Tri-Cities comes in second for housing market recovery

By Kristi Pihl, Herald staff writer

Tri-City home prices are expected to grow by 3.4 percent this year, ranking the area second in the nation for best recovery in the housing market.

The recent rating by the Housing Predictor, an independent real estate market forecaster, is more evidence of how well the Tri-City economy is doing, said Rene Dahlgren, Home Builders Association of Tri-Cities director of government affairs.

Housing Predictor said the only housing market expected to see more growth in home prices is El Paso, Texas, which is expected to see a 3.7 price increase.

It's hardly the first time the Tri-Cities has made lists of best housing markets, Dahlgren said.

In February, the Tri-Cities was named the fifth best housing market, according to Builder Magazine. In 2010, the Tri-Cities was fifth on the list of best performing large cities based on job and salary growth as rated by the Milken Institute, and ranked first out of 372 areas for employment growth in the last five years by Garner Economics.

And despite looming layoffs at Hanford, Dahlgren said they hope the market will remain strong and that the economic slump will be less than in the past.

"We've definitely come a long ways in diversifying our economy," she said.

Having a strong housing market is a good indicator of whether the economy is going well because that means people are willing and able to invest in real estate, Dahlgren said.

In 2011, 890 single-family homes received building permits as of July, according to the Home Builders Association of Tri-Cities. Pasco had the most new home permits, at 321, while Kennewick had 192 and Richland 175. West Richland issued permits for 80 new homes.

Read more: http://www.tri-cityherald.com/2011/09/10/1637924/tri-cities-comes-in-second-for.html#storylink=mirelated#ixzz1cz9A69qE

Seller Mistakes

Selling a house can be a roller coaster ride for any homeowner, but, with the right preparation, it can be a very rewarding – and profitable - experience.  Here are five common mistakes sellers often make.  Avoid these pitfalls, and you’ll be ahead of the game.

1. Rushing on the price
Take your time when you’re setting the asking price of your home.  This is a crucial step that shouldn’t be rushed.  It’s a tricky thing, and pricing too high is just as dangerous as pricing too low.

The average buyer often looks at more than a dozen homes before making a decision.  That means buyers have the advantage of comparison shopping.  If your house isn’t reasonably priced, you may lose that perfect sale.  Work with your agent to set the very best asking price.

2. Thinking first impressions don’t matter
First impressions count in a big way!  If a seller hasn’t taken time to declutter and clean his house, he or she may lose the sale before a walk-through even begins.

Buyers can’t help but respond to your home emotionally.  If the house is messy or there’s a strange smell coming from behind a closed door, they’ll likely make a quick exit and look for another home.

It may take some elbow grease on your part, but any effort you invest into preparing your home will pay off in the long run.  These quick and simple steps will help you spruce up in no time.

On the outside:

• Cut and edge your grass
• Remove any clutter from your yard
• Trim hedges
• Weed gardens
• Wash steps, windows, railings, doors, etc
• Paint if needed
• Remove unnecessary clutter from garages

On the inside:

• Keep the home clean
• Shampoo carpets
• Clean tubs, toilets and showers and hang fresh towels
• Oil squeaky doors
• Turn on inside and outside lights
• Have soft music playing
• Make sure the house smells good
• Keep pets in separate area
• Open shades and draperies
• Open all doors inside home.

Remember:  When buyers preview your home, they’re more comfortable and will spend more time looking at your home when you’re not around.  This would be a good time to run those errands or walk the dog.

3. Keeping a low profile
It’s a competitive market out there, and this isn’t the time for you – or your real estate agent – to become a shrinking violet.  You want someone who will shout your home’s praises from the rooftops (figuratively, of course)!  Make sure your agent takes full advantage of all the marketing tools he or she can.

The majority of homebuyers start their search on the Internet.

• Is your agent taking advantage of that technology?  
• Does your agent have a website?  
• Can potential buyers easily find your home listed in a search and find feature?  
• Once they do, is it easy to contact your realtor for information?  
• Does your realtor list enough detailed information about your home? 

Buyers are often impatient and won’t take kindly to waiting for a realtor to call back with information.  They want to access facts about your home quickly and easily – or they might move on.

4. Breezing through the contract
Don’t make the mistake of taking the contract lightly.  Protect yourself and go over it with a fine-tooth comb.  It’s important that all of the costs, terms and responsibilities are included.  It is important that if you do not understand all of the contract you are about to sign that you have a real estate professional explain it for you.

Have you disclosed everything about your home?  Share all known defects with your buyer in writing.  It will protect you if she later becomes dissatisfied.

5. Choosing the wrong realtor
This is the time for you, the seller, to shop around.  You’ll spend a lot of time with the real estate agent you choose, so make sure he or she is someone you enjoy being around and can trust.

Ask lots of questions.

• Are your communication styles similar?  
• Do your schedules mesh?  
• Is there an easy way to contact the agent?  
• Is he or she someone others have recommended?  
• Does she know the local area and the housing market?  
• What are the agent’s marketing strategies?

Take your time and find a realtor you enjoy and trust.

Realty Times - Pasco, Washington Real Estate Market Conditions from Marchell Mascheck

Realty Times - Pasco, Washington Real Estate Market Conditions from Marchell Mascheck

Current Market Rating: 3 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 3 1 2 3 4 5 Falling Rising

Tri-Cities is currently experiencing a realatively balanced market in many price ranges and locations. Consumers should fight the urge to follow the national news of the real estate market. Some price ranges are very much a 'sellers market' while others may be the opposite.

Pasco can be described as a 'bedroom community' since nearly three-fourths of the land area consists of residential neighborhoods. The Tri-City area's commercial airport is located in Pasco as well as some industrial, commercial and retail businesses. May through October, Pasco features a popular farmer's market in the downtown area. It is also home to the Tri-Cities Dust Devils, a baseball farm team to the majors. Look for a new aquatic center to be developed in the future and located very near the Columbia River to make it centrally located in the Tri-Cities.

This is the entry-level residential growth center of the three communities. It has cooperated and annexed large tracts of land for development of single-family homes for the areas' first-time homebuyer families. Growth has been so drastic that Pasco is Washington State's first ranked city for percentage of growth and is ranked high nationally.

Types of housing include multi-family, older neighborhoods, new neighborhoods, high-end river front areas, large manufactured home neighborhoods and country living.

Many new construction and re-sale homes are available, especially in the sprawling areas north and west of town. Many new homes are marketed to first-time buyers.

ZIP Code: 99301

Location Characteristics: Pasco is predominately a residential community located in (and the county seat for) Franklin County. Pasco is across the Columbia River from Kennewick and Richland. This city is one of the communities making up the region known as the Tri-Cities.

Realty Times - Kennewick, Washington Real Estate Market Conditions from Marchell Mascheck

Realty Times - Kennewick, Washington Real Estate Market Conditions from Marchell Mascheck

Current Market Rating: 3 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 3 1 2 3 4 5 Falling Rising

Tri-Cities is currently experiencing a balanced market in many price ranges and locations. Consumers should fight the urge to follow the national news as the situation here is quite different. Some price ranges are very much a 'sellers market' while others may be the opposite.

Kennewick is a more sprawling town than others in the Tri-Cities area. This is a community that has developed some tourism and full-scale retail to serve the entire area. Also included is the Toyota Coliseum (home to the Tri-City Americans hockey team and the Fever Arena Football team--2005 Champions) and Three Rivers Convention Center complex. Additionally, the Coliseum is home to the Windermere Theatre--a more intimate space than a hockey arena, where Broadway shows and more personal performances provide a greater experience.

Kennewick has a diverse array of residential housing and offers extensive and affordable housing, services and retail amenities as well as a highly educated and trained workforce. Kennewick has beautiful river-view neighborhoods and downtown neighborhoods, which have been targeted for revitalization.

Types of housing include golf course communities, multi-family, planned communities, rejuvenated downtown area and country living.

New construction residential and commercial development is continuing. An adequate supply of homes is currently available, but the market as a whole is very balanced.

ZIP Codes: 99336, 99337, 99338

Location Characteristics: Kennewick is a community with plenty of shopping, commercial development, re-sale homes and new home construction. This city has the largest population making up the region known as the Tri-Cities.

Realty Times - Richland, Washington Real Estate Market Conditions from Marchell Mascheck

Realty Times - Richland, Washington Real Estate Market Conditions from Marchell Mascheck

Current Market Rating: 3 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 3 1 2 3 4 5 Falling Rising

Tri-Cities is currently experiencing a generally balanced market in many price ranges and locations. Consumers should fight the urge to follow the national news and trends since it is quite different here. Some price ranges are very much a 'sellers market' while others may be the opposite.

Because the city of Richland is close to the Hanford Nuclear Facility (one of the areas largest employers), some incoming residents tend to prefer this area over others. Tourism, entertainment and commercial/retail activity is increasing along the rivers. Richland has the small town flavor as a community and is limited by space for growth. These factors tend to keep the prices slightly higher than other communities in the area.

Richland is known for its resident scientists, engineers and technicians working in one of the country's most important nuclear research laboratories, which is also the headquarters for the cleanup efforts at the Hanford Reservation. This city also has a large cultural center, is home to a four-year Washington State University campus and has a growing medical center serving the entire region. Nearby is the Red Mountain area known for its wineries and scenic drive.

Types of housing include golf course neighborhoods, planned neighborhoods, large older home areas, small older home areas, new neighborhoods, mature neighborhoods and country living.

New residential construction continues and commercial construction is ongoing as well. Availability of homes is strong and sales are steady.

ZIP Codes: 99352, 99354

Location Characteristics: Richland (central) has generally more mature and well established neighborhoods. The south part of town (south of the river) is predominately newer homes and neighborhoods. This city is one of the communities making up the region known as Tri-Cities.