Would you like to hear some great holiday news? The current rate for a 30 year fixed in Spokane, WA is at 4.75%. Wow, what a great time to be a buyer! This news is not only beneficial for buyers but also wonderful for those thinking of refinancing their current home.
Our current market has put us in a place we haven’t seen for years. Along with the low interest rates, we also have a lot of choices available in the home market, lowering home prices and sellers offering many great incentives to help sell their homes. It has been a long time since we have had all of these conditions working to the benefit of the buyer.
While our economy is currently in turmoil, we need to open our eyes to the benefits it has created. History has shown us that it is only temporary. Consider the following quote:
“Some people say they want to wait for a clearer view of the future. But when the future is again clear, the present bargains will have vanished. In fact, does anyone think that today’s prices will prevail once full confidence has been restored?”
Who spoke these wise words? Those comments were made by Dean Witter in May of 1932 – only a few weeks before the end of the worst bear market in history.
Have faith as we have been here before – and we survived and prospered!
It is a common misconception among homebuyers that the role of a real estate agent is the same in every transaction. Actually, many buyers are not even sure what precisely the role of a real estate agent is, other than to “sell the home.” Since buying a home is such an important decision, being misinformed about this topic can have a big impact on how well your home purchase will go. The real estate agent can be your opponent or your ally, depending on what type of an agent you are dealing with. There are several different types that the laws of our state permit, and here we will discuss the two most common types.
In the Seller’s Corner…
… is a seasoned professional called the Listing Agent. If you ever called on a For Sale sign or a newspaper ad to inquire about a home that was advertised, this was probably the person you spoke to. The Listing Agent (also called a Seller’s Agent) is hired by the seller to find a buyer for the property. But more importantly, this type of an agent has a written contract with the seller to look out for the seller’s best interests when negotiating. This includes obtaining the highest price for the property and making sure that the purchase contract is written so that the seller’s interests are protected. As a buyer this is something you must keep in mind. The Listing Agent should answer all your questions about the property honestly, but if you divulge any information that may give the seller a negotiating advantage, the agent will make sure that his client knows about it. It’s not because they are “out to get you,” but because that’s the law. This sure gives the seller a certain advantage, doesn’t it? “And what about the buyer?” you might ask.
And on the Buyer’s Side…
(the drum-roll please) is – nobody. Well, for some buyers at least. How come? There are people who think they will be okay negotiating and handling the paperwork themselves. Some think they can save money by not having their own agent. And some don’t even know that there is such a thing as a Buyer’s Agent. That’s a shame because, under the laws of our state, Buyer’s Agents do exist. And they can be of tremendous help in the complicated process of buying a home. Just like the Listing Agent is looking out for the seller, a Buyer’s Agent has a written agreement with the buyer to look out for the buyer’s interests. This will include searching for suitable homes, assisting with the loan approval process, handling the paperwork on the buyer’s behalf, negotiating the lowest price and protecting the buyer’s interests throughout the whole process. Best of all, this service is usually free to the buyer! The Buyer’s Agent receives a portion of the Listing Agent’s commission, so you will likely incur no additional cost for having a professional on your side.
I am often asked whether Realtors tend to specialize in one area – either in representing sellers or buyers. There are those that do. And there are those (including yours truly) who split their time equally between buyers and sellers. I think that doing both gives the agent an additional breadth of experience that enables them to do a better job for their clients.
If you are thinking about buying a new home in the near future, now is the time to start thinking about hiring a Buyer’s Agent. Remember, sellers have someone looking out for them. Shouldn’t you?
Looking to buy or sell real estate in Spokane Washington, real estate in Spokane Valley Washington, real estate in Liberty Lake Washington or real estate in Eastern Washington? Contact Doug Burke, a Windermere Real Estate agent and e-PRO Certified REALTOR, today to help you find your way home!
Although there is no 100% guarantee, your best bet is to ask for a pre-approval letter. To issue a preapproval, the lender will check the buyer’s full credit report, look for any discrepancies or potential red flags, verifiy his or her employment status and income, and then, if everything looks OK, pre-approve the buyer for a specific loan amount.
Now, there is another piece of paper with a similar-sounding name, called a “pre-qualification” letter. To get “pre-qualified” the buyer only verbally tells the lender what his/her income and debts are. The lender then checks a par tially complete credit report and nothing else. Since nothing is verified, and the full credit report is not checked, the “pre-qualification” letter is pretty meaningless. Therefore, insist on getting a pre-approval letter. Sure, it’s not bulletproof, but it’s the next-best thing to being offered cash.
The Washington real estate market is a stable and an excellent investment that you get to live in!
Facts About Foreclosures
The foreclosure rates today are the same as they were 10 years ago.
Fewer than one percent of mortgages end in default in Washington state.
As of mid-June, sub-prime, adjustable-rate loans represented 20 percent of loans nationally, but just 6 percent of home loans in Washington.
The Market is Strong
Home appreciation in Washington continues to out-perform the rest of the nation with year-to-year price increases every quarter since the spring of 1995.
The Market is Stable
Home prices in Washington have increased an average of 8.1 percent since the same time last year. Many
counties, however, have experienced price hikes much higher: Chelan 29.8 percent, Okanogan 24.5 percent; Douglas, 22.2 percent; and Lewis 19.3. WSU Center for Real Estate Research (CRER)
The demand for median-priced homes has never been greater.
Why Washington Is Different
The home market isn’t keeping pace with the growth of the state’s population, which is continuing to increase at 1.8 percent per year.
The state’s population will increase by nearly one million over the present decade and reach 6.8 million by 2010.
About two thirds of the growth is due to in-migration; the rest is a result of the growth of families now living in Washington. Washington State Office of Financial Management
What About Inventory?
The key to stability in the residential real estate market is balance, where balance is about a six month supply (or inventory) of homes available on the market at any given time.
Who we are
Washington Realtors® represent approximately 170,000 homebuyers and the interests of more than 2 million homeowners throughout the state.
Realtors®’ top public policy priority is building communities that have a strong economy, attractive home choices, great schools and parks, safe neighborhoods, and good transportation choices.
Last Friday, June 15th, over three hundred Windermere Real Estate agents, brokers, owners and staff gathered at Camp Dart-Lo in Northwest Spokane Washington. Camp Dart-Lo is a camp offered by Camp Fire USA and covers approximately 51 acres of forested land. Our goal was to rebark several trails, road grading and graveling, sign repair/replacement, tree trimming and removal, carpentry work on tables and sheds, painting/staining/sealing of buildings, and construction of some new buildings. This was no small task nor an easy one but we succeeded!
With the help of several contractors, landscapers and other camp volunteers, we managed to revamp a majority of the complex just in time for the kids to return for the upcoming summer session of camps. While the work made for a long and grueling day, it was well worth the effort. Giving back to the local communities where we live and work has been a long standing tradition for Windermere Real Estate agents. Each year, I donate a day of my time to help out with Windermere's Community Service Day. This year was no exception as I arrived at Camp Dart-Lo at 7:30 a.m. and didn't leave until we had finished at about 6:30 p.m. It is a rejuvenating experience and I plan to continue to give back to my community each and every year.
As a real estate professional I work with many buyers and sellers every year in the Spokane, Spokane Valley, Liberty Lake and Eastern Washington (WA) region. I often hear horror stories from people who made a seemingly small mistake in their past real estate transactions that ended up costing them a lot of aggravation and a lot of money. I don’t want anyone to make these mistakes, so as a Realtor I work hard for my clients to ensure that their real estate transactions go smoothly. For those who are not my clients yet, I prepared this free special report that outlines the seven most common and most expensive mistakes.
The Seven Most Common Mistakes Sellers Make is a free three-page special report that no seller should be without. If you are thinking of selling your home or real estate soon, arm yourself with the knowledge that can help you avoid expensive mistakes too many people have made. Send me an email to request this free report today – there is no cost or obligation.
I hope you will enjoy it and find it useful! Also, check out my website to find out how I can help you sell your home or real estate in less time and for the best price.
Are you thinking of buying a new home or real estate in the Spokane, Spokane Valley, Liberty Lake and Eastern Washington (WA) region? Stay ahead of the pack and avoid the mistakes most homebuyers commonly make.
The Seven Expensive Mistakes Buyers Frequently Make is a free three-page special report that no buyer should be without. If you are thinking of buying a home soon, arm yourself with the knowledge that can help you avoid expensive mistakes too many people have made. Send me an email and request this report today – there is no cost or obligation.
Abraham Lincoln lost his home twice due to problems with the title. The purpose of title insurance is to help you avoid the same fate. Simply put, it insures you and your lender against errors or potential problems with the ownership documents of your home. For example, if someone was to claim to be the rightful owner of your home, the title insurance protects you against possible loss or damages.
Two types of title insurance are available. The lender’s policy protects only the lender from title defects, liens or judgments. The owner’s policy protects the buyer against the same problems, and can be expanded to cover additional title risks, such as unrecorded liens. A lender’s policy is required in order to obtain a mortgage. An owner’s policy is not, but since it’s only slightly more expensive than the lender policy, buying it is certainly not a bad idea as it gives you added peace of mind.
Have a tough real estate question? Your calls and e-mails are always welcome!
• 1,850 sq. ft., 3 bath, 3 bdrm single story - MLS® #27016435 $337,500 USD
Eloika Lake, Elk, Washington WA - Magnificent custom home on 10 MOL acres – if you are looking for your private escape, this is the home for you. You can fish and hunt right out the back door using the egress to Eloika Lake & the 160 MOL acres of common wilderness area. This newly constructed home has 3 bedrooms, 2.5 baths, is over 1800 square feet, has many unique upgrades, gorgeous finish work, hardwoods, tile, & so much more. 2 car attached garage & 20x36 shop/horse barn. Set far back from highway – from back yard you won’t even know its there!
• 1,184 sq. ft., 2 bath, 4 bdrm single story - MLS® #27020983 $209,900 USD
Opportunity, Spokane Valley, Spokane County, Washington, WA - Absolutely beautiful home that shows “Pride of Ownership!" First time on the market! Excellent condition & location. Park-like backyard. The inside is immaculate and features hardwood floors, kitchen w/newer oak cabinet fronts, upgraded furnace & service contract - also there is a heat pump. The bedroom in basement (with non-egress window) has a cedar lined closet. This home is a pleasure to show
Find out about the Spokane & Liberty Lake Washington real estate market. If you have comments or questions, feel free to post them on "Spokane Washington Real Estate News Blog."
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
• 1,850 sq. ft., 3 bath, 3 bdrm single story - 
MLS® #27016435 $337,500 USD 
• 1,184 sq. ft., 2 bath, 4 bdrm single story - 
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