"Blink and you may miss the bounce" was the headline in the Spokesman Review newspaper on Wednesday, December 3, 2008. The article covered the economy, suggesting that according to a study performed by Schwab, half of the gains following a recession happen within the first few months of bottoming out.
Now couldn't be a better time to purchase a home. A recent National Association of Realtors' study shows that if homeowners are considering a move to a larger home, now is the time to do it!
For more information on buying a home in the Spokane area, give me a call or check out my website for a free MLS mapping search: www.DonnaHenryHomes.com
Spokane ranked 4th best place in the country to invest in real estate!
-Source: National Association of Realtors and HousingPrdictor.com
"The Spokane economy grew by 19,000 new jobs and 18,000 new people moved to Spokane in the past three years." - Rich Hadley, President and CEO of Greater Spokane Incorporated. Mr. Hadley went on to say that overall in Spokane, "our economy is strong".
As a realtor in Spokane, I can tell you that homes for sale in Spokane that are priced right move very quickly. Just yesterday, I Spokane with an out of town investor who stated that Spokane is one of the best places in the country to invest in. Builder's and lenders are far more conservative here than in other areas of the country. Builders have produced fewer inventories of new homes in the last 12 months as a result of a weakened economy. We don't have subdivisions with hundreds of vacant homes like other cities.
However, sales have slowed and prices have declined in the Spokane market as a result of the onslaught of disastrous economic news nationwide. The maxim of any kind of investing is to buy when everyone else is selling (buy low, sell high?!). Smart investors are using this opportunity to look for deals in this market. With that said, approximately 75% of homes for sale in Spokane, are priced too high - many homeowners in denial about the current market, and some realtors are all too eager to take a listing rather than truly educate their client about the market and assist them in positioning their home in the right price range.
Don't get me wrong, I'm not suggesting every home should be priced at below market value to ensure a quick sale. I'm simply saying that an agent should thoroughly understand their client's goals and motivations. If the client needs to facilitate a sale in 60 to 90 days; the home must be listed ahead of the moving market, which in the long run will result in a higher price for the client. A home that is priced too high from the outset will sit on the market while buyers move towards other more attractively priced homes. Then, after the client's home sits for several months, the realtor, not wanting to risk losing the listing (or perhaps even the client not wanting to face the realities of the market), will do a modest price decrease hoping to attract attention. The sad truth is it's already too late... now you're chasing the market, instead of creating a scenario where the market is chasing you!
The maxim is:
If your home is being shown, realtors are bringing clients through your home; however, you are not getting offers in a two week period, you are priced approximately 5% too high. A $200,000 listing should be reduced to $190,000.
If your home is getting drive-ups, people are pulling flyers, but very few actual showings, your home is priced approximately 10% too high. A $200,000 listing should be reduced by at least 10% to $180,000
If you are getting drive-bys only, reduce the price by 15% to $170,000.
If you are simply unwilling to sell your home at $170,000, you might need to consider staying put for a few years until the market improves.
Spokane ranked 4th best place in the country to invest in real estate!
-Source: National Association of Realtors and HousingPrdictor.com
"The Spokane economy grew by 19,000 new jobs and 18,000 new people moved to Spokane in the past three years." - Rich Hadley, President and CEO of Greater Spokane Incorporated. Mr. Hadley went on to say that overall in Spokane, "our economy is strong".
As a realtor in Spokane, I can tell you that homes for sale in Spokane that are priced right move very quickly. Just yesterday, I Spokane with an out of town investor who stated that Spokane is one of the best places in the country to invest in. Builder's and lenders are far more conservative here than in other areas of the country. Builders have produced fewer inventories of new homes in the last 12 months as a result of a weakened economy. We don't have subdivisions with hundreds of vacant homes like other cities.
However, sales have slowed and prices have declined in the Spokane market as a result of the onslaught of disastrous economic news nationwide. The maxim of any kind of investing is to buy when everyone else is selling (buy low, sell high?!). Smart investors are using this opportunity to look for deals in this market. With that said, approximately 75% of homes for sale in Spokane, are priced too high - many homeowners in denial about the current market, and some realtors are all too eager to take a listing rather than truly educate their client about the market and assist them in positioning their home in the right price range.
Don't get me wrong, I'm not suggesting every home should be priced at below market value to ensure a quick sale. I'm simply saying that an agent should thoroughly understand their client's goals and motivations. If the client needs to facilitate a sale in 60 to 90 days; the home must be listed ahead of the moving market, which in the long run will result in a higher price for the client. A home that is priced too high from the outset will sit on the market while buyers move towards other more attractively priced homes. Then, after the client's home sits for several months, the realtor, not wanting to risk losing the listing (or perhaps even the client not wanting to face the realities of the market), will do a modest price decrease hoping to attract attention. The sad truth is it's already too late... now you're chasing the market, instead of creating a scenario where the market is chasing you!
The maxim is:
If your home is being shown, realtors are bringing clients through your home; however, you are not getting offers in a two week period, you are priced approximately 5% too high. A $200,000 listing should be reduced to $190,000.
If your home is getting drive-ups, people are pulling flyers, but very few actual showings, your home is priced approximately 10% too high. A $200,000 listing should be reduced by at least 10% to $180,000
If you are getting drive-bys only, reduce the price by 15% to $170,000.
If you are simply unwilling to sell your home at $170,000, you might need to consider staying put for a few years until the market improves.
Spokane ranked 4th best place in the country to invest in real estate!
-Source: National Association of Realtors and HousingPrdictor.com
"The Spokane economy grew by 19,000 new jobs and 18,000 new people moved to Spokane in the past three years." - Rich Hadley, President and CEO of Greater Spokane Incorporated. Mr. Hadley went on to say that overall in Spokane, "our economy is strong".
As a realtor in Spokane, I can tell you that homes for sale in Spokane that are priced right move very quickly. Just yesterday, I Spokane with an out of town investor who stated that Spokane is one of the best places in the country to invest in. Builder's and lenders are far more conservative here than in other areas of the country. Builders have produced fewer inventories of new homes in the last 12 months as a result of a weakened economy. We don't have subdivisions with hundreds of vacant homes like other cities.
However, sales have slowed and prices have declined in the Spokane market as a result of the onslaught of disastrous economic news nationwide. The maxim of any kind of investing is to buy when everyone else is selling (buy low, sell high?!). Smart investors are using this opportunity to look for deals in this market. With that said, approximately 75% of homes for sale in Spokane, are priced too high - many homeowners in denial about the current market, and some realtors are all too eager to take a listing rather than truly educate their client about the market and assist them in positioning their home in the right price range.
Don't get me wrong, I'm not suggesting every home should be priced at below market value to ensure a quick sale. I'm simply saying that an agent should thoroughly understand their client's goals and motivations. If the client needs to facilitate a sale in 60 to 90 days; the home must be listed ahead of the moving market, which in the long run will result in a higher price for the client. A home that is priced too high from the outset will sit on the market while buyers move towards other more attractively priced homes. Then, after the client's home sits for several months, the realtor, not wanting to risk losing the listing (or perhaps even the client not wanting to face the realities of the market), will do a modest price decrease hoping to attract attention. The sad truth is it's already too late... now you're chasing the market, instead of creating a scenario where the market is chasing you!
The maxim is:
If your home is being shown, realtors are bringing clients through your home; however, you are not getting offers in a two week period, you are priced approximately 5% too high. A $200,000 listing should be reduced to $190,000.
If your home is getting drive-ups, people are pulling flyers, but very few actual showings, your home is priced approximately 10% too high. A $200,000 listing should be reduced by at least 10% to $180,000
If you are getting drive-bys only, reduce the price by 15% to $170,000.
If you are simply unwilling to sell your home at $170,000, you might need to consider staying put for a few years until the market improves.
For first-time buyers, often the first thought that comes to mind is, "I need a down payment." This is often followed by the question, "Now, where do I get that down payment?"
Depending upon the loan type, a home mortgage typically requires 3 to 5 percent down. If you have the money, then you're set. But what if you don't? What if you're renting? You can afford a mortgage within your means, but coming up with the down payment money needed to begin the transaction can be challenging. So, where can you turn?
One of the most overlooked sources of down payment funds is likely right under your nose-in the form of government bonds and local grant programs.
These programs either provide outright monetary grants for down payment or money to buyers in the form of a forgivable loan. In essence, the government will help you buy your home and you typically only have to pay back the money if and when you sell that same property.
In the past it was challenging to find these special programs, but now all you need is your agent, a computer, an Internet connection, and a search portal such as Google or Yahoo. Enter the search terms "down payment assistance (followed by your city, state or province)" and see what pops up! It might just be the answer to helping you buy your first home.
For more information on buying a home in the Spokane area, give me a call or check out my website for a free MLS mapping search www.DonnaHenryHomes.com
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.
;)
;)
