a sales professional can manage the entire transaction including coordinating inspections, keeping in touch with the other real estate professionals, managing the documentation for the loan process, monitoring deadlines associated with contingencies, providing applicable paperwork, estimating closing costs, and helping prepare for a smooth and uneventful closing.

If you’re about to begin the process of buying or selling a home, consider involving a real estate professional. When the stakes are high, it’s comforting to have a specialist by your side.

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

Choosing the Right Home and the Right Community

2008-07-10T12:22:00.000-07:00

If you are buying a home, one of the first things your real estate professional will do before taking you on home tours is interview you to determine the type of house you want, such as a 2,000-square-foot four-bedroom, split level with a formal dining room and two-car garage. But just as important is the type of community you want to live in. Knowing what your requirements are will help narrow your home search and save time.

To expedite the house-hunting process, start by making a list of the dream home factors that are most important to you and your family’s lifestyle. Consider style, location, proximity to work and schools, yard size, children in the community and, of course, price.

Price and location generally are the key factors you’ll use to identify the communities that best suit you. If you are moving within the same city, you may want to start your community search by getting in your car and exploring. There are also resources on the Internet that let you compare communities.

You’ll want to ask yourself critical questions, such as: Do you dream of something quaint and charming that can only be found in an older area? Or, do you prefer everything new? Are you willing to sacrifice size and space for architectural detailing? What about drive and commute time to the office and schools? Will you forgo the number of bedrooms and a big yard for proximity to a lake or other recreational areas?

Whether you have children or not, buying a home in a community with good schools is important. It not only adds value to your property, but also is an attractive feature when and if you decide to sell. There are plenty of resources available to get information about schools within the communities you are considering. Various Internet sites offer school reports and profiles. They provide statistical data such as graduation rates, college-bound percentages, and standardized test scores. You can also learn about special programs the schools offer. In addition to these reports, many schools have their own Web sites you can peruse. And of course you can always talk to people in the area or take a tour of the school.

Additional factors you’ll want to consider during your community search are crime, recreational activities, proximity to shopping and restaurants, and other specific family needs.

Once you’ve narrowed your search to two or three communities that fit your price range and lifestyle, make comparisons of price and sales activity. Your real estate professional can help you determine which communities are most sales-worthy at present, and which are more likely to continue to be.

There are many factors involved in selecting the right community for you and your family. Discuss your options with your real estate professional. This will provide the information he or she needs to help you find property listings to tour. Remember, a targeted approach to house hunting is less time consuming, less expensive and more efficient.

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

Home Prices Drop, Along With Consumer Confidence

2008-06-24T15:00:00.000-07:00

The Conference Board's consumer confidence index, released Tuesday, fell to 50.4 this month, the lowest reading since February 1992 and half what it was a year ago. The index dropped more steeply than expected from 58.1 in May. The consensus estimate of economists surveyed by Thomson/IFR was for a more modest decline to 56.5 for June.

Patrick Newport, an economist at Global Insight, expects the Case-Shiller index to fall another 20 percent to 30 percent. Prices should halt their descent sometime next year, he said.

"The numbers are going to get worse because inventory levels continue to be at record highs or near record highs," Newport said.

Much of the pricing pressure comes from foreclosures and so-called short sales, in which a lender accepts an offer less than the value of the mortgage. These distressed sales can be discounted by 20 percent to 50 percent, forcing home sellers to slash their listing prices to compete.

An industry group Tuesday said U.S. consumer confidence plummeted more sharply than expected in June to it lowest level in more than 16 years. The Conference Board's reading of consumers' expectations hit an all-time low. (Associated Press)

Tips for First-Time Homebuyers

2008-06-17T14:41:00.000-07:00

Home-price adjustments in markets around the country have opened doors of opportunity for many renters. If you are transitioning from renter to homeowner, the prospect of making such a large investment may be exciting, while at the same time overwhelming. But it doesn’t have to be. Here are six common mistakes to avoid.

1. Not understanding the homebuying process. Educate yourself. Find a homebuyer seminar that you can attend or research online. The U.S. Department of Housing and Urban Development Web site (www.hud.gov) has an entire section devoted to homebuyers with common questions of first-time homebuyers, mortgage and home-buying programs information, downloadable tools such as a wish list and home-shopping checklist, tips on selecting a real estate professional, etc. Likewise, Prudential Real Estate’s popular Web site, prudential.com/realestate, offers consumers brand-new tools for the homebuying process, such as free home environmental reports, Value Range Estimates and Property Profiles, among other resources.

2. Not asking questions. There are many facets and intricacies to the homebuying process, so although you may gain a basic knowledge, you will still have questions. Don’t hesitate to let your real estate professional know that you are new to the process. Make sure you choose a sales professional who is willing to spend time with you and walk you through the entire process. He or she will expect you to have questions at each step—from house hunting, to making an offer to the closing. Remember, this is one of the largest financial transactions of your life, so you want to have a clear understanding of what’s going on.

3. Buying on impulse. Don't feel pressured into making an offer on the first home you see. Buyers, especially first-timers, may be impressed by the first two or three homes they view. Look at a good selection. List the positives and negatives about each home. Narrow the prospects to three or four and then return for a closer look. When you decide to make a bid on a property, work with your real estate professional to get all of your questions answered before making an offer. But don't wait too long to make an offer. The longer you wait, the greater the chance other prospective buyers may place offers, making it harder for you to negotiate a good deal.

4. Looking outside your price range. Before beginning your home search, consider getting pre-qualified to so get an idea of how much you may be able to borrow. Use this information as a starting point in determining your price range. Then take into consideration other factors that will affect your monthly budget once you are a homeowner, such as property taxes, homeowners insurance, utilities, private mortgage insurance (PMI) and maintenance.

5. Not planning ahead. Think about personal changes you are planning in the next five to seven years. For instance, are you starting a family, and if so, is the home large enough and will it continue to be? If this will be a starter home or if you think you’ll be relocating in a few year, you’ll probably want to pay closer attention to appreciation and resale value. If a double-income is necessary to qualify for financing and to make your payments, do your plans foresee an income sufficient to continue making payments?

6. Failure to focus on location. Don’t just focus on the house. Examine the community. Does it suit your lifestyle? Is the area safe, well-maintained, close to work, stores and schools? Find out about zoning and what new construction is planned on vacant land in the immediate area. Also consider the property marketability when it’s time to sell.

Above all, remember knowledge is key. No question is a silly question. Your real estate professional can be an invaluable asset throughout the process. Making smart home buying decisions will make the home-buying process less scary and your first home purchase a rewarding experience.

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

Can You Afford That House?

2008-06-03T10:41:00.000-07:00

Before you start searching for your dream home, you first need to determine a price range you can afford. According to the Federal Housing Administration (FHA), depending on the consumer’s current debt ratio, most people can typically afford to pay 31 percent of their gross monthly income for mortgage payments. For example, if you earn $50,000 annually, then your monthly income is about $4,167. Thirty-one percent of that is $1,292.

There are several online tools to calculate a monthly mortgage you can afford using factors such as your current monthly expenses, down payment and the interest rate. You can also work with a lender to get pre-qualified for a loan. This estimate will help you gauge how much money you may be able to borrow and the monthly mortgage payments.

However, the amount you are able to afford for a home loan should not be your only consideration for determining your price range. With homeownership come other housing expenses.

Utilities

The most obvious of additional housing expenses are utilities—gas, electricity and water. But don't forget about telephone, trash collection, and cable or satellite bills.

Taxes

As a property owner, you are responsible for property taxes. The rate will vary from city to city. In our community, the tax rate is 0.00972 percent. That means for a home with a market value of $200,000, yearly taxes will run $1,944. To get a general idea on how much the tax bill will be for a property, ask the seller for a copy of the previous year's tax assessment. Your real estate professional can help you refine these figures.

Association Dues

Another cost you may incur is homeowner association (HOA) dues. Most condominiums and some (residential developments/subdivisions/neighborhoods) have HOAs, which are legal entities, created to maintain common areas and enforce deed restrictions. As a property owner, you are required to pay the established monthly or annual homeowner association dues. Be sure you factor this cost into your budget.

Maintenance

You also need to consider the upkeep of your home. You should budget for seasonal maintenance such as lawn care, pest inspections and carpet cleaning, as well as unexpected repairs. The amount you budget will depend on the age of the home, as older homes tend to require more repairs such as installing a new roof, painting and replacing older appliances.

Insurance

Depending on the type of coverage and your area, the costs for homeowners insurance each year can be anywhere from a few hundred to thousands of dollars. And, if you live in an area that has high risks for flooding, earthquakes, hurricanes, etc., you may need supplemental insurance.

Remodeling/Upgrades

Unless the home you purchase is picture perfect, you’ll more than likely be adding your personal touch. Therefore, you need add to your housing budget the costs for remodeling and upgrades. According to “Remodeling Magazine’s” 2007 Cost vs. Value Report, the national average for a midrange minor kitchen remodel is $21,185; a bathroom remodel averages $15,789.

Even minor cosmetic fix-ups such as light fixtures, window treatments, carpeting and decorative cabinet knobs can begin to add up.

By determining all the costs associated with homeownership, you can go into your home search with a reasonable price range that will allow you stay within your budget.

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

Featured Home: Peaceful, quiet country living near town

2008-05-20T15:07:00.000-07:00

Unique custom home with cedar siding milled from the property. Huge 1500 sq. ft. shop/garage with10x14 door, plumbed for bathroom. Separate heated 10x12 hobby/office building.

This light, cheerful home has a great room floorplan and living room with soaring windows. Kitchen has lovely oak cabinets (some glass front), pull out shelves, newer glass top stove, and microwave. Amenities include heat pump, A/C, new well pump, and new 81 gallon holding tank. Room for horses. Lots of trees.

MLS#: 28073015
Bedrooms: 3
Baths: 1.75
Square Feet:
Built in 1993
Price: $387,500
more info

For more information or a tour, contact:
Barb Westall
Phone: 360-701-0977
Email: barb@prudentialolympiarealtors.com

Prudential Olympia, REALTORS®
2630 Martin Way
Olympia, WA 98506

Washington State Home Sales Down

2008-05-15T10:07:00.000-07:00

Housing sales cropped across Washington State during the first quarter of 2008, according to a newly released report from the Washington Center for Real Estate Research at Washington State University.

Thurston County saw a decline in existing home sales of 22.8 percent over one year ago, and a 54.7 percent drop in building permits.

Statewide, existing home sales fell 29.7 percent, and building permits were down 46.7 percent.

Thurston County homes fared better in holding their value, with a median resale price of $257,700 (up 1.1 percent from 2007) compared to the statewide median of $293,600 (down 2.4 percent from 2007).

Green Your Home for Earth Day

2008-04-22T14:33:00.000-07:00

Eco-friendly. Carbon footprint. Global warming. Energy-efficient. These catch phrases have become part of our lexicon as we’ve become more aware of our impact on the environment and our role in protecting it. As a homeowner, there are some simple, inexpensive steps you can take to make your home energy-efficient. Get started on the road to being “green” with these five tips:

Change Your Light Bulbs
By replacing just five incandescent light bulbs with compact fluorescent (CFL) bulbs, you can save $100 per year on electric bills while using up to 75 percent less energy and removing greenhouse gases from the environment.

Buy ENERGY STAR® Appliances
ENERGY STAR-qualified appliances, such as refrigerators, washers and air conditioners, meet a higher level of energy efficiency set by the Environmental Protection Agency and U.S. Department of Energy than standard models. According to ENERGY STAR, if just one in 10 homes used ENERGY STAR-qualified appliances, the impact could be compared to planting 1.7 million new acres of trees. And, switching to these appliances is not only good for the environment, but easy on your pocketbook. Although these appliances may costs more, you can reduce your energy bill by $80 per year.

Seal Up
Cracks and air leaks represent cash seeping from your doors and windows. Get rid of air leaks in doors, windows and other areas by caulking gaps and cracks. This will help decrease your heating and air conditioning bill. But make sure you use silicone sealants. Acrylic caulk tends to shrink, while silicone sealants are waterproof and won’t shrink or crack, creating less waste.

Use Less Water
Did you know that roughly 60 percent of a home's water consumption takes place in the bathroom, according to the California Urban Water Conservation Council? The largest culprit is the toilet, which accounts for 27 percent of your household supply every year. By installing low-flow toilets, showerheads and faucets, you can save thousands of gallons of water each year. In addition, replace leaky fixtures. That slow-dripping faucet can waste as much as 2,400 gallons of water per year.

Adjust the Thermostat
When adjusting your home’s thermostat, the rule of thumb should be: turn up the dial in the summer and down in the winter. Lowering the temperature by just one degree will reduce your electrical costs. And if you use a programmable thermostat, you can program your air-conditioning and heating systems to reduce output while no one is at home or at night while you sleep. Ceiling fans are also helpful in circulating the air to keep the room cool in the summer and warm in the winter.

Going green doesn’t have to be overwhelming or costly. By making just a few small changes within your home, you can help decrease energy consumption and help make the world a “greener” place.

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

Buyer's Market?

2008-04-04T15:33:00.000-07:00

For the fourth consecutive month, Thurston County home sales fell more than 20 percent on a year-over-year basis in March, the Northwest Multiple Listing Service reported today.

And while Thurston County homes prices largely have remained steady compared to other Western Washington counties, they rose a scant .01 percent in March from the same period last year, the data show.

In March, combined sales of single-family residences and condominiums fell 20.9 percent to 314 units from 397 units last March. Combined median prices increased .01 percent to $249,925 from $249,900, the listing service reported.

Total closed sales in March fell to 314, down from 397 for Thurston County in March 2007. New listings in March were also down, to 626 from 720 a year ago.

IKEA gets macro

2008-03-26T11:16:00.000-07:00

Apparently not content with filling the insides of homes, IKEA is moving in a new direction, providing entire houses.

BoKlok is a groundbreaking new concept to housing that involves providing space-saving, functional and high quality properties at a price that enables as many people as possible to afford a comfortable home.

First pioneered in Sweden by furniture company IKEA and construction firm Skanska, BoKlok has now arrived in the UK under an exclusive licence to property company Live Smart @ Home.

BoKlok, roughly translated, means ’live smart' and its concept is based on customers’ real needs and wishes – a safe environment, roominess and access to green space. BoKlok homes have a flexible, open-plan layout, high ceilings and large windows, giving the rooms a light, airy and contemporary feel.

IKEA's BoKlok homes are available only in the UK, Sweden, Denmark, and Norway. For now. More info at www.bloklok.com

See a virtual tour.

Now Is A Great Time To Buy A Home

2008-03-09T14:22:00.000-07:00

If you’re ready to buy a home and can afford it, now is a great time to buy. Mortgage interest rates remain very low. In many areas, buyers have a lot of inventory from which to choose and long-term homeownership continues to be one of the best ways for the typical American to build wealth.

Don’t let all of the negative media attention about the “mortgage meltdown” keep you from pursuing your homeownership dream. Mortgage industry woes are primarily limited to subprime loans and other types of creative and comparatively risky financing products. While the mortgage industry stalled briefly to reconsider its more exotic loans, there is plenty of conventional financing available for qualified homebuyers. Interest rates remain at historically low levels – still less than 7% for the typical, 30-year fixed-rate mortgage.

Indeed, the market has changed. It’s gone from a frenzied seller’s market to calmer buyer’s market. In fact, buyers haven’t seen a market this strong in years. When the national median home price dropped for the first time on record, the decline made huge albeit misleading headlines. For starters, there is no such thing as a national real estate market. All real estate markets are local and driven by local factors that include the local economy, housing supply and demand factors and other attributes like geography.

The slight decline followed years of unprecedented steep home price appreciation and the reality is that only a handful of markets experienced price declines. Corrections in markets that experienced exorbitant home price appreciation were expected and signal good news for buyers. According to 2007 third-quarter National Association of REALTORS® (NAR) statistics, the vast majority of the nation’s metropolitan areas showed rising or stable home prices with most areas experiencing modest gains.

Right now there are many homes from which to choose and in most areas buyers don’t have to deal with the harried and hurried competition of multiple bids. The changing market has also changed the inventory landscape to include fewer speculative sellers and a larger share of serious and motivated sellers.

Prospective homebuyers have some time to shop inventory and thoroughly compare home types and prices, amenities, neighborhoods, commutes and other important real estate-related features. And buyers have stronger price negotiation power as sellers compete for their attention by offering concessions or other incentives.

While all real estate markets have ups and downs, Americans continue to consistently build wealth through homeownership. According to the NAR:

· One average, the value of a home doubles every 10 years. During the past three decades, home values have increased an average of 6.6% per year.

· The average homeowner today has 36 times the wealth of the average renter. Homeowners are essentially paying themselves when they pay their mortgages and this means they’re building equity. Homeowners also benefit from some real estate-related tax write-offs like mortgage interest.

· Sixty percent of the average homeowner’s wealth is their home’s equity. For homeowners who’re in their homes for the long-term, home equity typically is their single largest source of wealth.

Because every market is different, it’s a good idea for potential homebuyers to contact a local real estate specialist to learn more about what’s happening in his or her community and real estate market. The bottom line in real estate doesn’t change – if you’re ready to buy and can afford to make a long-term homeownership commitment, it’s always a good time to buy!

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

Stronger Home Warrantees on the Horizon?

2008-02-01T11:24:00.000-08:00

More protection for house buyers sought

Brad Shannon

Stymied by the builders lobby a year ago, consumer advocates at the Capitol are taking a new approach to winning warranty protection for homeowners who buy shoddily built homes.

The approach, which Rep. Pat Lantz aired this week in a House Judiciary Committee meeting, builds on legislation already on the books to protect purchasers of condo units. It includes a four- to six-year warranty against defects for single-family homes and duplexes, and it gives builders a chance to "cure" or fix flaws before a buyer can sue.

Sen. Brian Weinstein, the Mercer Island Democrat who had pushed for a law making contractors negligent for shoddy work just as lawyers or doctors are, said he likes the new approach.

"Hers is an easier sell," Weinstein said of Lantz's approach, which might have more political appeal. "The argument is why shouldn't the buyer of a new home have the same rights as the buyer of a condo?"

Lantz was preparing to bring the measure to a critical vote today in the House Judiciary Committee, which she leads. Friday is the deadline for keeping bills alive by passing them out of committee.

Builders who belong to the Building Industry Association of Washington and contractors' insurers are not convinced. They insisted in testimony Tuesday evening on Substitute Senate Bill 6385 that Lantz's amendment could add costs for homebuilders, especially small outfits, while burdening an industry in hard times.

They also questioned whether the legislation tailored in 2004-05 to deal with problems in the condo industry really fit the residential housing market — including requirements for inspections and arbitration, which are costly unless spread out across dozens or hundreds of units, as they are on condo projects.

Olympia builder Daimon Doyle testified that bad contractors make up perhaps 2 percent of the profession.

Doyle said the legislation could have a "devastating effect" on his insurance rates, and Amy Brackbury of BIAW warned it could undo work of several years to bring predictability to the insurance market for builders, driving up rates and home costs.

Using similar arguments, the BIAW and others persuaded House Speaker Frank Chopp, D-Seattle, to kill last year's warranty proposal that could have protected homeowners for up to 10 years for some defects.

Chopp is not saying what approach he will take this time. He referred questions Wednesday to Rep. Mark Ericks, a Bothell Democrat who is pushing for a bill to require a study of the industry and passage of a licensing requirement in 2009 for contractors.

Ericks said he doesn't have an opinion about Lantz's bill but is focused on getting the Senate to pass his measure, House Bill 3349. It would have the Department of Licensing study the need for contractor licensing and bring back recommendations to the Legislature for a bill he is sure would pass in 2009.

Olympia homeowner Karen Veldheer testified Tuesday in favor of the statutory warranty proposal, letting homeowners sue for damages if builders don't correct shoddy work. Veldheer said her family received a builder warranty as part of the sales agreement — "take it or leave it" — but the builder warranty was not helpful for recovering costs of repairs to her water-damaged house foundation in west Olympia.

King County attorney Sandy Levy said most homeowners have no meaningful rights in disputes with builders over construction defects.

"This bill will be very good to good builders, and very detrimental to bad builders," he said.

Levy argued for giving homeowners a longer period to discover major underlying defects such as foundation problems, and he said that if builders want mediation and arbitration to resolve disputes, they should pay for them. He also said he would favor more accountability to home inspectors.

The Olympian, Olympia WA, February 28, 2008

Overseas Buyers Snapping Up Homes in USA

2008-01-23T11:12:00.000-08:00

The dropping dollar has shifted some interest to overseas buyers, who are finding US real estate a bargain.

"When you consider how the U.S. dollar has slid in value compared to other international currencies, you begin to understand why investors are purchasing real estate in this country," said Mitch Creekmore, senior vice president of Stewart Title Co. "Real estate prices here are a bargain compared to many areas in western Europe and Asia."

The currency environment probably played a major role in the proportion of foreign buyers who paid cash for their homes. The cash group (28 percent) was much greater than that of the general U.S. home buyer population (8 percent). In addition, international buyers who can afford a home abroad often are from wealthier households with higher monthly incomes and cash reserves. Also, the tax benefits of mortgage-interest deductions may not apply -- depending on the buyer's home country's tax code -- which lowers the incentive to take out a mortgage. [source article]

The Internet has undoubtedly been a boon for overseas buyers seeking information on homes in the States. Is your real estate agent able to do marketing that reaches these potential buyers? You might want to ask.

Featured Home: Craftsman cutie nearing completion

2008-01-02T10:18:00.000-08:00

Charming craftsman style home in sought after Tumwater school district. Beautiful details inside and out. Exterior features shake & stone accents and front porch.

Great room with gas fireplace, open kitchen with lots of cabinets. 1/2 bath on main floor, upper level bonus area, 3 bedrooms, 5 piece master bath.

Stylish decor with rich, warm colors, painted trim, tile and more.

MLS#: 27213991
Bedrooms: 3
Baths: 2.5
Square Feet: 2012
Built in 2008
Price: $316,950

For more information or a tour, contact:
Kim Rucker
Phone: 360-481-1863
Email: kim@orcalink.com
kimberlyrucker.realtor.com

or

Roberta Rudnick
Phone: 360-791-0688
Email: robertae@orcalink.com
www.olympiahomesearch.com

Prudential Olympia, REALTORS®
2630 Martin Way
Olympia, WA 98506

Realtors Look to Stronger 2008

2007-12-12T11:28:00.000-08:00

Existing-home sales are projected to trend up in 2008, with pending home sales showing a slight near-term rise, according to the latest forecast by the National Association of Realtors®. However, a recovery for new-home sales is unlikely before 2009.

Lawrence Yun, NAR chief economist, said the worst part of the credit crunch has already worked its way through the data. “The unusual mortgage disruptions that peaked in August were clearly seen in lower home sales that were finalized in September and October, so the market was underperforming,” he said. “Now that mortgage conditions have improved, some postponed activity should turn up in existing-home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels.”

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in October, increased 0.6 percent to an index of 87.2 from an upwardly revised reading of 86.7 in September. It was the second consecutive monthly gain, but remained 18.4 percent below the October 2006 index of 106.8. “The broad trend over the coming year will be a gradual rise in existing-home sales, but because sales are exceptionally low in the final months of 2007, total sales for 2008 will be only modestly higher than 2007,” Yun said.

[read more]

Apprecation or Slump? Depends on Where You Live

2007-12-05T09:25:00.000-08:00

For the first time in nearly thirteen years, home prices in the US experienced a quarterly decline, according to a new report released by the Office of Federal Housing Enterprise Oversight (OFHEO).

While select markets still maintain robust rates of appreciation, our newest data show price weakening in a very significant portion of the country,” said Lockhart. “Indeed, in the third quarter, more than 20 states experienced price declines and, in some cases, those declines are substantial.”

Many of the cities and states experiencing the sharpest declines this quarter were the same cities and states experiencing the sharpest increases just a couple of years ago, suggesting some price corrections in those markets.

Of course, national averages don't tell the whole story. Washington State was one of the exceptions, with the fifth-highest rate of appreciation (7%) during the quarter. And a particular hot spot is Wenatchee, which for the third consecutive quarter had the highest four-quarter appreciation among the 287 Metropolitan Statistical Areas on OFHEO’s list of “ranked” cities. Annual appreciation in Wenatchee was 15.7 percent.

You can download a PDF of the complete OFHEO report here.

Be Afraid...

2007-11-14T10:08:00.000-08:00

Or not. But Lawrence Yun, the chief economist with the National Association of Realtors, wasn't sounding upbeat when he told the organization's national convention "We're in a time of fear."

What's so scary? This is the first year since the Great Depression to register a nationwide decline in median home prices, Yun says according to a Seattle Times story, and he expects the market to be flat throughout 2008.

Of course, the national average is just that -- an average. Local markets may be doing worse...or better. Here in Olympia, residential sales have slowed somewhat, but we're certainly not knocking on Depression's door. And a number of new projects promise to inject new life into downtown Olympia, including a new Washington State Employees Credit Union headquarters, a new City Hall, and the port development including the new Hands On Children’s Museum.

Don't Let Your Open House Become a House of Horrors

2007-11-07T10:28:00.000-08:00

An open house can be a great marketing tool, but it also means exposing your home and family to countless strangers. Don’t assume that every person who visits your home is an earnest, potential homebuyer. It’s important to take security seriously.

Here are some common security measures that can pull double-duty, keeping you and your family safe while enhancing your home’s marketability:

Remove personal items such as family photographs, your children’s artwork, calendars that include daily routines and other items that may reveal the names of your family members or everyday life. Removing or packing away these items will not only enhance your privacy, it will also help keep the potential homebuyer focused on your home and not your family. A house that’s been depersonalized shows better because it’s easier for the buyer to visualize living in the house.
Identity theft is a growing problem, so be sure to remove or lock up all credit cards, bills, health insurance information and anything else that contains personal information like social security numbers and bank account numbers. Of course, this step removes clutter from your counters, maintaining visual appeal.
Remove or lock up jewelry, cash and other valuables; firearms and other weapons; and all prescription medication.
Make sure the house is well-lit and keep all interior and exterior walkways clear of clutter and other debris.
After each showing, take a thorough walk-through of your house and make sure all of the doors and windows are shut and locked, and that no items or valuables are missing.

In addition to safeguarding your property and identity, there are precautions you should take to protect yourself if you are present during an open house. Ideally, your real estate professional will be representing you during the open house, so that potential home buyers feel comfortable snooping around, opening cupboards and speaking freely about the home. However, if you do find that you are in the home alone, or are selling your home on your own, consider a few tips from the pros:

Never turn your back on a potential buyer. Instead, let the buyer lead you through the house. This allows you to watch the buyer and avoid becoming cornered or trapped.
Employ the buddy system. If you must show the house yourself, enlist the help of family or friends. This rule is especially important if the home is located in an isolated area.
Have a visitor roster and make sure everyone who tours your home signs it and includes their phone number and address. This will help you keep track of who is viewing your home.
Know and have a plan for the fastest escape route for each part of your home.

The open house process is just one step toward selling your home. A real estate professional can provide you with a fresh set of eyes and will tour your home and point out safety measures you may have overlooked as well as answer other questions you may have about selling your home.

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

Area Home Values Up Record 18.9 Percent

2007-10-16T13:48:00.000-07:00

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

2007-10-12T14:06:00.000-07:00

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

2007-10-10T14:03:00.000-07:00

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

2007-10-05T11:24:00.000-07:00

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?

2007-10-03T14:32:00.000-07:00

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?

Washington's Most Affordable Homes

2007-09-28T14:09:00.000-07:00

Yes, location DOES matter. To the tune of $534,679.

That's the difference between the average sale price in Bellevue and the Tri-Cities, the Washington State cities with the most expensive and least expensive real estate, according to a new study of 2007 home prices.

Bellevue, just across Lake Washington from Seattle, weighed in with an average home sales price of $763,667, while homes in Central Washington's Tri-Cities (Kennewick, Pasco, & Richland) averaged $228,98.

Elsewhere, the study found that Beverly Hills, California, is the most expensive housing market in the nation (average price $2.21 million) and Killeen, Texas is the most affordable (average price $136,725).

The survey evaluated average selling prices for single-family houses of approximately 2,220 square feet with four bedrooms, two-and-a-half baths, a family room, and a two-car garage in 317 markets across the nation. The average sales price of all these subject homes was $422,343.

You can view the state-by-state results in an online slideshow.

How to Have a Great Open House

2007-09-26T14:36:00.000-07:00

Buyers are drawn to homes that appeal to their senses. This is important to remember when preparing your home for an Open House. Through sight, sound and smell, buyers should leave your home with a lasting impression. Here are some tips to showcase your home in the best-possible light.

Exterior
Start outside by inspecting the front of your home from across the street. Does it have curb appeal? It should look inviting, with a trimmed lawn and flowerbed and a freshly painted front door. Polish door handles and knockers and replace worn items such as a rusty doorbell. Consider adding a new doormat and flowering plants at the entrance. Do the windows need cleaning? Be sure to remove oil stains from the driveway.

Next check the side and back yards. Add some flowering plants to the back as well. Rearrange the outdoor furniture to look inviting. Put away gardening tools. Tidy around the grill area.

Interior
Now focus on the inside of the home where cleanliness, space, smell and lighting are key. First, get your house in tip-top condition by cleaning and clearing away clutter. Steam clean and vacuum the carpet. Make sure your floors are waxed and shiny. Touch up nicks on walls and make sure the porcelain sinks and tubs and metallic fixtures shine. Your kitchen and bathrooms should pass the white glove test. Be conscious of any lingering odors such as smoke, pets or strong-smelling foods. You may need to air out your home prior to the Open House. Consider grinding fresh lemons in the garbage disposal or even baking chocolate chip cookies. And don’t forget to empty all trashcans.

Next, set the mood. You want buyers to be able to picture your home as their own. Consider rearranging the furniture so that rooms look more spacious. Add accessories from rooms with too many furnishings to those that appear bare. Look at your countertops in the kitchen and bathrooms and the tops of your bureaus. Do they seem cluttered? Clear away and store as much as possible. The idea is to make your home appear spacious.

Lighting is also an important factor in creating an inviting atmosphere. Bright lights provide a cheerful environment and make a small space appear larger. Pull back all the drapes and open the blinds. Turn on all the lights. Make sure all the light sockets have working bulbs and install the maximum-wattage bulb that is safe for that fixture. For rooms that you want to have a warm, cozy feeling, use softer lights.

Don’t forget little touches such as fresh flowers, lighted candles in the bathrooms, new logs in the fireplace, or a bowl of fresh fruit on the kitchen counter. You may even want to set your dining room table with color-coordinated table settings.

An Open House is a terrific way to show your property to many people in a short amount of time. However, keep in mind that buyers may see seven or eight homes in a single day. The most memorable home will be the one that seemed the brightest, the most spacious and the most cheerful. So, don’t rely on buyers to use their imagination. Help them capture it. Work with your real estate professional to get more tips on creating an unforgettable home.

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

Featured Home: Charming, Private Mini-Farm

2007-09-05T12:24:00.000-07:00

Absolutely charming mini farm on just over 8 acres with 2 double car garages. Home is loaded with old world charm with beautiful wood floors just refinished, new bathroom, great fireplace, office area, upper floor is large master, lots of nooks and built ins. Full basement is unfinished.

New roof and some new windows. Beautiful property with fruit trees, pasture area, very private- home sits way back from Johnson Point Road.

MLS#: 27151325
Bedrooms: 2
Baths: 1.5
Square Feet: 1428
Built in 1926
Price: $395,000

For more information or a tour, contact:
Roberta Rudnick
Phone: 360-791-0688
Email: robertae@orcalink.com
www.olympiahomesearch.com

Prudential Olympia, REALTORS®
2630 Martin Way
Olympia, WA 98506

Relief for Strained Mortgage Holders?

2007-08-31T15:41:00.000-07:00

President Bush today announced modest steps to deal with an alarming rise in mortgage defaults that have contributed to turbulent financial markets in recent weeks.

One of the Bush proposals, which FHA officials said would take effect immediately, would allow an estimated 60,000 homeowners who have fallen behind on payments because their mortgages have reset, to refinance with FHA-insured loans. FHA does not now insure refinanced loans from borrowers who are currently delinquent.

"This means that many families who are struggling now will be able to refinance their loans, meet their monthly payments and keep their homes," Bush said.

Bush also said he would support legislation currently pending in Congress to temporarily change tax law to let homeowners avoid paying taxes on forgiven debt in loans being restructured by financial institutions.

Read the full transcript of Bush's remarks.

Double Your Income...

2007-08-24T14:47:00.000-07:00

...or don't think about trying to buy a home in Tacoma.

The typical prospective first-time buyer in Pierce County had just 56.3 percent, or $37,928, of the $67,368 annual income needed to purchase a house in the second quarter of 2007. That means the person would need nearly twice as much income to afford the mortgage on a starter home, said Glenn Crellin, director of the Washington Center for Real Estate Research at WSU. [The News Tribune]

The "good news" is that it's worse in Seattle.

Featured Home: Stunning Panoramic Views

2007-07-27T12:57:00.000-07:00

3100+ square-foot rambler with daylight basement, panoramic views of the Nisqually Delta, Mt Rainier, Puget Sound, and Narrows Bridge.

This 3 bedroom, 3 bath home boasts a floor design that's open, inviting, and ideal for entertaining. Gourmet kitchen with island, breakfast nook, pantry, and lots of cabinets.

Large living room with gas fireplace, family room, A/C, central vacuum, security and irrigation system, interior/exterior surround sound, extensive wrap-around deck, patio, professionally landscaped front & back yards, den/office.

Minutes to I-5 & downtown Olympia.

Open House Sunday July 29, 10am-4pm
Address: 9710 Amanda Dr NE, Olympia, WA
Directions: I-5 Exit 111, East on Martin Way. Turn L. L on Meridian, R on 4th Ave NE, R on Mett St NE, L on Amanda Drive NE.

MLS#: 27043075
Bedrooms: 3
Baths: 3
Square Feet: 3111
Built in 1994
Price: $524,900

Virtual Tour : Printable Flyer

For more information or a tour, contact:
El Sanchez
Phone: 360-791-2991
Email: olympicrealtor@comcast.net
www.olympiabesthomes.com

Prudential Olympia, REALTORS®
2630 Martin Way
Olympia, WA 98506

Featured Home: Vintage Seattle Condo

2007-07-25T11:38:00.000-07:00

Vintage 1920's brick condominium complex (The Chancery) located in the popular Capitol Hill area. Charming unit with the original hardwood floors, mahogany doors & trim, exposed brick wall, new interior paint, beautiful kitchen with stainless appliances and stainless counters, updated bath with pedestal stink. Separate storage unit, on a bus line and minutes to Broadway, Eastlake, Downtown shopping and easy freeway access. HOD also includes radiant heat.

MLS#: 27135321
Baths: 1
Square Feet: 554
Built in 1928
Price: $ 228,000

Virtual Tour : Printable Flyer

For more information or a tour, contact:
Roberta Garrett Rudnick

Phone: 360-791-0688

Email: robertae@orcalink.com

www.olympiahomesearch.com

Prudential Olympia, REALTORS®

2630 Martin Way

Olympia, WA 98506

What’s the Role of a Title Company?

2007-07-20T14:16:00.000-07:00

Title companies provide title insurance services to buyers, sellers, lenders and developers, essentially anyone who has an interest in real estate. Services vary throughout the country, depending on local practices and laws. In many states, title companies handle escrow as well as perform and insure title searches.

A title search involves searching public records to ascertain if the seller has the legal right to sell the property. In other states, attorneys conduct title searches. Title companies conduct a chain of title, which is a review of the owner history of the property, checking for who purchased the property, who sold it, and when. They perform judgment searches to determine whether there are any general liens against the property, as well as tax searches to verify the present status of taxes.

Some title companies conduct on-site inspections to verify lot size, the location of improvements, and evidence of unrecorded easements.

They issue a “Commitment of Title Insurance” to lenders after completion of the title search and they receive instructions and documents for the closing. Title companies also prepare a final Settlement Statement.

If it acts as the escrow holder, the title company receives a buyer’s earnest money, which is deposited in an escrow account until the closing, or final settlement.

As a neutral third party agent of the principals—buyer, seller, lender, and borrower—the title company helps with the transfer of ownership by ensuring that the terms of the transaction are completed. This includes safeguarding all funds (including the buyer’s deposit) and documents.

Once all the details have been settled, the escrow holder disburses the funds and documents to the appropriate parties.

Another important role of the title company is to issue title insurance. Although a title search is conducted, it’s nearly impossible to guarantee a title is clear of hidden defects, such as mistakes in interpretation of wills and other legal documents, impersonation of the real owner, forgery, missing heirs, falsification of records and confusion stemming from similar names. Title insurance guarantees the title as reported. Should hidden defects surface at any time challenging an owner’s rights, the title company will defend the title, in court, if necessary, and cover the owner’s losses up to the full value of the policy.

Indeed, a title company can be crucial to the process of buying a home, so select a company that’s known for service. If you need a recommendation, talk to your real estate professional.

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

Is Your Partner Relocating? Tips to ease the stress

2007-07-05T11:17:00.000-07:00

A new career opportunity sometimes means that your family will need to relocate to another town. The decision to move is often arrived after careful consideration of various factors including the other partner’s career; the effect on the children’s educational and recreational activities; and financial issues. In addition, it often means leaving behind family and friends.

If you are the “trailing” partner, it may fall to you to get the new home up and running, the kids in schools, and possibly find a new position for yourself. This can be overwhelming. Here are some tips to help relieve the stress of relocation and turn your move into a successful endeavor.

Take your time.
As with all moves, there are so many things you need to do before making a house your home. From dealing with utility companies, to unpacking and decorating the home, to finding a new doctor, your to-do list will seem endless and you can easily become overwhelmed. Don’t try to accomplish everything at once. Make a list and divide it into three categories: immediate, secondary and down the road. Set your own timetable. Remember, you are the boss of this project, so the only person you have to please is yourself.

Get out and meet people.
More than likely, you won’t know many people in your new community. Your partner will have an opportunity to build relationships with coworkers. You, however, will have to find other ways to meet people. Besides introducing yourself to neighbors, find a place of worship, volunteer in a community organization, join a social club or gym, or just say hello to people. Ask your real estate professional to recommend organizations.

Reevaluate your career goals.
If you had to leave a job behind, check to see if your partner’s company offers any employment assistance for relocating partners. Many companies have formal and informal programs, offering as little as resume support to as much as arranging job interviews.

Your real estate professional can also be a great resource. He or she usually has some insight on the area’s job market and may be able to give you names of career counselors or leads to firms that are hiring.

If you’ve desired making a career change, now is the perfect opportunity to do so. You may even want to consider an entrepreneurial career that you can take anywhere.
And, if you decide to stay at home, consider fulfilling some personal goals such as advancing your education, starting a new hobby or volunteering.

Most importantly, don’t push yourself by setting unrealistic goals. Moving is a process and it will take time for you to get acclimated to your new home and community. Make this move not only a golden opportunity for your partner, but for yourself as well.

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

Storage Unit Can Ease Home Squeeze

2007-06-26T10:14:00.000-07:00

If lack of space for your belongings is an issue for you, off-site storage may be the right solution. You don’t have to be a pack rat to find yourself needing extra space. You could be renovating a room and need somewhere to house the contents. Perhaps you need to move into smaller quarters temporarily while you’re waiting to move into a new home. Or you may need to create a spacious look for your home while it is on the market.

Renting storage space is a pretty simple process, especially when you plan ahead. Here are helpful tips for choosing a facility and protecting your property:

Shop around to find the facility that best meets your needs such as storage size, price, accessibility and security.

When shopping for a storage facility, you will need to know what size unit is required to hold your possessions. Typically you can choose a space from as small as 5’x5’, which is the size of a small closet and holds between 10-15 boxes, to 10’ x 25’, which is about the size of a single-car garage. The facility’s representative can help decide what is the best size for you.

You also want to make sure that your items will be secure. Ask questions such as: Is there a guard on duty? Video surveillance? Alarms? Do you need to provide your own lock? Is the area well lit?

In addition, don’t assume that the facility, or your homeowner’s or renters insurance, covers your belongings in case of theft or damage. Most storage centers assume no responsibility for your items, so talk with your insurance provider.

You also want to have reasonable access to your belongings. Find out the facility’s hours of operation and the name of a contact person.

Before signing any agreement, inspect the facility and your storage unit for cleanliness and signs of proper maintenance. Is the area well protected from rain, snow or humidity?

Make certain that you understand the rental agreement and get a copy of the contract. Are you renting on a month-to-month or a six-month basis? Is there a deposit? Does termination of the agreement need to be in writing? How much advance notice do you have to give?

Before moving your possessions to the storage unit, take actions to protect them from damage or theft. While packing, label boxes on each side by numbers rather than content. Make a master inventory list so that you know what is in each box, as well as furniture and other unpacked items. Don’t use newspaper as packing paper because it may smudge off on your items.

Prepare your unit by placing plastic on the floor. If you will be moving in large furniture, lay down blankets or sheets as well. Then store your most valuable possession first, toward the back. Store frequently used items at the front. Make sure that you leave a walkway so you can access your belongings. In addition, leave a small space between the objects and the storage unit’s walls.

No matter what the reason, using an off-site storage unit is a good solution for your short-term space challenge. Just make sure that you understand the terms of your agreement and that your belongings are secure.

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

The ABC’s of Real Estate Closing Costs

2007-06-19T09:08:00.000-07:00

You’ve found your dream home, the seller has accepted your offer, your loan has been approved and you’re eager to move into your new home. But before you get the key, there’s one more step—the closing.Also called the settlement, the closing is the process of passing ownership of property from seller to buyer. And it can be bewildering. As a buyer, you will sign what seems like endless piles of documents and will have to present a sizable check for the down payment and various closing costs. It’s the fees associated with the closing that many times remains a mystery to many buyers who may simply hand over thousands of dollars without really knowing what they are paying for. As a responsible buyer, you should be familiar with these costs that are both mortgage-related and government imposed. Although many of the fees may vary by locality, here are some common fees:

Appraisal Fee: This fee pays for the appraisal of the property. You may already have paid this fee at the beginning of your loan application process.
Credit Report Fee: This fee covers the cost of the credit report requested by the lender. This too may already have been paid when you applied for your loan.
Loan Origination Fee: This fee covers the lender’s loan-processing costs. The fee is typically one percent of the total mortgage.
Loan Discount: You will pay this one-time charge if you have chosen to pay points to lower your interest rate. Each point you purchase equals one percent of the total loan.
Title Insurance Fees: These fees generally include costs for the title search, title examination, title insurance, document preparation and other miscellaneous title fees.
PMI Premium: If you buy a home with a low down payment, a lender usually requires that you pay a fee for mortgage insurance. This fee protects the lender against loss due to foreclosure. Once a new owner has 20 percent equity in their home, however, he or she can normally apply to eliminate this insurance.
Prepaid Interest Fee: This fee covers the interest payment from the date you purchases the home to the date of your first mortgage payment. Generally, if you buy a home early in the month, the prepaid interest fee will be substantially higher than if you buy it towards the end of the month.
Escrow Accounts: In locations where escrow accounts are common, a mortgage lender will usually start an account that holds funds for future annual property taxes and home insurance. At least one year advance plus two months worth of homeowner’s insurance premium will be collected. In addition, taxes equal approximately to two months in excess of the number of months that have elapsed in the year are paid at closing. (If 6 months have passed, 8 months of taxes will be collected.)
Recording Fees and transfer taxes: This expense is charged by most states for recording the purchase documents and transferring ownership of the property.

Make sure you consult a real estate professional in your area to find out which fees—and how much—you will be expected to pay during the closing of you prospective home. Keep in mind that you can negotiate these costs with the seller during the offering stage. In some instances, the seller might even agree to pay all of the settlement costs.

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

Selling? Make Sure You Have a Marketing Plan

2007-06-12T11:03:00.000-07:00

Only for the rare few sellers, simply placing a “For Sale” yard sign on the front lawn creates a line of traffic filled with potential buyers. If you want buyers to see your home, you’ve got to find them. The key is marketing. To get the most exposure for your home, you should have a marketing plan with clear objectives and specifically outlines the resources that will be used to reach potential buyers.

Each marketing plan should be designed around your property and capitalize on its most desirable features. Therefore, you need to be honest with your real estate professional about the condition of your home, and the final price you are willing to accept for your home.

Next, you need to determine what marketing options work best to reach your desired audience. Generally there are two audiences you are trying to reach—home buyers and other real estate professionals. Make sure the plan includes action steps on how each audience will be marketed to.

Seldom is the successful marketing of a property the result of a single activity. Your strategy should include a variety of marketing activities. Using only conventional marketing strategies such as Open Houses, newspaper ads and direct mail can limit your outreach. Most homebuyers now begin their home search online. Having a presence on your real estate professional’s Web site (such as www.prudentialolympiarealtors.com) and other portals such as Yahoo! Real Estate gives you worldwide exposure. Besides the increased exposure, online listings also allow buyers to get a sneak peek of your home. Therefore, you may want to complement the listings with plenty of photos and a virtual tour (example), which allows viewers to get a 360-degree preview of your home without leaving their computer.

Also, don’t forget the power of email. Sending email flyers or electronic postcard are easy and cost efficient. During your planning, your real estate professional may recommend other marketing tools such as company/broker tours and an Open House.

Work with your real estate professional to determine the best options for your market.

Besides identifying marketing tools, an effective marketing plan will also spell out specific dates for the marketing activities. It should leave room for unscheduled events such as following up with sales professionals or brokers who preview or show the home.

Make sure the marketing plan includes checkpoints, possibly at the 15-, 30- and 45-day marks, to review activity on the home and determine if changes need to be made to the marketing plan.

As the home seller, you should be kept in the loop on activity of your home. The marketing plan should state how you will be communicated with (mail, phone, email, in person) and the frequency (daily, weekly, etc.).

Of course these are just guidelines, but can give you an idea if the marketing plan your real estate professional has proposed to you has to be refined. You need to be comfortable with the marketing strategy for your home. An effective plan will not only put you at ease, but also give your home maximum exposure to increase your chances of a quick sell.

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

Seattle Real Estate: More Choices, Higher Prices

2007-06-07T10:16:00.000-07:00

The Seattle Times reports on how housing prices have continued to rise even as inventory increases due to slower home sales.

King County buyers had 52 percent more houses and condominiums to choose from last month compared with the previous May — by far the biggest year-over-year increase this decade, including during the recession of 2001-02.
...
What hasn't dropped off was what buyers paid; prices continued their incongruous climb. The median price of a house in King County reached $469,000 in May. The median, which means half sell for more, half for less, has climbed every year since 1985.

Read the article: Local home sales cool off; why are prices still hot?

How Important Is A Home Inspection?

2007-05-31T10:04:00.000-07:00

Should a buyer get a home inspection for a home they are buying? Should a seller order a home inspection prior to putting the property on the market? There are advantages for both.

Simply put, a home inspection is a visual examination of both the physical structure and major systems of the entire home including: walls, ceilings, floors, decks, exterior covering, the roof, foundation, insulation and ventilation, plumbing, electrical, heating and air conditioning. It is not an appraisal to validate the value of a home, nor a pass/fail exam. A third-party inspector will give a report on the physical condition and suggest repairs.

Buyers
For buyers, a home inspection clause in the written offer that makes the purchase contingent upon the findings can provide peace of mind. If a serious problem is found, it allows room to renegotiate the purchase price or “opt-out” of buying the home altogether. However, this is usually uncommon. Typically, the seller will already have told the buyer about any major problems.

More often, inspections reveal less serious defects that aren’t enough to warrant backing out of the transition. However, knowing about these minor problems can prevent major disasters down the road. In addition, if specified in the inspection clause, the cost of the repairs can be at the seller’s expense.

Another advantage to having a home inspection is it offers buyers an opportunity to become familiar with their new home and learn about maintenance to help in its upkeep. Although not required, it’s recommended that buyers be present during the inspection. This allows them to observe the inspection; ask questions about the condition of the home; and receive an objective opinion.

Sellers
For sellers, conducting a home inspection (or pre-inspection) before listing their homes puts the control back into their hands.

When the buyer inspection finds problems, it can impede negotiations and cost the seller more in repairs. By having a pre-inspection, the seller can help eliminate any surprise findings after an offer has been made. The seller can make repairs before placing the home on the market and possibly even increase the value of the home.

A pre-inspection can also serve as a great marketing tool. Sellers are required by law to disclose any known defects in the home. Having a pre-inspection report available for buyers tells them that the seller has nothing to hide. It also gives them a clearer picture of the condition of the home.

If there are major problems found during the pre-inspection, it gives the seller an opportunity to disclose the condition up-front, making it less likely for the buyer to pull out of the deal or try to renegotiate the price.

Knowing the true condition of a home can bring peace of mind to buyers and sellers; and be one less hurdle in the home buying and selling process. Ask your real estate sales professional for a list of certified independent home inspectors in your area.

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

The Apartment Squeeze

2007-05-15T14:15:00.000-07:00

With the boom in construction apparent throughout the greater Olympia area, it's hard to believe that apartments are in increasingly short supply. But that's exactly what the Olympian is reporting, in an article asserting that apartment vacancy rates are at their lowest in 20 years. Vacancy rates are as low as 3.3% in Thurston County, according to a new survey.

The squeeze is attributed to a variety of factors, including regional job growth, high home prices, and the conversion of some apartments into condos.

Featured Home: Award-Winning Design

2007-05-10T09:48:00.000-07:00

Stunning departure from the ordinary, custom built with award winning design! Sought after Indian Summer gated community with private .34-acre parcel adjoining greenbelt. Luxury amenities include travertine & granite floors, gourmet kitchen with fireplace & spiral staircase leading to outdoor sap & gazebo. Elaborate home for entertaining. enjoyment. Seller to participate in interest rate buy down.

This is one of Indian Summer's finest homes offering luxury amenities throughout. Outdoor features include custom landscaping front and backyard with gated entrance. Large driveway with stamped concrete boarders, custom curbing, sprinkler system front and backyards. Private gazebo with spa, children's play area and sport court. Two covered patio areas perfect for entertaining. Backs up to beautiful preserved area for added privacy.

MLS#: 26194419
Bedrooms: 5
Baths: 3.25
Square Feet: 5746
Price: $ 1,494,876

Virtual Tour : Printable Flyer

For more information or a tour, contact:

Deborah Dunham-Bouis
Phone: 360-790-1409
Email: deborah@prudentialolympiarealtors.com
Web site: deborahdunham.com

Prudential Olympia, REALTORS®
2630 Martin Way
Olympia, WA 98506

Is Green Living Stymied by Neighborhood Covenants?

2007-04-26T11:46:00.000-07:00

The following are precluded: Outside clotheslines or clothes drying ... window air conditioning units ... vegetable gardens ...

That's an excerpt from the Home Owner Association (HOA) covenants of the Crest Mountain neighborhood of Asheville, N.C. An article published today documents many such HOA covenant restrictions, barring everything from window fans to natural landscaping, running headfirst into a growing movement for homes that reflect owners' ecological ideals.

The clothesline has been touted as one of the "seven wonders" by the Seattle-based Sightline Institute, seven simple things that can make the world a better, healthier place. (The others, since I know you're curious, are the bicycle, the ceiling fan, the condom, pad thai, the public library, and the ladybug.)

The practical effect of the covenants is to force the use of electric/gas clothes dryers instead of clotheslines; the use of utility-provided electricity instead of home-generated solar/wind/geothermal power; the purchase of store produce instead of home-grown; and the pesticide-laden maintenance of lawn instead of greener alternatives.

Eagle Point Golf Community near Medford, Ore.: "Lawns shall be watered,
fertilized and sprayed for weeds and/or insects and diseases as needed to keep
them healthy and green. They shall be mowed on a regular basis."

For more horror stories about homeowners' inability to live their green ideals, read the article: The Property Cops: Homeowner Associations Ban Eco-Friendly Practices

For a partial list of neighborhoods nationwide that ban clotheslines, and some tools for fighting such bans, visit Project Laundry List.

Finding my street on yourstreet

2007-04-19T11:06:00.000-07:00

Say you're relocating to a new city. You do research, you drive around the neighborhoods. But how do you really know the character of a place without actually living there? Enter yourstreet.com, a site that describes itself as "a vibrant community of homeowners, buyers and renters sharing inside knowledge about their local neighborhoods."

How vibrant a community it becomes is yet to be seen. It's still in beta, and so far includes just five cities (and some adjacent areas). One of them is Seattle, which is described as a "moderate sellers' market" based on input from 29 users. Not exactly scientific, no.

The larger question may be whether people living in a wonderful, vibrant neighborhood will really want to advertise the fact on the Web, or even come in from their community barbeques and softball games to sit and the computer and write up a review of their street.

Featured Home: Generous Family Home

2007-04-17T10:24:00.000-07:00

Lovely large family two-story home in Brookfield with four bedrooms and upstairs bonus area. New decorative colors throughout, new Pergo flooring on the main floor, new ceiling fans in all bedrooms.

Master with walk-in closet and five-piece master bath. The main floor has a separate living room plus a gracious great room family/eating/kitchen combo with access to the fenced backyard. Country kitchen includes breakfast bar.

Nicely landscaped in a cul-de-sac. The garage even has a pull down ladder for extra storage in the attic.

MLS#: 27054235

Bedrooms: 4

Baths: 2.5

Square Feet: 2310

Price: $ 310,000

Virtual Tour : Printable Flyer

For more information or a tour, contact:
Roberta Garrett Rudnick

Phone: 360-791-0688

Email: robertae@orcalink.com

Web site: www.olympiahomesearch.com

Prudential Olympia, REALTORS®

2630 Martin Way

Olympia, WA 98506

Featured Home: Vintage Charmer

2007-03-29T10:11:00.000-07:00

Looking for a vintage charmer? Here it is sitting on a fabulous lot, this beautiful 1920s home offers 4 bedrooms, den, living room with fireplace, ample dining area off of kitchen, loft area ideal for computer plus basement for storage.

Landscaping has been recently redone, main bath is newly remodeled, with wood floors, coved ceilings, and absolutely loaded with old world charm.

MLS#: 27049873
Bedrooms: 4
Baths: 1.5
Price: $ 389,900

Virtual Tour : Printable Flyer

For more information or a tour, contact:

Kimberly Rucker
Phone: 360-481-1863
Email: kim@orcalink.com
Web site: kimberlyrucker.realtor.com

Prudential Olympia, REALTORS®
2630 Martin Way
Olympia, WA 98506

Featured Home: North Olympia, Panoramic Views

2007-03-20T14:32:00.000-07:00

3100+ square foot rambler with daylight basement, panoramic views of Nisqually Delta, Mt Rainier, Puget Sound, & the Narrows Bridge. This 3-bedroom, 3-bath home boasts a floor design that's open, inviting, & ideal for entertaining.

Gourmet kitchen with island, breakfast nook, pantry, and lots of cabinets. Large living room with gas fireplace, family room, A/C, central vacuum, security and irrigation system, interior/exterior surround sound, extensive wrap-around deck, patio, professionally landscaped front and back yard, den/office. Minutes to I-5 and downtown Olympia.

MLS#: 2704307

Bedrooms: 3

Baths: 3

Price: $549,900

Virtual Tour : More Photos : Printable Flyer

For more information or a tour, contact:

El Sanchez

Prudential Olympia, REALTORS®

2630 Martin Way

Olympia, WA 98506

olympicrealtor@comcast.net

website: http://www.olympiabesthomes.com/

Phone: 360-791-2991

Featured Home: Vista By The Sea

2007-03-13T14:19:00.000-07:00

WOW...

Individual home set apart from the other condominium units in Vista By The Sea offering views of the Eld Inlet, Olympic Mountains, and breathtaking sunsets over the water.

Immaculate home with new roof, new exterior paint, and new Trex deck with access off the dining area and master bedroom.

Newer carpet throughout, elegant/updated master bath, large utility room, formal living room with gas log fireplace, tile entry. Kitchen and nook have beautiful ash wood floors; 2 car garage with keyless entry. Quiet setting.

MLS#: 27035890
Bedrooms: 3.0
Baths: 2.0
Price: $465,000

Virtual Tour : Printable Flyer

For more information or a tour, contact:

Roberta Rudnick
Prudential Olympia, REALTORS®
2630 Martin Way
Olympia, WA 98506
robertae@orcalink.com

website: www.olympiahomesearch.com
Phone: 360-791-0688

Featured Home: Horse Estate with Guest House

2007-03-01T10:04:00.000-08:00

This home has it all- 4017 sq ft, 3 bedrooms, 2 baths, and 2 half
baths, plus a 900 square foot guest house over the barn with 2 bedrooms
and 1 bath.

Barn has 3 stalls with tack room, hot and cold water, plumbed for mud
room with toilet. Outdoor 80x120 arena with 6-inch sand footing
and fenced pasture.

Home includes a separate home office with separate entrance, which is not included in square footage. Forced air heating/air conditioning, home
wired for generator, RV hookup & clean out, with keyless
entrance.

CLICK HERE for a virtual tour of this home

CLICK HERE for a printable flyer of this home

Lorena Evankovich

Prudential Olympia, REALTORS®
2630 Martin Way
Olympia, WA 98506
lorena@prudentialolympiarealtors.com

website: www.lorenarealestate.com
Phone: 360-239-1159

But Who'll Do the Dusting?

2007-02-23T08:21:00.000-08:00

Forbes.com has just published a list of the world's most expensive homes. My own property taxes just went up again, but this kind of puts it all into perspective.

Topping the list is Updown Court in Windlesham, Surrey, UK. For the asking price of $138 million, you get a home larger than Buckinghame Palace, including 103 rooms and 58 acres of gardens and woodlands.

Other options on the list include:

An 8,400-acred nature reserve in Lusaka, Zambia complete with elephants, zebras, lions, baboons, ostriches. Price: $20,000,000.

A 30,000-square-foot, 64-room home on the Bosphorus (Istanbul Strait) in Turkey. Price: $100,000,000.
A home on Hong Kong's Peak with views of Hong Kong Harbor from its four bedrooms in 6,000 square feet, plus private pool and elevator. Price: $24,400,000.

A pair of islands in Bora Bora, French Polynesia. Just wading distance apart, the islands feature solar-powered tropical villas. Price: $19,000,000.

Hmmm... what's that work out to in terms of monthly mortgage payments?

"America's Builder" Forced to Plant Trees

2007-02-22T10:14:00.000-08:00

You'd think that a company that calls itself "America's Builder" would want to preserve the beauty of "America the Beautiful." But megabuilder D. R. Horton has fought tooth and nail to avoid City of Lacey tree-planting requirements at their new Horizon Pointe development. The 234-acre development is slated to include a mix of retail and housing, with some 1,700 homes and condos.

This week Thurston County’s hearing examiner Ted Hunter denied Horton's appeal of the tree-planting requirement [read full story]. But the site won't likely be a future forest of the towering Western red cedars or Douglas fir trees that define much of Western Washington. More likely are small non-native trees that will actually fit into the small yards of the development's homes. The civic definition of a tree is farily lenient, after all.

"Tree" means any living woody plant characterized by one or more main stems or trunks and many branches, and having a diameter of six (6") inches or more measured four and one half feet above ground level. [city ordinance]

Indeed, some buyers say they're moving to Horizon Pointe to get away from the arboreal giants whose falling limbs and trunks did so much damage in this winter's fierce storms. Hope they're not frightened of 6-inch flowering cherry trees.

Featured Home: Better Than New!

2007-02-21T09:14:00.000-08:00

4 bedroom, 2.5 bath home in a wonderful neighborhood near schools, parks, walking trails, shopping centers, and I-5.

Spacious floor plan with approximately 2300 square feet includes family room with gas fireplace, living room, dining room, large master suite with private bath and walk-in closet. Professionally landscaped, fully fenced backyard, a/c, hardy plank siding. Approximately 15 minutes to Fort Lewis/McChord AFB.

MLS# 27021738
Price: $309,000

More info

For more information, contact
El Sanchez
phone: 360-791-2991
email: olympicrealtor@comcast.net
Web Site: http://www.olympiabesthomes.com/

This Land Is Our Land, It Isn't Your Land...

2007-02-20T14:47:00.000-08:00

How important are urban parks? More important than private property rights?

Those are the questions radiating outward from Olympia this week after the city announced plans to use eminent domain to obtain land for parks from two private property owners who refused to sell.

Both cases involve relatively large tracts of land in Olympia's rapidly growing state capitol. To help achieve its goal of having a park within a 1-mile walk of every resident, the city wants 3.69 of the 10 acres Sue Haskin and Errol Dye on Mud Bay Road. [the story] Earlier, the city council tabled an effort to take 1.72 acres of Carl and Susan Ott's horse-pasture land on Boulevard Road Extention, but only after the Otts and about 30 neighbors showed up to voice their opposition. [the story]

Everyone loves parks, but opinion seems uniformly against this use of eminent domain, at least in The Olympian's comments, where descriptions range from "tyranny" to "a socialist power grab." And worse. Looks like the City Council has some quick retreating to do....

Deciphering Real Estate Jargon

2007-02-15T09:45:00.000-08:00

As with all industries, real estate professionals have developed a lingo and acronyms to help them communicate with each other more easily. For the first-time homebuyer (and even some veterans), making sense of property listings can sometimes leave you feeling like you’re deciphering the DaVinci Code.
Let’s take a look at a sample real estate listing:

2,500 sf on a c-d-s, 2BR, 2.5BA, CA, spac grt rm w/ wbfp, grmet kit, det gar

Looks a lot like alphabet soup. However, using this type of abbreviated property description saves valuable advertising space. Some abbreviations you’ll probably encounters are:

AC or A/C: air conditioning
BA: bathroom
BR: bedroom
CA: central air
C-D-S: cul de sac
DET: detached
DK: deck
EIK: eat-in kitchen
F/FIN BSMT: finished basement
FDR: formal dining room
FP, frplc: fireplace
GAR: garage
GRMT KIT: gourmet kitchen
GRT RM: great room
HDW, HWF, Hdwd: hardwood floors
HOA: home owners association
LR: living room
KIT: kitchen
OFC: office
PVT: private
SF: square feet
SPAC: spacious
VW, VU: view
WBFP: wood-burning fireplace

In addition to the abbreviations in property listings, here are a few other common terms you should become familiar with.

FSBO—For Sale By Owner. This term refers to a property which the homeowner is trying to sell independent of a real estate professional.

MLS—Multiple Listing Service. MLSs are comprised of a group of real estate brokers who have agreed to share their property listings. This listing is then provided to the group through a database or directory. If you are buying your home, this is the service that your sales professional will use to search for potential homes for you to purchase. If you are selling your property, your real estate professional can list your home through the MLS. For-Sale-By-Owner (FSBO) properties are typically not listed through the MLS.

CMA—Comparative Marketing Analysis. This analysis is an informal assessment of a property’s market value. This is one of the tools your real estate professional can use to help you determine a reasonable listing price. Usually, the CMA compares your property with similar properties that have sold in your area within a certain time frame. Besides purchase price, some of the information typically listed is the number of bedrooms and baths, approximate square footage, size of major rooms, amenities such as fireplaces and pools, age of the home, and property taxes.

During the real estate process, you’ll more than likely come across more acronyms and lingo. Make sure you ask your real estate professional to explain any terms you are unfamiliar with so that you are not in for any surprises.

By the way, the listing above was a 2,500 square-feet home on a cul-de-sac, with two bedrooms and two and a half baths, central air, a spacious great room with a wood-burning fireplace, and a gourmet kitchen and detached garage.

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

Featured Home: Private Park-Like Setting

2007-02-08T12:36:00.000-08:00

Private park-like estate and the perfect home for lots of people or business. Great for a bed & breakfast or enjoy the $2000 per month income from three separate apartments attached to the home. A total of 6 bedrooms, 4.75 baths and a whopping 5400 sqft on .86 acre.

Wonderful high windows in the living room and closed in game room bring the outside inside. Close to shopping, I-5 and colleges. Beach access plus golf club privileges. Great Koi pond to add to the peace. $5,000 Buyer Bonus.

View this listing

For more information, contact:

John Bueche
Prudential Olympia, REALTORS®
2630 Martin Way
Olympia, WA 98506

johnbueche@comcast.net
Phone: 360-239-4080

Featured Home: Spectacular lakefront property in Olympia

2007-01-30T09:38:00.000-08:00

Motivated Seller!

166ft of waterfront in a pristine setting, viewing forest land across the lake. Beautifully landscaped, with dock. Spacious 4 bedroom custom home with formal living and dining rooms, huge family room, plus bonus room on 2nd floor. Luxury master bath & bdrm with lake view. Custom features include maple cabinets, hardwood floors, solid panel doors and quality fixtures.

$599,900
MLS# 26193043

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CLICK HERE for a virtual tour of this home

CLICK HERE for a printable flyer of this home

-------------------------------------------------

For more information, contact:

Barb Westall
Prudential Olympia, REALTORS®
2630 Martin Way
Olympia, WA 98506

barb@prudentialolympiarealtors.com
Phone: 360-701-0977

Featured Home: Log Home on Acreage

2007-01-25T10:04:00.000-08:00

Beautifully Maintained Log Home on Acreage


Beautifully maintained 3 bedroom, 2.5 bath home envelops you in nature with expansive windows and wrap-around porch. Rich wood interior large rooms & fireplace encourages you to enjoy the view. 1521+/- square foot garage/shop with RV bay, lube pit and plenty of storage. River frontage, trails & tranquil setting on 11.23 acres only minutes from town. Find out more about this home: MLS# 2616979 Virtual Tour Printable Flyer Map Noralee Eversaul Prudential Olympia, REALTORS® 2630 Martin Way Olympia, WA 98506 homesbynoralee@aol.com website: www.homesbynoralee.com Direct phone: 360-888-7748

Realtors Push to Curb Rising Home Prices

2007-01-18T09:13:00.000-08:00

Realtors want the state to help curb rising home prices, and they came to Olympia on Wednesday to spread their message. About 350 members of Washington Realtors made the trip as part of the association's $1.3 million advertising campaign summarized on the Web site.
...
Rep. Larry Springer, D-Kirkland, plans to sponsor a few of the Realtors' bills. He called the publicity campaign a "first shot" at addressing housing affordability, but he declined to predict the outcome of the campaign during a session marked by interest in school funding, environmental issues and health care reform. "We're not going to solve this issue this session, that's for sure," Springer said. "But I'm not going to let go of it. A debate has to get started." Read full story from The Olympian

Statistics from the Washington Center for Real Estate Research at Washington State University highlight some of the issues. Here in Thurston County, the media home price in the third quarter of 2006 was $257,200, up 9.4% from just one year ago. It's even worse in Lewis County, where the median price is up a whopping 30.8% since last year.

The Washington Realtors are working to improve our quality of life and ensure there are a variety of home choices available for all Washington residents, their website says. "That's why quality of life issues like economic vitality, transportation, good schools, growth management planning and home affordability must be top priorities with Washington's state and local lawmakers." Their website encourages and has tools for contacting lawmakers and writing letters to the editor supporting such actions. And they've been taking out TV ads like this one:

Read more about the Washington Realtors efforts on the website itsapriority.com

Is Remodeling In Your Future?

2007-01-09T14:49:00.000-08:00

Thinking about remodeling your home? You're not alone. Rising home values and favorable interest rates over the last decade have allowed homeowners to tap into equity in order to upgrade their property. Within the four quarters, homeowners spent over $160 billion on home improvements, according to the Joint Center for Housing Studies of Harvard University.

So where do you begin? Here are a few things to consider. First, determine the motivation behind your remodeling. Is it to add more space, modernize, improve energy efficiency or increase your home's resale value? Perhaps it is all of the above. Once you decide what you want to accomplish, prioritize your project list. Start gathering ideas by looking at magazines and Web sites. You can even get ideas by watching episodes of home improvement shows.

Next, determine your budget. Will you hire a professional or do-it-yourself? Unless you have the proper skills, you may want to leave the larger projects such as knocking out walls or major plumbing to professionals. Doing smaller projects yourself can be more economical as well as rewarding.

If you are on a limited budget, but want to update your home, there are several improvements you can make without spending a lot of money. A fresh coat of paint on the walls or new flooring can give your home a new look as well as add value. Modernize by exchanging carpeting for hard surfaces, such as wood, ceramic or laminate. If you like the look and feel of carpeting, replace the old pea green shag with a trendier Berber or plush in a neutral color.

Other small changes that can make a big difference are installing new light fixtures, cabinet hardware and doorknobs. In the kitchen, replace appliances with up-to-date models or add a tile backsplash. You can even create a spa feel in the bathroom by installing multiple showerheads.

No matter how big or small your remodeling project, you want to be careful not to over-improve your home for the neighborhood, especially if your goal is to increase resale value. Make sure that your improvements are in line with similar homes so that you don't become the most expensive house on the block. Take a look at resale properties in your neighborhood and compare them to newer properties. This will give you an idea what may be considered a standard or luxury item. You can work with a real estate professional to get comparable data and guidance on the type of options and upgrades that can add resale value to your property.

Also, don't just concentrate on one room. Why have an upscale master suite or kitchen when the remainder of the home still has the '80s look? A home's ambience should be seamless throughout. A mismatched home can decrease the home's value.And last, although your home is an investment, it's important that you are able to enjoy it. Whatever remodeling projects you undertake, make sure the final results make it a house you are proud to call home.

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 Briefs

2006-12-14T09:45:00.000-08:00

Zillow's Make Me Move

Something like eBay's "Buy It Now," real estate info site Zillow has added a "Make Me Move" feature. Would you move out of your house for $300,000? $750,000? A million? All you have to do is register with Zillow, and you can set a too-good-to-refuse price for your home. Of course, many people (including Sellsius) aren't fond of Zillow and their sometimes-wonky data.

Living Oddly

We've recently been enjoying the architectural oddities featured on Unusual Life, including vertical urban gardens (see photo) and the German sewer-pipe hotel. There's a whole world beyond the usual rectangles with doors and glass... You can view other unusual constructions here and here and here.

Waterfront Dreams

If you're intrigued by the sewe-pipe hotel but prefer your accommodations to be designed for liquids on the outside, and you happen to have a cool $2.5M tucked away under the mattress, this might be the home for you. The home sites on nearly 10 acres with 660 feet of private Puget Sound low-bank waterfront. The house is spacious but cozy, with custom details including a breakfast nook with walls of glass and nautical propane heaters, a reading loft/library off the master suite, a widow's walk, a Japanese-style soaking tub, and more. It includes a huge separate garage/shop, with 3744 square feet for your projects, cars, tools, and stuff. But if you want to ignore all that and just relax on this patio framed by conifers and boasting a 270-degree water panorama, who could blame you? [View listing]

Get Your Home Ready for Winter

2006-11-28T14:52:00.000-08:00

Although we traditionally think of spring as the season for home maintenance, there are steps you should take in the fall to make sure that your home is ready for the winter months. By performing these common maintenance tips each autumn, you can help protect your home's value and prevent major repairs.

Roof and Gutters
Rain, ice, snow and wind can all cause damage to your roof and gutters. Now's the time to trim back all tree limbs and vegetation away from the roof. You also should remove debris, such as leaves and sticks from your gutters and downspouts. Clogged gutters don't allow water to properly drain away from the home, which can cause seepage in your ceilings and walls. You can also invest in gutter guards, a screen that prevents debris from entering the gutter and directs the flow of water away from the house and into the ground.

Water Heater
You don't want to find out that your water heater isn't operating properly when you need it most. So use this time to perform an annual inspection, which includes having your tank's pressure and temperature relief valve checked. In addition, remove sediment from the bottom of the tank by draining two gallons of water to improve heat transfer and the efficiency of your heater.

Heating and Cooling System
If you have a forced warm-air heating system, you should check the exhaust vent and air shutter openings for dirt and dust. Clean any lint and dirt from the blower blades, motor and burner (if you have a gas heater). Vacuum air passages and check and replace, if necessary, fan belts. To prevent airborne dirt from circulating throughout your home, wash out your reusable filter or replace it if it disposable.

Doors and Windows
To help control heating costs, you want to make sure that your doors and windows are properly sealed. Now is the time to repair or replace weatherstripping around door bottoms and jambs and window frames. Check for loose or missing glazing putty and caulking for deterioration. If you have storm windows, install them.

Water Pipes
Frozen or burst pipes can cause major damage to your home and be expensive to remedy. Before frigid weather hits, protect your pipes in unheated areas from freezing by adding insulation, which reduces heat loss from hot-water pipes and condensation on cold water pipes. This can be accomplished by wrapping the pipes with heating tape or blanket insulation and duct tape or by encasing the pipes with preformed plastic foam. In addition, examine your pipes for cracks and leaks.

Fireplace
Before you light the logs and get ready to settle in front of a cozy fire, make sure that your fireplace is in good working order. Clean the chimney flue and if needed inspected and repaired. Check the seal on your flue, which is designed to keep out drafts. Replace the seal if it is loose or damaged.

If you decide to do the fall maintenance yourself disconnect the power for any electrical or gas systems. In addition, before inspecting, cleaning or making any repairs refer to your owner's manuals for all equipment for proper instructions, which should be the final authority on any maintenance.

Although this list is merely a guide, it can help you keep your home in good shape and have a winter free of major repairs.

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

Big Homes, Many Homes

2006-11-07T11:48:00.000-08:00

It's unavoidable in the South Puget Sound region. Look around you, or go for a drive, and you'll see plenty of evidence. No, not Bigfoot -- growth. Vast tracts are cleared of forest or brush, roads paved, and soon many, MANY houses pop up on the brown dirt. The housing market is booming, and developers are scrambling to get in on the action, often with big houses on small lots. They argue for convenience ("minimal yard care!"), though the comments on a recent Olympian article suggest the public is split on this kind of housing.

Readers point out some obvious drawbacks of this kind of big-home, high-density housing: more polluted runoff to rivers and streams, a lack of private outdoor space, reduction in wildlife habitat, and a "sameness" to the homes being built. The latter issue is certainly exacrebated by the fact that homebuilders are becoming larger, and fewer. In In 1990, Centrex was the nation's largest builder, closing on 7,549 houses. By 2000, the largest builder was Pulet, which closed on a whopping 36,200 houses. (source)

Still, builders are finding willing buyers for these homes. Is this kind of development happening in your area? Do you see more benefits or drawbacks? Are there other kinds of development that can accomodate the demand for housing and still respect neighborhood esthetics and the environment? The Olympia Master Builders have some guidelines for building green, several of which address some of the issues ignored in cookie-cutter developments. Issues like home orientation relative to the Sun, investing in efficiency and quality, and generally thinking longer term about the home and its residents' needs.

The conversation continues...

Real Estate Dilemma: Rent or Buy?

2006-10-10T14:07:00.000-07:00

The market is ripe for buyers right now. Interest rates, although slightly higher than this time last year, are still at an all-time low, and the National Association of REALTORS® predicts that 2006 will be the third all-time best year in real estate. So naturally you should be telling your landlord goodbye and saying hello to your dream home, right? Not so fast. Certainly, owning your own home has its benefits. But, is the dream of homeownership really one you should pursue? It all depends on your circumstance and needs.
Buying a home is such a large investment, possibly the largest purchase you'll make. So, careful deliberation should be made when deciding which is better for you: rent or buy.
The advantages to being a renter is that your monthly costs are fixed. There's little to no responsibility for maintenance of the property. And, it's easier to pick up and move to another location. However, the disadvantages are your rent typically increases each year and there is no guarantee that your lease will be renewed. In addition, you don't earn any equity nor will you reap the tax advantages of owning.

As a homeowner, you have the benefit of security and stability, as well as the freedom to decorate and remodel. Your property also builds equity and you get the tax benefit. However, when the central heating unit breaks or the roof needs replacing, the repairs are your financial responsibility. And, there is always the possibility of losing on your investment if property values go down.

One tool you can use in your analysis is a Rent -vs- Buy calculator that you can find on Web sites such Prudential.com. These calculators allow you to compare the costs of renting and buying. In some cases the amount you spend in rent may be about the same or less than you would pay on a mortgage. However, the tax benefit from owning the home may provide significant savings.

You also need to decide if can you really afford homeownership. If you are on a tight budget it may not be wise to have the added pressure of maintenance costs, property taxes, and insurance. If your credit rating is in need of repair, or you have a high debt to earnings ratio, now may not be the time to purchase a home. Although you may find a lender, your loan may be at a much higher interest rate using a sub-prime lender. You might be better off taking another year to build your credit score and decrease your debt.

Besides costs, another factor to consider is how long you plan to reside in the home. When you purchase a home, there is a substantial initial investment including the down payment, closing costs, and renovations. It typically takes between five and seven years to recover your initial costs. And depending on your loan payments, it may take a few years before you begin to see a return on your investment.

Your lifestyle also makes a difference for whether you should rent or buy. Will you be able to afford the type of property you want and continue to enjoy the lifestyle you have? Are you starting or changing careers or perhaps you are in a job that requires you to move frequently?
Although homeownership has its benefits, make sure it's the right fit for you depending on your financial and personal situations.

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

Street of Dreams 2006

2006-09-14T09:37:00.000-07:00

For some perhaps it's a realistic dream, for others more of a fantasy. If your real estate dreams include peeping at some new homes with an average price tag of around a million dollars, then you're in luck.

This year's event -- officially called the Countrywide Home Loans Street of Dreams -- showcases five high-end homes in The Reserve at Cooper Point in West Olympia. How high-end? Well... they've got names. There's "The Lakebay," "The Rainier," "The Crescent Bay," "The Arcadia," and "The Deschutes" (pictured). Hmmm. Maybe I my home would sound better if I named it... But then, I don't live in The Reserve.

The 150-acre subdivision, which was developed by Tri Vo and later sold to seven South Sound builders, is known as The Reserve at Cooper Point. Ultimately, 44 homes, ranging from 3,500 to 4,700 square feet, will be built on the site, according to Scott McLean, marketing director for the event. The property is one of the last large-lot subdivisions in the county, with each lot slightly larger than one acre, he said. (The Olympian, 14 September 2006)

You can visit the development's website for free, and get more info and view virtual tours. Or you can dish out the $10 entrance fee to visit in person. The details:

What: 2006 Countrywide Home Loans Street of Dreams
When: Show dates will run from Saturday, September 16 thru Sunday, October 1. (The show is closed on Mondays.) Hours are 11:00 AM to 7:00 PM, with ticket sales closing at 6:00 PM.
Admission: Cost is $10 for adults, $7 for children aged 3 - 15, and free for kids under three. $2 discount coupons available here. (Discount offer valid Tuesday thru Friday only.)
Parking: Visitors to the show are required to park at the Target Place Plaza. Parking is free, and courtesy shuttles to the event will run every 10 minutes.
Driving Directions: From I-5, take Exit 104 to Highway 101. Take the first exit to Cooper Point Road. Follow signs for 3.5 miles to the free parking at Target Place Plaza.
More Information about the Homes and the Development: www.thereserveatcooperpoint.com
For Further Event Information: Contact Olympia 360-789-3698 or visit www.omb.org.

Mixed Messages on Real Estate

2006-09-07T09:56:00.000-07:00

What's the state of the housing market? Like the proverbian story of the blind men describing an elephant, it depends on who you ask, and specifically what they're looking at.

Nationally, a widely reported AP story ("Fresh Data Shows Cooling Housing Market") concludes that the housing market has "lost steam." Or, as the National Association of Realtors' David Lereah puts it, "The housing sector is fragile."

The median price of a home sold last month was $230,000. That was up just 0.9
percent from the same month last year and marked the smallest year-over-year
increase since May 1995.

Regionally, Tuesday's Seattle Times ran a story titled "A couple's house-hunting nightmare." The tale told is one of a Starbucks manager and his partner relocating from quiet Vancouver, Washington to the bustle of Seattle. Among the shocks were the housing prices, the tradeoffs between commute time and home prices, and the speed needed to get an offer in ahead of other buyers. Those familiar with hot Puget Sound markets will yawn and consider the title overblown. Difficult, yes. But "nightmare"? Naw....

Locally, the hot market has cooled, but has avoided any "nightmarish" extremes. The Olympian sees the glass as half full, reporting in yesterday's edition ("Buyers' housing hopes improve") that an abundance of homes for sale is making things easier on home buyers. Sellers are finding their homes lingering longer on the market, with the average selling time at 63 days, up from 45 days last year. And the median sale price is down slightly, from $262,113 in July to $259,500 in August.

As an example of how much the market has shifted, 75 percent to 85 percent of sellers last year received multiple offers, one local real estate professional says. This year it has been 5 percent to 10 percent of his business.

Sellers may lament the cooling of the real estate market, but we're still a long way from anyone in this area seeing their home value drop. And the slight slowdown in the market gives buyers some emotional relief and better buying opportunities.

Real Estate Briefs

2006-08-29T09:50:00.000-07:00

Home Sales Down Nationally, Up Locally
Buyer wariness is resulting in slower existing home sales across the US, the Associated Press reports. The drop of 4.1 percent in July from the previous month to a seasonally adjusted annual rate of 6.33 million units was the lowest level since January 2004, the National Association of Realtors reported.

The picture is different here in Thurston County, where the Olympic MLS statistics show that homes are selling quicker (average days on market down more than 7% between June and July) and for more (average sale price was up 5.3% between June and July). OMLS numbers also show the average home selling price up 21% over a year ago, to $301,129.

Real Estate Superstitions
Will your home will sell faster if you bury a statue of St. Joseph upside down in your front yard? That's what some believers assert. Or maybe it's a buried statue of St. Joe in the backyard that brings homeowners good luck when selling their house. Those are among the practices mentioned in a Daily Press story today. Of course, we're certain that non-Catholic/Christian real estate sellers have a host of other beliefs. What's your story?

Subversive (or Subverted?) Website
Is a certain FSBO website a front for terrorists? Or is it an innocent pawn, hacked into by bad guys? Those are the questions being asked of www.fsboa.com, an ordinary looking for sale by owner site. The insidious part is that if you add a couple letters to the URL, you end up on what frontpagemag.com asserts is the official website of Syrian terrorist Abu Musaab Al-Suri, al-Muqawama al-Islamiyya al-‘Alamiyya (The International Islamic Resistance). Whatever the truth in this case, take this as a warning to 1) know who you're doing business with, and 2) watch for signs of undesirables hijacking your own website for their purposes.

Yanni Was Here...

2006-08-17T10:22:00.000-07:00

Not everyone is a big fan of Yanni and his music (which one critic described as "Fabio meets Tesh"). But you've got to be a little curious about the home of such a, um, celebrity. For a time he lived a bit north of us, in North Tacoma overlooking Puget Sound. This home is now on the market, providing a glimpse of how the upper crust live.

For those who can't afford the $2.25 million asking price (or can successfully portray someone with such means), the virtual tour reveals the reality of the rich and famous: breathtaking views, the ballroom where he recorded, an interior atrium and pool, no fewer than six fireplaces. Oh, and the right to call your home a "villa." View the complete listing.

Lacey Housing Boom

2006-08-15T14:41:00.000-07:00

Based on MLS data and city officials, Lacey may see as many as 1,400 new homes started by the end of 2006, the Olympian is reporting. The number would dwarf last year's total of 836 Lacey housing starts. The growth is attributed largely to economic refugees from the greater Seattle area who are willing to trade off a longer commute for significantly lower home prices. It will be interesting to see if this trend holds up as gas prices rise and the South Puget Sound is still without a direct transit connection to Seattle.

Today, 70,000 people live within the city limits and the city's unincorporated growth area. That's expected to rise to 125,000 by 2025, according to Olympia Master Builders Executive Officer Tom Krugman. That's a 78% increase. With the newly announced state focus on the health of nearby Puget Sound, the impacts of this dramatic growth will be keenly watched.

View real estate listings in Lacey, WA

Just Act at Home...

2006-08-10T10:54:00.000-07:00

It's not breaking news that an industry has sprung up around making homes for sale look more appealing by decorating them with appliances, furniture, and artwork. This practice, known as "staging," is becoming widespread. And it's perfectly understandable: an empty house depends on the viewer's imagination to complete the picture and make it appealing, while a furnished house can instantly draw one into the home's charm.

We have our doubts, however, about a new trend that seems to be spreading. Not content with the charm provided by a well-appointed home, some home sellers are now hiring actors to play the part of a presumably happy and well-adjusted family.

This new realty-TV-meets-real-estate ploy has popped up in Dallas as well as in Oxnard and Santa Clarita, California. Behind all of this seems to be a huge construction company called Centrex Homes. They've garnered a fair amount of press and blog attention, all the way up to the New York Times.

One might presume that Centrex wouldn't push this if it didn't work. But do you really want someone's fake teenage daughter offering you cookies as you inspect the quality of the kitchen cabinets? Is evaluating a bedroom somehow enhanced through the presence of an X-box obsessed fake son?

One clue that this isn't a real family? [The woman actor] is wearing a stick-on nametag that says "mom," [the man actor] is wearing one that says "dad," and the couple is better-looking than anyone you know.

Of course, such a model family would be just that: model. Not only better-looking than you, but better behaved. No tormenting the cat. No chemistry-set accidents. Everyone smiles, picks up their clothes, and is polite to strangers. Welcome to Stepford.

It remains to be seen if this could give some aspiring actor the break she's been looking for Still, the PR firm that spawned this oddball idea has gone so far as to give the "performance" a name: Homelife.

Just bear in mind that it's nothing like the life in your home.

Rezoning Impacts in Thurston County

2006-08-01T13:53:00.000-07:00

Growth and rezoning continue as big issues in South Puget Sound. An article in today's Olympian details the tension between property owners feeling the pinch of restrictions and the county's proposed rezoning plan needed to comply with a ruling by the Western Washington Growth Management Hearings Board last year.

Thurston County's proposed rural plan amendments would create three new zoning districts:

Rural Protection, with a density of one dwelling unit per 10 acres. This is for areas that must be protected for public health and safety and to maintain the rural character.
Rural, with a density of one unit per 20 acres. This is for agriculture, forestry and low-density residential uses.
Urban Reserve, with a density of one unit per 20 acres. This is for rural lands adjacent to existing urban growth areas that are being kept on hold until future development occurs.

Interested in getting your two cents in? The Thurston County Planning Commission will hold a public hearing at 6:30 p.m. Thursday Aug. 3 on the proposed rural zoning plan. The hearing, preceded by an open house that starts at 5:45 p.m., will be at the Norman Worthington Conference Center at Saint Martin's University, 5300 Pacific Ave. S.E., in Lacey.

To see copies of the plan go to www.co.thurston.wa.us/permitting/GMA/rural-rezoning.htm

Tips for Selling Your Home in Today's Market

2006-07-19T13:37:00.000-07:00

The media has been full of stories about the slowing housing market --and although this kind of market normalization is commonplace in the real estate industry, there is no question that in many parts of the country, houses are currently on the market a little longer and there is more competition for buyers.

Hire a Professional
If you want to sell your home fairly quickly, now is not the time to go at it alone. You want to make sure that your home gets the maximum exposure and the best marketing strategy. When you work with a qualified real estate professional, your home will be listed on a MLS database that other real estate professionals can access. In addition, you get the benefit of an experienced marketer and negotiator who is familiar with real estate issues in your community.

When selecting someone to represent you, interview at least three real estate professionals who are familiar with your area. Ask questions such as: How will your home be marketed to reach the greatest number of buyers? What price can they get for your home? What's the average time their listings have been on the market? They should be able to back up their answer with a Comparative Marketing Analysis and provide the names of two or three of their most recent sellers who you may contact for a reference.

Price It Right
A house priced at just below market value piques the interest of real estate professionals and buyers, while overpricing chases them away. If your home is priced too high, interested buyers may never even tour your listing. It is true that you can always drop the price, but the first 30 days are the most critical. That is when interest is the highest, and it can be difficult to recapture people's interest later on. The longer the property is on the market, the fewer the prospects.

Get Your Home In Show-Condition
Get your home in tip-top shape before any potential buyer views it. Remember, you only get one chance to make a first impression. Get rid of the clutter. Touch up the paint where needed. Clean the carpet. Consider having your home inspected, and make any recommended repairs. (If there are any repairs you decide not to fix, inform the buyers about the condition of your home and discount the repair cost from the selling price).

Curb Appeal
Don't overlook the outside of your property. You don't want a buyer to rule out your home based on the outside appearance. The lawn should be trimmed, bushes and shrubs pruned, and leaves raked. The front of the house needs a clean, fresh appearance. Even the mailbox needs to be attractive and functional. (Believe it or not, a rusty, unhinged mailbox can turn potential buyers off.) And don't forget to put away bicycles; toys and other items that may make your property seem cluttered.

Offer Incentives
Offering incentives can be just the impetus a potential buyer needs to select your property over others. You may want to consider offering a carpet or paint allowance. If the buyer knows up front that there is an allowance for the worn carpet or paint, they may overlook those cosmetic flaws in order to choose their own color. You could pay for a professional home inspection or a home warranty -- and, depending on your market and budget, offer to pay some of the closing costs.

Don't be discouraged if there are competing homes for sale in your neighborhood. Making the right moves at the beginning of your home selling process can give you the upper hand you'll need in today's competitive market.

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

The Buyer Magnet of 'Home Appeal'

2006-07-06T10:35:00.000-07:00

The housing market has become much more competitive. Many communities are beginning to see homes remain longer on the market and the bargaining pendulum swing in favor of the buyer. This is called a buyer's market, as the number of available homes outnumbers the buyers. As a seller, your challenge is to turn a buyer's market to your advantage.

The right price is vital, because overpricing your home can cause you to eliminate potential buyers and lengthen the time that your home stays on the market. But equally important is making sure that you give your home a competitive edge by giving it creative eye appeal.

Many homeowners make the mistake believing they are selling "their home," but once on the market your home is actually a product. You need to create an environment the buyer can't resist. In other words, do everything you can to make the home so attractive, charming, cozy, inviting, comfortable and exciting that a buyer will want to buy that lifestyle for himself. This can be accomplished by making just a few improvements in your home's presentation. Here are some guidelines to make your property distinctive and memorable.

Eliminate clutter. Have you ever noticed how model homes are perfect with no mess, clutter, or mass of personal belongings heaped about? There should only be a few exquisite and well-placed accessories on tables, desks, chests, etc. Also, clear kitchen and bathroom counters and furniture of everything except decorative accessories. Put the personal things--cosmetics, toiletries, clothes, bills, papers, and homework--out of sight. Tuck wastebaskets under counters or inside cabinets. Clutter and personal belongings detract from the important features of the home.
Create a color theme. If you embark on any investment decorating, like painting, wallpaper, draperies or new furniture purchases, create a color theme that's consistent. Wall-to-wall carpeting should be the same throughout the house. Neutral colors are best to please all tastes.
Rearrange the furniture. Just the slightest readjustments can make a big difference. Pull the furniture from against the walls to create a more intimate setting. Move furniture from one room to another. That extra armchair in the living room may create a cozy sitting area in the guest bedroom.
Create custom spaces. Luxury master bathrooms, decorator kitchens, built-in cabinets, computer workstations, exercise rooms, and children's play areas are the kinds of features that generate sales appeal. Even if you don't have these specific custom spaces, you can fashion them or suggest the potential for creating them. Accessories, mirrors, plants and fluffy new towels can generate a feeling of luxury even in a plain-Jane bathroom. Turn an extra bedroom into an exercise room if you've got the equipment, or a loft space into a child's play area or hobby center.
Keep it clean and pristine. Dust, vacuum, mop and polish on a regular basis. You're not selling the furniture, but a high shine on wood furniture and floors can make a room sing. Touch up nicks on walls and make sure the porcelain sinks and tubs and metallic fixtures shine. Windows should sparkle. Keep yards and landscaping neat and attractive. Add color spots of flowers to perk up entryways and yards.
Consult with a professional. There are decorator professionals trained to "stage" a home for sale. They are able to offer an objective view of what buyers are looking for in your competitive market. Depending upon location, neighborhood, demographics and price range, the special touches that turn on buyers may range from splashy master bathrooms and gourmet kitchens to children's play areas or home offices.

You don't have to spend a great deal of money to give your property the competitive edge. Just try to imagine the kind of lifestyle your target buyer would enjoy, and use a few decorative touch-ups to create it.

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

Area Home Sales Slower

2006-07-05T10:07:00.000-07:00

Home sales have flattened in the South Puget Sound, according to an analysis of Olympic MLS statistics reported in The Olympian newspaper.

June sales were about the same as last year, with 459 sold this year
compared to 461 last year. June sales could finish up about five percent as
additional closed sales get recorded, said Jerry Wilkins, manager of the listing service. Regardless, it wouldn't come close to the 23 percent increase in home sales that the Olympic MLS reported in May.

In February, the median price of a home was $248,475, compared with $199,000 the year before, according to the Olympic MLS data. Read more. And be sure to check out our current listings.

Is Condo Living Right for You?

2006-06-06T14:53:00.000-07:00

An option often overlooked by those desiring homeownership is purchasing a condominium or condo. But, the traditional detached single family home is not the ideal situation for everyone.

For those just starting out, affordability may be an issue. An empty nester may want to downsize and not have the hassles of yard work and other maintenance. Or it can simply be that the traditional family home doesn't suit your lifestyle. When you own a condo, you own the title to the space within the walls of your living quarters. Common areas such as hallways, roofs, parking lots, green areas and pools are shared with the other owners in the complex.

The more common type of condo is the apartment-style, in which you may have units on either side of you and above and/or below. However, there are other styles. There are units that are designed more like townhomes, with single or multiple levels and one or two common walls with neighbors. You may even find a condo in a building that was a multi-unit apartment converted to condo units.

Condos are attractive to many buyers because they offer them a chance to own their residence and build equity at what is usually a lower cost than a single-family detached home. Of course there are exceptions, such as the luxurious condominiums that many developers are building in downtown and affluent neighborhoods.

One factor to consider is that condominum owners generally must pay a condo association fee monthly. These fees defray the cost of maintenance, repairs and upgrades to the community's common areas as well as the cost for the services of a property management company. However, if you would rather spend your free time doing something besides mowing the lawn, painting the outside of your home, or waiting at home for the pool maintenance person, then a condo may be for you.

Other advantages of owning a condo are the amenities that may be part of your complex such as a pool, tennis courts, fitness center or clubhouse. These are some of the perks you might not be able to afford or even have room for if you were to purchase a single-family home. Of course, as with all things, there are some disadvantages to owning a condominium, such as the lack of privacy that a single-family detached home affords. You are also confined to the rules and laws of the community association, which can run the gamut from how to display a satellite dish to the type of animals you can keep.

Is a condo the right living arrangement for you? Make an informed decision by weighing the pros and cons. Talk with a real estate professional who is familiar with condominiums and the laws that govern them. Preview the various condos in your area to get an idea of how the properties are run. If your real estate professional has sold condos in any of these complexes, find out the type of feedback he or she has received from clients.

Condo living isn't for everyone, but can be an attractive option for those who want to own instead of rent.

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

Retirement Choices that Fit You

2006-05-18T10:48:00.000-07:00

For many, retirement is a time when people shift priorities and put their own needs first. One of the most important choices they need to make is where to live in retirement. Choosing the right community and home is an important and challenging decision.

Ask yourself, do you want to:

Remain in the home you occupied before retirement?
Remain close to your present community, but move to a different home?
Move to another county or state, or to a different climate?
Move into your present vacation property?

Where to Live
If you lean toward moving to another region, start reviewing options based on general climate, seasonal changes, lifestyle, and proximity to family and friends.

For example, the Southeast is becoming a popular destination. It has more temperate climates than the Northeast, and golf and outdoor recreation are abundant. Also attractive is the Pacific Northwest. East of the Cascade mountains, the region offers a wide range of living environments from which to choose: coastal, mountain, woodland, rural, and both planned and urban communities. Retirees with an active lifestyle can enjoy sailing, beachcombing, hiking, skiing, and urban entertainment, all close to home.

Many people choose to live where they play. If finances allow it, some may consider the owning two or more homes so they can change their address along with the seasons. This is one of the reasons why second home sales have increased dramatically over the past few years.

When you’ve narrowed it down to a few possible destinations, compare them on the basis of these factors:

Financial

Estimate the income you'll need to retire in that area
Evaluate your resources and tax consequences
Speak with your financial advisors about how long your retirement resources can last in any given area

Housing

Research average home sale prices and cost of living in areas you like
Factor in costs such as property taxes and utilities.

Climate

Review summer and winter comfort factors, such as high temperatures, humidity, or snow and ice.
Look at psychological factors such as excessive cloudiness or rain or fog.

Personal Safety

Research violent crime and property crime rates in areas you like
Find details in the FBI's Crime Index, and local police departments.

Services

Investigate the supply, availability, and quality of health care, public transportation, and continuing education in each area.

Employment

Evaluate the potential for pursuing a part-time or full-time second career.

Leisure Living

Find out if the area offers the variety and quality of restaurants, cultural events, and recreational activities you want

When researching your options, you may want to start with the Internet, where there is a wealth of information. Other resources include your local library, trade associations such as the American Association of Retired Persons (AARP), local organizations in the areas of interest, visitor bureaus, Chambers of Commerce, local newspapers and vacation guides.

Retirement can be the best time of your life. Be sure to plan it wisely.

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

The ABC's of Closing Costs

2006-04-06T09:42:00.000-07:00

You've found your dream home, the seller has accepted your offer, your loan has been approved and you're eager to move into your new home. But before you get the key, there's one more step--the closing.

Also called the settlement, the closing is the process of passing ownership of property from seller to buyer. And it can be bewildering. As a buyer, you will sign what seems like endless piles of documents and will have to present a sizeable check for the down payment and various closing costs. It's the fees associated with the closing that many times remains a mystery to many buyers who may simply hand over thousands of dollars without really knowing what they are paying for.

As a responsible buyer, you should be familiar with these costs that are both mortgage-related and government imposed. Although many of the fees may vary by locality, here are some common fees:

Appraisal Fee: This fee pays for the appraisal of the property. You may already have paid this fee at the beginning of your loan application process.
Credit Report Fee: This fee covers the cost of the credit report requested by the lender. This too may already have been paid when you applied for your loan.
Loan Origination Fee: This fee covers the lender's loan-processing costs. The fee is typically one percent of the total mortgage.
Loan Discount: You will pay this one-time charge if you have chosen to pay points to lower your interest rate. Each point you purchase equals one percent of the total loan.
Title Insurance Fees: These fees generally include costs for the title search, title examination, title insurance, document preparation and other miscellaneous title fees.
PMI Premium: If you buy a home with a low down payment, a lender usually requires that you pay a fee for mortgage insurance. This fee protects the lender against loss due to foreclosure. Once a new owner has 20 percent equity in their home, however, he or she can normally apply to eliminate this insurance.
Prepaid Interest Fee: This fee covers the interest payment from the date you purchases the home to the date of your first mortgage payment. Generally, if you buy a home early in the month, the prepaid interest fee will be substantially higher than if you buy it towards the end of the month.
Escrow Accounts: In locations where escrow accounts are common, a mortgage lender will usually start an account that holds funds for future annual property taxes and home insurance. At least one year advance plus two months worth of homeowner's insurance premium will be collected. In addition, taxes equal approximately to two months in excess of the number of months that have elapsed in the year are paid at closing. (If six months have passed, eight months of taxes will be collected.)
Recording Fees and transfer taxes: This expense is charged by most states for recording the purchase documents and transferring ownership of the property.

Make sure you consult a real estate professional in your area to find out which fees--and how much--you will be expected to pay during the closing of you prospective home. Keep in mind that you can negotiate these costs with the seller during the offering stage. In some instances, the seller might even agree to pay all of the settlement costs.

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

Get Your Offer Accepted With These Strategies

2006-03-24T11:39:00.000-08:00

When you're in a seller's market or vying for a hot property, the competition can be fierce. You need to make your offer stand out from your competitors' offers. To increase the likelihood that a seller accepts your offer, consider adopting one or more of these strategies:

Price. Obviously, price tends to be the primary consideration for sellers. In a hot market, when buyers outnumber inventory, offers often come in at full price or above. When you're competing for a home, to get an edge, think about adding a clause stating that you will beat the highest offer by "x" dollars up to "x" amount. Cash offers can be more attractive to sellers as well. Although sellers will receive their money at closing whether buyers pay with cash or take out a loan, cash offers don't require lender approval. And loan approval is never a certainty--it may delay closing.

Financing. It's not enough to be pre-qualified. Pre-qualification only tells how much you can afford. Pre-approval goes a step further. Your lender will thoroughly evaluate your application--including verifying employment information and financial disposition--then clear you for a loan of a determined amount. Having your loan pre-approved gives you a sizeable advantage by putting you on equal footing with cash buyers.

Good Faith Deposit. Buyers offering a larger-than-customary amount of "earnest money," a deposit that accompanies an offer, may get a seller's attention. By committing more money up front, buyers demonstrate greater sincerity and motivation to close the transaction. Your real estate professional can guide you as to the appropriate sum for your specific transaction.

Contingencies. Consider minimizing contingencies, those clauses that allow buyers to back out of a contract if certain conditions are not met. For example, it's common for buyers to make the purchase contingent upon their securing satisfactory financing. Obviously, offers with the fewest conditions tend to be more attractive to sellers.From a contingency standpoint, first-time buyers are often better prospects for a seller's home than move-up buyers. Here's why: Very often, buyers' offers are contingent upon the sale of their present home. Even if a move-up buyer has an offer in hand, that buyer's offer may be contingent on another contingency, and so on down the line. If one transaction derails, they all might.

Relationship. Help the seller get to know and identify with you by looking for ways to connect. For instance, it may be through a shared appreciation of a certain style of architecture. Let's say that you're fortunate enough to find yourself competing for an original Frank Lloyd Wright-designed home. After hearing about your visit to Taliesin West, Wright's desert home, and your collection of Wright-inspired furniture, the seller might be persuaded that you should be the next custodian of this national treasure. Of course, the connection could be something more conventional such as a shared love of gardening. You'll want to persuade the seller that his prize roses will be well tended.

Naturally, sellers would like to receive top dollar for their home, but remember, they also want an easy, trouble-free transaction. Thus, as a rule, the fewer the contingencies and the greater the commitment, the more attractive your offer may look.

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

Giving Your Home Irresistible Curb Appeal

2006-03-19T08:08:00.000-08:00

The old saying about making a good first impression couldn't be truer than when you are selling your home. That first impression has to create interest from the moment a buyer drives up to your home. Curb appeal is that subjective, intangible quality that entices buyers to think emotionally rather than logically. Perhaps it's the way the home sits on the property, or the mix of clapboard and fieldstone. It may be the expanse of grass carpeting, the stately columns, or the boisterous symphony of greenery and brilliantly colored flowers. In any case, it's love at first sight.

How can you tell where your home registers on the curb appeal scale? One way to find out is to take pictures of your property from various angles. Show them to friends, family, colleagues, anyone known for providing painfully objective feedback. Find out what's appealing about the home and grounds, and what needs improvement. Take the photos to a nursery for a professional landscaper's opinion. Even more important, consult your real estate professional. A local real estate professional has experience selling homes in your area and can be a great resource. Ask the agent to walk around the property with you and view it from across the street. Develop a "to do" list to bring your home up to show condition, then brainstorm easy, cost-effective solutions.

Surprisingly, even small enhancements can make a big difference. Building on your home's curb appeal might be as easy as replacing a broken screen and planting a few flowers near the front door.

Here are some ideas to get you going.

Paint and polish. A fresh coat of paint breathes new life into a tired-looking home. If your home looks dull or suffers from peeling, cracked or chipped surfaces, a paint job is a great investment. Many real estate professionals suggest using neutral colors such as white or gray. Whether or not you paint, you'll want to polish the doorknocker and mail slot on the front door, as well as any light fixtures by the entry.

Go over the grounds. Mow and edge the grass, and trim the trees and bushes. Also, clear away dead leaves and flowers, and mulch and weed the beds. Check to see that tree branches are not touching the home's roof or outer walls. You can spruce up the property by hanging flowering baskets and placing planters of flowers in strategic spots. Don't forget the side and back yards. Add some flowering plants to the back as well.

Make needed repairs. See if anything is unhinged, loose or just an eyesore. Fix everything including broken fencing, windows and screens. Try the doorbell. Check stairs and railings. Test doors for squeaks and rusted hinges. Don't forget to take a critical look at the property at night. Make sure the lights work, and replace dim and burned-out bulbs.

Unclutter. Tidy up the deck, patio and back yard. Rearrange the outdoor furniture to look inviting. Put away gardening tools. Clean up the barbecue area. Eliminate any "evidence" of Fido, and restrict him to the back yard when showing the home. Move extra vehicles from the view of passersby.

Clean. You want buyers to think the home has been well maintained. To make a bright impression, clean the windows, inside and out, wash down the walks and driveway, and hose down the siding. Clean outdoor furniture and cushions. Check for oil spots on cement surfaces, especially the garage floor.

Remember, a sale can be made or lost as a direct result of your home's curb appeal. Exert a little elbow grease now and you'll captivate buyers at the curb. It's a sure way to a quicker sale.

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

Think Spring, Think Maintenance

2006-03-14T14:11:00.000-08:00

Spring is a season of renewal. Birds are singing and the flowers are beginning to burst into bloom. The days are getting longer and people are getting outdoors again. So not surprisingly, real estate activity begins to swing into high gear. The weather is more cooperative and families are looking to move during the summer break.

If you are considering putting your home on the market, now's a good time to do some spring maintenance to make sure your home is in tip-top shape. Even if you aren't planning to sell your home, you should still add these chores to your list to help preserve your home's value and help avoid major repairs later on.

Walk Around the Outside
Check for any damage caused by winter's cold weather. Look for those sagging or loose gutters, window frames or siding. Is your roof missing any shingles, or is there any water damage under the eaves? Promptly schedule repairs for those items you can't do yourself.

Over the fall and winter, leaves, mud and debris may have accumulated in your gutters. Check your gutters for clogging and damage and schedule an appointment for cleaning.

Walk around your yard as if you were a first-time visitor. What impression does your home make? Be sure to clear away fallen branches and leaves. Loosen the soil around perennials, plant annuals or a vegetable garden. Prune shrubs and trees.

If your water supply has been off for the winter, turn it back on. Test your automatic sprinkler system or connect your water hose and check for cracks and leaks. Replace old washers or sprinkler heads.

Don't forget the backyard! Is it time to condition your deck? Be sure to hammer in any loose nails, or replace them with galvanized deck screws. Replace any broken boards or rails. Consider renting a power washer to clean dirt and mildew from the wood, and then apply an all-weather sealer or stain. Then dust off that patio furniture you kept protected over the winter.

Repair any broken fence boards and paint or seal them as needed. Clean the pool if it has been covered all winter. Wash windows, screens and windowsills; repair any winter damage.

Take A Tour Inside
Start making a list of things to do in each room. Then dive in. Dust walls and ceilings to remove cobwebs and wash any grimy areas. Wash window curtains or remove drapes for dry cleaning. Deep clean rugs and carpets. Dust and polish wood or laminate floors.

Clean fan blades using mild soapy water. Check the central air-conditioning unit for debris and obstructions; vacuum the main condenser coil on top of the unit. Check the operating condition of window air-conditioning units; remove and wash filters in mild soapy water.

Make sure all exhaust fans and vents are clean and clear. Don't forget to remove the lint buildup from the clothes dryer vent.

One often-overlooked area is the fireplace. Be sure to sweep ashes carefully into your fireplace's ash pit or into a dustpan. Clean and lightly oil fireplace tools. Remember it's springtime, so you may want to decorate the fireplace or wood stove with a large silk flower arrangement.

Look around for clutter. Are there items you don't use any longer? If you are planning on moving, what items will you not need? Consider having a garage sale and then either donate or trash the remaining items.

And lastly, don't forget to replace batteries in smoke and carbon monoxide detectors. A good time to change them is when you change your clock for daylight savings.

Although performing these spring chores may be dreaded task, they go a long way in maintaining and even enhancing the attractiveness and quality your home.

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

Six Questions to Ask Before Making An Offer

2006-02-21T14:41:00.000-08:00

When you are buying a home, there are many problems that the seller is obligated to disclose, but, these disclosures don’t always paint the entire picture of the home. Here are six questions you may want to ask that can offer additional insight about the prospective home before you make a final decision.

1) Why is the seller selling the house?
This question may help you evaluate the “real value” of the property. Is there something about the house the seller does not like? If so, you may be able to adjust the purchase offer accordingly.

2) How much did the seller pay for the home?
This question can, in some instances, help the buyer negotiate a better deal—maybe even get the seller to carry part of the loan. However, it is important to remember that the purchase price is influenced by several factors, like the current market value and any improvements the seller may have made to the home. The original purchase price might not have anything to do with the current value of the house.

3) What does the seller like most and least about the property?
By asking the seller what he or she likes most and least about the property, you might get some interesting information. In a few cases, what a seller likes the most about a home might actually be something the buyer is looking to avoid. For example, if the seller describes his house as being in a “happening community,” the buyer might consider this a negative factor because the area may be too noisy or busy for his or her taste.

4) Has the seller had any problems with the home in the past?
It is also a good idea to ask the seller if he or she has had any problems with the home while living there. Has the seller had problems with a leakage from the upstairs bedroom in the past? If so, even if the leak has been corrected, the floor and walls around the bathroom might have been damaged. You should also check that these items were repaired properly.

5) Are there any nuisances or problem neighbors?
Use this answer to find out about any noisy neighbors, barking dogs, heavy airplane traffic or even planned changes to the community, such as a planned street widening. This may give you insight on why the seller is really moving.

6) How are the public schools in the area?
Because the value of a community is usually greatly influenced by the public schools in the area, finding out the buyer’s perception can give you some insight about the quality of the area’s schools.

Knowing all you can about a prospective home, not only helps you decide if it’s the home of your dreams, but what offer to make as well. Your real estate professional can help you get your key questions answered and give you advice on how to evaluate your findings.

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

Don't Make the Mistake of Overpricing Your Home

2006-02-15T00:14:00.000-08:00

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.

The View from Above

2006-02-02T10:17:00.000-08:00

Whether you're shopping for a new home in Thurston County, or are simply curious about your own property, Thurston GeoData Center (www.geodata.org) provides a birds-eye view. Once you've located your parcel, searching by address, parcel number, or section, you can refine the view to show any number of features, including property lines, aerial photos, water features (including wetlands), roads, easements, zoning, and more.

Here's a small excerpt of the 2003 aerial photo of our office (highlighted in red), with parcel boundaries.

A word of caution: GeoData is one of those free online tools that can become downright addictive, as you look up your property, then your relatives and neighbors, then your office, then ...

On the plus side, it's free and internet based, so unlike Google Earth, you won't have to download a program (and have 400MB free on your hard drive!).

Happy exploring!

Gay Rights and Real Estate

2006-01-31T14:19:00.000-08:00

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

2006-01-24T14:19:00.000-08:00

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

2006-01-19T10:27:00.000-08:00

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?

2006-01-17T08:36:00.000-08:00

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]