Spokane Real Estate - Windermere Real Estate Spokane Valley and Liberty Lake
Windermere Real Estate/Valley, Inc.
Is Spokane Real Estate a Good Investment?
Posted on June 3, 2009
Is Spokane Real Estate a Good Investment?
We have really witnessed a volatile market over the last several months. Which brings to mind a question that many investors have been asking themselves: Where is the best place to invest my money?
Let's Look at the Numbers
Earlier this decade during the housing boom, real estate was the runaway winner as the best investment in Americans' minds, but as housing prices dropped, so did faith in real estate. It has recovered somewhat this year as Americans perceive an improving housing market. Currently, according to Gallup Poll, Americans divide equally between savings accounts and real estate while fewer would chose stocks or mutual funds as well as bonds.
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How Do You Determine Value?
Of course, a home is not only about "Dollars and Cents". A home is also a place to create memories. It is a shelter and a refuge. In an economy where many families are finding it harder to take a vacation due to tighter budgets, a home becomes the "Get-Away Spot". This is noted in the new term referring to people staying closer to home--"STAY-CATION". If you buy a home that you enjoy, one that meets your specific needs, the value of the home comes from the satisfaction you have everyday when you walk through those doors. Purchasing a home, is ALWAYS a good investment as long as you do your homework.
Of course, a home is not only about "Dollars and Cents". A home is also a place to create memories. It is a shelter and a refuge. In an economy where many families are finding it harder to take a vacation due to tighter budgets, a home becomes the "Get-Away Spot". This is noted in the new term referring to people staying closer to home--"STAY-CATION". If you buy a home that you enjoy, one that meets your specific needs, the value of the home comes from the satisfaction you have everyday when you walk through those doors. Purchasing a home, is ALWAYS a good investment as long as you do your homework.
To get more information on how to buy a home that best suits your needs contact your Windermere Agent.
Post a Comment : Author: Windermere Real Estate Valley
Spokane ~ Does Your Home Tell A Story?
Posted on November 14, 2008
Does Your Home Tell A Story?
Most of us have lots of memories of our home, whether we currently live in it or we remember the home(s) we've lived in. I have some amazing memories of my childhood home back in Hamilton, MT. I remember holidays, birthday parties, summer vacations, running down to the river to catch fiesty rainbow trout, crashing my bike, always getting along with my younger sister ( snicker ). Every time we go back to Hamilton, I just have to drive by my old home to see if the new owners have done anything with it. I also like to check out the neighbors and see what they have been up to!
For you current sellers out there you may want to consider a storybook of your home. A storybook is a wonderful tool for collecting family memories. It is also a great way to preserve the story of your home, from the moving experience right up until the moment you move out. Take before and after pictures of improvement projects, tear out ideas from magazines that you like, and add sketches of landscaping ideas or other remodeling ideas you have for your home. You may even include pictures of holiday decorations or amazing summer flower bed and green tree shots. You can take the book with you when you move or leave it for the next homeowner. It may also be handy to leave a list of names and numbers for all those contractors you've hired over the years. Maybe you have a favorite window washer, or sprinkler specialist, or landscaper/arborist.
Sometime we forget why we own homes. Some of us own homes perhaps for investments but most because we want a safe place to raise our families and create memories. Here is a link to stories collected by Garrison Keillor for his Prarie Home Companion Radio Show...another home memory of mine as my Mom and Dad usually had this radio show playing on Sunday afternoons!
2 Comments : Author: Windermere Real Estate Valley
Spokane - October Market Data
Posted on November 6, 2008
I'd like to start today's blog with a quote. Post a note if you would like to comment.
Here is quote from Glenn Crellin at Washington Center for Real Estate Research. You can view his entire October 30, 2008 presentation by clicking the link at the end of this posting. The quote below is about Housing Affordability in Spokane.
"In Spokane the typical home is affordable, with the current measure indicating a 22.1% cushion on the ability to afford a home. Now, the industry needs to convince consumers the time is ripe to buy without appearing self-serving. With the kinds of affordability numbers we saw in the first half of this decade it comes as no surprise that the market took off and prices surged. It wasnt irrational exuberance or unjustified lending driving the local market it was common sense!"
We are still selling homes in Spokane!
Here is the latest market data from the Spokane Association of Realtors. Please note that the average sales price compared to last year is only down 2.3%. Also, please note that inventory is coming down as well. I've noticed in our offices that we are not taking as many listings.
This is a good thing for you current sellers in the marketplace. Less competition for the buyers who are out there. For buyers who may be "waiting" to see if prices will continue to fall you may have missed the boat. I think we have stabilized as far as average sales price goes. Take a look at this: August 2008 average sales price $203,493, September 2008 average sales price $201,372 and October 2008 average sales price $201,797. Each of these months are pretty similar. You can look at previous posts to see the other months of the year.
As a side note, there have been 703 new construction homes sold through October 2008. This may be a surprise to some of you. The average sales price for new construction is $292,718. CLICK HERE for more new construction data.
October residential closed sales for site built/condo on less than one acre totaled 439 closed sales. This total is down 26 closed sales from September. The average sales price for October was $201,797 and the median sales price was $177,000.
Year to date sales total 4,364 closed sales through October compared to 6,006 through the same period last year.
The average sales price through October is $207,003 down 2.3% from one year ago. The median sales price through October is $184,700 compared to $186,000 over the same period last year.
Inventory for the second month in a row is down from the previous month 3,173 compared to 3,387.
New home sales reported to the SAR MLS totaled 79 for October up one over the total for September.
Here is a link to some interesting facts and figures regarding homeownership. CLICK HERE
And for those of you who like graphs and charts...take a look at this from the Washington Center for Real Estate Research. You will notice that Spokane and Washington in general our quite healthy and are not seeing the level of foreclosures that other parts of the county are. CLICK HERE
1 Comment : Author: Windermere Real Estate Valley
What Can I Get For $200,000?
Posted on October 31, 2008
So the average sales price of a home in Spokane is around $200,000. I thought you may want to see what around $200K buys you here in Spokane. These homes are currently available and can be seen today. I'm impressed with the quality of home you can purchase in Spokane for around $200K. If you have questions on any of these homes send us an e mail.
As of today, October 31st there have been 487 homes closed in October. The average list price is $211,856 and the average sold price is $207,323. That is 15.7 homes closed per day for the month of October. The point is, homes are selling in Spokane. The total of 487 includes 71 homes over $300,000 and 125 homes between $200,000 and $300,000. The remaining 291 homes sold under $200,000.
Take a peek at the homes below and click on the picture if you'd like to see more pictures.
Option #1 $219,500 "Extreme '08 Makeover (Seller owned 8 yrs). New dream kitchen, deluxe cherrywood cabinets, granite counters, new stainless steel wall oven & micro, new ""glass"" top range, new floor. Popcorn ceilings gone & new texture, all new paint in & out ('08). Main bath-new sinks & vanities, toilet & floor. Lower bath-gutted & all new. New vinyl windows, all new int. doors & trim (not gar door), all new carpet & pad, new lndry rm floor & cabinet. 10x15 office/workshop w/closet & wall A/C. Fresh lndscp. Freeman Schools."
Option #2 $199,900 Lovely central valley rancher located on a quiet street of nicely kept homes. Home sits on a treed lot w/ 700 sq ft shop that is perfect for the craftsman in the family. Home features an open kitchen w/gas range, new floors & fresh paint. Beautiful wd floors thru-out, bright living room w/a wood fireplace with insert. Basement is ready to be finished, it is sheet rocked & features a roughed in bedroom, large bath w/Jacuzzi tub & spacious family rm w/wood fireplace. Fenced backyard, nice patio & dog run.
Option # 3 $194,900 "Freshly painted valley rancher! Newly remodeled main bath, new sink, faucet & counters in the kitchen, new vinyl flrs, newer furnace & hot water tank, & central air. The bsmt is finished with a fam. rm. & 1 non-egress bdrm~just perfect to ""cozy in and relax!"" Hardwood floors under carpets and 2 gas fireplace inserts~ Wow! You will enjoy the large back yard for your entertaining needs!...& don't miss the workshop and extra room attached to the back of the garage~awesome added space!" 
Option #4 $225,000 Kokomo Beauty-House completely remodeled-New Kitchen with Stainless Steel Appliances. New tile-New hardwood floors, new carpet throughout. New paint, electrical, lights, Garage door-New Driveway, Newer roof, A/C, Huge Laundry room. Spa/Hot tub as is.
Option #5 $199,400 TAKEN OFF MARKET "CONSIDERABLE HOME FOR THE PRICE!! This ""better than new"" home was built in 2005 and is located on a private lane. Features include 3 bedrms upstairs, and 1 bedrm downstairs with a finished rec room. Two bathrooms upstairs and a roughed in bath downstairs. Don't miss the ""pottery barn"" colors, deck, oversized backyard, rain gutters, concrete curbing and a full sprinkler system. Plenty of space to build a shop and park the toys. Sewer installation paid. No Homeowners Association and move in ready!"
Post a Comment : Author: Windermere Real Estate Valley
Spokane ~ Can I Get a Mortgage??
Posted on October 21, 2008
Seems like one of the biggest questions lately is "Can I Get A Mortgage?" And the answer is...YES!
Take a peek at this article from the Seattle Times on October 18th. This article illustrates some good points and answers some misconceptions about obtaining a mortgage. I'll say it again, yes you can get a mortgage...and by the way did you know rates are now under 6% AGAIN!!
Here are some numbers that I pulled together for our office meeting this morning. You may be surprised by what you see. For example, so far in October - Spokane is closing 12 homes per day. And 435 homes sold between $300,000 - $400,000. And, who knew there were 27 homes sold this year between $700,000 and $1,000,000? Even more shocking is there have been 9 homes sold this year over one million dollars. Hmmmm, I thought homes were not selling in Spokane, I thought buying a home was a bad idea, I thought prices were dropping as fast as the stock market?!
The point is this. Now is a great time to buy a home. Rates under 6%. Great inventory to choose from. Stable pricing for your investment. Take a look at the people who are purchasing now. There have been over 4,000 homes sold in Spokane this year! I'm still confused and confounded by the buyer who "wants to wait" and "isn't sure now is the right time". Are you kidding me? There is no better time and there may never be another time like this. Never has the real estate market seen low rates, high inventory and less buyer competition all at the same time. Guess what...you may even be able to negotiate with the seller to pay your closing costs.
When you are competing with more buyers...sellers are less likely to make concessions and you may have to pay full price or more for the home you want.
Recent StatsThrough Yesterday, October 20, 2008
Residential Site Built and Condos in
Active 3795 Average List Price = $310,934 DOM = 103
Under Contract 417
Sold October 1 October 20th 240 or 12 per day
Lets Talk Solds!
Sold List Price = $211,801
Sold Sales Price = $207,317
DOM = 85
Active Inventory # Active Homes #Solds in 2008 Avg SP DOM
$300,000 - $400,000 519 435 $341,856 78
$400,000 - $500,000 324 173 $443,738 80
$500,000 - $600,000 182 69 $548,048 77
$600,000 - $700,000 94 46 $643,906 80
$700,000 - $1,000,000 123 27 $780,118 80
$1,000,000+ 70 9 $1,296,102 122
Here is some more perspective:
| Who is the winner in today's economic times? |
| The First Time Buyer -- They are buying homes today that don't have inflated equity. They don't have to wait for their home to sell. They have sellers willing to pay their closing costs and buy-down already good interest rates. They are in the first "Buyers" Market in nearly 8 years. They have the largest selection of homes in 15 years. The current down turn in pricing will allow them to buy homes in neighborhoods that were out of reach 2 years ago. They can get that extra bedroom or bath or garage. They can still buy a home with 3% down, a job, and reasonable (not perfect) credit through FHA. FHA loan limits are the Highest ever $271,050. If rates go dramatically lower, FHA has a streamlined refinance program that doesn't require re-qualification of the buyer. If they buy before July 2009 they are eligible for a $7500 tax credit. If they buy before Dec. 31, 2008 they will get that back with their 2008 return. This is a life changing opportunity for these buyers. We need to carry the message and tell the world. If we get this entry level going, the rest of the market will move like dominos... (contributed by SAR Affiliate Member, Don Walker of Horizon NW Morgage.) |
1 Comment : Author: Windermere Real Estate Valley
Market Data - Number of Homes Sold Per Day in Spokane
Posted on October 8, 2008
WOW...what a bizarre few weeks. Banks failing, Government intervening, a stock market roller coaster ride, a rate cut by the World Central Banks, credit being squeezed, spending confidence lost by consumers, and oh yeah, is this an election year too? Whew!
But, despite all that, homes are selling in Spokane! In fact there were 465 homes sold in Spokane in September. These are just residential site built homes and condos on less than an acre. In counting all residential sales the number is actually 613 with an average sales price of $203,454 and median price of $175,000. Here is some perspective, that is 15.5 residential site built/condo homes sold per day and 20.4 total homes sold per day in September. NOT TOO BAD! Most people, when asked how many homes they think are selling per day in Spokane have told me 3 or 5 or 6.
What about this notion that you "can't get a mortgage". I ran into a past client of mine at Fred Meyer the other day and was disappointed to hear all of his misconceptions about financing options available right now. If you "can't get a mortgage" how did we sell 20.4 homes per day in September??
If you are considering buying TALK TO A REPUTABLE LENDER. Don't just assume you can't qualify for a home loan. The media makes it appear that it would be impossible for you to get a home loan. Not True. Lending guidelines have changed....but banks are still lending!
Hmmmmm, the report below also states that for the first time this year inventory is down. Uh-Oh...for those buyers who are "waiting" your choices are swiftly going bye bye. According to the National Association of Realtors "The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4"
Here are the numbers from the Spokane Association of Realtors.
Residential sales for residential site built/condo on less than one acre totaled 465 sales in September. This total is down eight sales from August and down 97 sales from September 2007. The average sales price for September was $201,372 and the median price was $174,900.
Year to date sales total 3,920 sales through the end of September compared to 5,446 through the same period last year. The averages sales price through September is $207,544 down 2.1% from one year ago. The median sales price through September is $185,000 compared to $186,000 over the same period last year.
For the first time this year inventory is down when compared to the previous months Market Activity. The inventory as of this report totaled 3,387 properties compared to 3,467 as of last months report.
New home sales reported to the SAR MLS totaled 78 for September up four from the total reported for August.
So the bottom line is this... yes, it is slower ~ no, Spokane is not experiencing a blood bath on dropping prices ~ we don't know what will happen with rates ~ inventory is dropping ~ our Government and the World Banks are working 24 - 7 to stabilize the financial markets ~ the election is almost over ~ homes are selling in Spokane ~ gas prices are coming down ~ and chicken little may just have to go back inside. Talk to your agent and talk to your lender. If you need help finding either...e mail me and I can recommend qualified professionals to you.
Post a Comment : Author: Windermere Real Estate Valley
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