99037 – Veradale, WA Enjoys Greatest Increase In Home Values In The Spokane Area

Rising home Values in the Veradale, WA 99037 Market
by Robert Henry |  October, 2013

Many are aware that Spokane home sales have increased in volume when compared to last year; however, what affect has the nearly 20% increase in the number of homes sold mean for the average price of homes sold?

For the small community of Veradale, WA located near the Spokane Valley, this boom in homes sales has resulted  in the average price of a home sold in 2013 increasing by 9.6%.

99037 – Veradale Homes Values Explode

Click here to see the change in home values in other zip codes in the Spokane, WA area.

The 99037 zip code has experienced an increase of the average priced home sold in 2012 of $214,140 to an average price sold in 2013 (year-to-date as of the time of this article) of $234,772.

Overall, the Veradale, WA area (99037) has seen a 16% increase in the number of homes sold since 2012.

What does this mean for buyers interested in moving to the Spokane Valley / Veradale, WA area?

While home prices are rising quickly, of greater concern is rising interest rates. Many experts agree that interest rates will likely increase within the next six to twelve months. A buyer making a purchase at today’s average price of $234,772.  A buyer who makes a purchase after interest rates increase by just 1% could pay an additional $42,198 throughout the life of their loan on a 30 year fixed.

What does this mean for home sellers in the 99037 Veradale, WA area?

With each increase in mortgage rates, the pool of available buyers that can qualify for a mortgage is substantially reduced. This coupled with rising home prices further contracts the available pool of buyers. For sellers who are interested in making a purchase of another home upon selling their current home, rising interest rates will affect their buying power as well.

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About the Author:

Robert Henry specializes in working with home sellers looking to maximize on their home investment. Robert leads a team of selling specialists highly trained in showcasing and selling their clients homes.

Before becoming a Real Estate Broker in 2009, Robert owned one of the largest residential construction companies in the Pacific Northwest.

 Since partnering in 2012, Rob and Cambria sell their clients homes:

•  For  4.2% MORE than the typical real estate agent. This equates to nearly $8,600 more to a seller of a $200k home.
  
• 27 days FASTER than the typical real estate agent. This often saves their sellers a house payment.