Happy New Year

From all of us at Coldwell Banker we wish you a safe and happy New Year!

Polar Bear Plunge 2011

Join fellow enthusiasts, Saturday, Jan 1, 2010 bring in the New Year with an invigorating jump into Long Lake! Take the "plunge" at 1:00 p.m. or stay warm and dry on the shore while you cheer on the swimmers with campfires, music, hot cocoa and coffee. The event starts at noon at Long Lake Park, all ages are welcome. 2790 Carpenter Rd SE, Lacey, WA.

For more information contact Lacey Parks and Recreation at (360) 491-0857 or http://www.ci.lacey.wa.us/news-events/calendar?d=20110101

Happy Holidays!

May Peace be your gift during the holiday season and your blessing all year through! From all of us here at Coldwell Banker have a safe and happy holiday!

Noon Year's Eve

Join the Hands on Children's Museum at this year's Noon Year's Eve on December 31st from 10am-2pm!

Complete with kazoos, make your very own party hat, win fun prizes, and create a confetti shower. What a wonderful event that allows everyone to celebrate the New Year together!

Admission is $8 for members, $10 for non-members and accompanying adults are free!

http://www.hocm.org/page.php?id=178

Harlequin Productions - A Stardust Christmas Carol

Harlequin Productions presents A Stardust Christmas Carol, an original 1940s Holiday Musical Adventure by Harlowe Reed playing now thru December 31, 2010.

"The year is 1945 in lower Manhattan and the Stardust gang is celebrating the first peacetime holiday in four years. But in the midst of their floor show, they are invaded by a remote radio broadcast team arriving a week early for a celebrity radio presentation of Charles Dicken's A Christmas Carol. It's too late to reschedule the airwaves--despite the fact that they have no celebrities--so the Stardust crew is wingin' it and swingin' it to bring the classic Christmas tale to life."

Visit http://www.harlequinproductions.org/index.html for more information on this fabulous show and others to come!

Fantasy Lights, Spanaway

The 16th annual 'Fantasy Lights at Spanaway Park' is now open!

Presented by Pierce County Parks and Recreation, Fantasy Lights is the largest holiday drive-through display in the Northwest! This two-mile drive features almost 300 beautiful displays and thousands of twinkling lights. Tune your car radio to FM 93.7 and listen to holiday music performed by a local high school while you enjoy the view.

Fantasy Lights will be open every night including Christmas and New Year's Eve from 5:30 pm - 9:00 pm.

Directions to FANTASY LIGHTS at Spanaway Park: - From I-5 take Exit 127 (Puyallup/Mt. Rainier) - Head east on Hwy 512 - Take the second exit (Parkland/Spanaway) - At stop light, turn right onto Pacific Avenue (SR 7) - Go south for 2.7 miles - Turn right onto Military Road (152nd St). - Spanaway Park entrance is a 1/2 mile on the left.

For more information visit http://www.co.pierce.wa.us/PC/abtus/ourorg/parks/flights.htm

Zoo Lights at Point Defiance 2010

Now through January 2, 2011 the Point Defiance Zoo is transformed into a winter wonderland with more than a half-million lights in the shape of animals and local landmarks. Bundle up, grab a cup of hot cocoa and take a look around the zoo while you enjoy the festive music and beautiful lights! While you are there don't miss the steamy South Pacific Aquarium with lots of brightly colored tropical fish, eels and sharks. Take a ride on a camel, the antique carousel and so much more!

Visit http://www.pdza.org/page.php?id=435 for photos and videos of past Zoo lights displays.

Happy Thanksgiving!

Thanksgiving is a time for togetherness, a time to be spent with loved ones. It is a time for remembering, cherishing and being thankful for all the good things in our lives.

Is there a special holiday traditions that you look forward to each year? Do you watch the Macy's Thanksgiving Day Parade? Do you enjoy watching football games while lounging after the huge feast? Is there a certain holiday dish made by someone special that you look forward to each year?

Whatever traditions you may share always remember to cherish the time spent, give thanks, eat lots of great food and enjoy the holiday weekend!

Happy Thanksgiving to you all!

Olympia Yacht Club's Lighted Ships Parade

The theme of this year’s Lighted Ships Parade is "Deck the Hulls".

The parade will begin at 6 p.m. Wednesday December 1st and Saturday December 4th at Percival Landing in downtown Olympia. Watch the parade while it follows along the eastern shore of Budd Inlet to Boston Harbor and will return along the western shore of Budd Inlet to Percival Landing.

Bundle up and head downtown to enjoy the beautiful Lighted Ships Parade!

Visit http://www.olympiayachtclub.org/ for details.

First Snow of the Season

Let it snow, let it snow, let it snow...

There is something so magical about the first snow of the year. Watching it fall from the sky and cover the landscape with a pretty white blanket, the quiet streets, listening to the delightful sounds of snowball fights in the distance and then coming inside to warm up with a cup of hot cocoa, a good book and cozy blanket.

What fun traditions do you have for the first snow of the year? Do you make snow angels or have a competition to see who can build the biggest snowball? Do you take a walk in the winter wonderland or stay inside and watch the snow next to your warm fireplace?

Whatever snow day traditions you may have, remember to drive safely and enjoy it while it lasts!

Providence St. Peter Foundation’s Christmas Forest

Come check out Coldwell Banker's tree this year at the annual Christmas Forest opening on Thanksgiving Day! This traditional fund raising event benefits the Providence mission to provide basic health services to those in need.

Below is our 2009 tree, "Sweet Dreams".

Click image to enlarge.

All events will be held at the Red Lion Olympia Hotel, 2300 Evergreen Park Drive.

For the schedule of events visit http://www.providence.org/resources/swsa/Forest-Entertainment-Schedule.pdf

Homebuyer Tax Credit, Extended for Military Personnel

The $8,000 Homebuyer Tax Credit is Extended for Qualifying* Military Personnel.
The extended deadline is April 30, 2011.

If you were serving our country overseas, you may not have been able to put to use the Homebuyer tax credits that so many Americans used over the past two years. While the credit expired for most of the country back in April 2010, the popular program was extended for certain military personnel.

With home prices down and mortgage interest rates at all time lows, this is a great time to consider getting into a new home. To receive the tax credit, you must be under contract to buy a home by April 30, 2011.

To learn more about the tax credit, visit http://www.irs.gov/ and type in "Form 5405" in the search bar at the top of the homepage.

There are two tax credits; (1) First time buyer credit up to $8,000, and (2) Repeat homebuyer credit up to $6,500.
For details and qualifications, get advice from your accountant, or visit www.irs.gov to learn more.
*To qualify, a member of the Uniformed Services (Army, Navy, Air Force, Marine Corps, and Coast Guard) must meet the following conditions:
· Be on quailied official extended duty outside the United States for at least 90 days beginning after December 31, 2008, and ending before May 1, 2010.
· *Qualified official extended duty is defined as: (1) Serving at a duty station that is at least 50 miles from your main home, or (2) Living in Government quarters under Government orders.

Federal Income Taxes

As you are no doubt aware, the tax cuts that were put in place early last decade are set to expire at the end of this year. Among other things, the tax cuts brought the tax on longterm capital gains down to 15%. Without an extension, rates would revert back to 20%. However, there had even been discussion about moving that rate even higher.

This was one of the big issues leading up to the election. Prior to the election Congress and the Administration looked poised to let the cuts expire or at least limit the extension of the cuts to certain income brackets.

With the election results in, it is anyone’s bet what will happen. Keep a close eye on this issue. If the lame duck Congress does not act before the next Congress is sworn in, it will take a bill with retroactive application to ensure the cuts remain without a break. With a divided Congress that will not be an easy task.

Commercial Condos

No where in the market are properties flying off the shelf, but one area that has expanded appeal is the commercial condo market. We continue to see interest from buyers in owning their own spaces. With many properties too large for most small businesses in town to buy, the idea of breaking space down through the condo process has opened more opportunity for buyers and sellers alike.

The sellers get an expanded market, with larger and smaller scale buyers looking at the properties. As a bonus, a condo project gives the owner an incremental exit strategy. Often times we find sellers are caught between wanting to hold and wanting to sell. Owning a large project makes it an all or none proposition when considering a sale. Having condo units means an owner can sell portions over time.

The buyers get the opportunity to own a space that is a comfortable size for their operations. And with the owner-occupied loan programs mentioned above, the chances for commercial loan approval are greatly enhanced.

Converting an existing property to condos is not always the right thing to do. Market and legal conditions may suggest a different approach, but an owner considering this strategy will find the process relatively easy. If you are interested in discussing this approach, we’d be happy to talk over the pros and cons.

Thurston County Food Bank

Join Coldwell Banker this holiday season in helping the Thurston County Food Bank serve our community! Many families in our area are struggling to provide basic needs for their households. In 2008, the TCFB served a record 37,000 clients, a 39% increase from 2007.

Remember every can counts and will give hope to all who will receive these generous donations from people like you.

The Thurston County Food Bank accepts donations of money or food items Monday – Friday, from 8:00am – 3:30pm.
220 Thurston St N.E.
Olympia, WA. 98501-1138
Office phone number: (360) 352-8597
http://www.thurstoncountyfoodbank.org/

Banks Are Getting Healthier

The credit markets are healing themselves too. The banks with troubled assets are starting to move them off there books. As earnings stabilize and replenish the losses from real estate losses, capital levels are returning to levels that will allow more lending on real estate projects.

The most troubled banks are still being closed - expect still more banks in Washington to be shut down. While this weighs on the market in the short term, ultimately it is necessary for a healthy return to more sustainable times in the long run.

This process will take many months, if not years, to completely run its course. However, the local community banks and many of the national banks tell us they have money to lend on the right projects backed by the right borrower. This means skin in the game and projects that are priced right. Gone are the days with no money down and betting on the come. Bankers want to see real security in real estate deals. For those projects that can demonstrate it, we are seeing money readily available to borrow.

The most attractive projects for lenders continue to be the owner-occupied deals. Not only are these consider lower risk of default, they also are eligible for government loan programs that further mitigate a bank’s risk.

Programs like the Small Business Administration loans and USDA loan guarantees have been used extensively in our marketplace over the last 12 months on commercial real estate projects. We have reported on these programs in the past, but suffice it to say if you are in the market it is worth speaking with your lender about how these programs might work for your project.

Movement Starting to Happen Again

This year may mark the first time that fourth quarter market activity is higher than spring and summer quarters. We are seeing market activity pick up ever so slightly. Many properties across most product lines, including office, industrial, retail, and multi-family, are starting to get some activity again. The common factor of success today is price.

Any experienced retailer will tell you that when supply is high and demand is soft it is time for a sale. Because retailers control so much inventory they can quickly adjust to current market conditions to move inventory off their shelves.

Real estate too must yield to supply demand shifts and the attendant impact on prices. The biggest difference is how quickly the market reacts.

For the most part, one piece of inventory is controlled by one owner. With so many people controlling price adjustments the real estate market is, not surprisingly, slower to adjust. It is not unusual to see a year or two gap between a drop in demand and then the corresponding drop in prices.

Consider the California real estate market, one of the hardest hit in the country over the last five years. (See Chart 1) The median sales price in the state did not drop until two years after the number of sales plummeted. Once prices dropped buyers started to come back to the market.

Click image to enlarge

Locally, we are seeing tenants and buyers start to take note of the price adjustments made on many properties. While demand slackened a great deal over the past two years, supply has ballooned. It is hard to remember a time with more product on the market.

Sellers and Landlords looking to move product today are now starting to adjust prices that reflect today’s economic realities. For the buyer’s and tenant’s part, good business people know that the down cycle is the time to invest. This is creating more activity than we’ve seen in the past 18 months.

When leasing, landlords are smartly looking at opportunities to help cash flow and bridge to better economic times. This means that lease terms might be shorter or other creative structures are negotiated to create win-win relationships over the longer term. For example, there may be lower rent offered in the near term with flexible rent steps in future years that can return rents to higher levels when market conditions shift.

This renewed activity is still not at a pace that suggests we are through the woods, but it is progress. The market may be further challenged as the state legislature grapples with the growing budget deficit. Until the private sector is in a more palpable expansion mode, prices must continue to be sharp to get the attention of today’s buyers and tenants.

Veterans Day Discounts

Today we join the rest of our nation in remembering the sacrifices of our American Veterans and express our appreciation for their service! We can never adequately repay them for their service, but our nation will forever be grateful.

Please take a moment to thank them today for all that they have done. And if you are a Veteran, on behalf of Coldwell Banker, we honor you! We have been given the opportunity to live the American Dream because of the bravery and sacrifices of all Veterans.

From all of us here at Coldwell Banker, thank you!

Below is a link to a few Veterans Day Discounts
http://www.military.com/veterans-day/veterans-day-discounts.html

Home Energy Efficiency Audit

There are a great many programs available right now to help improve the energy efficiency of our homes. PSE and our local Economic Development Council have collaborated to offer what they call “HomePrint.” This is a comprehensive evaluation of a home’s everyday energy use.

Ramsey Zimmerman, the program’s director, tells us this is a great “pathway to savings. Thurston Energy guides you through the process of finding and stopping the ways that you’re now wasting energy and money. We help you evaluate your energy usage, find ways to save, prioritize, find contractors for improvements, get all the discounts, rebates and tax incentives, and even finance the project through local lenders.”

The evaluation itself has a nominal cost - $95 if PSE is the provider for your primary heat source (gas or electric). You can learn more about this program at www.ThurstonEnergy.org or by calling 360.528.2112.

Time to Refinace?

We mentioned last quater that now is a great time to consider refinancing. Rates have continued to fall since then. See the Chart below. While the benefits don't always outweigh the costs, refinancing could save you a lot of money each month. It is certainly worth a call to your lender to weigh the pros and cons.

Click on image to enlarge.

Hands on Children's Museum

The ground-breaking ceremony for the new Hands On Children’s Museum is being held on November 17, 2010, at 12:00 p.m. The site is located between Jefferson Street and Marine Drive just north of State Avenue. This new facility will be the centerpiece of a revitalization project all along East Bay. It will lead the biggest downtown transformation since the Farmer’s Market was built in the 1990s.

The new facility includes an expanded version of some of the Museum's favorite exhibits along with a new cooking studio, inventor's studio, and a new gallery focused on the Wild Woods. The northwest’s relationship to water will be a big theme at the new museum and will tie in with the LOTT reclaimed water interpretive center next door. Designs for the new Outdoor Learning Center are especially exciting. The 30,000 square foot outdoor space will include interactive water features, a wetland, driftwood forts, children's garden, forest look-out towers and many other exciting additions.

Rocket Races!

Olympic Flight Museum presents Rocket Races Saturday November 13 at 1pm!

Purchase your very own balsa rocket kit at the Olympic Flight Museum for $5. Take the kit home and make your own unique rocket, paint it, decorate it, be creative with it! Bring your creation with you to the Olympic Flight Museum on the 13th of November and race in the competition!

Entry fee for participating in the race - $10

For more information visit http://olympicflightmuseumevents.weebly.com/

Local Housing Market Update

Parents of identical twins will tell you that the similarities mostly end with looks. Each child has his or her own distinct personality.

The performance of the local housing market through the first three quarters of 2009 and 2010 is much like identical twins. On the surface, they appear identical: this year there have been 2,110 sales, in 2009 there were 2,111.

But just like twins, the surface is where the similarities end. Chief among the differences are affordability conditions and pace of sales.

Buyers right now are seeing unprecedented affordability. Prices relative to income are quite low. In addition, while moderating their decline, prices are down 5.4% from a year ago and mortgage interest rates are substantially lower than 2009 levels. This combination has created great opportunity for today’s buyers. Someone purchasing today’s average priced home will pay almost $225 less per month than a year ago.

The next distinction is pace of sales. Even with the great affordability conditions, a much greater portion of the total sales in 2010 were packed into the first part of the year. In a typical year, sales in the spring and summer are much higher than during the winter months. In 2009, third quarter sales were 30% higher than the first quarter. In 2010, however, first quarter sales were 9% higher than the third quarter.

The reason for this unprecedented shift is the federal tax credits. Many people who entered 2010 planning to buy were working to beat the April 30th credit deadline. The money offered under that program ($8,000 for first-time buyers and $6,500 for repeat buyers) pulled a great many sales ahead of the deadline.

Since the expiration of the tax credit (it is still in effect for qualified military buyers), we have seen fewer sales than might otherwise be expected. The bubble from 2003-2006 was seen not just in price but number of sales as well. (See Chart 1) During that time, the number of buyers was 16% higher than historic levels of demand would project. Since 2007 there have been 29% fewer buyers.


Click image to enlarge.

The size of the downside bubble has been much greater than the upside. Even accounting for fewer buyers, due to temporary credit impairment from short sales and foreclosures, the gulf between the two bubbles suggests that there is pent up demand.

Our market continues to have steady population growth from in-bound migration. Thurston County is the third fastest growing county in the state (out of 39 counties) accordingto the Thurston Regional Planning Council’s latest study. In-bound migration accounts for nearly 25% of the homebuyers in our market.

The big issue going forward is the job market. Jobs are a lagging economic indicator. After the recession of 2001, 18 of 21 months following the recession saw jobs lost. When employment inevitably turns up, the market is poised to begin a more sustainable upward correction.

In the meantime, sellers should continue to carefully watch the three “Ps” of marketing - product, promotion and price. If a house is going to stand out it must be the mostcompetitive in all respects. Buyers today are still acting quickly when they see a well-priced home. (See Chart 2) However, they continue to ignore homes that are overpriced. Sellers thatrecognize these trends are finding willing buyers in today’s market.

Click image to enlarge.

Thanksgiving Day Run

Interested in running off those calories before they are consumed this Thanksgiving? Starting at 9am on Thursday November 25 at Heritage Park in downtown Olympia is The Oly Trot Thanksgiving Day Run!

Raffle and Prizes include running shoes, Nathan sports gear, guerilla running gear, gift certificates and much more!

For more information and to find out how to register visit South Sound Running in Olympia or go to http://www.guerillarunning.com/Oly_Trot.html

Hands On Childrens' Museum

Our own Hands On Childrens' Museum receives more national press. Check out the video about the Museum's programming on the link below. The Hands On Children's Museum is one of the gems that makes our community a great place to call home.

http://www.momshomeroom.msn.com/#/episode/T4//1219950//

What to Do With Your Carved Pumpkin After Halloween

Did you know...

Pumpkins are a squash-like fruit. They range in size from less than 1 pound to over 1,000 pounds. The word pumpkin originally came from the word pepon which is Greek for “large melon". The French changed this to pompon, which the British changed to pumpion and later American colonists changed that to the word we use today, "pumpkin".

What to do with your carved pumpkin after Halloween...

Do you have a compost heap? Put your carved pumpkin in there, it will make good fertilizer. You can also bury it in your garden. The pumpkin will decay quickly and enrich the soil. If you kept the seeds while carving your masterpiece you can wash, dry and save them to plant next year in your. Or if you prefer you can wash and roast the seeds. Roasted pumpkin seeds make great little treat.

Harlequin's Haunted Wild West Cabaret & Auction

Join us in celebrating the 20th Anniversary Season of Harlequin Productions on Sunday, October 31st, 2010 from 6:30 to 10pm.

Enjoy great food, open bar, costume contest, a haunted wild west cabaret & auction, and much more.

Visit http://www.harlequinproductions.org/seasonpages/10/hauntedcabaret.html for more information on this exciting event and to purchase tickets!

Boo Bash Fall Costume Party

This year's costume party fun begins at the Hands on Children's Museum, Saturday October 30th from noon-5pm. With something for everyone to enjoy; art and science activities, games, face painting, door prizes as well as food and beverages!

Cost is $8.50 for members, $10.50 for non-members and accompanying adults are free!

They do request no one wears scary costumes or masks.

Visit http://www.hocm.org/page.php?id=177 or call 360.951.0818 for more information.

Fun Things to do in Olympia

It is Fall! Here is a list of super fun activities that are sure to please all ages! The Olympia area is filled with great places that will keep your weekends busy no matter what the weather.

Hands on Children's Museum
Creates curiosity, creativity and learning through fun, interactive exhibits and programs
http://www.hocm.org/

The Olympic Flight Museum
Rocket Races coming soon! Check out their website for more information
http://www.olympicflightmuseum.com/

Bowling at...
Westside Lanes
http://www.westsidelanesofolympia.com/


Aztec Lanes
2825 Martin Way E Olympia, WA 98506
360.357.8808

Washington State Capitol Museum
Come learn the history and culture of Washington with two floors of exhibits.
http://www.wshs.org/scmoc/

Lattin's Cider Mill
Fun treats, petting farm, year round maze, and much more!
http://www.lattinscider.com/

Hunter's Farm
Holiday shop, wagon rides, giant slide, mazes and lots more to enjoy!
http://www.hunterchristmastrees.com/

Schilter Family Farm
Mazes, pumpkin cannon, hay rides, petting farm, and more!
http://www.schilterfamilyfarm.com/html/seasons/events_autumn.html

Rutledge Corn Maze
Fresh produce, fantastic corn maze, haunted maze nights...
http://www.rutledgecornmaze.com/

Indoor Gokarting
Experience real wheel-to-wheel racing all year-round.
http://apexkarting.com/


Great Wolf Lodge
Fun filled indoor waterpark resort
http://www.greatwolf.com/

Wolf Haven
Celebrate the beauty of the wolf during Wolf Awareness Week.
http://www.wolfhaven.org/index.php

Painted Plate
Create your very own masterpiece with Mountain ice cream, Batdorf and Bronson coffee and good company!
http://www.paintedplateolympia.com/

YMCA
Lots of fun indoor activities! Take a look at their events calendar for more information.
http://www.cambridgeymca.org/index.html

Indoor Lazer Tag
http://www.charliessafari.com/pricing.php
http://laserfunzone.net/

Indoor Batting Cages
http://www.bbcourtsandcages.com/
http://www.airportgolfcenter.com/batting.php

Lowes Build And Grow Kids Clinics
Basic projects to help build confidence!
https://www.lowesbuildandgrow.com/

Home Depot Kids Workshop
Hands-on workshop sessions are offered on the first Saturday of each month
http://www.homedepot.com/webapp/wcs/stores/servlet/ContentView?pn=Kids_Workshops&catalogId=10053&storeId=10051&langId=-1

Indoor Swimming Pool
http://www.cambridgeymca.org/index.html
http://www.discoveraquatics.com/
http://www.olympiaathleticclub.com/swim.htm

Rollerskating
http://www.skatelandolympia.com/
http://www.olympiaskate.com/home.aspx

Cooking Classes for Kids
Bayview School of Cooking presents Kids in the Kitchen!
http://www.bayviewschoolofcooking.com/kids.html

Harlequin Productions

It is officially fall in our beautiful town of Olympia! If you are looking for fun fall activities Olympia has plenty to keep you busy through the season.

Harlequin Productions presents The Taming of the Shrew by William Shakespeare starting today, October 7 through October 30, 2010.

"Everyone wants to marry the beautiful Bianca, but her Father won’t consider any of her suitors until he’s successfully married off her cantankerous older sister, Kate. Along comes Petruchio, strummin' his way from St. Louie, seeking his fortune... and a rich wife. Bianca's desperate suitors hire Petruchio to woo and tame “Kate the curst,” and the battle of wills is on. But human will – of either the male or female variety – is no match for the boy Cupid. A classic love story of rootin'-tootin' proportions... with original old-timey cowboy songs!"

Tickets are $12-15 available at http://www.harlequinproductions.org/

Enjoy the show!

Corn Maze in Olympia, WA

Looking for fun Fall activities? Here is a list of the near by Corn Mazes in Olympia, WA

Rutledge Corn Maze
http://www.rutledgecornmaze.com/

Lattin's Cider Mill
Navigate our new year-round (non-corn) Maze.
http://www.lattinscider.com/

Hunters Pumpkin Patch
http://www.hunterchristmastrees.com/index1.htm

Shaffner Farms
http://www.shaffnerfarms.com/

Schilter Family Farm
http://www.schilterfamilyfarm.com/html/seasons/events_autumn.html

Apple Festival at Lattin's Cider Mill in Olympia

Starting now through the last weekend in October
9 am to 5 pm
Free admission
$2.00 per vehicle parking

Enjoy Bluegrass music, sample the fresh-picked apples and take some home at a great low price. Take a tractor-drawn wagon ride to the Pumpkin Patch from 11 am to 4 pm. Find your way through the new year round Maze. Bob for apples, enjoy the clown and visit the farm animals.

While your there don't forget about the apple crisp, caramel apples, apple butter, apple cake, baked apples, apple pie by the slice and our famous apple fritters.

Fall & Winter Seasonal Maintenance Guide

There are certain home maintenance tasks that should be completed before each season to help prevent structural damage to your home. These tasks will also help to save energy & keep your home's systems running smoothly.

If you live in the Pacific Northwest preparing for the fall and winter seasons is a must. We are quickly approaching the rainy season which means it is important to take the necessary steps to prevent moisture problems before they take you by surprise.

• Check the drainage - Take a walk around your home and inspect the ground where it meets the foundation. Soil should not be touching siding and should slope away from the house.

• Clean the gutters - It’s important that the gutters are ready for the heavy rainfall they will receive from winter rains. During a heavy rainfall grab your umbrella and inspect the flow of water through the gutters to ensure there are no obstructions that need to be addressed.

• Furnace tune up - Schedule the fall appointment to get your furnace ready for winter. It is important to make sure your furnace is running smoothly and gets the proper cleaning it needs before the weather gets too cold. You don't want to be without heat when the temperature starts to drop. Also, check the filters in your furnace monthly and change them regularly. Inspect and vacuum out the floor grates and return duct, as well.

• Eliminate moss on the roof - Fall is a great time to apply moss killing granules or liquid solution to your rooftop. Be sure to use granules that are made especially for roofs, not those for lawns. Lawn granules contain iron, which will rust on your roof and make a mess. Time saving tip - apply the granules in a line along each side of the roof ridge rather than sprinkling them all over; the first big rain wets the granules and spreads the moss-killing agent uniformly over the roof.

• Check weatherstripping and caulk on doors and windows - Take a look at the areas where windows, doors, and corner trim meet the siding, and caulk gaps as needed. Open doors and inspect the condition of the weatherstripping. If there is a draft around the door or the weatherstripping is crumbling, replace it with new weatherstripping.

• Disconnect hoses and winterize your lawn irrigation system - Disconnecting the houses and using faucet covers (which can be found at your local hardware store) will help keep water from freezing in the pipes. Also, make sure the water is drained out of your lawn irrigation system before the first freeze.

• Take a flashlight and head on down to your crawl space in January - Checking for moisture and drainage problems under your home is very important. The summer months can often be dry and standing water typically doesn’t show up in a crawl space until it the soil has been fully re-saturated. If you find standing water, try to locate the source. Is it coming from leaking pipes or are there cracks in the foundation causing water to seep through? For advice on fixing the problem, consult a professional.

For more tips and ideas on how to get your home ready for the seasons to come visit http://www.houselogic.com/articles/fall-winter-seasonal-maintenance-guide-northwest/

7th Annual What You Got? Youth Festival

The Olympia Film Society's youth volunteers are presenting their 7th Annual What You Got Festival September 24-25, 2010. The festival is a 2-day long celebration of youth-teen culture; showcasing movies, bands, artwork, and workshops organized by folks 21 and younger, but you can be any age to check it out!

Admission is $5.00 each night and $8.00 for weekend pass available at http://www.brownpapertickets.com/ or at the box office the night of the show.

Plus outdoor music stage and SKATE JAM!

Three Strange Tales of Old Olympia

Have you been to our Washington State Capitol Museum lately?

This Monday September 20th at noon take a look at some of Olympia's history at the State Capitol Musem! Listen to the fun stories of our Capitol, the rise and fall of the Swiss Chalet at Priest Point Park, the unusual journey through space and time of a Native American house post, and the curious account of a pioneer song that became a modern advertising legend.

The Washington State Capital Museum is located at 211 21st Avenue Southwest Olympia, WA 98501.

There is a $2 donation to see "Three Strange Tales of Old Olympia".

For more information visit http://www.experiencewa.com/event.aspx?id=440898906

Olympia's Public Art Walking Tour

Ever Saturday now through September 25th in downtown Olympia at 11am is the Public Art Walking Tour! The tour starts on the corner of 4th and Water Street by the mural of the big waves and heads west over the bridge.

Hope you enjoy the tour!

Puyallup Fair 2010

The Puyallup Fair is finally here!

There are so many fun things to do at the fair, September 10th thru the 26th. Fabulous fair food, fair & animal exhibits, Toonzville & Sillyville, great concerts in the grandstands & tons of free concerts and music at the Coca-Cola Stage, Showplace Stage and more, along with free entertainment throughout the fair grounds.

Our very own Puyallup Fair is home to the biggest rodeo in the Northwest, going on during the first weekend of the Fair.

Don't miss out on this and so much more!

Hours:
Sunday - Thursday 10 am - 10 pm
Friday & Saturday 10 am - 11 pm

Admission:
Adults: $11Students
(6-18): $9
Seniors (62+): $9
Five & under: Always FREE

Parking:
Mon - Fri: $10
Sat & Sun: $12

For more information please visit http://www.thefair.com/puyallup-fair/

Labor Day

From all of us here at Coldwell Banker, we hope you enjoy your Labor Day weekend!

Be safe and have fun!

Sand in the City

Did you visit Sand in the City in Downtown Olympia this year? If you didn't get a chance to make it down there here is a small sneak peak of the fabulous sand sculptures created.




Be sure to mark your calendars for the last weekend in August for next years Sand in the City event!

Olympia Harbor Days, 2010

Olympia Harbor Days has been around for 37 years and counting! This annual festival brings tugboats to our beautiful area, the southernmost tip of Puget Sound, for three fun filled days of entertainment, food, art and history for the last hurrah of the summer.

Come on down to Percival Landing this September 3rd through the 5th to join in on the fun! Many of the vintage, working and retired tugboats will be open for tour on Saturday the 4th. Don't miss out on the exciting Annual Harbor Days Tugboat Races Sunday at noon!

Keep your fingers crossed for another beautiful weekend here in the Puget Sound! See you there!

Sand in the City 2010

The Hands on Children's Museum annual Sand in the City event is this weekend, August 27th thru the 29th!

This free community event benefits the Hands On Children's Museum and is sure to be a fabulous time! Last year's event drew 10 teams and over 43,000 visitors!

For the Sand in The City Schedule of events visit http://www.hocm.org/page.php?id=83

Here is our past Sand in the City creation. What do you think?

81st Annual Pet Parade, Downtown Olympia

Saturday, August 21st, all kids 16 and under are invited to join the 81st annual Pet Parade in Downtown Olympia. The parade begins at Heritage Park on Water Street adjacent to Capitol Lake and ends in Sylvester Park on Legion Way. Lineup begins at 8am and the parade starts at 10am. Judging is from 8:30am - 9:45am (Heritage Park). The Grand prizes are announced at 11:30am at Sylvester Park.

This years theme is Once Upon A Time so dress up in your creative costumes, dress up your favorite pet and come on down!

For more information visit http://www.theolympian.com/petparade/

Taste of the Olympia Farmers Market 2010

Have you heard of the Taste of the Olympia Farmers Market? If you haven't you are missing out! This fabulous fund raising event is put on by the Friends of the Market on August 24, 2010. Enjoy a variety of fine cuisines of our 22 local restaurants, wineries, breweries and coffee roasters.

Hurry and order your tickets today before this event is sold out!

Visit http://www.farmers-market.org/ for more information about our very own Market and to purchase your Taste of the Olympia Farmers Market tickets today!

Time to Refinance?

Have you refinanced your loan in the last month? If not, you may want to investigate it now. Rates have never been lower. In some cases we have seen clients save hundreds per month by locking in today’s historically low rates.

Earlier this year, the federal government ended its program to buy mortgage-backed securities. That stimulus program was run to keep mortgage rates low. Most economists expected that rates would rise once that artificial demand for the securities was halted.

In fact, rates have gone down. The private investment markets have moved to these more secure investments as fears over the European markets built throughout the spring. This demand has brought mortgage interest rates to the lowest levels since Freddie Mac started tracking rates in 1971.

Refinancing, however, is not for everyone. Even if today’s rates are significantly lower than your current rate, the upfront loan costs may outweigh the monthly payment savings.

Before you refinance be sure to do a little homework. Get all the facts and figures from your mortgage lender. Compare the upfront costs (such as appraisal, loan origination fee, and settlement costs) against the monthly savings and the length of time you plan to stay in the home. If you are planning a move in the next year or two, the math may say it is not time to refinance. However, if you plan to stay in your home long enough, then the savings can add up.

As always, feel free to contact us with any questions you might have. We would be happy to assist you.

Home Prices

The average sales price for homes sold in the first half of the year was $246,000, down 5.7% from the same period last year. Recently, however, home prices have started to level out (See Chart below).
Click on chart to enlarge.

While not every home for sale is priced at market value, more sellers are starting to price right (which means a list price reduction was not needed before an offer was accepted). In January only 26% of sellers were pricing right; by June this number rose to 41%. The consolidated numbers for the entire first half of 2010 are found in the chart below.

Click on chart to enlarge.

Sales Are Up For the Year

If you’ve ever been on a college campus the night before final exams you know the frenzied pace of kids cramming in last minute studying.

Our office at the end of April looked a lot like that. We were working with a lot of buyers and sellers to get contracts put in place by the April 30th expiration of the federal homebuyer tax credits. It is hard to imagine a busier time for contracts. April pending sales were up 34% over the previous year.

If you follow our blog you know that the tax credit itself was not responsible for stimulating demand. What it did do was speed up the home search process for buyers who were already in the market. Anyone who had planned to buy this year tried to take advantage of the credit. The result was that a lot of sales that might have happened in May and June were pulled into March and April.

As a consequence, the sales numbers for the first half are a bit distorted. Typically, sales steadily build from the winter months into the summer months before tapering off again. This year, before the credit deadline, sales were up big time. March and April sales were up over 30%. After the deadline, sales were down – May and June were both off by 20% over the prior year.

Even with the drop off in sales after April, sales for the first half of the year are up a solid 12.5% from the same period in 2009. The pent-up demand we have been mentioning over the last year is starting to come back to the market (See Chart below).

Click on the chart to enlarge.

Going forward we expect the sales to be more steady. Buyers are jumping back into the market not because of stimulus programs but because of affordability. They sense that prices are now at more reasonable levels. Sellers are also realizing that while they cannot get the lofty sales prices from 2006, they are buying the next house at the right time. As we mentioned last quarter, people are back to moving because it makes sense for their life, not because they are expecting over-the-top investment returns.

Marine Creature Monday at Boston Harbor Marina

Join us this Monday August 9th from 11:30am - 1pm at the Boston Harbor Marina. The Stream Team will be showing off the creatures that live on the bottom of Puget Sound!

Experts will be demonstrating fun ways to learn about different marine creatures, and what role we all can play in keeping our environment clean and healthy.

Space is limited, call 360-570-5841 or e-mail ppyle@ci.olympia.wa.us for more information and to make a reservation.

See you there!

Thurston County Property Tax Q&A

We’ve had a lot of questions from clients this year about property taxes. It is no surprise that housing values have fallen over the past few years. What has come as a surprise to many is why property taxes have not.

Q: My home’s assessed value went down this last year, but my property tax payments actually went up. How is that possible?

A: Property tax math is a funny thing. The most important question when determining how much you might pay is how your property’s value changes relative to the area average change in value.

The government is limited in how much it can raise taxes from year to year. The total amount collected for property taxes can increase only by the lesser of 1% a year or the amount of inflation (additional increases, such as levies must be voter approved). It is rare to see the total amount collected actually go down.

Once the government determines the total amount it is going to collect from property taxes, it then apportions that amount across the property owners in the county based on property values. This is why it is important to know where your value change stands relative to the average change in the taxing area.

If your property value falls more than the area average, your share of taxes paid will be less. In this case, you could be paying less than the previous year. However, if your property value fell less than the area average you will pay more in taxes.

Q: Why is my tax assessed value so much different than the values of homes I am seeing sell in my neighborhood today?

A: Property tax assessed values for the current year are not based on today’s market value. Instead, assessed values are determined on January 1st of the year before the tax year. For instance, the taxes you are paying in 2010 are based on an opinion of your property value set on January 1, 2009. That means the assessor was reviewing 2008 property sale prices. The sales that are happening today will impact your assessed values in 2012.

Thurston County Fair is Here!

The Thurston County Fair, previously named the Mutual Aid Fair, was first held in 1871 at the Columbia Hall which is now the 4th Avenue Tavern. The Mutual Aid Fair was created to aid farmers and agriculture, and to aid the development of our area by encouraging immigration. The Fair was a great success, filling both floors of the building.

Come out to the fair grounds this week August 4th thru the 8th for this year's Thurston County Fair festivities! Great fair food, carnival rides, 4-H animals, entertainment and so much more!

Enjoy!

Home Sales on the Rise

The National Association of Realtors reported this week that home sales are up throughout the country. In June, sales of single-family homes are at a seasonally adjusted annual rate of 4.7 million units. That is 8.5 percent above the 4.33 million pace in June 2009.

Locally, home sales are fairing even better. Through the first six months of 2010, homes sales are up 12.5% over the same period last year.

Across the nation, the median existing single-family home price was $184,200 in June, up 1.3 percent from a year ago. Here in Thurston County, the median price now stands at $229,950, which is down 5.3% from last year.

Welcome to Whitmore Glen!

The location and affordable luxury you’ve been waiting for!

Come out and visit this new community in SE Olympia for our Grand Opening this coming weekend, July 31st & August 1st from 1:00-3:00. Floor plans range from 1,732sf up to 3,225sf with both rambler & two-story plans completed & currently available.

Whitmore Glen is located in Olympia, on Log Cabin Road, just off Boulevard. This tree-lined community offers sidewalks, professionally landscaped & irrigated planter strips, & a two-acre City of Olympia Neighborhood Park. Visit Whitmore Glen & see for yourself what all the excitement is about! Open Saturdays & Sundays from 1:00-3:00.

Visit our sales center on site or our website at http://www.whitmoreglen.com/ for more information. Listings agents: Vonna Madeley 360.561.7888, Jeanne Tranum 360.481.2255, Leslie Shipe 360.870.2530 or Jodi Ashline 360.951.8002.

Seabrook Washington, The New Beach Town

Seabrook Washington, home of the 2010 Coastal Living Ultimate Beach House, is the new beach town that is a must see! You can bike around town, go horseback riding on the beach, dig for clams, bird-watch and so much more!

The Ultimate Beach House is now open to the public until October 31st! Visit their website at http://www.seabrookwa.com/ to book your vacation or just browse the site to learn more about our beautiful new beach town on the Washington coast!

Also, while you are visiting Seabrook remember to take lots of pictures to submit for the Photo Challenge. Visit http://www.seabrookphotochallenge.com/ for the details of the challenge.

Enjoy your vacation!

Joint Base Lewis-McChord Air Expo 2010

This Air Expo gives our Soldiers and Airmen a chance to say “thank you” to the greater Puget Sound communities for their support. In 2008 the air show attracted a record crowd of 377,616 people. This year’s Air Expo will no doubt be another amazing event. There will be a number of civilian and military flying acts and numerous static displays, this year’s show will also feature the aerial demonstration team, “Patriot Jets Team.”

We hope you can join us for this free event on July 17 & 18 at the McChord Field!

Visit http://www.lewismcchordairexpo.com/ for more information on gate access, bus transportation and much more!

Home Buyer Interest is Steady – July and August Activity Will Reveal the True Tale

Through the first half of 2010, the median price of homes sold in Thurston County was down 5.3% from the same period last year. At $229,950, the median price is back at 2005/6 levels.

We have mentioned all year long that these prices have led to more buyers getting back into the market. Home sales so far in 2010 are up 12.5% over the first half of 2009.

Over the past two months, however, the market has seen far fewer buyers than during the same period in 2009. The expiration of the tax credit explains the drop off. Buyers who were in the market no doubt accelerated their home purchase to take advantage of the credit. This pulled sales that might have occurred in May and June forward to March and April.

Because the original tax credit had to be put to use prior the end of June, the sales in July and August will really tell how well the market is performing. These are the first months without the tax credit. (But see related post on May 15, 2010 entitled Tax Credit Extended for Qualified Uniformed Service Members.)

A rise in sales in July and August will give more promising signs that price reductions have come to stabilizing levels. If sales are down, the market should expect further price reductions to compel buyer activity.

Whether buying or selling, those people in the market should watch more than just the market as a whole. It is important to compare each home to its specific market segment to determine how it should be priced.

What is clear right now is that many houses, in all price ranges, are priced very well. Buyers continue to act quickly on these homes while ignoring homes priced above today’s conditions.

Affordability Looking Even Better with Low Mortgage Rates

It is no surprise that housing prices are down all over the country. Locally, home prices are at levels not seen since 2005/6. These prices are generating solid interest from buyers who like the affordability they are seeing in many homes today.

Affordability of homes, however, is calculated on both the price of the home as well as the cost to finance it. And right now, mortgage interest rates have never looked better.

In its weekly survey of the mortgage markets, Freddie Mac reports that the average rate on a 30-year, fixed rate mortgage last week was just 4.57% with fees and points of 0.7. That is the lowest level in the nearly 40 years that Freddie Mac has tracked the rates. In June 2009 rates averaged 5.42%.

Capital Lakefair Festival and Parade

53rd Annual Lakefair Festival and Parade will be held this July 14th thru the 18th! Enjoy carnival rides, fair food, arts and crafts, car show, Boat Racing presented by the Seattle Outboard Racing Association and much, much more!

The crowning of our very own Capital Lakefair Queen will be Thursday night July 15th at the main stage at Heritage Park.

Did you know the Capital Lakefair Royalty Scholarship Program began 51 years ago? It has provided more than 227 participants with over $200,000 in scholarship funding. Funding for this wonderful scholarship program comes from companies within our community!

Visit http://www.lakefair.org/ for information on the Lakefair schedule, what entertainment will be performing and much more!

Have fun and enjoy all that Lakefair has to offer!

Lacey in Tune Children’s Entertainment Series

Join us Tuesdays at 6:30pm at Huntamer Park for Lacey's in Tune Children's Entertainment Series. This is a free event sponsored by City of Lacey and the Lacey Timberland Regional Library.

July 13 - Rhys Thomas (Jugglemania)
July 20 - Heather Pearl (physical comedy)
July 27 - Eric Herman (music for kids)
Aug 3 - Charlie Williams (the noise guy!)

Visit http://www.ci.lacey.wa.us/ for more information!

Enjoy the show!

Music in the Park, Downtown Olympia

Enjoy the Downtown atmosphere and music in Sylvester Park!

Music in the Park starts Wednesday, July 7th at 7 pm at Sylvester Park, with the exception of the Friday, August 6th concert, which will be at the Port Plaza.

For more information go to www.musicintheparkolympia.com

Fourth of July!

The signing of the Declaration of Independence on July 4, 1776 served as a formal announcement that the 13 American colonies were now free of the British Empire and would be independent states. We now celebrate this day as the birthday of the United States of America, with parades, fireworks, ceremonies, barbecues and family gatherings.

From all of us here at Coldwell Banker have a safe and happy 4th of July!

Enjoy!

Congress Approves Tax Credit Closing Deadline Extension

Call it the temporary tax credit that just won’t end.

Congress approved late Wednesday an extension to the June 30 closing deadline for the home buyer tax credit, hours before it was set to expire. The move will give would-be buyers who signed a purchase agreement by April 30 more time to close on those deals and receive the credit that is worth up to $8,000. The new deadline is Sept. 30.

The Senate approved the measure unanimously on Wednesday, one day after the provision sailed through the House of Representatives with little opposition. The President is expected to sign the measure soon.

The Senate had failed to pass the provision last week when it was included in a bigger package that would have extended jobless benefits, among other measures. On Wednesday, an effort to reinstate unemployment insurance failed, and the Senate opted to pass the tax credit provision by itself.

In recent weeks, lenders and real-estate companies have warned of bottlenecks that could lead thousands of potential buyers to miss out on the credit that they thought they were getting. The probably is particularly acute for short sales, where a lender allows a home to sell for less than the amount owed. Banks and the federal government have stepped up efforts to encourage short sales as an alternative to foreclosure, but the deals take longer to approve because they require noteholders to reconcile losses.

Congress first created a tax credit for homeowners in 2008. It was extended and expanded twice during 2009. The last extension, approved last fall, said that house purchase contracts would have to be signed by April 30, and home buyers would have until June 30 to close on those sales. The extension is only good for those buyers who were under contract by April 30. Someone who signed a contract after April 30 and buys a home by Sept. 30 isn’t eligible for the tax credit.

The Senate also passed an extension of the federal flood insurance program until Sept. 30. The change is retroactive to June 1, when the program had lapsed.

Fireworks at Boston Harbor Marina

Join us this Saturday July 3rd for Boston Harbor Marina's annual fireworks display!

This is a fantastic community sponsored event put on by the volunteers of the Boston Harbor Association with the help of some very generous local community members and organizations. There will be a DJ at the marina in the afternoon and a beautiful fireworks display in the harbor just after 10pm.

Bost Harbor Marina website: htp://www.bostonharbormarina.com/
Boston Harbor Association website: http://www.tbha.org/

Tumwater 4th of July Parade

The 23rd annual Independence Day Celebration Parade will be this Sunday, July 4th from 11am to 1pm. This years theme is "Come Out & Play".

And don't miss the best fireworks display around later in the evening at Tumwater Valley Golf Course! Along with the fireworks display, enjoy the Artesian Family Festival with music, food, games and more. The gates open at 6:00pm. The fireworks show starts at 10:15pm

Call Tumwater Parks & Recreation at 360.754.4160 or visit www.ci.tumwater.wa.us for more information.

Summer Concerts in the Park, Lacey, WA

Free summer concert series in Huntamer Park!

Starting this summer, Huntamer Park will be hosting free concerts at noon on Wednesdays and before the movies on Saturday nights! There will be many local groups, as well as region acts featured.

Huntamer Park is located on the corner of 7th Avenue SE and Woodland Square Loop in downtown Lacey. On-street parking around the Woodland Square loop is permitted during concerts to accommodate park visitors.

Wednesdays at Noon, June 23 through August 4, 2010
Saturdays at 7:00pm, July 17 through August 14, 2010
Huntamer Park in Woodland Square

Visit http://www.ci.lacey.wa.us/events/events_main_page.html for more information!

Enjoy!

Olympic Airshow 2010

Enjoy a fantastic show this weekend! Join us June 19 & 20th for the 12th annual Olympic Airshow hosted by the Olympic Flight Museum at the Olympia Regional Airport!

Gates open at 9am both Saturday and Sunday. Opening ceremonies begin at noon, including the Aerobatic Performances from noon to 4pm. Gates closes at 5pm so don't be late!

This event will feature tactical demonstrations including a U.S. Navy F/A-18 Hornet, a U.S. Air Force F-16 Viper, and an unforgettable heritage flight with the USAF’s F-4 Phantom! The Phantom only visits the West cost 5 times annually. This is the first time the Phantom has been in the Pacific Northwest!

Visit http://www.olympicflightmuseum.com/airshow.php for more information on this weekends Airshow, pictures on past events and to purchase your Airshow tickets online!

4th Annual Summer Car Show in Lacey

Come on out this Saturday, June 19th from 8am-4pm for the Lacey Mid-Day Lions 4th annual summer car show.

College Street & Yelm Highway
Lacey, WA 98503
360-831-9156 or 360-491-7372
http://www.middaylions.org/

This car show is one of the fastest growing shows in our area. They started with less than 200 people attending in 2007 and grew to 2000 in 2009. This year there are several new categories for trophies, including 4x4's and a Sound System Contest!

This is a free event for the public to attend. There will be give aways, raffles, prizes, games, free spinal screenings, face-painting, a live band, live radio broadcast (ROXY 94.5), Miss Thurston County, and so much more.

Proceeds benefit the Lacey Mid-Day Lions Scholarship Program for the graduating seniors in the North Thurston Public School District.

Visit http://www.middaylions.org/ for more information

Flag Day

The annual celebration of our nation’s flag is believed to have originated in 1885 by a school teacher in Fredonia, Wisconsin. They celebrated 'Flag Birthday or 'Flag Day' on June 14 which is the 108th anniversary of the official adoption of The Starts and Strips.

On June 14, 1889, a kindergarten teacher in New York City, planned a ceremony for his school, observing Flag Day. This celebration was later adopted by the State Board of Education of New York. On June 14, 1891, the Betsy Ross House in Philadelphia held a Flag Day celebration, and on June 14 of the following year, the New York Society of the Sons of the Revolution, celebrated Flag Day.

Flag Day, the anniversary of the Flag Resolution of 1777, was officially established by the Proclamation of President Woodrow Wilson on May 30th, 1916. Even though Flag Day was celebrated in various communities for years after Wilson's proclamation, it wasn't until August 3rd, 1949, that President Truman signed an Act of Congress making each year on June 14th National Flag Day.

Community Supported Agriculture

South of the Sound Community Farmland and Trust is an organization of local farmers concerned about the economic viability of small-scale, locally-marketed agriculture. They work to keep our farms, farmland, and the farm economy in our region alive and well.

Would you like to buy your produce locally? From people you know, from land within our community?

Many farms associated with the South of the Sound Community Farmland and Trust offer Community Supported Agriculture or CSA shares. A CSA share is an arrangement that gives you the consumer an opportunity to directly invest your money into local agriculture. At the beginning of the season a flat fee is paid to the farm and you will get fresh produce, either delivered to you or picked up at the farm, at agreed upon intervals, usually weekly. There are 19 CSA farms listed on the “Thurston County Direct Sales Farm Map”.

Many farmers also sell their produce at our local Olympia Farmers Market, as well as, the Tumwater Town Center Farmers Market.

Visit http://communityfarmlandtrust.org/2009-thurston-county-farm-map for a list of farms, or contact South of the Sound Community Farmland to have a Thurston County Farm Map mailed directly to you!

In addition to purchasing fresh produce from our local farmers you may also help promote and protect our South Sound farms by volunteering, becoming a member of the organization and much more. Visit their website for more information on ways you can help.

Local Economy Improving

Thurston County is showing some signs of economic recovery according to the local Economic Development Council. The article below is from Tuesday’s Business Examiner and it discusses the EDC’s latest economic survey. While we are not out of the woods yet, many segments are showing positive signs. Still, the best moving commercial real estate is still priced with the current market conditions in mind. Those owners and sellers who price competitively are seeing activity. Those who are priced with assumptions of more favorable economic conditions than actually exist are seeing very little activity.


Thurston consumers, businesses confident in economy

Thurston County's economy has turned the corner and is in a growth stage, according to the findings of the Economic Development Council's first quarter Economic Vitality Index.


The Thurston County Consumer Confidence Index now stands at 102, which is its highest value since its inception in the first quarter of 2008. The Present Situation Index, which reflects households' current perceptions about the economy, improved from 26 during the fourth quarter of 2009 to 55 in the first quarter of 2010.


The Expectations Index, which reflects where households think the local economy is headed in six months time, also improved, rising from 145 during the fourth quarter of 2009 to its current value of 167.

Local businesses, both large and small, also are expressing a degree of optimism about both current and future conditions.

The CEO Index has continued to improve since the second quarter of 2009. The fourth quarter of 2009 was the first time since the survey's inception that there were more positive responses to the questions than negative ones, represented with an index value of 53. The first quarter of this year resulted in a further increase in the value to 56.

When asked about six months into the future, 59 percent of the CEOs felt that things would be the "same" for the local economy, while 41 percent felt that conditions would be "moderately better." None felt the situation would get worse.

The Small Business Index shows a slight percentage of small business owners believe that conditions overall, and for their particular industries, are "substantially better." The largest response rate for all questions was "moderately better." From the Business Examiner, June 8, 2010.

Lacey Rotary Duck Dash is here!

Join us June 6th at the Tumwater Falls Park between 11 a.m. & 5 p.m. for Lacey Rotary Club's 21st annual Duck Dash!

Everyone is a winner at the Duck Dash! When you purchase a ticket your money goes to help places like The Boys and Girls Club, School-based Community Projects, Interactive Service Clubs, Rotary Youth Leadership Awards, Safeplace, Thurston County Food Bank and many, many more! What a great way to help out our community! Visit the Lacey Rotary website at http://www.laceyrotary.org/ for a full list of organizations that are benefited by the Duck Dash!

You can help the Lacey Rotary Club make this year's Duck Dash a success by purchasing tickets at $5 each. Each ticket has a number that corresponds to a number on one of the rubber ducks. All the ducks get dumped out of a giant crane into the Deschutes River. The ducks then race down the river and the first few ducks that cross the finish line will win one of many great prizes!

And you don't even have to be present to win! All you have to do is put your name and phone number on your purchased tickets and you will be called if you win!

Don't forget there will also be food, a fun fair with live music & entertainment, Kid's World with face painting, waddle races, quack contest, arts & crafts and drawings for free bicycles!

See you tomorrow!

Ribbon Cutting Ceremony for East Bay, site of the new Hands On Children’s Museum

Please join us tomorrow, June 2nd at 4 PM for the ribbon cutting ceremony of the redeveloped East Bay site for our new Hands On Children’s Museum. The initial site work on Marine Drive is complete and the next steps are ready to go! Anchored by the new Hands On Children's Museum, the East Bay redevelopment is going to be a tremendous gift to our community.

The exciting new Children's Museum will feature six major galleries, with hundreds of hands-on exhibits and great additions such as boat building, water exploration tables and a Tide Pool Touch Tank. Also visit Our Woods gallery with a tree house, multi-level slide and eagle’s nest. You can find inspiring art spaces and an Inventors’ Studio; a Heroes Exhibit gallery with a fire truck, police car, medic one van, and ER, where kids can be a hero every day!

Visit http://www.hocm.org/ for more information on the new facility and the ribbon cutting ceremony!

See you there!

Help this Community Gem: The Boys & Girls Club of Thurston County

There are so many things that make the South Puget Sound one of the country’s best places to live. One of the great gems in our community is the Boys & Girls Club of Thurston County.

The organization involves young boys and girls in wholesome -- and fun – after-school activities that build their self-esteem and self-worth. They teach the values of responsibility and respect. They empower children to make wise and educated life choices. In this age of teen alcohol, drugs, premarital sex, and violence, we work to help create model citizens for our future.

The Boys & Girls Clubs serve more than 1,750 youth, ages 5-18, from four Club locations in Tumwater, Rochester, Olympia and Lacey. The Clubs’ doors are open to kids from all schools and from all backgrounds. They serve children from 39 local schools. Approximately 18 percent of the kids are from single parent households. Thirty-three percent are from minority groups. Overall, 58 percent come from low-income households.

The Clubs’ vital services mean a lot to working families in our community. Memberships are just $25 per year and are waived in cases of financial hardship. Simply put, the Boys & Girls Clubs are a win-win situation for the entire family and are an investment in the future of our community.

Just yesterday, the organization held its annual fundraising breakfast. The money raised is vital to continuing the great work of the Clubs. In a hugely generous offer, the Boone family’s Stars Foundation set up a matching contribution challenge. Now through June 4th the Stars Foundation of Thurston County will match every donation made to the Clubs dollar-for-dollar. You can make a gift by visiting the Boys & Girls Club of Thurston County’s secure web site at http://www.bgctc.org/

Memorial Day 2010

Memorial Day, originally known as Decoration Day, originated in the years following the Civil War and became an official federal holiday in 1971. Many Americans observe Memorial Day by visiting cemeteries or memorials, holding family gatherings and participating in parades.

During the first celebration of Decoration Day, General James Garfield made a speech at Arlington National Cemetery, after which 5,000 participants helped to decorate the graves of the more than 20,000 Union and Confederate soldiers buried in the cemetery.

Throughout our Nation's history American military personnel have stood tall to oppose the enemies of freedom. Many of these brave servicemen and women gave their lives to defend our liberty and uphold the promise of our democracy. Because of their selfless service and sacrifices, we are blessed to experience peace, prosperity and independence.

On Memorial Day we pay homage to the gallant patriots - both past and present - who have fallen in service to our country. A debt we can never truly, fully repay.

We, as Americans, are grateful to all those who have put on our Nation's uniform, and we will always remember their service and sacrifice for our freedoms.

Thank you from all of us here at Coldwell Banker!

Mortgage Rates Nearing Record Low

Freddie Mac reported today that the average rate on a 30-year, fixed-rate mortgage dropped to 4.78%. That is near the all-time low of 4.71% reported in December of 2009. In its weekly Primary Mortgage Market Survey, Freddie Mac noted that rates have dropped from 5.21% in early April.

At the end of March, the Federal Reserve ended its program to buy $1.2 trillion in mortgage-backed securities. That program was designed to add demand to the fragile market and thereby hold mortgage rates low. Many observers had expected rates to rise, even if slowly, after that program ended. The economic situation in Europe, however, has sent more investors to the safer waters of U.S. Treasuries, which are a benchmark for mortgage rates. That, in turn, has kept rates surprisingly low.

Low interest rates is but one of two components keeping housing at some of the most affordable levels in a decade or longer. Price drops over the past couple of years is the other component.

The affordability that exists in many listed homes today is bringing buyers back. Pending sales continue to be steady despite the expiration of the homebuyer tax credits last month. It is likely that May pending sales will be lower this year than last, but that is simply because so many buyers sped up their buying decision to meet the tax credit deadline. Pending sales in April were up more than 33% over April 2009. Without the urgency of the tax credit deadline, many April sales might have happened in May and June.

Even without the tax credit, buyers are seeing that price reductions have been much more substantial than the $8,000 or $6,500 offered through the tax credits. It is those price levels that are most meaningful to today's buyers. It is why they continue to be active in the market.

Ribbon Cutting Ceremony for East Bay, site of the new Hands On Children’s Museum

Please join us June 2nd at 4 PM for the ribbon cutting ceremony of the redeveloped East Bay, site for our new Hands On Children’s Museum. The initial site work on Marine Drive is complete and the next steps are ready to go! Anchored by the new Hands On Children's Museum, the East Bay redevelopment is going to be a tremendous gift to our community.

The exciting new Children's Museum will feature six major galleries, with hundreds of hands-on exhibits and great additions such as boat building, water exploration tables and a Tide Pool Touch Tank. Also visit Our Woods gallery with a tree house, multi-level slide and eagle’s nest. You can find inspiring art spaces and an Inventors’ Studio; a Heroes Exhibit gallery with a fire truck, police car, medic one van, and ER, where kids can be a hero every day!

Visit http://www.hocm.org/ for more information on the new facility and the ribbon cutting ceremony!

See you there!

Olympia Farmers Market

Visit our Olympia Farmers Market Thursday through Sunday for top quality fresh organic produce harvested daily, Washington grown fresh apples & fruits, meats, fresh fish, clams & oysters, dried herbs & fresh cut flowers, healthy breads, desserts, eggs, cheeses, milk, jams & jellies. All great quality foods, locally grown plants & flowers, lots of fun art and crafts from local artisans and live entertainment!

Visit http://www.olympiafarmersmarket.com/ for more information.

Tax Credit Extended for Qualified Uniformed Service Members

While the homebuyer tax credits expired at the end of April for most people, qualified members of the uniformed services have another year to put the tax credits to work.

Those service men and women who qualify have until April 30, 2011 to go under contract to purchase a home. They must then close on the home on or before June 30, 2011.

The IRS website has the information regarding the extension and qualifications. See the instructions on IRS Form 5405 so details: http://www.irs.gov/pub/irs-pdf/i5405.pdf. As with any tax matter, it is also advisable to review the details with your accountant or attorney.

View our previous posts in February and March for more information about the $8,000 first-time buyer tax credit and the $6,500 repeat homebuyer tax credit.

April Home Sales Strong

Home sales in Thurston County were very robust in April. Pending sales, which are accepted offers that are not yet closed, were up over 30% from a year ago. The 445 sales for the month of April were the second highest number on record. Only April 2006, the peak year of the overheated market, saw more sales.

While we did not see the tax credit create many new buyers, the deadline for the credit (which expired April 30th) probably did move some buyers to act more quickly. The pending sales figures in May should reveal if the tax credit bumped up the April pending sales.

Still, the primary motivation for most buyers right now is the affordability of homes. The average sales price in April was $242,679. Prices seem to be stabilizing, down just a shade over 1% from April 2009. At the peak, the average price was right around $300,000. As a result, closed sales were also up signifcantly over last year. There were 255 closed sales in the month, a 33.5% jump from April 2009.

Recouping Remodeling Costs

Spring is a time of renewal. It is also the time many people think about remodeling.

Remodeling a home can be a great way to get the space you need. However, often times a remodel project does not pay when it comes time to sell your home. As Chart 1 shows, it is rare that the cost of a remodel is recouped at sale time. Yet, if market conditions are right for your type of house it may well pay to remodel.

For many people, a remodel is more than a pure financial investment - it is also an investment in the way you live. If you are thinking of a remodel, I’d be happy to discuss your plans with you. This way you will know if remodeling makes good sense for you in today’s real estate market.

For more information on this topic visit: http://www.realtor.org/rmohome_and_design/Articles/1001_costvsvalue_2009



Click image to enlarge.

Statistics compiled by Coldwell Banker Evergreen Olympic Realty, Inc. from the NWMLS database. Statistics not compiled or published by NWMLS.

Olympia, WA State Capitol Building

Built in 1922, restored and refurbished for the 1989 state centennial, it is claimed to be one of the most beautiful Capitol's in the nation. It is also the fourth tallest masonry dome building in the world, rising 287 feet high. While on campus don't forget to check out the Justice Building, Vietnam Memorial, World War II Memorial, State Library, and the Governor's Mansion.

Our beautiful Capitol building is just one reason we love Olympia. Tours are available of this wonderful building, visit http://www.ga.wa.gov/visitor/ for more information.

Trading Up in a Down Market

In last quarter’s newsletter, we mentioned that home sales in the mid-range ($300,000 -$500,000) would start to move again. After falling off sharply throughout the second half of 2009, sales in that range are now back to levels seen a year ago. More sellers have recognized the need to price competitively; and buyers are seeing the opportunity that trading up in a down market brings.

As prices started to correct downward, many trade-up buyers put off moving because they believed their own home would not sell for what they wanted. However, selling their current home is only half of the equation. The purchase of the new home is the other half. Purchasing that trade-up home makes more financial sense in a down market than in an overheated seller’s market. The recent sales numbers indicate that more buyers now recognize that fact.

It seems that most sellers in this price range are also able to benefit. Homes bought in this price range are the homes that owners hold the longest. As a result, they have built enough equity over that longer holding period to realize a nice return - even if it is not the abnormally large gains some realized a few years back.

Housing Market Update

After a slow start to the year, home sales have picked up a bit of steam. Through the first quarter of the year, Thurston County home sales increased nearly 10% over last year. That is saying something after January, when sales were off 17%. Since then sales have easily outpaced 2009 levels.

What is the reason for the rise in activity? The national media gives much of the credit to the federal government stimulus, particularly the home buyer tax credits that expire at the end of April. Those credits, up to $8,000, have been a nice bonus for buyers. However, they are not the primary motivation for buyers in our region.

We find that the reasons people want to move are the same as always – life changes. The reason people are now acting on the desire to move is price.

According to the latest home buyer survey from the National Association of Realtors, the top reasons for moving are:

1. Desire to own a home;
2. Job-related relocation or move;
3. Desire for a different home size;
4. Change in family situation;
5. Affordability of homes;
6. Desire for a home in a better area;
7. Desire to be closer to friends and family.

Six of these seven reasons for buying are very consistent from year to year. However, catapulting onto this year’s list is a new entrant – affordability. The number of people who expressed affordability as the primary reason has nearly tripled. It is no surprise that prices are down all across the country. In nearly all markets, the drop in prices is much more significant than the $8,000 tax credit.

Here in Thurston County, it is indeed home prices, and not so much the tax credits, that are capturing buyer’s attention. Over the past couple of years, retreating prices kept many buyers on the sidelines. These buyers had a desire to move, but simply put off acting until prices appeared more sustainable. That waiting game has built pent up demand.

With prices of many homes back to affordable and sustainable levels, buyers are coming back. The median sales price for a home in Thurston County is now $228,200, down almost $30,000 or 11.5% from a high of $257,970 in 2008. As a result, home sales in March were up 27% from last year.

Perhaps the best example of how price is driving demand is the number of days that a home is on the market. The typical buyer visits a couple of dozen homes before purchasing. Prior to visiting those homes, they have looked at dozens more online. This amounts to a lot of comparison shopping. Buyers are ignoring overpriced homes and acting quickly on those that are well priced.

In March, well priced homes (those that did not require a price reduction before a buyer made an offer) sold in a record time of an average of just 23 days. That is more than three weeks faster than during our overheated seller’s market in 2006. On the other side of the coin, homes that were overpriced (those that required at least one price reduction before selling) averaged a record 217 days on market.
Click image to enlarge.

Statistics compiled by Coldwell Banker Evergreen Olympic Realty, Inc. from the NWMLS database. Statistics not compiled or published by NWMLS.