Spokane Reblog

Home Buyer Information Packets

Scott May (Coldwell Banker Tomlinson) — Sat, 16 Jun 2012 22:13:44 -0700

Not all agents have them; not all buyers will want them, but for those that really just don't know what to do, I have prepared packets and have them available at Open Houses, or for new Clients.

I include a little information about myself and background, followed by a graphic layout of the home buying process, information on how to begin the process of becoming approved for a loan, what types of financial information will be needed, how everyone gets paid and so on. I also include a copy of all of the paper work for making the purchase and sale.

Based on my experience, first time home buyers really enjoy this. Those whom are maybe purchasing their second or third home or investors generally like to know I have it available, but are quick to understand what is needed and usually look through it quickly but elect not take it home.

I've been told that not many agents use buyer packets, or even seller packets. I'm wondering what your opinions on these items are from other agents as well as consumers?

Thank you for your visit to my blog. Please also see: www.scottmayihelpyou.com Your referrals are always welcome and I'm happy to answer your questions. I'm with Coldwell Banker Tomlinson helping buyers and sellers succeed.

Spokane Real Estate Market Report: Month Ending April 2012

Scott May (Coldwell Banker Tomlinson) — Mon, 07 May 2012 16:39:51 -0700

April figures show that 338 closed sales of single family homes on less than one acre (including condos) were

reported. Last month 337 sales were reported. The average sales price for April was $166,394 while the median

price was $152,500. From last month these numbers are down 2.6% and 3.3% respectively.

Year to date figures show that sales are up 13% through April. This year through April 1,150 closed sales have

been reported compared to 1,018 last year. The year to date average sales price stands at $163,343 through April

compared to $167,391 over the same period last year. Average price is down 2.4% year to date. Median price is

down 2%, $150,000 compared to $153,000 last year through April.

Inventory is down 9.1% compared to last year at this time, 2,612 homes on the market as of this report compared

to 2,874 at approximately the same time last year.

New home sales are down approximately 8% through April this compared to last year.

We can grow big, if we put our minds to it

Scott May (Coldwell Banker Tomlinson) — Sat, 25 Feb 2012 21:30:19 -0800

Dr. Grant Forsyth of Eastern Washington University College of Business and Public Administration has compiled an area economic outlook for 2012. The good news is Agriculture and Retail sectors are on the increase while non-farm employment and income are trending upward. Initial filings for unemployment are down as well. It continues to be a forecast for choppy waters in the housing market however with an overall loss in equity predicted.

Here's the link: http://www.ewu.edu/Documents/CBPA/IPPEA/2012%20Forsyth%20Outlook2-Nov-15-2011-PDF.pdf

One thing of note in terms of residential real estate; with anecdotal value of course, is that for some on the buying side of things, it's a time of growing frustration in that the housing inventory has shrunk somewhat in various price ranges making it difficult to find the right place to buy. Will this trend that myself and many of my colleges are facing continue through Spring into Summer? I'm inclined to think that possibly with Spring and the change in weather, that more homes will come on the market. Still (and less inventory is supported with evidence in the data from the Spokane Association of Realtors) this decrease in inventory and increase in sales, if it continues, and at a time whereby foreclosure inventory is also shrinking, it could point in a direction of a stable market and ultimately one in certain categories that may show price increases. Of course nobody knows for sure how things will play out. It will be interesting to see and then revisit the 2012 outlook in 2013 and see how close it came to an accurate portrayal. Meanwhile with low interest rates, rock bottom prices, it appears to be a race to the finish line this year for those wishing to invest in real estate and get a great deal.

Finally, it's a tremendous value and asset to have research in motion here in our area. Not just in business, but in medical, biology, technology and all areas of academia. Having earned an undergraduate and graduate degree from Eastern Washington University, I'm proud to see our area University District at Riverpoint grow, as well as new projects and growth at Gonzaga across the river, Washington State University Spokane, and the central EWU campus at Cheney. Institutions of higher learning are smart investments in the regional economy. As we support growth in research and funding, we see the University community grow and along with it, various economic sectors. As the tide rises, so rise all boats, as the saying goes. Of course we are all interconnected nationally as well as globally, but isn't a marker of success within a civilization it's strength in the arts, sciences, and advanced disciplines? Spokane has so much potential, and we can grow big if we put our minds to it!

February 2012 Mortgage Rates

Scott May (Coldwell Banker Tomlinson) — Mon, 13 Feb 2012 13:50:09 -0800

30-Year Mortgage Rates Hold at Record Lows Daily Real Estate News | Friday, February 10, 2012 The 30-year fixed-rate mortgage averaged 3.87 percent this week, matching last week’s all-time record low. As for other rates, they ticked up slightly this week, but still hovered around record lows compared to historical standards, Freddie Mac reports in its weekly mortgage market survey. “A strong January employment report added upward pressure to most mortgage rates this week,” Frank Nothaft, Freddie Mac’s chief economist, said. The unemployment rate dropped to 8.3 percent as the economy gained 243,000 jobs last month, the largest gain since April 2011.

Here’s a closer look at rates for the week ending Feb. 9:

•30-year fixed-rate mortgages: averaged 3.87 percent, with an average 0.8 points. A year ago at this time, 30-year rates averaged 5.05 percent.

•15-year fixed-rate mortgages: averaged 3.16 percent, with an average 0.7 point, rising slightly from last week’s record low of 3.14 percent. But 15-year rates were still far below what they averaged a year ago at this time — 4.29 percent.

•5-year adjustable-rate mortgages: averaged 2.83 percent, with an average 0.7 point, rising from last week’s 2.80 percent average. Last year at this time, 5-year ARMs averaged 3.92 percent.

•1-year ARMs: averaged 2.78 percent, with an average 0.6 point, rising slightly from last week’s 2.76 percent average. A year ago, 1-year ARMs averaged 3.35 percent.

Spokane Real Estate Market Report January 2012

Scott May (Coldwell Banker Tomlinson) — Mon, 13 Feb 2012 13:49:23 -0800

Residential closed sales (residential site built on less than one acre and condo) totaled 205 for January. This

number is down from December 2011 when 355 sales were reported sold. However, closed sales for January

2012 are the highest for January since 2008. The average sales price was $156,121, up 1.7% from December

2011 and the median price was $147,000, up 1.4% from December 2011. Compared to one year ago, average

and median prices for January 2012 are down 12.7% and 5.2% respectively.

January closed sales are up 11.4% compared to last January. This is the seventh consecutive month where sales

were up compared to the same month a year ago.

Inventory is up compared to this time last year by approximately 220 properties or up 8.1%. New home

construction closed sales were down 35.5% compared to January last year.

As you can see, there have been significanly less listings on the market during the past year than the year previous.

Less homes available on the market with an increase in closed sales trend indicates a market beginning recovery.

Of course nobody knows for sure what the future may bring, but it continues to be a great time for folks in the market who wish to take advantage of the historically low interest rates and affordable prices. Home sellers are beginning to see reductions in inventory and movement towards a more stable market. Of course the number of distressed properties continue to keep downward pressure on prices at present although these inventories are trending downward as well.

This market report is more of a macro county-wide report. I would be happy to pull information for your specific area if your interested in exploring the market in more depth in order to better estimate the present market value of your home. Just give me a call!

Good News for Home Sellers

Scott May (Coldwell Banker Tomlinson) — Fri, 18 Nov 2011 18:21:27 -0800

Housing Picture Expected to Brighten in 2012

Daily Real Estate News | Thursday, November 17, 2011

Better times are ahead for the real estate market in the new year, according to several forecasts and recent surveys.

Fiserv, a financial information services firm, predicts that 95 percent of the 384 metro areas it tracks will see prices rise in 2012.

Many surveys and economists are forecasting a very modest increase for the housing market in the new year, but after several years of dropping prices and rising foreclosures, even the slightest increase would signal a glimmer of hope for the market. In a survey by MacroMarkets of 100 economists and real estate professionals, respondents reported home values will likely rise slightly at 0.25 percent in the new year.

The real estate market still faces a large backlog of foreclosures that it must work through in many markets. As such, price gains through 2015 will likely just be around 1.1 percent, according to the survey. However, this is a reversal after a forecast of 2.8 percent decline in median home values for this year.

Foreclosures continue to weigh on many markets and are preventing home values from stabilizing, economists say.

"The water is very deep in the living room, but it's no longer getting deeper and is starting to recede,” says Mark Fleming, CoreLogic's chief economist.

Low interest rates on mortgages mixed with more affordable housing for families in the median income range are expected help the market in its rebound in 2012, economists say.

Source: “A Smaller House Will Make a Big Difference,” Money Magazine (Nov. 14, 2011)

Important Refinancing Information

Scott May (Coldwell Banker Tomlinson) — Fri, 18 Nov 2011 18:21:04 -0800

Gov't Announces More Refinancing Program Details

Daily Real Estate News | Thursday, November 17, 2011

This week, the federal government released more details about its revamped Home Affordable Refinance Program, which sets out to allow more home owners to refinance their mortgage and take advantage of ultra-low rates. The program is geared to those who are current on their mortgage but may be underwater, owing more on their homes than they are currently worth.

Here are some more details about the changes coming to HARP:

Borrowers must be current on their loan and have no delinquencies in the last six months. A borrower can be 30 days late, however, on one payment in months seven to 12 of the past year. Borrowers much have 20 percent or less of equity in their homes to participate.
Loans must be owned or guaranteed by Fannie Mae or Freddie Mac before May 31, 2009. Borrowers can see if Fannie Mae or Freddie Mac backs their mortgage by visiting www.freddiemac.com/mymortgage or w www.fanniemae.com/loanlookup.
The revamped HARP program will begin Dec. 1, 2011, and run until Dec. 31, 2013. Participating in the program is voluntary for lenders.

Source: “Mortgage-Refinancing Program Undergoes Changes,” Chicago Tribune (Nov. 16, 2011)

Wine Lovers Unite for an Important Event

Scott May (Coldwell Banker Tomlinson) — Thu, 03 Nov 2011 20:13:32 -0700

It's time once again for the Cork & Kegg beer and wine tasting event at Mirabeau Hotel in the Spokane Valley. the event is put on by the non-profit Washington Restaurant Association and benefits student scholarships. Enjoy wine and beer from nearly 50 wineries and breweries from around the area. It's your chance to taste more than 100 wines and 30 hand-crafted beers. The food is provided by the Inland Northwest Culinary Academy. The event includes live music, a wine store, and of course a great night of social.

Special room rates from the hotel are available as well. The event is Saturday November 12, 2011. Tickets are $50 at the door and $45 in advance

http://www.spokanecorkandkeg.com/home_page

We Need Your Coats for Kids!

Scott May (Coldwell Banker Tomlinson) — Mon, 26 Sep 2011 20:49:10 -0700

UPDATE UPDATE UPDATE!!! Our office got in more than 2000 coats this year. Thank You Spokane. I got in just under 100. Thanks!!!!

I'm again very much pleased to be a part of the Coats4Kids drive for coats to give to those in need this year. Fall/Winter cold weather is fast approaching and we can use your help? Not everyone has growing kids and coats that no longer fit in the back of the closet to donate, and I noticed last year that we got in quite a few brand new coats as well, so there's no excuse! Spokane people are generous people and nobody wants a child walking around this winter with a tattered coat, or even worse, no coat at all. Scroll down for my drop off locations:

Please help if you can. I have two convenient drop off locations this year: Spokane North (Chairs Coffee), Spokane Valley (Auto Licensing Plus off Sullivan), and Spokane South (Sacajawea Middle School).

Spokane North Side: Chairs is located at 211 West Indiana in Spokane (near intersection of Indiana and Division). So if you are commuting on Division, you can conveniently drop off here and enjoy the best coffee served in our city. They serve Roast House Sustainable and Organic grown coffee and let me tell you you won't be needing to make it a double shot!

Thanks to Spokane Valley's Auto Licensing Plus, you can renew your tabs and drop off a coat here. The owner of this business has gone to the effort of creating an attractive display on the wall of her business to help promote the event and even if you don't need tabs, you should bring a coat and drop it off here and just say "hi". So if you are commuting along I-90 from Liberty Lake into town, you can easily take the Sulivan exit and drive down a few blocks just before Fred Meyer, you'll see the shopping center on the East side of the road.

Also, if on the South Hill, or anywhere in Spokane, you may drop off your coats at a participating area school. I have a drop off location at Sacajawea Middle School.

Spread the word, we only have until October 16th.

Yes We Can Make A Difference and Help the Economy!

Scott May (Coldwell Banker Tomlinson) — Sat, 20 Aug 2011 04:58:58 -0700

"Yeah, but what really can I do to help"? Well, just the other day I was talking to an agent at another agency and she mentioned just how helpless she felt saying that as agents at full service agencies we do all this massive marketing and everything under the sun to move these houses and yet the inventory remains high and buyers are few and far between. Flash forward after another couple days of house showings, previews, opens etc.. and I'm sitting in our weekly meeting when my managing broker mentions that we can write our representatives. It still didn't finally occur to me until this evening when I was reading the latest quarterly report from Realogy and decided to read the press release. I'll share it here with you because it's important and then I'll provide a few easy links so we can voice our concern and earnest support for what I also believe is a step in a possitive direction.

How can we make that difference? Well, if enough of us actually took the time to sit down (your probably not standing up reading my blog, at least most of you LOL) and call or write our representatives and voice our support for this, we might actually have some genuine influence here...

Realogy Calls For White House Summit On Housing

Company Asks Administration to Seek Recommendations From Real Estate Business Leaders to Help Stimulate a Sustained Housing Recovery

PARSIPPANY, N.J. 08-08-2011 —

Realogy Corporation, a leading provider of real estate and relocation services, today announced that it has sent a formal request to President Obama and his Administration calling for a White House Summit on Housing.

“Housing has an enormous impact on our nation’s GDP and given its substantial influence on all aspects of the economy, we believe it warrants special attention from the White House,” said Realogy CEO Richard A. Smith. “The key to the proposed White House Summit on Housing would be its emphasis on bringing together real estate business leaders to make actionable recommendations designed to stimulate the growth necessary for a sustained recovery in housing, which would have an ensuing positive effect on job creation and the broader U.S. economy.”

“We believe that front-line business operators from the residential real estate industry would add a valuable perspective to the process, and this summit would give the Administration the benefit of unfiltered, real-time market feedback from business leaders who are residential brokerage operators, real estate franchisers, home-builders, mortgage lenders and other related industry groups,” added Smith.

In his letter to the President, Smith concluded by stating, “Your leadership on this issue would bring together the top business minds of the residential real estate industry at a time when practical business experience may very well offer the guidance necessary to stimulate housing, and thus the U.S. economy.”

About Realogy Corporation
Realogy Corporation, a global provider of real estate and relocation services, has a diversified business model that includes real estate franchising, brokerage, relocation and title services. Realogy's world-renowned brands and business units include Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, The Corcoran Group®, ERA®, Sotheby's International Realty®, NRT LLC, Cartus and Title Resource Group. Collectively, Realogy's franchise system members operate approximately 14,400 offices with 256,000 sales associates doing business in 100 countries and territories around the world. Headquartered in Parsippany, N.J., Realogy is owned by affiliates of Apollo Management, L.P., a subsidiary of Apollo Global Management, LLC, a leading global alternative asset manager.

Link to contact Representative Kathy McMorris:

http://mcmorris.house.gov/index.cfm?sectionid=435&sectiontree=4,435

Link to contact Washington Senator Patty Murray:

http://murray.senate.gov/public/index.cfm?p=ContactMe

Link to contact Washington Senator Maria Cantwell:

http://cantwell.senate.gov/contact/

Link to contact US President Barack Obama:

http://www.whitehouse.gov/contact

The issue is complex and complicated that's for sure. A huge summit with the leaders in the industry all sitting down together and figuring out a solution is a terrific idea. Support our efforts as Agents, REALTORS, Agencies and as Americans and take a moment to urge your support for this important summit.

Lake Spokane Camping

Scott May (Coldwell Banker Tomlinson) — Wed, 17 Aug 2011 21:04:21 -0700

Less than an hour drive from Spokane, is Lake Spokane, on the Spokane River about 25 miles Northwest of Spokane, otherwise known as Long Lake featuring fun on the lake, boating, lake front properties, and a terrific camp ground for a quick camping get away including a swimming area...

Take highway 291 Northwest past Suncrest and Tum Tum to get to the campgrounds

Features some great camp sites...

or maybe you'd just like a short outing an place to picnic?

Great place to launch your boat for fun on the lake...

If you are interested in property in the area, I have a wonderful listing nearby featuring an energy efficient 3 bedroom, 2 bath home on 5 acres... www.tourfactory.com/77495 It features a nice lake view from the property from out back. Here's a picture of the lake and the campground area boat ramp and picnic area from up higher...

I think the nicest thing about the area is the stillness of being out in the country. There's currently lots of homes and properties in various locations and price ranges available up in this area.

Quarterly Profits at S&P 500 are Strong! Glass really is half full...

Scott May (Coldwell Banker Tomlinson) — Thu, 11 Aug 2011 14:05:00 -0700

"Corporate profits remain robust" WSJ 8/5/11, Profits at more than 80% of the S&P 500 are reporting strong quarterly profits and earnings are up by almost 15% verses last year. Now why was this not on the front page? The sky is not falling and the glass is more than half full!

I posted this on Facebook this morning, because just like the headlines in the paper (and yes fear sells papers) many of my friends appear to be full of doom and gloom based on a handfull of posts I've read, and really who can blame them? And yet here is this article and many other articles if you search hard enough that talk about the positive aspect of today's market. Interest rates are at record lows, Investment opportunities are abundant, and if you look at various charts in the financials it appears rather obvious that what we are seeing on the aggregate level is a mild to moderate correction. Moreover when you look at P/E ratios the situation is even more encouraging. I say we pour out the cool-aide, turn off the TV, get out and enjoy the rest of our beautiful summer here in the Pacific and Rocky Mountain Northwest, while remaining confident that indeed the sky will not be falling anytime soon.

So Scott, how is the market?

Scott May (Coldwell Banker Tomlinson) — Wed, 20 Jul 2011 15:18:44 -0700

I think I get asked this question, or a variation there of, every day at least once. The problem with coming up with an answer to this question, is that the question itself is very vague. Certainly, it's an understandable first point of inquiry, but really, "the market" is quite complex. If the question asker is really wanting to know "how is being an agent in the business?" then they are really asking about the quantity of sales in the market. If they are approaching the subject from the stand point of a homeowner wishing to, perhaps, sell in order to move into something else, then they are probably wondering about housing prices and inventory. Of course, it may be that the person is thinking about buying some investment property and wishes to find out what's available and what the return might bring.

No matter what the case, the market is what the market is. If it's a buyer's or a seller's market (we are still in a buyer's market in price points above $100,000.00), people for one reason or another are always moving (thus the clever Coldwell Banker Slogan "We never stop moving!"). Maybe it's a job relocation, possibly a need to downsize after retirement, or maybe it's newly weds who are looking for their dream home. From the stand point of business for an agent like myself, the point is there is a market out there for hard working agents and a need exists on behalf of clients for service and assistance in today's tough market despite weeker volume.

For buyers, it continues to be an extremely good market in terms of selection and price in almost every price category and particularly high end homes. For home owner's wishing to sell at fair market value, it's a little more difficult today than it was in the recent past mostly because of so many homes out on the market (inventory), but that doesn't mean it won't sell. Price, location, and quality. Fix it up, make it look as new, neutral and turn key as possible so it will be very competitive in the eyes of the buyer (think: winning the beauty contest). Be sure it's at fair market price or it won't likely draw an offer. It may be difficult to do much about the location, but lots of people like living in different places, so if the price and quality are there chances are it will get an offer.

Finding the right agent who will share with you ALL of the data in order to arm you with the facts so you can make a good decision that will best meet your goals is critical. A full time hard working agent is in the market year round whereas a person who bought say 10 years ago and now is needing to sell, may not be at all aware of current conditions in today's tough market. That's why it is smart, efficient and critical to sit down with your agent and go over all questions. The agent also will have a lot of questions in order to better serve you and your family's needs.

Each year I meet so many new and interesting people at networking events, social functions, open houses etc...often someone I just met will refer a friend or coworker to me, sometimes it's someone I have known already for years. No matter who they are or how we know each other though, I always start out with explaining my basic philosophy though, as well as our company philosophy: to do business with a core set of values including Integrity, Professionalism, Service, Leadership and Compassion, to Enrich the lives of all the people I touch, and serve the community with the highest degree of Excellence. I think if you conduct business in line with these ideals you can't help but succeed.

So how is the market? The market is there like a swimming pool ready to jump in. I swim in it every day, and if you plan on going swimming soon, let me be your friend and life guard. Just like a swimming pool, safety, precautions and knowledge are all important. If you know how to swim, are careful, and aware of safety you will have a pleasurable day in the water. If you need to know the temperature of the water, I can tell you.

The market is actually a little more complicated than a pool, but well you get the picture. The point is that I am in business and have served my clients well because I am more like a consultant, providing critical information along the way in order to save time and money on the transaction. Can the market be explained in one sentence? Probably not, but an in depth and neighborhood specific answer to that question can be had, however if I know what area of the market you are interested in.

It's Almost Here! Trader Joe's, Spokane.

Scott May (Coldwell Banker Tomlinson) — Wed, 20 Jul 2011 14:41:55 -0700

This morning I was craving a sausage McMuffin and decided to take a different way to work that took me past the construction of the soon to be new Trader Joes location in Spokane on 29th in the Lincoln Hieghts Shopping Center, where there's also a McDonalds. Just to update the progress on construction: Trader Joes is still slated to open up this Fall and the new shopping center remodel project is moving along on schedule.

For continual updates and more interesting information check out the facebook site: http://www.facebook.com/pages/Trader-Joes-Spokane/180468480116 Reportedly, there is more than 14,000 people who have friended this page! Amazing. Well I'm super excited just like everyone else, to shop at the new store when it finally opens.

The Day Time Stood Still in Spokane

Scott May (Coldwell Banker Tomlinson) — Mon, 09 May 2011 18:50:57 -0700

Just the title of this post reminds me of an old story of a friend of mine who was on a flight into Spokane where the pilot announced on the P.A. system that he had begun his decent into Gieger Field saying that his passengers should set their clocks back 20 years! lol. Well, if you set your watches by the clock tower in downtown Spokane and Riverfront Park, you may in fact be way off come this Friday as work begins on the 109 year old giant sized grandfather clock and famous Spokane landmark. This Friday (May 13, at 10am) the clock will stop as work is conducted on the internal mechanisms. It should be back to regular time at some point during the following week.

The clock tower was constructed between 1901 and 1902 and was part of the Great Northern Railroad Depot that was demolished in the early 70's to make preparations for the World's Fair Expo held in Spokane in 1974. This gigantic clock is actually wound by hand once a week.

the grassy area surrounding the Clock Tower is perfect for frisby tossing, laying out on a blanket getting some sun, or a favorite place to sit and watch live performances held throughout summer.

Riverfront park is the crown jewel in Spokane's park system, featuring more than 80 parks and over 4,100 acres of protected green space! The initial parks plan was designed by the Olmsted Brothers, Landscape Architects of New York City, designers of New York's Famed Central Park. The Spokane parks board early on recognized the importance of a modern park system and so today Spokane is an American city truly known for it's amazing park system.

Spokane Real Estate market Report April 2011

Scott May (Coldwell Banker Tomlinson) — Mon, 09 May 2011 18:34:47 -0700

Sales of single family homes increased in April over the previous month. 332 residential sales on less than oneacre including condo were reported compared to 307 from the previous month. The average sales price for Aprilwas $166,868 while the median sales price was $153,157.Sales through the first four months of this year total 1,013 compared to 1,296 over the same time last year.Again, last year the first time homebuyer and move up buyer tax credit were in effect. Sales so far this year aredown 21.8%. Last year at this time we were reporting sales up 33.3%. The average sales price through April is$167,551 compared to $178,400 for last year. Average sales price is down 6.1% The year to date median priceis $153,000 down 4.4% from $160,000 last year at this time.Inventory through April this year is down 15.8% compared to last year. Inventory as of this this report stood at 2,874 properties compared to 3,414 last year. New homes sales are down 8.6% so far this year.

Medium Price: $153,157.00. -4.4%

Average Price: $166,868.00 -6.7%

Sales: -21.8%

Inventory: 9 months. Market: Buyer

Riverfront park, Spring Has finally Arrived

Scott May (Coldwell Banker Tomlinson) — Mon, 09 May 2011 18:20:45 -0700

Beautiful Spring weather has finally arrived in Spokane

Just shy of 70 degrees with a gorgeous blue sky and the thundering falls sound is all around

The running water feature at Riverfront Park's entry way is a sure sign that Spring has definitely arrived

Nice view looking south from the park with the Macy's building in the background

The land has always held an honorable spot in the heart of Native Americans, partly because of the rich history of the abundance of fish in the waters, a once robust area to catch Salmon as they jumped and swam up the falls towards their ultimate destination up stream for spawning.

This is part of the 14.8 mega-watt power generating hydroelectric damn on the Spokane River Falls in Spokane Washington. Also seen here is a pedestrian foot bridge and the last legs of work on the recently demolished YMCA building.

Built for the 1974 World's Fair expo, Riverfront Park boasts a whole bunch of children's carnival style rides, and indoor miniture golf park, and an IMAX theatre.

right in the heart of downtown right next door to the flour mill and between the Spokane Arena and Riverfront Park are these luxurious condos with spectacular views of the city and falls. One recently sold for just shy of a million dollars.

Cheaper to buy then it is to rent!

Scott May (Coldwell Banker Tomlinson) — Mon, 02 May 2011 16:45:42 -0700

Cheaper to buy than rent in 78% of major cities

Trulia: Dropping prices and rising rents boost affordability

By Inman News, Thursday, April 28, 2011.

Inman News^TM

It is cheaper to buy a home than to rent one in 39 of the nation's 50 largest cities, according to a quarterly report released today by real estate search and marketing site Trulia.

Trulia's rent vs. buy index compared the median list price with the median rent on two-bedroom apartments, condominiums and townhomes listed on Trulia.com as of April 1, 2011, in the 50 most populous cities in the U.S. While 72 percent of the cities favored buying in the previous quarter's report, 78 percent favored buying in this latest report.

"With home prices nearing a double dip and more foreclosures expected to flood the housing market over the next two years, the decision between renting and buying a home across most of the country has clearly moved in favor of buying," said Ken Shuman, Trulia's spokesperson, in a statement.

"As we head into the summer buying season, those looking to buy a home should be encouraged by improvements in the market and feel optimistic about their chances of finding an affordable home -- much more so than in previous years."

******

Low interest rates.

Low prices.

Build equity to move up later.

Pride in ownership.

No sudden surprises.

Investment opportunities like never seen before!

Spokane Real Estate Market Report March 2011

Scott May (Coldwell Banker Tomlinson) — Fri, 08 Apr 2011 22:33:28 -0700

Spokane Real Estate Market Report from the Spokane Association of Realtors for the month of March 2011. Based on homes and condos built on 1 acre or less (not including manufactured homes).

Sales of single family homes on less than one acre including condos totaled 307 for March. This number is up from the 190 sales reported in February but down from the 403 sales reported in March last year. Last year the first time home buyer tax credit was still available to buyers. The average sales price for March was $162,187 and the median price was $154,000. Sales for the first quarter this year total 681 compared to 789 for the first quarter last year. Sales so far this this year are down 13.7%. Again, the first time home buyer tax credit was still in effect last year. First quarter average sales price is down 5.4% when compared to last year; $167,884 compared to $177,432. Median sales price is down 4.1%; $153,000 compared to $159,623. Inventory continues to track behind last year. As of this report the inventory stands at 2,738 properties on the market compared to 3,335 last year. Sales of newly constructed homes reported to the SARMLS are running 11.7% ahead of last year through the first quarter.

Summary:

Average Home Price: $162,187.00

Medium Home Price: $154,000.00

Homes Sold for the month: 307

Homes For Sale: 2,738.

The figures suggest more than 5% drop over this time last year when I listed this home. In hind sight it was good it was sold last year rather than wait till this year thinking there might be a recovery. Were it sold this season, it's likely it would have attracted significantly lower offers from buyers.

When we look at Inventory, we take the amount on the market and divide that by the sold amount for that particular month. 6 months is thought by most to be indicative of market stability. Below that is referred to as a "seller's market" and above as a "buyer's market".

I ran some calculations at various price points for the month of March to get a feel for inventory and market segment and came up with some interesting results:

$0 - $100,000.00: 5 months. Stable / Seller's Market

$100,000.00 - $200,000.00: 8 months Buyer's Market

$200,000.00 - $300,000.00: 10 months Buyer's Market

$300,000.00 - $400,000.00: 18 months Buyer's Market

$400,000.00 - $500,000.00: 20 months Buyer's Market

$500,000.00 - unlimited: 114 months (9.5 years) Buyer's Market

Discussion:

What these figures suggest is that for homes below $100,000.00 the market is at least stable and probably could be considered a seller's market. Beyond that amount however things begin to look drastically different. If you have a home for sale in the $400,000+ range it means it will be almost two years before it sells, and that's if it's priced at average, and shows at least better than half of what else is for sale. Of course what we see is a lot of homes overpriced and if that is the case it could be 2014 or longer before it would sell and if things continue their downward trend it could be even longer than that. Remember, as one sells, there's more coming on the market, so the supply is constantly replenishing, but if new oncoming houses were to stop, and else constant, it would take that long to sell. That's what inventory is. If you are motivated to sell, you want your home to be among those that move, not sit there only to be passed over by buyer after buyer who buy a fresh new listing because it's priced well.

Another way to look at this is that the vast majority of upper priced homes are not priced to meet present market demand. This is also at a time when short sales (where the seller owes the lender more than the home is currently worth but sells at market value and settles with the bank thus avoiding foreclosure) have dramatically increased as well as bank owned properties put on the market adding to the competition that your home will face if it is on the market. In a short sale, let's assume the house is at 180,000.00 market value. Often it will be priced just below this to help it sell faster because it it stays on too long the seller risks foreclosure and further damage to credit. With a repo house often it's priced below market further pulling down values. Once again, this is because buyers are flocking to the best deal on the market.

How does one sell then? My answer, and the answer of many professionals in the field is this: your home must show better than the competition at your price point. This may mean also becoming very aggressive with your list price. Once your price point is reformed, it then becomes way more competitive with the other homes in that price category. You see, you have to put yourself in the boots of the buyer. To the buyer, they see a terrific buy in comparison to the other homes in that price range they have looked at, and they place an offer. For the buyer then, this means lots to look at and great deals being made. For the seller, it's painful, but not impossible. You simply price it where the market is and hire a good agent with a reputable firm who will employ a multiple point marketing strategy to sell at a reasonable time frame at what the market will bring.

This is how homes are selling in today's buyers market. It's not the bells and whistles you hear about on the radio adds, or the hype one agent claims to have a "secret" that no other agent has. More often than not, it boils down to old fashioned economics and marketing position. To beat this inventory time you have to be in a better position than everyone else on the market in that particular price range. if you can't be, then you need to be in a price range where that is possible. It's as simple as that. Otherwise, it's like cans of vegetables on the shelf.

If your looking at a bunch of beans for 79cents and here's a brand for $1.39 a can, your can better be a way better bean or else bigger or the shoppers will not put it in the cart. Now if you were to price your can at 75 cents or even 69 cents, what do you think will happen? Even at par with the others at 79cents, you will have a better chance and especially if you have an attractive label on your can and so on and so forth.

Hopefully you find this information helpful. Many agents just want the listing and will say or do almost anything just to get it. My philosophy is that of providing the facts no matter how brutel because I believe an informed home owner will then be armed to make choices and decisions based on reality, and I think it's a better approach then leading someone on to think they can get more for their home than it will actually bring in this market. Otherwise you might as well just list it at one million dollars and then take offers right? I know, your thinking, "Scott, that's rediculous". You know what? Your right.

I would be happy to come look at your home and conduct a more in depth analysis and offer some valuable information and tips if you are looking to sell. I will pull the sales figures and share all of the numbers with you so you know first hand about the market in your area. While nobody has a crystal ball, the market unfortunately continues to show signs of stress and more drops could be in store for the years following further complicating matters.

Should we wait, or should we price it at market and sell now? While it's a great time to buy right now, it may also be a good time to get off of the fence as well and sell today if you have a house you'd like to move soon. I didn't even get into the amount of vacant homes in the area, but it's substantial. Eventually these homes will go on the market, and when they do, it certainly doesn't put upward pressure on prices. Something to consider. A recent article in the Wall Street Journal stated that on a national level we have erased all of the gains and are now back at a level seen in the 04'/05' season. It was a bubble that much looks clear. How soon do you think it will take for prices to go back up? Nobody knows for sure what the future will bring, but if you do need to sell sometime soon, wouldn't you rather not waste a lot of time and worry with a home that's over priced? If you truly want to sell, let's partner up with the marketing power house that Coldwell Banker can bring you and get it sold sooner rather than later and get you the best we can out of this tough market. The statistics in fact show that you are far more likely to get more for your home with an agent then going it alone, and you further increase your odds of selling. With a market based strategy where you know the facts, and with a hard working qualified agent such as myself with the market leading brand in Real Estate, I believe you drastically increase your chances.

Please give me a call, I'd love to help take some of the frustration out of the process and get you where you need be as efficient and effectively as possible.

Make way for the new Trader Joes!

Scott May (Coldwell Banker Tomlinson) — Thu, 17 Mar 2011 17:49:44 -0700

Vandervert Development has began the project of demolition at the Lincoln Heights Shopping center to make way for the new Trader Joe's Grocery Store.

The new grocery store will be over 12,000 square feet and will be right next to Hogan's Diner. The new store should open up some time later this year.

Roast House "Farm to Cup" Coffee

Scott May (Coldwell Banker Tomlinson) — Mon, 14 Mar 2011 15:18:54 -0700

Proudly Serving 100% Organic and Sustainable Hot Coffee from Roast House for Home shoppers at my Spokane area Open Houses where refreshments are served* I'm excited to share with you what I've learned about this coffee roaster and hope you try a cup soon. I never thought coffee could be so interesting... Read on!

Stop by one of my next open houses and enjoy a Delicious hot cup of coffee roasted locally by Roast House Coffee. The coffee is 100% organic derived from a sustainable grown, harvested, and distributed model and then roasted right here in Spokane. The fresh roasted beans will then be ground and brewed on site ready to serve alongside fresh baked Chocolate Chip Cookies for that classic open house experience.

Debora and Dave are partners at the local roasting company and are both big bicycle commuting supporters and regularly ride to work rain or shine. The eco friendliness of this form of transportation goes hand in hand with the entire business model they subscribe to and helped inspire Dave to develop a special blend of coffee specifically for bike events and friends of biking. It's called Ride the Edge. Deborah pointed out that it's actually one of the smoother and more mild flavors despite the more charismatic biker drawing on the promotional poster who looks more like someone who just consumed some rocket propellant rather than a swig of java.

Behind Oil, Coffee is the next most traded commodity in the world. As such it's a huge global industry and one that has left devastation in various eco systems, extracted vast amounts of resources in the localities where the beans are grown, and left little in the pockets of workers to take home. The "farm to cup" sustainable model, I learned, is one whereby the micro-economy is strengthened because the model includes local co-ops that allow the process from growing to harvest and packaging to be done locally. At Roast House, "we make it our business to know the country of origin, the name of the farming co-op, the roast profile and other unique attributes of each type of coffee we provide"(www.roasthouse.net mission statement).

There's so much to learn about coffee. For instance, Deborah told me that at a winery, about 300 or so chemicals are at play, but with coffee's there may be more than 3,000 to contend with when working towards creating the perfect blend. I learned that some companies will advertise their product as organic and natural, when in fact only some of the beans are. When doing your research on coffee, it's important that you find out if it's completely sustainable and 100% organic.

You can learn more by visiting the roaster's website (www.roasthouse.net) and learn about the reasons why sustainable is so important by reading "The Death of Jossiline: immigration stories from the Arizona-Mexican Boarder" by Margaret Regan. Of course, there are many economic contributions to the problem and will take many solutions obviously, to what has affected hundreds of thousands of people and their families on both sides of the boarder. Sometimes we feel almost powerless, but one small thing we can do is try to support economic models that help. In this case we all get a delicious cup of high quality coffee, damage to the ecosystem is minimized, and the ones who actually pick the beans and bring them to market get to earn a fair wage and take care of their families. It's a win win!

You don't have to come to my open house just to enjoy great coffee however; Roast House Coffee is available at Chairs coffee shop www.chairscoffee.com near Division and W. Indiana, and can be purchased at Huckleberry's.

* Keep in mind however, that not all home owners wish to have refreshments served, so it may not be available at every open house, but at those where coffee is able to be enjoyed it will be Roast House!

Spokane YMCA Building: day of wrecking

Scott May (Coldwell Banker Tomlinson) — Thu, 10 Mar 2011 20:33:38 -0800

So a feature blog with lots of pictures needs a before, during and after, so here goes (although the final "after" won't be until some time later after this entry still I wanted to get in some good shots):

Here's The building just before the wrecking ball

I then walked across the cable bridge over the falls directly to my right (not pictured, but I'm standing on it) and moved over for a closer shot. I figured they would break brick at high noon and was correct in that they hooked the wrecking ball on to the cable at noon, but took first swing at 9 minutes after and the first brick fell at 12:11pm

It's actually a slow tedious process and great care is taken care of to reduce dust by spraying water on the brick as it falls off. In total the city has budgeted roughly $800,000.00 for demolition expense and another $500,000.00 for restoration. Today at the Spokane Parks and Recreation Park Board meeting $80,000.00 (out the original amount allocated for demolition) was approved to remove the additional asbestos that was found. Here's the after shot (next day)...

Park Director Leroy Eadie says that they are not over budget. The site will be returned to park land after having served as the central location for the YMCA since the days of the World's Fair back in the 1970's. Rob's Demolition of Coeur d'Alene is under contract for the work.

Abbey Crawford in "Food, Glorious Food", Spokane Caberet Performance....

Scott May (Coldwell Banker Tomlinson) — Mon, 07 Mar 2011 17:12:52 -0800

Spokane has been the home of many talented artists including jazz pianist Jimmy Rowles, Singer Billy Tipton, Bing Crosby of course, as well as jazz musician Tyrone Wells and a long list of others in various music genres. These people made it big on the global music scene, but quality talent is often hard to come by on a here back at home scale, especially by such an amazing and diverse performer who captures the spirit of the art's essence, while still keeping the grass roots appeal. I'm talking about the super talented Abbey Crawford!

Back in the 90's I first had the pleasure of hearing Abbey do cabaret while working at one of the once popular night spots downtown Of course Abbey has played at various venues all over the region and has been heavily involved in local theater as well including Civic Theater and Lake City Playhouse where she directed. More recently I was thrilled to see, and hear, her sing the National Anthem at a Spokane Chiefs Hockey game. What a beautiful voice that only that sound system can do justice to! I heard her sing out on the ice this and last season and it's always extra fun when you can tell your friends you know the person singing the Star Spangled Banner!

At the Rocket Bakery near Brown's Addition where we met recently over coffe I asked about her background in music, and was surprised to find out that she has formal training with the cabaret conference at Yale. Amazing! Currently she is lead vocalist with a gypsy jazz band (drums, guitar, sax, bass, fiddle...) called Hot Club of Spokane. She also does private gigs including weddings, even funerals when called upon and cabaret of course. I'm pretty sure her favorite style of performance is the Cabaret. She says she just loves to sing, and being the mother of three adorable kids, she says "If I could sing holding my kids I would", and when asked really how she would describe cabaret music Abbey replies that it's "...songs about real life". It's at that point I realise that while she loves her art, she also has a family to take care of and we continue talking about big city music versus the smaller places like Spokane, and how a musician or singer really has to work hard, as do the venues to keep the art going.

Abbey will be performing March 27, 2011 doing a Cabaret Concert at the Unitarian Universalist Church (4340 W. Fort Wright Drive, Spokane, Wa. 99224) a part of the "Sundays at Seven" series directed by Deborah Jacquemin. It's a fundraiser to help support the church's music program. Tickets are $15.00 at the door, or $12.00 in advance. Students $10.00. Call 325-6383 ext. 303 to order over the phone.

Abbey has a gig scheduled in June buy you will have to fly to New Orleans to catch that show! Thank you Abbey for a wonderful morning of visiting at the coffee shop. I look forward to the show!

Coldwell Banker Tomlinson: Rookie of the Year!

Scott May (Coldwell Banker Tomlinson) — Wed, 02 Mar 2011 15:07:58 -0800

What a tremendous honor! This morning our office had our awards show we call the "Opey" awards. It was a wonderful breakfast and a fun themed party involving all of our office agents personality characteristics...fun fun fun!

Top performing agents at Coldwell Banker Tomlinson received awards this morning for Excellence in Listings and in Selling, outstanding service, top residential and commercial sales as well as the agent voted most inspirational. Each year the office also awards one of the newer agents "Rookie of the Year" and was super excited and extremely gratified to have won the award!

When I started working as an agent at the very last month of 2009, the entire scope of this business was ahead of me. I mean just the idea of what all it takes just to actually sell a house, then considering the marketing and hard ball negotiating... is not a small task, but the quality training and the amazing professionalism and support from all of my colleagues made it possible. I am so incredibly fortunate and hugely grateful to be working in such a wonderful office with such terrific people.

The management team headed up by Patti Tomlinson is unmatched anywhere and the level of encouragement, positive energy, and unparalleled professionalism is worth more than anything to an inspiring new agent in this career feild. What a great place to work, and of course all of the people this year and last who selected me and this company to do business with, or just explore options a bit or seek answers to questions...thank you. Each and every closing on the list and purchase side had ist's share of elbow greese input needed to make it finally happen, but all of the work was worth it to see my clients achieve their goal. It's one of the most fun years I've ever had and look forward to many many more! Let's go buy or sell a house!!!

Home Ownership Matters in Spokane

Scott May (Coldwell Banker Tomlinson) — Tue, 22 Feb 2011 19:11:15 -0800

WHY HOME OWNERSHIP MATTERS in Spokane and America

To People:

Spokane Home owners are happier and healthier and enjoy a greater feeling of control over their lives.

Owning a home is one of the best ways to build long-term wealth. Historically, a home

owner's net worth has ranged from 31 to 46 times that of a renter.

Home owners are free to redecorate, renovate, and modify their homes as they wish.

Most home owners enjoy stable housing costs-a fixed-rate mortgage payment might not change

for 15 to 30 years while rent typically increases 3 % a year.

Home owners can typically deduct mortgage interest and property taxes on their federal

individual income tax return.

TO COMMUNITIES...Like Spokane

People who own homes vote more, volunteer more and contribute more

Home owners do not move as frequently as renters, providing more neighborhood stability.

In turn, this stability helps reduce crime and supports neighborhood upkeep.

Children of home owners do better in school, stay in school longer, are more

likely to participate in organized activities and spend less time in front of the television.

TO AMERICA...

67% of American households are owner-occupied. America is a nation of home owners.

Home owners pay 80 to 90% of federal individual income taxes, contributing to

federal programs that benefit all Americans.

Every home purchased pumps $60,000 into the economy for furniture, home

improvements and related items.

Housing accounts for more than 15% of the national Gross Domestica key driver of our national economy.

Product,

For these reasons and more, home ownership is the American Dream!

As REALTORS®, we know all this. But not everyone does.

So spread the word: Home Ownership Matters!

For more information and data on the points above, see REALTOR.org/Homeownership

to their neighborhoods.