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The Truth about the Economy and Real Estate Market
I hope and trust this letter finds you well!
Amidst all the uncertainty and negative press surrounding the
national economy, I've had a number of calls from my clients
concerning the tumultuous real estate and mortgage markets. As
such, I wanted to take a few moments to address some of these
concerns and shed some light on the reality of the situation and
the Tri-Cities local market.
The Real Estate and Lending industries are in fact
going through a necessary correction. The industries became
saturated with fly-by-night companies looking to make a quick
buck without offering any real value. I want to assure you that
I am still practicing Real Estate and have no plans to veer from
my path of providing ongoing, consultative service to you and
your referrals. Real Estate has always been and will continue
to be not only my profession, but my passion.
Contrary to numerous reports in the media, mortgage
funds are still readily available. The credit markets are
tight, but it has yet to have any real significant impact on the
availability of mortgage financing. Although 100% loans are all
but gone, 3% down loans are still readily available, even for
buyers with less than perfect credit. Most of the reports you are
hearing about the rapidly disappearing mortgage products have to
do with loan programs that were very common in the nation's
coastal areas.
It's a great time to
purchase real estate. Motivated sellers and extremely low
interest rates (slightly under 6.5% for a 30 year fixed rate
mortgage as of the writing of this letter) this truly is a
wonderful time to move-up or purchase a vacation home. For first
-time home buyers there is a window of opportunity that has never
before existed to take advantage of a $7500 tax credit! I like to
call this the "perfect storm" of opportunity. If you know anyone
who is even considering purchasing a home, especially first-time
buyers, please let me know!
If you have an adjustable-rate mortgage now may be
the WORST time to refinance to a fixed rate. Adjustable
rate mortgages are tied to a specific index that changes with the
ebb & flow of economic conditions. If your ARM is tied to the
1-year treasury you may be in line for a rate reduction! On the
other hand, if your ARM is tied to the LIBOR you may be in for a
significant increase. Regardless, my suggestion is to consult
you're your mortgage professional for an audit. As I mentioned
earlier, many mortgage professionals have left the industry.
Those who are "left standing" are likely the professionals. If
you need a referral to a highly qualified professional mortgage
planner please give me a call.
Interest rates may be on the decline in the next
few months. Economic conditions are ripe for improvement.
Interest rates can and do move swiftly so it is imperative that
your mortgage professional have an active management system in
place to notify you of market conditions. Again, if you need a
quality referral please give me a call.
Real Estate Market is Strong . Due to all the
negative press about Real Estate and the financial challenges the
housing market has weakened from 2007 (the best year in ever in
Tri-Cities), but not collapsed.
The latest figures suggest 2008 will be the 5th best
year ever. Median prices slipped, but only by 0.6 percent (to
$163,600). Sales volumes fell 23 percent, but that's better than
the state average (down 32 percent) and after a record breaking
year. And while housing starts may be grinding to a halt on the
Pasco side of the river (Franklin County building permits fell 39
percent), they're noticeably stronger on the Benton County side,
down only 6.8 percent from 2007's very strong totals.
Local Economy one of the best in State. The
Tri-Cities lead the state in job growth again in the most-recent
report, adding 2,600 jobs for a growth rate of 2.8 percent.
Benton County's 5.5 percent jobless rate was one of the lowest
among Washington's population centers.
Remarkably, the Tri-Cities are one of the few places where
construction employment continues to grow. Contractors added 400
people to their labor forces over the past year, for 5.7 percent
growth.
Thanks again for allowing us to serve as your Real Estate
professionals. We take this relationship seriously and appreciate
your trust. If there's anything I can do to serve you please let
me know.
Referrals are the lifeblood of my business, so if you know anyone
who would benefit from my input please let us know!
| Tri-Cities Economy still STRONG!!!
From Tri-Cty Herald - October 13, 2008
Talk about clichés. While the gathering economic storm casts
gloom on the rest of the state - and indeed, the whole world,
now - one corner of Washington still has a glowing economy: the
sunny, sandy Tri-Cities.
The Tri-Cities lead the state in job growth again in the
most-recent report, adding 2,600 jobs for a growth rate of 2.8
percent. Benton County's 5.5 percent jobless rate was one of
the lowest among Washington's population centers. (Only King
and Snohomish counties had lower unemployment.)
Remarkably, the Tri-Cities are one of the few places where
construction employment continues to grow. Contractors added
400 people to their labor forces over the past year, for 5.7
percent growth. The housing market is weakening, but not
collapsing, the latest figures suggest. Median prices slipped,
but only by 0.6 percent (to $163,600). Sales volumes fell 23
percent, but that's better than the state average (down 32
percent). And while housing starts may be grinding to a halt on
the Pasco side of the river (Franklin County building permits
fell 39 percent), they're noticeably stronger on the Benton
County side, down only 6.8 percent from 2007's very strong
totals.
That's probably because Benton County is home to Hanford, and
all those well-paid Hanford workers, and because Benton County
includes the lower Yakima Valley wine country, which is a lure
for refugees from California and the Wet Side.
Speaking of Hanford, the Department of Energy has extended
Battelle's contract to run the Pacific Northwest National
Laboratories for another four years, which clarifies who's in
charge of that key employment center till 2012.
Year-to-year manufacturing employment was flat, although two
companies - including up-and-coming solar powerhouse Infinia -
are talking about expansion. The Tri-Cities have seen a sharp
jump in food processing since 2000, notes local labor market
guru Dean Schau, who says the number of employers in this
sector went from 28 to 82 in seven years. Health care is a
growing industry too, adding 200 jobs over the past year, as
Kadlec Medical Center expands with new clinics. And last month
Amazon.com hired 250 people for its Tri-Cities call center, in
anticipation of the Christmas rush.
It's important to note that the Tri-Cities are warm, not
red-hot. The financial services sector shed 200 jobs this past
year, and retailers are worried that high food and fuel prices
will cut into holiday sales. They should be - new data out last
week shows that while Kennewick and Pasco bucked the statewide
decline, posting modest gains, Richland sales fell 5.2 percent.
At the county level, Franklin County had a solid 5.2 percent
gain, year over year, but Benton County saw a decline of 3.7
percent.
But here's one sign of strength. At a time when entire states -
and Washington cities big and small - are struggling with tax
shortfalls, Richland is holding public hearings on a budget
proposal that reflects revenue increases, thanks to a
still-growing economy. After a week in which the Dow Jones fell
39 percent below last year's peak, this kind of modestly good
news is worth celebrating - warmly.
| Helping Buyers Determine the Appropriate Property Value and Offer Price
Determining the value of home can be sometimes a difficult task
for a buyer. Just as there are many factors that can impact a
home's value, the details and potential success of your offer
also rely on several pieces of information. If you are thinking
about buying a home, you may want to consider the following tips
to gain a better understanding of property values. By utilizing
these recommendations and discussing the findings with your
agent, you might be able to not only find the best house for your
money, but also a home that surpasses all of your expectations.
1. Investigate Locally
When searching for a new home, many prospective homebuyers start
by checking local listings. After the search is narrowed down to
a few neighborhoods of interest, walking or driving through these
areas can give you a better idea of overall neighborhood quality.
As you narrow your search, it might help to attend a few open
houses in the local market to gain an understanding of pricing
trends and witness how much interest is being paid to the homes
already for sale.
In the early stages of shopping for a home, it can also be
helpful to have your agent perform a Comparative Market Analysis.
This report will show you the past sales prices of homes in the
area and allow you to contrast those statistics with the current
homes for sale.
2. Get behind the numbers
After you have compared the list prices of the homes you are
interested in with other homes that have sold in the area, there
are a few assessments of value you may want to consider. The most
telling estimate of a home's value will be a professional
inspection.
Another statistic that will provide you an estimated value of a
home is the assessed tax value. However, as the assessed tax
value sometimes doesn't take into account the amenities of a
home, upgrades to the property or the nuances of the housing
market, this value can vary from a professional estimate. Work
with your agent to compare the details of your appraisal and the
assessed tax value, taking into account all of the home's
amenities and any issues of particular importance to your family
- including such factors as the quality of the neighborhood,
local schools and even how the home matches up to your long-term
goals.
3. Think about the market
When trying to determine the value of a home for sale, it might
also help to consider the status of the overall housing market.
First, take into account national trends and determine whether it
is a "buyer's market" or a "seller's market." Next, compare the
local housing market to the national trends, considering both the
neighborhood of the home for sale and a broader geographical
region incorporating the surrounding city or other nearby
communities. It is quite possible that a particular area may not
be affected by national market trends, creating for instance a
small seller's market within a broad buyer's market, or vice
versa.
4. Pay attention to the details
Besides looking at local and national housing trends, there are a
few more issues that can affect the value of a home and the
details of your offer. First, you and your agent should find out
how long the home has been on the market. It is believed by many
that if a home has been for sale more than 30 days, sellers are
often more motivated to sell and are more receptive to
lower-priced offers.
In addition to the time spent on the market, you and your agent
should also try to find out if there are any additional factors
that could motivate the seller for a quick sale. For instance, if
the seller has already purchased another home or is relocating to
another state, you may receive a better response to your offer
sheet.
After taking all these factors into account, you and your agent
should be able to determine both the market value of the home and
the right amount to bid if making an offer. Furthermore, the more
you take the information you've gathered into account, the better
you will be able to prevent potentially overbidding - which, of
course, costs the buyer more money - or underbidding - an error
that could discourage a seller from further negotiations.
Lastly, try to remember that the process of ascribing value to a
home is not an exact science. Each time a house is sold on the
open market the sales price will represent careful negotiations
between the buyer and seller, with all of the factors here taken
into account by each party. Therefore, above all else, the right
home should not only represent a good value when analyzing
appraisals and various market factors, it should also be the best
value for you and your family.
Contact Coldwell Banker Tomlinson for all your Real Estate needs
in Richland, Pasco, Kennewick, and the surrounding Tri-Cities
area.
| Put the Power of Coldwell Banker Tomlinson to Work for You
Very few real estate companies can match the
experience of The Tomlinson Group. The first office was founded
in 1938 and since then we have continued to grow and have
remained a leader in the real estate industry.
Tomlinson has some of the most experienced
Realtors in the business. An experienced agent can help you avoid
delays and problems and help to make sure you get the best deal
possible.
Tomlinson offers all it's Realtors® periodic,
state-of-the-art education as well as ongoing training from
seasoned managers.
Tomlinson Group is the largest real estate
company in the region and one of the top-35 in the
USA. We
are a leader in listing and selling homes in your
area
Our brand new website is expected draw close to
a million Unique visits in 2008 and generates dozens of leads
every week. In the course of our marketing we utilize
comprehensive print, TV, radio and direct mail marketing
programs
We have a full-time relocation staff and are
members of an international relocation network
We have tens-of-thousands of satisfied clients
who provide a continual source of new
customers
Because of our continued community and civic
involvement in our communities, we are a well-respected part of
our community, our image and name recognition are valuable assets
in attracting buyers and sellers
The Tomlinson Group sells 1.375 Homes per hour,
33 homes per day and over 35,000 homes in just the past 10
years.
What's the most important
decision in a home sale or purchase? It's the company and the
Realtor® that you choose to work with. A correct choice can save
you literally 10's of thousands of dollars, while a poor decision
can cost you dearly. No matter whom you choose we hope that you
will closely examine the qualifications of the
company and the Realtor and make a wise
selection. We are confident that the closer you look the better
we look.
| Housing Gloom Over Blown!!!
Top economists say housing doom is overblown
(WASHINGTON) - Aug 11, 2008 The Washington Post reports that
a team of housing economists believe "predictions of further
large housing price declines are greatly overblown."
The Post gathered some of the nation's top economists to
study the housing crisis. They concluded that in reality only
four states - Arizona, California, Florida and Nevada - have had
home price declines of more than 4 percent in the past year.
The economists said the home price index compiled by the
Office of Federal Housing Enterprise Oversight was the most
comprehensive of the various indexes.
The Post said, "Our analysis reveals, unsurprisingly, that
foreclosures and home prices have negative effects on each other
over time, but this does not imply a vicious cycle of collapsing
prices. Our models predict that as foreclosures continue to climb
in many states, house prices will remain flat or decline in those
states - but will not collapse."
| 2008 1st quarter Retail Sales Up 8 Percent In Tri-Cities
New Kohl's and Target stores in Richland, construction at
Chiawana High School in Pasco and strong new and used motor
vehicle sales in Kennewick likely propelled the Tri-Cities'
first-quarter taxable retail sales well above the state's.
Kennewick and Richland experienced nearly 8 percent gains over
the first quarter of 2007, while Pasco's taxable retail sales
jumped nearly 10 percent.
Washington's taxable retail sales grew about 1.4 percent, to
$26.6 billion.
Benton County reported 8.2 percent growth, to $595 million, and
Franklin County's taxable retail sales grew 16.2 percent, to
about $257 million.
Work at Hanford and Coyote Ridge Corrections Center as well as
growth in the food processing industry are helping keep the local
economy steady, said Dean Schau, state regional labor economist.
"The Tri-Cities has a very balanced economy," he said, also
citing the benefits the declining dollar value has for
agriculture.
"For a community that exports food all over the planet, a falling
dollar is a good thing," he said.
The opening of Target and Kohl's in Richland last October meant
astronomical jumps in the city's clothing and shoe store sales --
more than 1,300 percent to $2.8 million -- and department store
sales: More than 272 percent to about $4.5 million.
Overall retail trade in Richland grew almost 17 percent, driven
partly by those new stores.
Retail trade tracks sales at retail outlets only and excludes
more volatile sectors such as construction, wholesale trade and
hotels and restaurants. It's generally a stronger measure of
consumer spending, according to the Department of Revenue.
While the city continues to promote itself to chain businesses,
it's focusing on small business development as well, said Gary
Ballew, economic development manager for Richland.
"We're also looking at ways to support and grow local businesses,
including retail," he said.
A host of new venues also grew the city's sales at restaurants by
nearly 6 percent to $16.8 million.
A couple of new Mexican restaurants, the Starbucks and Panda
Express at Queensgate and Wheat Montana are some of the main new
eateries, Ballew said.
Taxable retail sales for construction in Richland were down about
11 percent to $42 million, likely because of the end of
construction on Highway 240, he said.
Toyota of Tri-Cities' move to Kennewick continues to affect both
cities' taxable retail sales for motor vehicles.
Kennewick's new and used auto sales jumped more than 39 percent
in the first quarter, to $35.6 million.
Across the river, Pasco lost more than 16 percent of its car
sales, to $30.8 million.
"Next year, we should start to absorb the full impact of Toyota
(moving)," said Gary Crutchfield, Pasco's city manager. That
means auto sales should start growing again.
Pasco's taxable retail sales growth was mainly attributable to a
$16 million increase in construction spending, which was up more
than 69 percent over the first three months of 2007.
Crutchfield said a good portion of that money is from the new
Chiawana High School.
"Take the school out and we're not far off of last year," he
said.
But the city's 1.7 percent drop in retail trade is a concern.
"If you take construction out of the bottom line ... this year
could be relatively flat," he said.
General merchandise sales in the city did jump nearly 31 percent
to $15.2 million. Crutchfield was a little surprised by that
figure, but attributed it to continued residential growth in
Pasco.
The city's budget does offer a little wiggle room if sales tax
revenues are flat, or even if they decline. It's calculated based
on 92 percent of the previous year's sales tax revenue, a system
that's been built into the budget over the last 10 years or so,
Crutchfield said.
He compares it to a salesperson who is paid partially by salary
and by commission. The salary is like the city's income from
utility and property taxes -- more dependable, whereas commission
income is like sales tax revenue -- both can change drastically
from year to year.
"I can't really budget to spend it because I don't know that I'm
going to get it," Crutchfield said.
Sales tax is the biggest source of revenue for the city's general
fund.
"If we have a big dropoff, we can absorb that ... without laying
off police and firefighters or closing parks," he said.
And if sales tax comes in the same, "we've got an 8 percent
carryover ... to use for one-time purchases."
In Kennewick, retail trade grew more than 4 percent to $199.4
million. About $10 million of that increase resulted from new and
used auto sales.
The city experienced some losses at clothing, shoe and department
stores, likely because of Richland's new stores.
"There's always a consideration of potential cannibalization,"
said Ken Nelson, Kennewick's economic development director.
Clothing and shoe store sales were down about 2.5 percent to
$17.2 million, while department store sales decreased close to 14
percent to $20.9 million.
Hotels and restaurants also continued to drive growth in each of
the cities, particularly in Kennewick, which saw a more than 8
percent growth to $33.3 million.
The Wingate by Wyndham hotel opened at 27th Avenue and Highway
395 in March 2007, which likely helped spur the city's
accommodations growth by nearly 13 percent to $4.2 million.
And new restaurants such as P.F. Chang's and Sonic helped grow
taxable sales at restaurants and drink places by almost 8 percent
to $29.1 million.
As in the other cities, new business always is welcome, and
Nelson said Kennewick has "contacted all the usual suspects."
But tight credit and a struggling national economy means
developers aren't overly eager to jump in to new deals, he added.
Ballew said the area's continued growth and healthy economy is
attractive to chains looking to expand.
"If you're looking to go somewhere now, why not go into an area
that's spending more money on retail and growing rather than
those that are retracting?"
| Tri-Cities 3rd in Wages 1st in affordability in Washington State
Benton County workers third in wages in Washington
By Pratik Joshi, Herald staff writer
Benton County workers made the third highest average weekly
wages in the state last year, says a report released Wednesday
by the state Employment Security Department.
The Quarterly Census of Employment and Wages shows workers in
Benton County earned a weekly wage of $842 in 2007, up from
$811 a week in 2006, a gain of 3.9 percent. Workers in Franklin
County earned $593 a week in 2007, compared to $562 a week in
2006, an increase of 5.5 percent.
Jobs in professional, scientific and technical services, which
would include employment at Hanford and Pacific Northwest
National Laboratory, and utility companies, account for the
bulk of the high wages in Benton County, said Dean Schau, state
regional labor economist for the State Employment Security
Department.
In Franklin County, agriculture, food processing and the
transport and warehousing sector are among the top employers
and wage providers, he said. Franklin County placed 22nd on the
average weekly wage table in Washington.
Washington workers' average weekly wage increased to $866 in
2007, up 5 percent from 2006. The information services industry
was the highest average pay provider in the state.
The report includes jobs that cover workers for mandatory
unemployment insurance.
The report shows the state added more good paying jobs to the
economy last year while losing lower paying jobs, Schau said.
The Tri-City economy is still healthy despite a wage disparity
among the top 20 percent and bottom 20 percent of wage earners
in Benton County, the highest in the state, he said.
Nationally, the consumer price index rose 4.1 percent from
December 2006 to December 2007. But the Tri-Cities is holding
its own as an inexpensive place to live. Housing and power
costs less and so does food, which was confirmed again by the
latest ACCRA Cost of Living Index report for the second quarter
of 2008.
The index, which tracks costs of living trends in more than 350
communities throughout the nation, gives the Tri-Cities a 89.9
composite rating, the lowest in the Pacific Northwest.
It doesn't say prices are going down in the area, but that
prices in the Tri-Cities are relatively lower than they are in
other communities, said Carl Adrian, president and chief
executive officer of the Tri-City Development Council.
The index, compiled by the Council for Community and Economic
Research, measures relative price levels for consumer goods and
services.
In contrast, Spokane's index rating is 91.2, Yakima is 99 and
Seattle-Bellevue-Everett is 123.4.
| Richland, Kennewick, & Pasco Job Growth Fuels Real Estate Market
Job growth in the
Tri-Cities has increased by 25 percent over last
decade
Tri-Cities' job growth ranks fifth in
nation
The U.S. Bureau of Labor Statistics says the Tri-Cities is fifth
in the nation among metropolitan areas for the greatest
percentage of growth in nonfarm jobs over a year. Tri-City jobs
climbed 4.3 percent since last April. According to Dean Schau,
regional labor market economist, the number of jobs in the
Tri-Cities has grown by 25 percent since 1997. During this same
period, the area's annual payroll also has nearly doubled.
POLICOM Corporation just released their 2008 Metropolitan
Statistical Areas Economic Strength Ranking and the Tri-Cities
MSA now ranks #137 out of 363 Metro Areas--moving up 38 spots
from last year's ranking. The report ranked Spokane at #151 and
Yakima ranked #318 on POLICOM's list. Since 2004, the
Tri-Cities MSA has steadily moved up the rankings by 131 spots.
"Each year, POLICOM Corporation ranks the 363 Metropolitan and
577 Micropolitan Areas for Economic Strength," said
POLICOM's president Bill Fruth. "This is the long-term tendency
for an area to consistently grow in size and quality." The 2008
rankings along with colored maps of all Metropolitan and
Micropolitan Areas can be found by visiting www.policom.com.
| Tri-Cities' job growth ranks fifth in nation
Job growth in the Tri-Cities is grabbing national attention.
The U.S. Bureau of Labor Statistics says the Tri-Cities is
fifth in the nation among metropolitan areas for the greatest
percentage of growth in nonfarm jobs over a year.
Tri-City jobs climbed 4.3 percent since last April.
Leading the nation was Pascagoula, Miss., with a jump of more
than 4.8 percent, followed by about 4.7 percent in Grand
Junction, Colo., 4.6 percent in Coeur d'Alene and 4.4 percent
in Odessa, Texas.
"It projects a very positive image for the community," said
Carl Adrian, president and CEO of Tri-City Development Council.
Given the amount of ongoing activities in the community, it's
hardly surprising news, he said.
But it'll make companies and investors take notice of the
Tri-Cities, Adrian said.
"It's nice to be recognized nationally," said Dean Schau,
regional labor economist with the state Department of
Employment Security.
The Tri-City economy goes through numerous ups and downs, but
eventually manages to outperform the state, Schau said. It has
been in high gear since 2004, he added.
Growth of the agriculture industry and continued federal
funding for the Pacific Northwest National Laboratory and
Hanford clean up have helped create and sustain jobs in several
sectors of the economy including housing and retail, he said.
The number of nonfarm jobs in the Tri-Cities increased from
82,000 in 1997 to 102,000 in 2007, Schau said, adding that the
area has outperformed Yakima, Wenatchee and even Spokane in
terms of growth.
He particularly credits TRIDEC and the Tri-City ports for
bringing various new businesses to town and Columbia Basin
College and Washington State University Tri-Cities for taking
care of the many needs of the new enterprises.
And while the share of Hanford jobs in the total payroll
dropped from one-fourth to one-sixth in the last decade, the
agriculture payroll increased from $150 million in 2004 to $200
million in 2007, he said.
Schau said a lot of outsiders also have discovered the area as
a good place to relocate to, which further boosted the economy.
The presence of a bilingual community in the area also helped
attract new businesses to set up shop in the Tri-Cities and
support job growth, Schau said.
Nationwide, the Bureau of Labor Statistics said of the 310
metropolitan areas reporting nonfarm job information last
month, 218 saw job increases, 87 reported decreases and five
had no changes.
The largest over-the-year gain in total jobs was 71,100 in the
Houston, Texas, area, 66,800 in the Dallas-Fort
Worth-Arlington, 57,600 in New York-northern New Jersey-Long
Island and 33,800 in Seattle-Tacoma-Bellevue.
| Fastest Growing Community in Washington State
Quality of life, cost of living fuel growth in the Tri-Cities. By
Dean Schau Regional Economist for State of Washington Can you name
the fastest growing urban area within the state since the year
2000? It's in the Tri-Cities. Would it surprise you that it has
been the city of Pasco with a growth rate of 57 percent from 2000
to 2007? This compared with a statewide rate of growth of 10
percent over this same period. Pasco went from 32,066 residents in
2000 to 50,210 by 2007. Did you know that out of the state's 39
counties, the fastest growing since 2000 has been Franklin County?
The county population went from 49,347 in 2000 to 67,400 by 2007.
This was a percentage gain of roughly 37 percent. Over this same
time, Benton County was the third fastest growing county with a
population gain of 14.3 percent. Within the county, West Richland
was the fastest growing community with a rate of gain of 29.3
percent, followed by Richland at 16.4 percent and Kennewick at 14.2
percent. A lot a remarkable things explain the population growth
over the years. The construction of the vitrification plant at
Hanford, while in a pause phase in 2006, added a little over 1,000
jobs during 2007. At the end of that year, there were 2,983 people
on the project with a considerable monthly payroll. That project,
as well as highway and housing construction, many commercial
projects, and the expansion of the Coyote Ridge Correction Center
in Connell, pushed construction employment to the highest level in
more than 25 years. The expanded correction center in north
Franklin County will likely add more than 400 state-paying jobs
during 2008 and hopefully be a wonderful tonic for nascent retail
section of the economy in Connell. While much of the attention had
been focused on all of the construction activity in 2007, local
food processing also had a record year. Some of that record was due
to expansions of our traditional food processing, but a good
portion was due to the wine industry. While it sometimes feels the
focus of the Western Washington media on the wine industry glares
on Walla Walla and Yakima counties, the majority of the state's
wine jobs are in the Tri-Cities, and the heart of the state's wine
industry is likely Prosser, where the wine industry has made an
indelible mark on that community. Also adding to the wealth of good
economic news has been the result of the hard work by TRIDEC, the
chambers of commerce, the port districts, the cities and everybody
involved in economic development in recent years. The results are
too many to name, but clearly these efforts have lessened the
dependence the community had on Hanford. Apart from the growth in
the economy, the area's population has grown for reasons other than
jobs. The quality of life and the cost of living are remarkable
here relative to other urban regions along the coast. This
development is true not only for the Tri-Cities, but also for other
small urban areas in Eastern Washington as well. Perhaps the net
flow of immigration from California first locates in the Puget
Sound region, then fall begins and the rain commences and these
California refugees begin to seek cheaper housing and drier
alternatives. For housing alone, in the Tri-Cities during the third
quarter of last year, median prices were reported to be $172,400.
This was a little more than a third of the $472,000 median cost of
a home in King County. In Snohomish County, just north of King
County, the median price was $370,000. South of King, in Pierce
County, the median price was $288,700 and farther south, Thurston
County was at $270,000. All of this housing data comes from the
Washington State University Center for Real Estate Research, and if
you were wondering, the highest median price of a home in the state
last year was in San Juan County at $585,000. So, give us your road
weary, your mortgage poor, Your huddled masses yearning for
sun-filled days.
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Copyright © 2008 Tomlinson Real
Estate