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: March 15, 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 Activity January 2014
When comparing residential site built homes on less than one acre and condos, the Spokane real estate market sales are up a little and prices are down a little bit. There were 283 closed sales in January compared to 249 the same month a year ago. This is an increase in closed sales of 13%. The average price was $164,680 compared to $176,708 the same month a year ago, which is 7% lower. The median price was $152,000 this January, compared to $161,000 a year ago which is down 6%.
What does this mean? January is typically a slow month for closed sale because we are seeing the homes close on deals that were made at the end of November through December and this is typically a slow time for real estate sales. Market activity is still good, people are buying and selling homes, interest rates are staying low and the banks are lending money. I think Spokane can look forward to a housing market of continued recovery.
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.
Above you can see a trend of market improvement over the last 3 years.
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.
Carbon Monoxide Alarms
Required By Law in Washington
There are more than 500 deaths in the United States each year that can be attributed to carbon monoxide poisoning. Carbon monoxide poisoning is responsible for 15,000 hospital emergency room visits each year. Carbon monoxide is colorless, odorless, and tasteless. Therefore it is often undetected.
At this time 25 states have statutes that require carbon monoxide alarms in residential building. Most of them have been adopted in the last few years, and are being phased in over time. Washington State is fallowing suit with its RCW 19.27.530.
Carbon monoxide is piousness because it attaches to hemoglobin more easily than oxygen. Hemoglobin is the protean in red blood cells that attaches to oxygen to distribute it throughout the body. Carbon monoxide causes asphyxiation. Asphyxiation is when not enough oxygen gets to the brain. Carbon monoxide poisoning can cause brain damage or death.
For more on Carbon Monoxide Alarms in Washington, visit The News Room.
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