Tuesday, November 16, 2010

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

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Buyer's
Seller's
Current Price Trend: 3

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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


Current Market Rating: 3

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Buyer's
Seller's
Current Price Trend: 3

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Falling
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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.

Thursday, September 16, 2010

5 Tips for Fall Lawn, Tree and Shrub Care to Prep for Spring

By Stephanie Andre

RISMEDIA, September 10, 2010--Now that fall is fast approaching, it's time to start thinking about preparing your lawn for the winter months and even the spring.

According to TruGreen, it's important that homeowners understand how to care for their lawns, trees and shrubs in fall before the end of the growing season. The experts at TruGreen offer five fall green space tips to homeowners to better prepare their outdoor living rooms for spring's vigorous growth.

ASSESS
Thoroughly walk your property and inspect lawn, trees and shrubs as these plants prepare for dormancy in late fall and early winter. Identify problem areas in need of treatment, pruning or replacement. Note patchy areas, where grass has thinned out or is in need of valuable nutrients and appears as light green. Also look for weed and pest infestations and overgrown shrubs and trees, especially those with the potential for interfering with roof and power lines. Consider a qualified expert, such as TruGreen, to properly gauge your lawn and landscape needs.

AERATE & PRUNE
Help your lawn breathe through fall core aeration to strengthen roots and to prepare for a hardy spring workout. Conduct corrective pruning of trees and shrubs in fall to enhance plant appearance and vigor, and thin rather than top-shear and overgrown shrubs and flowering trees to preserve their overall shape.

REPLACE
Fall's favorable weather conditions, as well as moist and warm soil temperatures, create the ideal opportunity for successful seeding of bare lawn areas and overseeding of healthy grass to improve your lawn thickness and density. Replace dead or floundering plants in fall for a healthier landscape and improved curb appeal in spring.

MOW & MULCH
Mow your lawn into the fall and avoid removing more than one-third of the leaf blades with each cut. Return grass clippings and back to the soil for added lawn nutrients and use tree leaf compost to nourish plants.

FEED
A good fall feeding gives roots of lawns, trees and shrubs the energy needed to prepare for a healthy spring green revival. Keep fertilizer on target to prevent run-off and sweep fertilizer granules that may reach pavement back onto your lawn. Use a trained specialist, such as TruGreen, for insect and disease control measures customized to your region to help trees and shrubs thrive.

BABY BOOMERS AND REAL ESTATE

Harris Interactive reports most baby boomers are still in the workforce, and are a driving force in the housing market. The same report concludes 42% of baby boomers would like to retire in the South, 32% in the Western United States, 15% in the Midwest, and 12% in the Northeast. Which means the bulk of opportunity for marketing luxury real estate remains in the Sunbelt.

Four out of ten or 40% of baby boomers own second, separate vacation homes. In fact, baby boomers account for 57% of all vacation home ownership, and own 58% of all rental properties in the United States. Ten percent of baby boomers plan to buy real estate over the course of the next year. Two-thirds of those will buy a new home, a second home, or commercial property.

According to a National Association of Realtors survey, baby boomers expect to use a professional realtor when they buy property. Not only will they utilize real estate agents, but they will demand excellent service and expertise from their agent. Of boomers in the rich category, 97% own homes, and 47% own other additional real estate.

Interestingly, American Demographics states that the future intentions of baby boomers regarding real estate investments, their thinking, and their attitudes are influenced by the media and outside pressures, including marketing.

Bellmarc Realty, which is a leading residential broker, offers the following advice for marketing real estate to affluent baby boomers:

Baby boomers believe bigger is better, so they are attracted to larger custom houses in luxury gated communities.

Use word-advertising to describe and promote large luxury houses. Most baby boomers have acquired many possessions over time and need lots of space.

Luxury properties should be suggested as long-term investments. Generally speaking, the appreciation rate on luxury houses is exceptional. Affluent baby boomers are very concerned with investment potential, which heavily affects their decision to purchase.

Location remains vital to affluent baby boomers. They desire traditional residential neighborhoods, especially if gated and exclusive.

Baby boomers find large, luxury houses with panoramic views very appealing.

Many rich and ultra-rich baby boomers desire spacious apartments in long-established co-ops, especially in the Eastern United States, since many of them come from sorority/fraternity backgrounds. In such instances, co-ops carry definite snob appeal, which is usually best described as “upper-class luxury.”

Affluent baby boomers often want to see all available luxury properties before they make a decision, so real estate agents should be prepared to be helpful and generous with their time.

Younger baby boomers, those in the 45 to 50 age-group, are interested in “up-and-coming” neighborhoods. The investment potential may take longer to reach fruition, but they are willing to wait.

Make sure to mention at least one nearby “destination restaurant” to younger baby boomers.

Younger baby boomers are interested in luxury apartments as long as they come with a doorman, an elevator, service amenities, and exclusive designer interiors. Younger boomers relish the latest gadgets and chic name brand appliances as well.

Since most baby boomers are still working full-time, and are technologically capable, use email and cell phones to contact prospective clients. Phone calls and emails should be short, because baby boomers are busy and on-the-go.

Some affluent baby boomers, according to the National Association of Home Builders, desire to “age in place.” This means they will not purchase new houses. Instead, they will re-model their present houses. Baby boomers in this segment want easy-to-use luxury products, such as more efficient lighting, convenient control devices, easy-grip handles and luxury cabinet hardware, adjustable showerheads, seats, bars, and luxury bathtubs with textured bottoms. Other desired luxury items include low-step showers, wider doorways, ground-floor bathroom additions, hardwood flooring, luxury carpeting, electric stair-lifts, and even in-home elevators.

Zero maintenance is of primary importance to affluent baby boomers. Many of them own two or more homes and they do not want to worry about security or upkeep when they are gone. They also want energy efficiency and attractive exteriors in their properties.
Read the article from Blogcritics.org

The largest and wealthiest group of buyers in the U.S. and Canada is over 50. Understand their maturing motivations and build your business by earning the SRES® designation. The SRES® designation prepares REALTORS® to approach mature clientele with the best options and information for them to make life-changing decisions.

5 Reasons Homeownership Trumps Renting

The seemingly endless run of bad housing news is discouraging some potential home buyers from considering a purchase. But the truth is that the advantages of homeownership have very little to do with investment gains. The best things about owning a home have a lot more to do with personal comfort and satisfaction.

Here are five of them:
· Be your own landlord. The bank can only kick you out if you don’t pay; a landlord can be much less dependable – deciding to sell the property or choosing to live there themselves.

· Paying the principal is forced savings. Yes, it’s possible that home prices will fall further. It is also possible that your 401(k) will lose value. But over the long haul, both are likely to enjoy modest gains in value.

· Fixed-rate mortgages never rise – and eventually you pay them off. With mortgage rates at record lows, people who buy now are locking in real bargains.

· Good schools. Family-sized rentals are harder to come by in areas with excellent public schools.

· Spacious properties in pleasant neighborhoods. Sizable homes in attractive communities are almost always owned – not rented.

Source: The New York Times, Ron Lieber (08/27/2010)

5 Reasons Homeownership Trumps Renting

The seemingly endless run of bad housing news is discouraging some potential home buyers from considering a purchase. But the truth is that the advantages of homeownership have very little to do with investment gains. The best things about owning a home have a lot more to do with personal comfort and satisfaction.

Here are five of them:
· Be your own landlord. The bank can only kick you out if you don’t pay; a landlord can be much less dependable – deciding to sell the property or choosing to live there themselves.

· Paying the principal is forced savings. Yes, it’s possible that home prices will fall further. It is also possible that your 401(k) will lose value. But over the long haul, both are likely to enjoy modest gains in value.

· Fixed-rate mortgages never rise – and eventually you pay them off. With mortgage rates at record lows, people who buy now are locking in real bargains.

· Good schools. Family-sized rentals are harder to come by in areas with excellent public schools.

· Spacious properties in pleasant neighborhoods. Sizable homes in attractive communities are almost always owned – not rented.

Source: The New York Times, Ron Lieber (08/27/2010)

Tri-Cities a great place to raise a family

By Pratik Joshi, Herald staff writer


Paula Fluit loves the Tri-Cities for its parks, schools and safe environment so much she said wouldn't dream of living anywhere else.

The Tri-Cities is perfect for raising a family, said Fluit, a stay-at-home mom.

That's why the Kennewick and the Tri-City region are among the top 10 places nationwide to raise a family, according to Kiplinger.com, part of Washington, D.C.-based publisher of business forecasts and personal finance advice. 

Kiplinger.com singled out the area for its low cost of living, affordable housing, a strong science-and-tech-based economy, plenty of outdoor attractions and a falling crime rate. 

It's no surprise to Fluit, an Othello native, who came to like the Tri-Cities ever since moving to the community about 10 years ago to be with her then-fianc, who now is her husband.

"We like to bike ride, go to parks and boating on the river," said Fluit on Wednesday while enjoying a day out with her three young children at the Playground of Dreams in Columbia Park in Kennewick. "There's always something going on."

The inclusion on the national list means more visibility and awareness for the Tri-Cities, said Carl Adrian, president and CEO of the Tri-City Development Council. It also recognizes the area's knowledge-based economy, which has diversified and created new types of jobs for the growing population, he said.

Adrian said he hopes the mention on Kiplinger.com will help attract new businesses and more investment to the community.

The high quality of life and area's affordability continue to serve as a magnet to lure people to the Tri-Cities, he said.

"Things are pretty cheap here," said Mark Tyler, who moved to the Tri-Cities from St. George, Utah, about three months ago with his wife, Melanie, and 2-year-old son Titus.

He wants to study accounting at Washington State University Tri-Cities next year when he becomes eligible for the in-state tuition rate.

St. George, a community of about 60,000 people, offers nothing like the Playground of Dreams, Tyler said. He and his family visit the parks at least three times a week. "It's free entertainment and my son gets to meet other kids," he said.

The Tri-Cities also seems like a nice community where people care, Tyler said.

That's true, agreed Mike Schwenk, chairman of Three Rivers Community Round Table, which was created in 2001 to develop a common vision for the future of the community. Over the years, the community has worked together to promote education with high-caliber schools and innovative teaching approaches, he said.
WSU Tri-Cities, which offers four-year degrees, and Delta High School, the new school focused on science, technology, engineering and math, are great examples of success the community has had that will help sustain the area's technological edge and promote innovation in the Tri-Cities, said Schwenk, who has lived in the area for 30 years.

United Way's Community Solutions initiative -- a regional health and human services plan intended to address the Tri-Cities' most pressing needs -- is another example of collaboration to achieve the desired goals in the community, Schwenk said. The communitywide effort began in 2006 with four program priorities: education, health, safety and self-sufficiency.

Three Rivers Community Round Table also is committed to promoting water-nurtured quality of life and improving connectivity through a transportation network, he said. It's all part of promoting economic development, he said.

The perception of the Tri-Cities as a Hanford-based economy is changing, especially in the Northwest, said Kris Watkins, president and CEO of the Tri-Cities Visitor & Convention Bureau.

The growth of wine industry in the area, outdoor attractions, particularly the local trail systems, and nice weather continue to draw visitors, she said. The Tri-Cities also is a hub for shopping for people in Southeastern Washington.
 
People like to come here because it's safe and clean and about three hours away from major metro areas, she said.

Some of those visitors end up settling down here, she said. The local arts scene has expanded and become diverse, and a variety of restaurants have opened in the past few years. That has meant more options for resi-dents and continuing economic growth for the community, Watkins said.

Walla Walla's Traci Jao came to study at WSU about 10 years ago and ended up making the Tri-Cities her home. It has good schools, family-friendly businesses, a lot of parks, safe environment and friendly people, said Jao, who is co-chairwoman of Young Professionals of Tri-Cities, which started in 2007.

-- On the net: To view the Kiplinger.com report, click here. Then click on the "next" button under the picture to see the Kennewick/Tri-Cities listing.

-- Pratik Joshi: 582-1541; pjoshi@tricityherald.com

Read more: http://www.tri-cityherald.com/2010/09/02/1152727/report-tri-cities-a-great-place.html#ixzz0zjYsOGQF