Home Ownership Remains an American Dream

Owning a home continues to be a sound long-term investment and most Americans continue to believe that home ownership is a positive move. But recent headlines surrounding the economy and the housing market have potential homebuyers wondering whether or not now is a smart time to buy. With an abundance of homes for sale and interest rates remaining at near historic lows, now might be one of the best times in recent history to pursue the American Dream of homeownership.

We offer the following insights to consumers who are thinking about becoming first-time homebuyers:

1. Affordability: Right now home prices across the country are at record lows. And, here in Thurston County the median home price has fallen 13.2% since the peak in 2007.

2. Increased Inventory: The large supply of homes for sale gives potential buyers more options than most have had in the past. Homebuyers today have the opportunity to be more selective in choosing the home that best fits their specific needs and wants.

3. Favorable Interest Rates: Interest rates are near record lows. Buyers who previously may not have been able to afford monthly mortgage payments may be pleasantly surprised to see the impact lower rates have made.

4. Negotiable Incentives: Sellers eager to get an offer may include specific incentives. While these are alluring it is best to discuss with your real estate professional what the net benefit or impact of any incentives will be.

5. Financial Security: Financial security comes with real estate investment and home ownership. For tax advantages of home ownership please see the article by the National Association of Realtors by following this link: http://www.realtor.org/rmodaily.nsf/pages/News2011020701?OpenDocument

As we go about the daily business of living our lives, there is more to home ownership than pure investment. Our home is where we can be ourselves, establish traditions, form family values and become a part of a larger community. These are the reasons we are in the business. At Coldwell Banker we look forward to helping you find and live your dream. This is a great community to call home. If you are ready to find your first home, dream home or simplify your life our agents are ready to help. Expect more from your home search and contact us today. For more information on homes in and around Thurston County, or to contact a Coldwell Banker professional, please visit www.cbolympia.com.

Scholarship Contest for Area High School Students

What Makes a House a Home? Coldwell Banker Evergreen Olympic Realty is excited to announce our scholarship essay contest. All Thurston County high school students are eligible and may enter one, no more than 500 word essay that describes, "What makes a house a home?" We are excited to hear from you. Essays may be submitted April 18, 2011 through May 8, 2011 and three winners will be announced on June 3, 2011. For complete listing of Contest Rules and Eligibility please visit http://www.cbolympia.com/ or visit us on Facebook at facebook.com/cbolympia.

Spring Break!

It's Spring Break Time in the South Sound! If you are staying close to home next week, here are a few fun activities to enjoy with your family.

1) Hands On Children’s Museum: Spring break camps for K-3rd graders. Explore ancient Egypt, have fun with Circus Science or visit the Wild World of Animals. See the Museum website for details and to register: http://www.hocm.org/page.php?id=133

2) Alexander and the Terrible, Horrible, No Good, Very Bad Day will be showing at the Washington Center for the Performing Arts. Bring your family to enjoy this adventure filled play. See website for show times: http://www.washingtoncenter.org/

3) SOCCER SOCCER SOCCER: Two great soccer camps to expand the skills of your budding soccer player:

Olympia High School Spring Break Soccer Camp for boys and girls in grades K-6, lead by head Coach Ty Johnson. To access information and registration form following the link: http://chinqually.org/gfile/75r4!-!HIIFKL!-!svyr5/ohs_soccer_camp_2011.pdf

Challenger British Soccer Camp: https://registration.challengersports.com/FindACamp/FindACampAcademy.asp?Method=CampSession&Key=0416514

4) Enjoy the mystery of flight? Visit our Thurston County treasure, The Olympic Flight Museum and explore the world of flight. Open Wednesday – Sunday, 11:00 a.m. – 5:00 p.m. http://www.olympicflightmuseum.com/index.php

5) Basketball player in the family? Come join the fun at the Black Hills High school basketball camp. http://www.zvents.com/z/olympia-wa/all-area-boys-and-girls-spring-break-basketball-camp--events--174192185

6) Olympia Farmer’s Market Open April 7th for the 2011 Season: Come down to the Market and enjoy locally grown produce, hand-made items, great food and live music. http://www.olympiafarmersmarket.com/

7) Skiing? Yes! There is still time to hit the slopes and the late snowfall has made for great spring skiing. One of our favorites is White Pass and they are open every day of spring break! For snow report, conditions and hours of operation visit: http://www.skiwhitepass.com/

Whether you are sticking around the South Sound or travelling afar, we wish you a wonderful time with your family.

Coldwell Banker app for iPad

We invite you to take a look at the Coldwell Banker Real Estate Search app for iPad. It lets you search for your dream home across the globe, watch real estate videos from the #1 real estate channel on YouTube, Coldwell Banker On Location, get community ratings from Yelp! and much more. It's a real estate app like none other.


http://www.youtube.com/watch?v=cG3yP3juCdY&feature=player_profilepage


For other on-the-go searches, you can also check out our mobile website that is optimized to fit smart phone screens. Log on to www.cbolympia.com to start your home search today.

Children's Museum Benefit at Xtreme Golf

Local business, Xtreme Golf is hosting an event to benefit the Hands On Children's Museum. Saturday, March 26 from 10 a.m. - 11 p.m. you can play fun, indoor virtual golf and support the Hands On Children's Museum. Play Pebble Beach, hit the driving range or practice your putting! Bring your own clubs! $25 per person per hour or try the Sports Package for 4 people which includes 3 hours of golfing, hot dog and beverage for $25 per person.

Seventy-five percent of the sales will be donated to the NEW Hands On Children's Museum. Join us in supporting two great local treasures.

Xtreme Golf
7135 Martin Way E.
Olympia, WA 98516
(360) 455-4450 - Call ahead for tee time

Reaching the Real Estate Finish Line

Guest Blog: Jodi Ashline, Coldwell Banker Evergreen Olympic Realty may be reached at 352-7651 or email at jodiashline@gmail.com or tour Jodi's listings at http://www.jodiashline.com/

My last column got you started on your purchase by determining how much you could afford, getting loan pre-approval, finding the right agent to tour suitable homes. Now what? Get “comparables” from your representative for each appealing home, review property disclosures, and research restrictions.

Now you’re armed to make your offer,which should include contingencies regarding financing and inspections, as well as any special requests or repairs, and also a closing date and earnest money deposit. There may be some negotiation, but once both parties have agreed on the terms, you’ll have fully executed Purchase and Sale Agreement.

Now you’ll apply for financing, order an appraisal and inspections, and possibly renegotiate after those reports are complete. You’ll need to secure homeowners insurance and complete the loan process. You’ll want to have cash ready for your down payment and closing costs, and do a final “walk through” just before closing.

You and your agent will be able to review all the settlement documents in advance of the closing date, to be sure everything is correct and to dot the “i”s and cross the“t”s. You’re finally ready to make an appointment with the closing agent, get an Official Check from your bank for downpayment plus closing costs, and sign the papers giving you the coveted status of “homeowner!”

South Sound Commercial Real Estate Update

Looking back over 2010 we see a common theme through much of the commercial real estate landscape - affordability. Corporate profits are solid and larger companies have record amounts of cash on hand. At the end of the year, borrowing by small businesses jumped to the highest level in more than two years. You can bet with banks being more selective in lending, borrowing was for the solid growth prospects rather than simple survival needs. The presence of government programs to help banks shoulder the risk provided further impetus to help folks buy their own space.


While banks are getting healthier, we expect lending on purely investment properties will remain somewhat constricted. However, investors with cash or enough solid collateral will look for buying opportunities with bank-owned properties that are still emerging in our marketplace.

On the leasing side, smart businesses continue to look at this down cycle as the chance to invest in their future. Right-sizing, finding a more appropriate location, or revamping current space was occurring a lot last year.


For their part, building owners looking to ensure cash flows and make the best possible returns today were working to redefine what a win-win means today. In many cases this meant lower rent but a shorter term at that rate. In other situations, different concessions were made to keep rents up and a longer length of lease.

Going forward through 2011 there is quite a mix of positive and still challenging news. Keeping a weather eye on all indicators will help reveal where things are really headed. Trailing indicators, like jobs, are certainly important to the real estate markets in the near term, but the leading indicators are more important for longer range planning. Investments will start to be made as we progress through the year, but they are likely to come at a slower pace than prior post-recession recoveries. Interest rates continue to be favorable. Surveys of traders show that short-term rates are expected to remain flat through 2011 before finally trending up in the first half of 2012. Longer-term rates are bouncing up and down, as inflation and the lagging recovery tug and pull. Businesses planning to grow will look to lock-in with today’s lower rates.

On the challenging side, local unemployment is the great unknown. How far the Legislature and Governor cut the budget and jobs remains to be seen. Our market’s unemployment rate has come a long way off the high of 9% set just last February. Yet at 7.6% we still have a ways to go.

Another X factor in the market is the unknown flow of foreclosures still on the horizon. The residential market has seen a steady flow since mid-2008. The commercial side has only recently seen the volume pick up. We expect more properties to come back to lenders before the economic recovery takes firm hold. Prices, as ever, will be impacted by this extra supply.