Keep your senses! Thinking of buying a home? In this market, buyers are trying to make their offers more appealing. One tactic is to present an offer above the list price. Not a bad move, as many sellers find more money appealing. But, cost can be more than dollars. Some buyers are “over paying” by mistakenly waiving protective contingencies just to get an offer accepted. Foregoing inspections, Continue Reading
Market Report – May 2018
Pushing the Limits In a hot market like we have this year, sellers are pushing listing price limits, attempting to capitalize on the rising sale prices. In 2017 from Jan-May, the market appreciated almost 11%. This year from Jan-May, average sale prices increased an astounding 17.5%. When selling your home, it’s critical to consider the market trends for the time of year. Historically, prices Continue Reading
Market Report – April 2018
Inventory remains low in the Spokane market at 1.77 months for April. However, did you know that different price ranges have different inventory levels? From 200K to 300K, the inventory is 1.4 months, but from 600K to 700K it’s a whopping 6.8 months! The inventory in different neighborhoods and geographic areas can also vary. Overall, inventory is low, but depending on price range and location Continue Reading
Market Report – March 2018
High tide or low tide? Have you heard the saying, “A rising tide lifts all ships”? Well, does it? On the water, yes. How about real estate? Rising property values may raise home equity and may tempt more to sell, hoping to pocket this potential equity. The Spokane market has “lifted” a lot recently, including a lift in mortgage interest rates. Does this “rising tide” still lift all? Not really. Continue Reading
Market Report – February 2018
The Heat is On! Even though it’s still cold outside, this winter in Spokane is one of the hottest on record. The real estate market is red hot right now in price ranges under $350,000. Inventory is still very low, and with housing demand continuing to rise, it has created a buying frenzy. Buyers are submitting offers on homes, sometimes competing against 5, 10, even up to 15 other offers, as some Continue Reading
Real Estate Market 2017 – Year End Review
Winter/Spring – 2018 (Article #2) 2017 was a great year for the Spokane real estate market. Normally, values decline at the end of the year. Looking at the average sale price graph, in 2015 and 2016, fall values were lower than summer values. At the end of December 2017, values held steady at an average sale price of $234,352, roughly the same as summer values when selling activity was highest. Continue Reading
Water, Water Everywhere – Not a Drop to Drill!
Winter/Spring - 2017 (Article #1) Getting a building permit has become more complicated as a result of a Whatcom County court case called the Hirst decision, which has statewide effects. It basically used to be ‘if you’ve got it, use it’, but it now appears to be ‘if you’ve got it, prove it’ – water, that is. Before this case, an applicant Continue Reading
