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Spokane Real Estate - Windermere Real Estate Spokane Valley and Liberty Lake

Windermere Real Estate/Valley, Inc.

Spokane Real Estate - Trending Upward

Posted on May 7, 2008

Here is the latest from the Spokane Association of Realtors. As you can see below, our market is starting to warm up! Spokane continues to be a stable place to live, work and play. While we are seeing longer market times and fewer showings on listed properties, buyers are still buying homes. I started to see a stronger spike in activity towards the end of April.

My biggest worry is that buyers will miss out on a great time to buy. It seems like buyers are confused by mixed messages they are getting through the media. The fact is that people have and will always buy homes. Take a look at today's interest rates and tell me now is not a good time to buy.

According to Maria Burton at Windermere Mortgage Services today's rates look like this:

Conventional 30 year fixed 5.875%

FHA 30 year fixed 5.875

Conventional 15 year fixed 5.375%

These are fantastic rates! While home prices have slid deep in some areas we are not seeing that kind of decline. If you read below, the average sales price in Spokane has dropped only 2.7%. This is a good thing for buyers and sellers! Some buyers are afraid to buy now because they think the prices are going to drop further. Well let me ask you this? What if they don't - but the interest rates increase? How much will the $10,000 you save with a price reduction cost you if you have to pay a higher interest rate?

Don't make your buying decision based on something you hear in the media. Hitting the seller with a low offer and asking for closing costs to be paid is not going to get you the home. Historically in Spokane ( since the dinosaurs ) there has been a 2 - 3% concession given by sellers. Not 5%, not 10%, not 15%.

Our 2.7% price drop falls right in line with what we've seen here forever. Talk to your Realtor, or call us and we can advise you. Our local market is heating up and I don't want buyers to miss such a remarkable time to buy. Buyers have prime buying conditions at their fingertips: Great Rates, Good Inventory, and Seller who want to sell!

Residential Site Built and Condo in Spokane County
(On less than one acre)

APRIL HOME SALES MARKET ACTIVITY

Sales in April continue the positive upward trend. There were 441 closed sales reported in the month of April which is up 17.3% over March. The average sales price for April was $203,562 and the median price was $183,500.

Year to date sales continue at a slower pace than the previous few years. Through April there have been 1,311 closed sales reported. The average sales price through the first four months of 2008 was $201,386 which is down 2.7% from the same period last year and the median price was $180,000 up slightly from $179,500 over the same period in 2007.

Inventory has increased over last month by 174 properties to 3,218 as of this report.

New construction sales increased significantly over last month to 82 reported sales this month compared to 61 in March.

1 Comment : Author: Carl Peterson

Spokane Real Estate - Open Houses

Posted on April 23, 2008

Every Home Has A Story!

That is why many Sellers and Realtors are fans of Open Houses.

An Open House gives the buying public the opportunity to see, smell, touch, hear and feel a home they just may fall in love with.

In fact, according to the National Association of Realtors, more than 52% of buyers use Open Houses as an information source when looking for a home!

Most home buyers are emotional buyers. They buy a home because it "feels" right. They also buy a home because it has the features and amentites they are looking for. An Open House gives the buyer a chance to use their five senses to explore the home. A buyer can look at 100 pictures of a home, but nothing beats a tour with their agent or an Open House.

And, the agent holding the home open can answer questions about other homes available in the neighborhood, give you directions to other open houses, and tell you where all the closest amenties are. Things like schools, libraries, bus routes, shopping, resaurants, etc.

Here are some Open House tips for Sellers and some reasons to attend Open Houses for buyers.

Sellers:

Guess what? Buyers are picky. There are probably some irritating things about your home that you have just become accustomed to. Like, a leaky faucet, peeling paint, missing lightbulbs, batteries missing in smoke detectors...you understand where I'm going with this. As a seller you may have forgotten about these things but an "eagle eye" buyer will certainly notice them.

Let's start with the "first impression" or Curb Appeal. Imagine driving to your home if you were the buyer. How would you feel about a cluttered driveway, garden hoses spread across the lawn, tools or toys scattered about? Prepare for a good first impression by adding fresh bark to bare areas in flower beds. Plant some new "yellow" flowers near the entrace of the home - yellow attracts the eye and makes visitors feel welcome.

Entryway: Studies have shown that pleasant scent causes people to stay longer and have a better experience. Scented candles, especially cinammon, apple pie, or other freshly baked scents work best. Other ideas; remove clutter, throw down a new rug, add flowers or art to create a welcome entrance.

Living Room: Again, remove clutter, start packing personal items. Arrange your furniture for easy movement through your homes. You may even remove some of the extra furniture. Seasonal accent items like flowers, a cozy blanket in fall or winter, or eye-catching throw pillows for spring and summer.

Bathroom: Remove anything from the bathrooms that does not fit the image of a luxury hotel bathroom. Add new towels, empty the garbage, hang a new, white shower curtain and maybe a white area rug. Place scented candles or aroma sticks in the room. Remove everything but hand soap and guest towels from the counters.

Kitchen and Dining Area: Make it sparkle and shine. Add flowers, fresh coffee, water bottles or maybe some candies.

Remove extra appliances from your counters. Take down all the artwork, calendars and pictures from the refrigerator.

Closets: Start packing. Try to fill the closets to only 50% capacity and hang all clothing on matching hangers. Put all the shoes away. Remove all objects from the floor and shelves.

Master Bedroom: Neutral colors work best. Including the bedspread. Clear the tops of dressers, night stands and headboard. Open up windows to show how light, bright and cherry the room is.

Outdoors: Maximize the benefits of your outdoor living space. Declutter the entry, patio, and deck. Try to pick up tools, hoses and toys. Create a simple seating area with one or two chairs and a table. Make sure your landscaping is dialed in. Pull weeds, add fresh bark, mow the lawn.

Garage: Declutter. Treat the garage space as you would the inside of the home. Make sure it is clean and inviting.

Buyers:

The most common way to find Open Houses is to follow the signs you see on Saturday's and Sundays. As the weather warms, you may start seeing Open Houses on weeknights! You can also find Windermere Open Houses on the websites listed below.

Many times, buyers will drive to the Open House, but not go in! Buyers, please head on in. The Realtor is not going to "bite". This is your opportunity to really get a feel for the home. Remember the saying, "You can't judge a book by it's cover"? Go on in and enjoy yourself!

Windermere works hard to bring buyers and sellers together through Open Houses.

You can see scheduled Open Houses at:

www.windermere.com

www.windermerespokane.com

and www.windermerespokanevalley.com

We also feature Open Houses on the Windermere TV Show, which airs each Sunday at 11:30 on Channel 22.

Thanks for reading and I hope we see you soon at our Open Houses!

Post a Comment : Author: Carl Peterson

Spokane Real Estate - Articles

Posted on April 23, 2008

Here is an interesting article from yesterday's USA Today. "Diversified economy helps Spokane prices hold up"

CLICK HERE!

Post a Comment : Author: Carl Peterson

According to U HAUL - People are Moving to Spokane

Posted on April 15, 2008

According to UHAUL - Spokane is number 14 in top growth cities.

Click this link to read the blog posting on MetroSpokane!

Post a Comment : Author: Carl Peterson

Spokane Market Update ~ March 2008

Posted on April 11, 2008

Buyers and Sellers Check This Out. Sales are trending UP through March! We've been seeing a lot more activity in the office. Conference Rooms are hosting clients and our agents are out selling homes. As you can see below, inventory is up and prices are staying stable. You cannot beat the interest rates so take advantage of these conditions and consider buying your dream home.

Take a look at the BLOG posting from March 22nd ~ Homes are selling in Spokane

Information Courtesy of Spokane Association of Realtors

March closed sales activity continued an upward trend for the second month with 376 closed sales reported.

This number is up 83 sales over February or 28%. The average sales price in March was $197,110 and the median price was $177,875.

1st Quarter sales are down 458 compared to last years 1st Quarter. The average selling price for the 1st Quarter is $200,363 down slightly from last years 1st Quarter average selling price of $202,271. Median 1st Quarter price is up 1.7% over last years figure, $177,898 compared to $175,000.

Inventory topped 3,000 standing at 3,044 as of this report. Last year at this time the inventory stood at 2,334 and last month the inventory was 2,778.

New construction closed sales totaled 62 for the month with the average price of $276,102.

Post a Comment : Author: Carl Peterson