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 trusted lending professional from Umpqua Bank. 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.
Next Class Date: March 21, 2015 9am to 2pm on the South HillCall for information and reservations 509-844-7354
Spokane Real Estate Market
The Best January In 8 Years
January's numbers are in from the Spokane Association of Realtors and the numbers look good. Bottom line is the market is still improving. When I say improving I mean for buyers and sellers alike. When there is a strong market with a lot of activity and the prices steadily going up, it is good for everyone. The sellers can afford to sell their homes and know they won't have to take a loss. The buyers can buy with confidence knowing that their investment will increase in value.
The median home price for closed sales in January was this year was 5% higher than it was for January the year before. The average sale price increase 7% over the same period. For an explanation of median price and average price, refer to the article to the right. The Consumer Price Index showed a 1% increase over the same period of time. It is good that housing prices are increasing at a higher rate than the average consumer prices, because we are in a recovering market.
The sale price charts are good to show trends that the market has gone through over the last couple of years, but the active listing and closed sales data are better indicators of where the market is going. The number of active listings is the supply of homes on the market at a given time, and the number of closed sales is the demand. In January the supply was down 9% compared to the year before and the demand was up 21%. This is the same trend that we have seen for the last 6 consecutive months. This is a real strong indicator that we will continue to enjoy the same market improvement for a quite a while to come.
As either a buyer or a seller, it may prove beneficial to be aware of the seasonal trends. When you study these charts there are real clear seasonal trends for both market price and market activity. You can find these same charts in "The News Room" that go back a year further. They illustrate these annually recurring market trends even better. When studying these trends, it is important to remember that they are based on closed sales. This means that the numbers that we see for January are for deals that were signed around in November and December. With this in mind, sellers that want to sell at the peak of the market would be advised to list their homes in March or April.
Interest rates are still at the historic years that we have seen for the last 3 years. This is good for buyers and sellers. As the economy gets stronger, we will see interest rates start to rise.