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.
Class Date for next class: July 26, 2014. Classes start at 9:00 in the morning and run until 2:00 in the afternoon. We provide lunch and drinks. Space is limited, contact me for details.
Spokane Real Estate Market
The Spokane real estate market is continuing to recover. Closed sales are up and the sale prices continue to do well. There were 600 closed sales in June compared to 497 the same month a year ago. This is an increase in closed sales of 21%. The average sale price was $190,207 compared to $195,094 the same month a year ago, which is down 2.5% but the median price was $172,050 this June, compared to $170,000 a year ago which is 1.2% higher
What does this mean? When you just look at the month of June, and compare it to the month of June a year ago, you see very little change price, but the number of homes sold in the Spokane real estate market has increased significantly.
There is still a continued trend of increased activity in the Spokane real estate market, especially with the median priced homes. Well priced homes in good condition in this price range do not stay on the market long. This means that buyers are buying and sellers are selling. Comparing this to just a short time ago, when there was a large inventory of overpriced homes on the market that nobody was buying. It looks good for buyers and sellers alike.
Home loan interest rates have come up a little from their record lows of two years ago, but they seem to have stabilized. Mortgage interest rates are still at historic lows and home loans are still very affordable.
The Spokane real estate market information above for June 2014 is based on residential site built homes on less than one acre and condos in Spokane County.
Spokane Real Estate Market Activity for 2013
The numbers are in for 2013 and it is clear that the Spokane real estate market is continuing to improve. Overall, market activity and closed sales continue to increase compared to 2012.
There were 5,499 homes sold in Spokane County in 2013 which is up 21% from 2012 with 4,533. With an average price of $182,682 and a median price of $164,697, the home prices are up 3% over the previous year too.
The 2013 market numbers continue to show an overall picture of market improvement. Prices are steadily increasing but homes are still more affordable than they were seven years ago. The increase in market activity is good because it just means buyers are buying and sellers are selling.
The Effect of Mortgage Insurance on the Short Sale
A short sale is an option for homeowners who owe more on their home than they can sell it for in the current market. This is not to say that anyone who is upside down on their home loan can use a short sale to wash their hands of their mortgage. They are required to show that they are financially distressed and in danger of losing their home to foreclosure.
The homeowner still has all rights of ownership in a short sale, to include the right to accept or decline a purchase offer. All offers are presented to the homeowner for review, and the homeowner has the right to accept, decline or counter, just as they would in any other real estate transaction. If the owner accepts an offer on their home for less than they owe, they would normally be expected to pay the difference, to include the cost of selling their home. In a short sale they do not pay this difference.
For more on The Effect of Mortgage Insurance on the Short Sale, visit The News Roon.
With a population of 209 thousand Spokane is the second largest city in Washington and the metropolitan hub for the inland northwest.
Spokane Washington is on the banks of the Spokane River 92 miles south of the Canada and 15 miles west of the Idaho state line.
Spokane is nicknamed the Lilac City and hosts the Spokane Lilac Festival each May.
Below: This is an aerial view of downtown Spokane and the Spokane River looking from the west.
Mouse over picture: This is a similar view taken in first half of the 1900s. more about Spokane