Tri-Cities WA Real Estate News

Don Havre

Blog

Displaying blog entries 131-140 of 148

Call a Water Taxi

Friday, April 13, 2007
by Don Havre
According to the Tri-Cities Visitor and Convention Bureau, www.VisitTri-Cities.com  tremendous investments has been made to lower levees, extend pathways, establish the Sacagawea Heritage Trail and open new shoreline hotels and restaurants along the Columbia River.   As part of the continuing effort to enhance water front activities, a water taxi study is currently underway. The results are to be published later this year. 
 
We may find ourselves with water taxis transporting visitors and residents throughout the area.   If implemented, that certainly will add to quality of life in our community.
 
These forward thinking studies are just another reason to live in the Tri-Cities area.
Add Comment

Tri-Cities Housing Market Persepctive April 2007

Monday, April 09, 2007
by Don Havre
Our market is similar to last month (March 2007). The supply of homes has been hovering between 6.4 and 6.5 months of inventory. The homes available for sale have ranged from 1305 to 1310.    Likewise, new homes available for sale have been steady at about 323 homes in the immediate Tri-Cities area.
 
What is interesting is that our supply is about 7% less than last year at this time. The median homes sales price for the 12 month period has increased from $153,500 to $162,000.  Newer homes seem to be in highest demand because most consumers are unwilling to do remodeling or repairs.   For those home buyers who have been waiting for the market to collapse, it appears that they have incorrectly forecasted the market.
 
It appears that our national news media has given some false expectations about our housing market’s future.
 
 
Add Comment

March 2007 Market Update

Friday, March 30, 2007
by Don Havre
From a supply side our market has been growing slightly. In January 2007 we had 1335 homes available for sale and as we closed out March we had 1375 homes or only a 3% increase in inventory.   Our monthly supply has increased from 6.2 months to 6.5 months. Some analyst believe that over six months of inventory crosses over to a Buyer’s market. 
 
Our new construction remains strong representing about 25% of our total inventory. Since new home construction can take up to six month before completion, our inventory supply could be a little misleading.  
 
The price range with the lowest supply and highest demand seem to be between $100,000 and $175,000. If the homes are in good condition, they don’t last long. April through June is the prime buying and selling season in the Tri-Cities.
Add Comment

Tri-Cities Economy Continues to Expand

Monday, March 26, 2007
by Don Havre
Good news for the Tri-Cities, Washington!  Our economy continues to expand. One indicator is the number of guest rooms (hotel/motel) available in the community.   During 1991 we had 2,216 rooms and this year it is projected to be 3,451; that's a 56% increase!
The Fed kept interest rates stable last week, so there has been little change in mortgage interest rates with the potential of a declining rate situation over the next few weeks.  With this news and the news that the Fed could even lower rates on the next go around, we should see a continued improvement in the Real Estate market in our area.  This is good news for home buyers and home sellers as well.  For Kennewick, Pasco, Richland, and West Richland home owners in general, this may provide a good opportunity to re-finance your home mortgage at a lower interest rate.
Add Comment

Tri-Cities February 2007 Market Data

Saturday, March 03, 2007
by The Don Havre Team
Our market seems to be in a transition. We only had 1305 houses available for sale as we closed out February 2007 or 8 percent fewer houses than February 2006. Total sales were also down with 187 sales or 39% fewer sales than the year before during February.   Our appreciation for the previous twelve months was 3% when comparing median prices.  
 
Our pending sales has shown a decrease since September 2006 to January 2007; however during the month of February 2007, the market turned with 210 pending sales which is 13% higher than the previous February. These figures imply, we should experience an increase in closed sales during the months ahead.
Add Comment

Economic Climate in the Tri-Cities is Sunny and Bright

Saturday, February 24, 2007
by The Don Havre Team
The Economic Climate for the Tri-Cities
 
Recently the Tri-Cities area received business news and our economic forecast looks sunny and bright.   San Juan Pools, the nation’s largest and oldest fiberglass manufacture, is moving to the Tri-Cities (Kennewick). The company initially plans to build a regional distribution center and a manufacturing unit will be added later.   Mike Copeland, western region vice president, reports the manufacturing operation will create 80 well paying jobs. The facility will distribute the company’s product in nine western states.
 
The Owner of California’s famous and quirky Bonny Doon Vineyards plans to break ground on a $5.7 million winery in West Richland.  Pacific Rim Wine Company will become the largest producer of Riesling in the world.   The wine previously had been made from Columbia area grape juice trucked to California. 
 
Columbia Crest Winery plans to build 150,000 square foot distribution and warehouse building at its Paterson Winery.
 
Bechtel National announced last week that it plans to add 760 workers to its Vitrification Plant. The company recently posted job opening for 125 positions, mostly engineers.
 
Add Comment

Februrary 2007 Market Update

Saturday, February 24, 2007
by The Don Havre Team
For the month ending in January 2007 the averages sales price increased from $172,400 in January 2006 to $180,700. Sometimes the average price is not a good indicator. The median sales price also increased from $158,500 to $169,000 during the same 12 month period representing an increase of 6.62%. At the end of January 2007, we had 1350 active listings as compared to 1364 the year before. As you can see the listing inventory has been fairly steady for this time of the year.   For the month of January 2007, we closed the month with 6.2 months of inventory, leaning slightly towards a Buyer’s Market. Homes over $375,000 are contributing this situation with over 11 months of inventory. Homes below $175,000 continue to sell quickly if they are priced correctly and in good condition.
Add Comment

Psychiatric Rehabilitation in the Tri-Cities

Wednesday, February 21, 2007
by The Don Havre Team
Today Linell Summers, Cash Manager at Lourdes Wilson House, spoke to the Pasco-Kennewick Rotary. She manages the Wilson House, a mental illness support center.   The Center specializes in psychiatric rehabilitation through pre-vocational training and employment assistance in Pasco. Her presentation caused me to think that mental illness affects numerous families.  I understand that over 44.3 millions Americans are affected.
 
The Tri-Cities has numerous programs to assist patients and families.   Among the programs are Columbia Industries and special assistance classes our schools. All these programs serve a small percentage of our populations, but have a significant positive impact on many lives.  Collectively these mental health programs are just another reason to live in the Tri-Cities.
Add Comment

Be Cautious of Refinance Appraisals

Friday, February 16, 2007
by The Don Havre Team
Last week I gave a market analysis to a young couple that had an opportunity to move to another area for a substantial pay raise. The location is closer to home as well. My task was to complete a value analysis on their home to see if the move was economically feasible. 
 
As it turned out, the market value of their home was about $225,000 and they had recently refinanced for $240,000. Of course, they were of the opinion that the home’s value should be near the most recent appraisal. Sad to say that refinance appraisals often have inflated values. Some lenders are overly aggressive in loaning money and some blame the appraisers. The appraisers, on the other hand, know that if they consistently do not come in at the requested value, their services maybe be terminated.
 
Using credit wisely has many advantages and using it unwisely can cause financial ruin. Many lenders believe their job is to keep us in debt and the higher the debt the better. Those advertising on TV, in my opinion, are among those trying to keep our debt high.   If you elect to refinance, do so for positive reasons like a lower interest rate.
 
Those who refinance for higher values, accept cash and spend it may find themselves unable to sell their homes in the future.   Like the couple from last week, dreams can be shattered.
 
For our past clients, if you elect to refinance for a higher value, we encourage you to use our free market analysis service prior to signing lender’s documents.
 
Wishing everyone an awesome week!
Add Comment

Tri-Cities Market Trend

Monday, February 12, 2007
by The Don Havre Team
During my drive to the office this morning, I asked myself what ten trends are happening in the Tri-Cities. As I was mentally assembling my list, one trend surprised me. Specifically, I noted that as our population ages, many feel a sense of becoming closer to family members.   Parents want to move closer to their adult children, adult brothers and sisters desire to be closer and generations of family members are selling their homes in other areas of the country and meeting in the Tri-Cities.
 
I asked myself why generations of family members who could live anywhere would desire the Tri-Cities. Among the answers are; we have affordable housing, a good health care system, excellent transportation network and favorable weather.   These are the same reasons why many who have employment here, eventually retire in the Tri-Cities.
 
Wishing you an awesome week!
Add Comment

Displaying blog entries 131-140 of 148