Um, if I'm a buyer, maybe now is the time to buy a home.  Take this into consideration: Rates are NOW LOWER than they were at this time last year!  And with today's announcement, they probably will go even lower.  The fed will be meeting January 29 and 30 to discuss.  But it is possible we will see a reduction before those meetings. Did you know that the Fed reduced the key interest rate 3 times last year?  The last reduction taking place on December 11th.

 

Here is the most recent market information from the Spokane Association of Realtors.

 

Spokane Association of Realtors Residential Report : Site Built and Condo Homes in Spokane County on less than 1 acre

 

The total sales for 2007 ranked as the fifth best year for the Association with 6,933 closed sales.  The average sales price for the year was $211,909 up 7.4% from 06's average sales of $197,384.  The median sales price for 07 was $185,400, 5.9% up over 06's median price of $175,000.

 

Inventory as of this report stands at 2,553 listings compared to 2,148 at the same time in 2006.  Inventory is up nearly 18.8% or up 405 listings.

 

Call me crazy but it seems like the condition for a purchaser are ideal.  More homes to choose from than last year and better interest rates to give buyers more buying power.

 

Sellers Take Note!  You will get your home sold.  Yes, you are competing with more homes on the market and showing have been slow, BUT...there are currently 404 homes under contract this month ( I just checked ) and it is only January 10th.  And there are currently 141 homes with some kind of contingency attached to them.  The reason I mention this is to showcase activity.  I can't speak for other offices but I can about mine.  We are out showing homes, we are taking listings.  We have buyers in the conference rooms.  So, Sellers your patience will be rewarded!  Please make sure Seller, that your home is in top condition to sell.  Since you are competing with other homes, your home will have to stand out.  A little staging, some cleaning, packing and general appeal will go a long way!

 

Back to rates.  For those of you who are visual, take a look at this chart provided by Maria Burton at Windermere Mortgage Services.  Rates are lower now than this time last year !!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home pricing in Spokane is stable, Buyers have great tools available to use in purchasing and Sellers are anxious to sell.  I think 2008 will be a great year for Spokane...now we just have to do something about that snow!