KENMORE quarterly
LETTERS FROM LANCE
In this issue of The Kenmore Quarterly, we take a look around the Greater Washington State! It is interesting to make comparisons to the prices and days on the market we have here compared to the rest of the state, I hope you enjoy checking that out later in this issue. As our team has grown over the years and technology has changed, we have expanded our market area and we now serve not just the Tri-Cities but a large portion of Eastern Washington and we occasionally jump across the mountains! This gives us a unique perspective on what is happening in Washington.
This quarter I couldn’t help but stop thinking: Real Estate is FUN again! In the previous 3 quarters in the business, we were getting hammered by massive price increases in materials, inflation, and to top it all off high interest rates! I don’t think anyone in the housing sector was really having a great time. The tide has turned in the 3rd Quarter. The feds finally started easing interest rates, inflation came down, and most of the supply chain issues became non-existent.
To top it all off, we have more inventory now available for buyers to look at. It’s still a very healthy market, but the consumer has more choices right now, and that is fun to see! Sellers that really wanted to sell but were too afraid to make a move because of the cost of higher interest rates are now starting to put their homes on the market as well. It has been a busy quarter and I am excited about the prospect of finishing the year off strong. Enjoy the cooling fall weather and the upcoming Holidays with your family and friends. If you need anything at all please do not hesitate to reach out.
-Lance | 509.727.8977 • lance@kenmoreteam.com
ANDREW BITTERLICH
Please join us in welcoming a new team member! Andrew Bitterlich is joining as an Assistant Property Manager in the Kenmore Team Property Management Division. Before joining the Kenmore Team Andrew worked as a porter in the auto industry. His work there provided growth in customer service and problem-solving skills and he is excited to put those into practice in his new position and grow his network and real estate career! We asked him what his favorite part of the Tri-Cities is and he said definitely the community, new connections, and friends and family he has here!
North Cascades National Park
Leavenworth Seattle Olympia
Tri-Cities
Long Beach
Yakima
Olympic National Park
DID YOU KNOW
Washington became the 42nd state on 11.11.1889
The first American settlement in what is now Washington State was Fort Nisqually. Established in 1833 by the Hudson’s Bay Company, they served as the hub for the company’s fur trading operation. Near the mouth of the Nisqually River on the shores of the Puget sound, surrounded by farmlands and forest. Operating till the 1860s, it was the center of trade and commerce serving a variety of cultures and bringing people together to trade, work, and live. The site is still preserved today as a historical park where people can learn about the area’s history and explore the remnants of the fort.
The state is 71,298 square miles.
Washington produces more apples than any other state. So yea, how do you like them apples?
The long beach peninsula is the longest continuous beach in the US... The title Long Beach should have been a give away.
Hoopfest Spokane is the world’s largest 3 on 3 basketball tournament in the world. Tyson and David are pretty proud of this one.
Second largest wine producing region in the country: 1,050+ wineries, 60,000+ acres of wine grapes. Washington wine country. Wine grapes are grown in different regions around the state which influence the flavors and characteristics of the wines produced. Need recommendations for some great local wine? We’ve got them!
More than 75% of hops are grown in Yakima valley. So if you are skipping our wine suggestions, hit us up for the breweries!
The state’s economy is driven by industries such as technology, agriculture, and aerospace.
The Lewis and Clark Expedition passed through what is now Washington in 1805 - 1806. Starting in St. Louis, Missouri in May 1804 they journeyed over the Rocky Mountains, down the Columbia River, and reached the Pacific Ocean in November 1805 where they spent the winter at Fort Clatsop, near the mouth of the Columbia River.
Starbucks was founded in Seattle Washington in the 1971.
In 1962 Seattle held the World’s Fair with over 10 million people in attendance. The theme was “The Age of Space” and it included futuristic exhibits and attractions like the Space Needle. Elvis and the Beach Boys performed!
Founded in 1943 the Hanford Site in Benton County was part of the Manhattan Project a nuclear producing facility. The area was selected because of it’s remote location, inexpensive energy, and water. The site generated most of the plutonium in the 1940s and 1950s, including the bomb detonated on Nagasaki, Japan.
Walla Walla
Tri-Cities
Spokane
Colville National Forest
UNITED
MORTGAGE RATE (PERCENTAGE POINTS)
STATES AVERAGE 30 YEAR FIXED MORTGAGE RATE @lenkiefer | Source: Freddie Mac Primary Mortgage market survey using month ending rates.
WHERE ARE WE AT GOING INTO 2025
Fed chair Jerome Powell said: “The Fed has been assigned two goals: Maximum employment and stable prices,” Fed Chair Jerome Powell said of the decision. “We will remain committed to supporting maximum employment, bringing inflation down and keeping longer term inflation expectations well anchored. Our success in delivering on these goals matters to all Americans. We understand that our actions affect communities, families and businesses across the country.”
In September 2024, the Fed cut rates by half a percentage point and are saying that rates could come down as far as two points by next year.
Starting to see buying power on the rise:
Last year 7.75% Interest Rate
Average prices – let’s look at 400K right now.
5% down – Finance 380K
Last Year Payment on that was $2,722
Right Now 5.75% Interest Rate
Average prices – let’s look at 400K right now.
5% down – Finance 380K
Payment Now is: $2,217
WASHINGTON VERSES THE REST OF THE COUNTRY
Washington verses the rest of the country In the last quarter, we had nationally a few new rules for real estate implemented that had an impact here in Washington. The biggest change was that for the National Association of Realtors MLS listing sites after August 17th, we were no longer allowed to list compensation being paid to Buyer Agent Brokers. Here is the Tri-Cities that was a major change, but for much of Washington they saw little to no change. This is because a large portion of Washington is covered by the Northwest Multiple Listing Service which is not realtor owned.
Sellers can still offer compensation to Buyer Agents but they cannot list this in the local MLS here in Tri-Cities. It has to be communicated by phone, email or text – just not in the MLS. This is to comply with national settlement rules. There were a lot of news stories out there scaring people that they would have to sign a contract even to attend an open house – THIS IS NOT TRUE IN WASHINGTON. You can look at model homes and attend open houses without signing anything. However, one of the changes in Washington is that once you start looking with an agent – you will be required to sign a Buyer Brokerage Services Agreement. This details how your agent will get paid and the terms of the services they are offering you.
We are finding most of the changes positive. (Many in the industry disagree with me) I say this because we love the fact that you are forced to have some critical conversations with your agent early in the transaction. It provides clarity, and we like to say around here – CLARITY IS KINDNESS!!
It also forces agents to communicate more often and at a higher level. If you want to know what a commission coop is, you have to pick up the phone and talk or text the other agent. It seems like when communication increases so does the satisfaction of all parties in the deal.
This is becoming business as usual for us. It is nice to get all the rules and changes implemented and get back to a higher level of focus on the actual real estate and clients! Please reach out if you have any questions on how this might affect your future real estate needs.
KENMORE QUARTERLY 2024 Q3
RESIDENTIAL DIVISION
TRI-CITIES
I was recently working on a podcast and a radio show preparing data about price increases and housing affordability. One of the biggest things we hear in our local market is how quickly prices have increased compared to the rest of the country. When you look at the data over 20 years, we look pretty typical, but when you look back in a 10-year window, you see that as our area has grown in employment and populariaty, we have caught up to the national data at a pace that is far faster than the rest of the country. The question is Where do we rank locally on key metrics when you are comparing us to the rest of the state?
I looked into 4 Key Metrics and compared a few fun areas around Washington: KEY TAKEAWAYS!
1. We are still relatively affordable when compared to the rest of the state. Our median house price makes Tri-Cities an attractive market for people looking to relocate with a higher quality of life and more affordable housing.
2. Our market is very traditional, with more inventory than we have had in the last 10 years, which makes our average days to sell quite a bit longer than the rest of the state. Pay attention to pricing when selling and you can’t be too aggressive.
3. Home prices are still appreciating but at a much more sustainable rate than the craziness of 2020-2023. Prices are still going up.
7824 WHITE BLUFF COURT, PASCO
$425,000 • 4 BED • 3 BATH • 1,907 SQFT • MLS # 279471
ABOUT THE LISTING
Looking for the perfect blend of space, style, and savings? Look no further! Nestled in a quiet West Pasco cul-de-sac, this 4 BR, 3 BA stunner is ready to sweep you off your feet. Step into a bright and airy great room perfect for gathering and an updated 2021 kitchen that will have even the most reluctant chef feeling inspired. Stainless steel appliances (hello, Bosch dishwasher!), new countertops, back splash, a gas range with elite hood, corner pantry, spice/ condiment racks, a dual-layer utensils drawer, and deep drawers for all the kitchen gadgets? Yes, please! Plus, with built-in speakers both upstairs and down, your home soundtrack is always on point. And it doesn’t stop there. With dual primary suites—one upstairs, one downstairs— everyone can enjoy their own private retreat. Lower-level suite features a walk-in closet plus one-of-a-kind walk-in shower! New A/C and a gas furnace with UV lights mean
your air quality is as fresh as the vibe in this house. Did we mention the solar panels and tankless water heater? Say goodbye to high utility bills and NEVER run out of hot water! The good stuff keeps coming outside, where your low-maintenance backyard is ready for some serious R&R. A composite deck with a retractable awning for those sunny days, an outdoor kitchen with piped natural gas, and a cozy built-in firepit for evening s’mores sessions. With vinyl privacy fencing, a storage shed, and a paver patio with a pergola, your backyard oasis is all set.Need room for your projects? The deep two-car garage has extra storage space ready for your hobbies! 30-amp RV hookup! Located just minutes from schools, parks, and Road 68’s best shopping and dining spots, this place has it all!
603 GIGI COURT, RICHLAND
$450,000 • 3 BED • 3 BATH • 2,010 SQFT • MLS # 279525
With stunning woodwork and a beautiful fireplace, this versatile space can easily serve as an office, game room, or entertainment hub. The wet bar makes it ideal for hosting, and the deck just off the room provides an amazing view—perfect for enjoying your morning coffee or evening relaxation. The adjoining full bathroom even opens up the possibility of converting this area into an additional primary suite! Outside, you’ll love the manicured landscaping, garden boxes, and two storage sheds. The fully fenced backyard includes a hot tub for your enjoyment and privacy. Don’t miss your chance to make this home your own. With so much to offer, including endless potential and a fantastic location, it’s time to see for yourself! Schedule your tour today! ABOUT THE LISTING
Welcome to this beautifully maintained 3 BD 3 BA home situated on a corner lot in desirable Meadows East South Richland neighborhood. This spacious home offers comfort and flexibility with a fantastic floor plan that’s perfect for any lifestyle. Step inside the sunken living room featuring vaulted ceiling, beautiful wood beam accent, and stone fireplace. The kitchen comes complete with all appliances and features a cozy breakfast nook, as well as a formal dining area for more elegant gatherings. The large primary bedroom has a walk-in closet and an ensuite bathroom, offering a private retreat. Two additional bedrooms are conveniently located in the hall alongside a second full bathroom, ensuring plenty of space for family or guests. The expansive bonus/flex room is a true showstopper!
ALEX BURDEN • REALTOR®
Cell: 509.438.7414 • alex@kenmoreteam.com
$565,000 • 4 BED • 3 BATH • 2,816 SQFT • MLS # 279476
for all your wardrobe goals, and a private bathroom with dual sinks, a soaking tub, and a separate shower. The secondary bedrooms are equally roomy and ready for family, guests, or your home office. Outside, the backyard is your personal oasis – fully fenced and beautifully landscaped, with raised garden beds for your green thumb and a large paver patio perfect for hosting or just relaxing. Oh, and did we mention the attached 3-car tandem garage? Whether you’ve got extra vehicles, need space for all your outdoor gear, or dream of a home workshop, this garage has you covered – literally! Located in Creekstone, you’ll enjoy a stunning community park, walking paths, and being just minutes from schools and all the amenities you need. Sound nice? It is! Schedule your private showing today! ABOUT THE LISTING
Welcome to this 4 BR, 3 BA gem in Creekstone – where comfort meets style, and your dream home becomes a reality! Step inside to an open-concept main level with sleek LVP flooring and fresh carpet. You’ll be wowing your guests in the formal living/dining area, and for the foodies, this gourmet kitchen is the real showstopper: quartz counters, large island with breakfast bar, stainless appliances, a gas range, double ovens, and a corner pantry that’ll make all your kitchen storage dreams come true. Need more space to entertain? The secondary dining area opens to a spacious patio, perfect for those summer BBQs. Right off the kitchen is a cozy family room with built-ins and a gas fireplace for those movie nights or chilly evenings in. Plus, with a half bath and laundry room on the main floor, convenience is the name of the game. Head upstairs to the primary suite that comes complete with a slider to your own covered deck, a walk-in closet big enough
481 CLERMONT DRIVE, RICHLAND
$898,000 • 7 BED • 5 BATH • 4,765 SQFT • MLS # 278069
ABOUT THE LISTING
This stunningly maintained and gorgeously updated 7 BR 5 BA beauty is ready to wrap you in warmth and style. Step inside to find warm maple floors that invite you to dance your way through the main level. The formal living room is perfect for showing off your impeccable taste, while the formal dining room is all set for your next dinner party. Cozy up in the family room by the gas fireplace or whip up a feast in the light and bright gourmet kitchen, complete with gorgeous quartz counters, new stainless-steel appliances, and a prep island that’s practically begging to be Instagrammed. There’s even a secondary dining area for those casual mornings with coffee and pancakes. Plus, a main-level guest half bath for when company calls! The main level also features your private primary suite that’s a personal sanctuary. Enjoy an en suite bath with a walk-in shower, dual sink vanity, jetted tub, and a spacious walk-in closet. Head upstairs to discover five more spacious bedrooms, two full bathrooms, and
a second laundry room—because one is never enough! But wait, there’s more! The basement boasts an in-law apartment that’s perfect for multi-generational living. This bright living space has direct access from the attached three-car garage and includes a spacious living room, cozy kitchen, full bathroom, and a large bedroom with a walk-in closet. All this, PLUS a 20x20 temperature-controlled workshop for all your hobbies, projects, and more. The lower level also provides a spacious laundry room and plenty of extra storage. Let’s not forget the outdoor oasis! Step outside to a peaceful, fully fenced backyard where you can relax and unwind. The inviting patio is perfect for entertaining or enjoying a quiet evening under the stars, surrounded by gorgeous landscaping that adds a touch of natural beauty to your everyday life. Located on a quiet cul-de-sac with everything you need and more, this Crested Hills gem is ready for you!
TYSON JONES • REALTOR®
Cell: 509.845.0856 • tyson@kenmoreteam.com
DAVID PRICE!
THIS QUARTERLY WE HAD THE PRIVILEGE OF INTERVIEWING OUR VERY OWN,
David is a Buyer’s agent here at the Kenmore Team and has been with the group since 2019. He mentioned his favorite part of Real Estate is the excitement of handing over keys to Buyers on closing day. This makes the entire journey together worth every second.
When he’s not working, he truly enjoys exploring the area, and making sure he tries all the new restaurants. He said, “I’m an avid sports fan, whether watching sporting events, or casually playing”. He’s also made it a point to focus on travel and tries to schedule one big trip a year out of the country. Continue reading on to learn more about David!
Q1. WHY DID YOU CHOOSE TO WORK IN REAL ESTATE?
A. I always wanted to be a Real Estate agent but had been nervous about making that leap. Luckily, I came across the Kenmore Team and this was the perfect situation for me. I truly enjoy that every single day presents new challenges and forces us to be creative with solutions. Helping people with the biggest purchase of their lives is a very rewarding experience.
LIVING HERE IN WASHINGTON STATE?
A. Washington State has so much to offer! I love the natural beauty that the Pacific Northwest offers, whether its beaches on the coast, mountains, taking a ferry to an island, it has it all. I love the Orcas/San Juan Islands. I recently spent time on the coast in Seabrook, WA and had a great time!
Q3. YOU HAVE NOTHING ON YOUR WORK TO DO LIST. WHAT ARE YOU DOING?
out any new restaurants, and supporting our local spots. A day trip to Walla Walla is always a fun and quick getaway.
Q4. WHAT IS YOUR FAVORITE THING ABOUT YOUR JOB AND WHY?
Q2. THIS QUARTERLY IS FOCUSED ON WASHINGTON STATE! WHAT IS YOUR FAVORITE THING ABOUT
A. Very good chance I am watching football, basketball, or baseball, I am a bit of a sports nut. You can also find me at wineries in the area, checking
A. I love being on the move and out and about in the community. I get to meet tons of great people and feel like I always have a good idea of what is happening around us. I also love working with first time home buyers because I remember buying my first home and really needing a hands-on agent to get me through that process.
Q5. AS A BUYER’S AGENT, YOU GO TO A LOT OF SHOWINGS. WHAT HAS BEEN THE WEIRDEST THING YOU’VE SEEN AT A SHOWING?
A. Without question, it would be the time I was showing a house, and someone was hiding in the primary closet. Won’t forget that experience anytime soon.
Q6. WHAT ADVICE WOULD YOU GIVE TO SOMEONE WHO IS INTERESTED IN GOING INTO THE REAL ESTATE BUSINESS?
A. Be patient. It takes time in this industry to really build up a solid sphere of buyers and sellers. Networking is your best friend; find a hobby you enjoy and start there. Meet people with similar interests as you and let be the way you develop new relationships.
Q7. WHAT IS YOUR FAVORITE TV SHOW AND WHY?
A. I’m pretty sure I’ve watched Sportscenter everyday of my life since early elementary school. Some shows I’ve really enjoyed recently are Ted Lasso, Abbott Elementary, and I can be a sucker for some of the reality TV shows. These tend to be easy watching as I wind down in the evening.
Q8. WHAT DO YOU THINK YOUR FUTURE HOLDS FOR YOU?
A. Hopefully a ton of happy home buyers and sellers! I do have a passion for real estate and being involved in the community, so finding new ways to have a positive impact. Exploring more of Washington, and lots of travel overseas!
INDOOR & OUTDOOR PAINTING
We have been working with Jose from Indoor & Outdoor Painting for years and highly recommend them to clients within both the property management and residential divisions! Jose and his team are quick to respond and provide needed information and they provide a quality service with their painting!
PROPERTY MANAGEMENT DIVISION
PROPERTY MANAGEMENT BY NUMBERS
4805 MONTAGUE LANE, PASCO
$1,795 | 2 BED | 2.5 BATH | 2,126 SQFT
Interior:
* Brand new carpet throughout
* Open & bright main living space
* Kitchen features a pantry, eat-at bar, & plenty of cabinet/ counterspace
* Main floor has a half bath
* Both bedrooms have a full attached bathrooms & walk-in closets
* The larger bedroom has a bay window, & bathroom has a dual vanity & soaker tub
* Laundry room located upstairs with bedrooms
* Downstairs features the office/rec room
Exterior:
* Large & private back deck
* 2-car attached garage
4560 AVA WAY, RICHLAND
$2,095 | 3 BED | 2 BATH | 1,877 SQFT
Interior:
* Bright & open main living space, lots of natural light
* Hard surface flooring in main spaces
* Gas fireplace in the living room
* Stainless steel appliances, stone counter tops, & eat-at island in the kitchen
* Primary bedroom has en suite bathroom and walk-in closet Exterior: *
4718 PHILIPPI DRIVE, PASCO
$2,295 | 3 BED | 2 BATH | 1,979 SQFT
Interior:
* Newer construction
* Large & open main living space with vaulted ceilings
* Kitchen has island, lots of cabinets, stone countertops, stainless steel appliances, & walk-in pantry
* Gas fireplace in living room
* Primary bedroom has walk in closet. Attached bath has standing shower, soaker tub & double vanity.
* 2 other bedrooms & 1 full bath
* Office with double doors
Exterior:
* 2-car attached garage
* Covered back patio
* Fully fenced back yard
4001 W 43RD AVEUE, KENNEWICK
$3,795 | 3 BED | 3 BATH | 3,468 SQFT
Interior:
* Large open-concept living space with a gas fireplace
* Additional formal living & dining spaces with vaulted ceilings
* Kitchen has a double wall oven, stone countertops, and big pantry
* Primary bedroom on the main floor has a walk-in closet and is attached to the primary bathroom
* Primary bathroom features a double vanity, standing shower, & soaking tub
* Office off the formal dining/living area
* Half bath on the main floor
* 2 large additional bedrooms & 1 bathroom located upstairs
Exterior:
* 4 car attached garage & lots of driveway parking
* Large pool with a diving board - maintenance provided!
* Covered patio kitchen area with a BBQ, cabinets/counters, sink, & dishwasher
* Fully fenced back yard
THE KENMORE TEAM
LANCE KENMORE DESIGNATED BROKER REALTOR® CELL: 509.727.8977 lance@kenmoreteam.com
KAREN KENMORE OPERATIONS DIRECTOR REALTOR® CELL: 509.727.8979 karen@kenmoreteam.com
ALEX BURDEN
REALTOR®
MANAGING BROKER Cell: 509.438.7414 alex@kenmoreteam.com
DAVID PRICE
REALTOR® Licensed WA & OR Cell: 509.820.5538 david@kenmoreteam.com
JEREMY ASMUS REALTOR® MANAGING BROKER Cell: 509.551.7940 jeremy@kenmoreteam.com
FORREST BOTKIN REALTOR® Cell: 509.627.9527 forrest@kenmoreteam.com
SARAH MACHIELA REALTOR® Cell: 509.591.2026 sarah@kenmoreteam.com
KC FURSTENBERG REALTOR® Licensed WA & OR Cell: 509.571.6266 kc@kenmoreteam.com
KIMBERLY ROSE REALTOR® Licensed WA & OR Cell: 509.212.5570 kim@kenmoreteam.com
BRIAN GRIFFIN REALTOR® Cell: 509.551.4141 brian@kenmoreteam.com
TYSON JONES REALTOR® Cell: 509.845.0856 tyson@kenmoreteam.com
NATE MACHUGH REALTOR® Cell: 509.430.2848 nate@kenmoreteam.com TERRA
CURTIS DAHL REALTOR® Cell: 509.531.2729 curtis@kenmoreteam.com
Cell: 509.378.6668
R.J.
Cell: 509.420.3137 rj@kenmoreteam.com BRETT
509.947.0242 brett@kenmoreteam.com
SIERRA
Cell: 509.518.7233 cameron@kenmoreteam.com
andrew@kenmoreteam.com
LORI
KQ / 2024 QUARTER: TWO