Spokane Real Estate - Windermere Real Estate Spokane Valley and Liberty Lake
Spokane Real Estate - Windermere Real Estate Spokane Valley and Liberty Lake
Windermere Real Estate/Valley, Inc.

ATTENTION ! Renters and First Time Home Buyers

Posted on January 23, 2008
Ok.  Here's the situation.  If you are thinking of purchasing your first home...now would be a fantastic time.  Take a look at these numbers!
 
Interest rates according to Windermere Mortgage Services Today
For 01/23/2008
Programs Rate APR P&I
30 Year (fixed) 5.250% 5.475% $ 828
15 Year (fixed) 4.750% 5.033% $ 1,167
3/1 Arm* 5.125% 5.754% $ 817
Calculations based on loan amount of $150,000 at an 80% loan-to-value.
*ARM loans based on 30 year term and APR may increase after closing.
 
Currently ( I just checked ) in the Spokane Multiple Listing Service there are 982 homes on the market between $100,000 and $200,000.
 
If you are looking for a 3+ bedroom, 2+ bath home the average list price is $170,569.
Principle and interest with 3% down = approx. $913.63
 
If you are looking for a 3 bedroom, 2 bath home the average list price is $168,991.
Principle and interest with 3% down = approx. $905.18
 
If you are looking for a 2 bedroom, 1 bath home the average listi price is $134,858.
Principle and interest with 3% down = approx. $722.35
 
For more information contact your Windermere Agent or Maria Burton at Windermere Mortgage Services.  
 
Bottom line:  There is great inventory to choose from.  You can find your dream home with some help from your agent.  You can get into that home at an interest rate that is lower than it was 1 year ago.  Strongly consider making a move into homeownership.  I've heard buyers say they are going to wait.  Wait for what?  The timing is right now.  Home pricing in Spokane has stabilized and if you recall from a previous posting...Spokane's home pricing was actually UP in 2007.  We will not see the same accelerated growth in pricing in 2008, but we are not going to see the decreases you may be reading about in the national media.  Some areas in the USA have seen dramatic price decreases.  Our area has not.  Spokane is healthy and strong.  Let us know how we can help you make your next move!
 
 

Comment Posted on "ATTENTION ! Renters and First Time Home Buyers"
1.  Trevor Windhorst
Posted January 24, 2008 9:16 PM

Wow! Checking out your blog today just brought back a memory of my first home. It was a 2 bedroom, 1 bath starter home and our priciple and interest at 7.5% interest rate was exactly $722/mo. We bought this little house and made it a home for a couple of years so that we could use it as a stepping stone to our next home.

After selling real estate for 12 years here in Spokane I was begginning to think affordable home ownership for people wanting to get started, like I did years ago, wasn't attainable! I look at interest rates today and see a clear path for people that want to get started - the same path I had an opportunity to follow years ago!

Our first home wasn't the most exciting home - a simple 820 square foot bungalow with an unfinished basement. We loved it though. We didn't have other renters anymore making noise at all hours of the night. We had our own yard that we grew a small garden in. We made a big patio in the backyard that we would sit out on till late hours on the long summer nights bar-be-queing and visiting with friends. It was home and it was ours. We sold that home after doing some minor low cost updating and giving it a little elbow greese and made nearly $20,000! We never would have been able to afford the home we live in now had we not gotten started some place!

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