Go Spokane Real Estate
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Home Buyer Education
Zero Out of Pocket Financing
I teach a Washington State Housing Finance Commission sponsored Home Buyer Education class. I co-teach this 5 hour class with a lending professional. This is a free class. Not only is there a lot of great information for the perspective home buyer, but class completion is required for eligibility to receive a 0% interest state bond loan to cover down payment on your home mortgage.
Call for next class date: 509-844-7354
Spokane Real Estate Market Activity
Market Still Improving
The Spokane real estate market continues to improve. The market will always have its small peaks and valleys and seasonal changes. What we are seeing though is an overall steady increase in home values.
This is good for both buyers and sellers. Sellers have equity in their homes and buyers feel good about buying in a strong market where their investment will increase in value. When you put this together with the low interest rates, it makes for a strong market.
Now, for the numbers: In November the sales as well as the inventory both went down when compared with the previous month. This seasonal change is expected, but when you compare both of these numbers to the same time last year, things are looking good.
This November there were 455 home sales closed, compared to 369 the year before. This tells us that demand for homes is going up. Last year there were 2,400 active listings in November and this year there were 2,232. This tells us that the supply of homes on the market is down. The laws of supply and demand tell us that the market will continue to improve.
The sales prices have also fallen when you compare them to the month before. But, when you compare the median price to the same time last year, you can see it went from $157,500 to 165,500. This is a significant increase.
The average sale price in November was $183,182 and it was $186,741 the same time last year. The average sale price has actually gone down from the year before. Why would the median price go up and the mean average price go down? It is in the way that they are calculated. Both the mean average and the median give you valuable information, but the median average seems to be less effected by market anomalies. See the article to the right for an explanation on this.
If you are thinking on buying a home it is a great time to buy because the prices are seasonally low right now but the market is overall looking good for your investment. Additionally, the low interest rates give you more buying power.
If you are a seller, the market is strong with a lot of activity. Prices will likely increase in the spring. If you are thinking of buying a more expensive home, it may be better to make your move sooner than later.