The Spokane Journal of Business reports nationwide housing affordability has rose to a record level during the fourth quarter of 2011. 75.9 percent of all homes sold this quarter were classified in the “afforable” price range.
In Washington, Spokane is ranked highest among measured markets. Here, 85.2 percent of homes sold here came in within the “affordable” range and was highest in the state.
In fact, Spokane ranks as the 78th most affordable market in the United States. For a more lengthy article check out the March 15, 2012 issue of the Spokane Journal of Business.
After years of sluggish home sales, it appears the Spokane real estate market may be picking up. But, if you plan to sell your home anytime soon be prepared for stiff competition. KXLY4′s Annie Bishop reports.
After years of sluggish home sales, it appears the Spokane real estate market may be picking up. But, if you plan to sell your home anytime soon be prepared for stiff competition.
According to the Spokane Association of Realtors, in January there were 2,894 homes on the market in Spokane County, up 8.1-percent from last year. The average time on the market is 154 days. (Read more…)
Drones for Hire: Authorities are coming to terms with a commercial drone industry that has emerged in recent years.
NICK WINGFIELD and SOMINI SENGUPTA of the New York Times reported today on the use of remote controlled aerial drone photography. One of the first uses mentioned in the article was real estate photography of luxury homes in the Los Angeles area. Later in the article, a vendor of this service says he charges $2,000 per hour for remote control aerial photography. At that price point the service seems to make financial sense only for very expensive properties, not typical of the Spokane real estate market. What homes sales price would justify the use of aerial drone photography? Click here to watch the NY Times video report.
The Spokesman-Review reported today on the Spokane real estate market. See the report online here. S-R reporter Tom Sowa quotes Spokane Association of Realtor president Rob Higgins saying “we’ve hit the bottom for the number of units sold in Spokane.”
The number of homes sold in Spokane has taken noticble increase, however sales prices continue to decline. The second half 2011 sales numbers increased 12 percent, while prices dropped 4.5 percent. This may indicate the downward cycle in the real estate market is ending and stabilizing out. We’ll keep an eye on sales prices and sales volume in the coming months. As for now, with low prices and low interest rates for mortgages the current market remains a strong buyer’s market.
The 2012 Seattle Mariners Caravan will hit the road on Monday, January 9th, visiting communities across the Pacific Northwest to increase excitement for the upcoming season. At each stop on the tour, select members of the 2012 Seattle Mariners will visit elementary schools and Boys & Girls Clubs to deliver the D.R.E.A.M Team message and host complimentary autograph and photo sessions for the public. The Mariner Moose and members of the Mariners broadcast team will also join the players to take pictures and provide entertainment for the kids.
SPOKANE
Wednesday, Jan. 11
Spokane Falls Community College
Building 17 – SUB (ABC Lounges)
4:15 p.m. – 5:45 p.m.
Scheduled to appear: Blake Beavan, Tom Wilhelmsen and Mike Blowers
Check out this encouraging news item from KREM2 News:
SPOKANE — There may be some good news for people wanting to buy a house in the coming year.
Going into 2012, you might see a lot more “For Sale” signs popping up around Spokane. Realtors said these houses might be snatched up pretty fast.
2011 was a mixed year for the Spokane real estate market. The first half was unsettling for buyers and sellers as fears of a down economy loomed. Realtors say the second half of 2010, which was a poor year for the market.
The median home price in the U.S. plunged nearly 40% in the past five years but Kiplinger magazine says the worst is definitely over in the national picture – the market has finally wrung out the last excess valuations born of the housing bubble.
How about the Spokane market?
The highest monthly median sales price came in July 2007 when the median sales price for a single-family home in Spokane hit $196,000. This past November 2011, the median sales price was $148,500. This is a drop of 24.2%.
Even though the Kiplinger report suggests national real estate prices will not continue to fall at the rate of the past five years (four years in Spokane), market analysis by SAR leadership suggests that prices will continue to fall in in the Inland Northwest in 2012.
There are positive signs: the number of sales for the second half of 2011 locally are up and the inventory is continuing to go down.
WASHINGTON – The new mortgage fee to fund the temporary extension of the payroll tax cut could damp the still-sluggish real estate market and complicate efforts to overhaul the nation’s wounded housing finance system.
Even though the tax cut approved Friday extends for only two months, a small fee on loan amounts will be levied for a decade on all mortgages sold to housing finance giants Fannie Mae and Freddie Mac, which control about 60 percent of the nation’s mortgage market.
That fee arrangement also makes it difficult for Congress to work on efforts to shut down Fannie and Freddie, which federal regulators seized three years ago with a taxpayer bailout now estimated to total about $150 billion. (Read more…)
I see this having many unintended consequences. FHA loans are quickly becoming less attractive as these fees are on top of recently increased PMI rates. This will definitely keep some from qualifying or desiring these types of loans. A drop off in business could speed up the demise for Fannie and Freddie. The result would be another huge deficit for the social security fund. Idiots.
Winter’s extreme cold temperatures coupled with a large anticipated precipitation can present Spokane home owners with a plenty of trouble and expensive repair bills when one is not prepared. On the other hand, proper home preparation can help you rest easy and stay nice and warm all winter long. Don’t wait too long, as extreme cold temperatures and heavy snowfall will arrive before you know it.
Check out this short list for some ideas to get you started in preparing your house for the winter.
Plumbing Systems
Schedule some time to conduct an inspection of your plumbing, pipes and exterior faucets. Check for pipes in unheated spaces. Consider adding insulation or plumber’s heat tape on areas vulnerable to freezing. Cover your exterior faucets and make certain hoses are disconnected and drained.
Furnace Systems
Test your furnace before it gets too cold. Find out if it needs repairs or maintenance before the heater is required to warm your house. Listen for unusual noises and check the filters. It’s a good idea to replace your furnace filter at least quarterly. If you notice anything amiss or hear any unexpected sounds have a professional HVAC contractor inspect and service your heater.
Gutters
Inspect your gutters to ensure water flows freely off the roof and away from the house. You don’t want your gutter clogging up, creating ice dams or water buildup around your foundation. Water always wins so give it an easy path away from your home. High velocity spray can clean out a minor amount of leaves or pine needles but if there is a lot of debris in the gutters you might have to get on a ladder and clean it out by hand. Gutter guard products that allow only water to enter are becoming very popular as a way to prevent gutter clogs but present an extra installation expense to Spokane home owners.
Fireplaces
Prior to building any fire in your fireplace, have a good look at your chimney. Soot and ash buildup in the chimney can present a serious fire hazard. Every year a few homes catch fire due to chimney fires. If you can’t remember the last time you had the chimney swept, you may want to have it cleaned as a precaution against the potential risk of a fire in your chimney.
Plan ahead and prepare your Spokane home for this winter’s expected extreme cold temperatures and heavy snowfalls. Gather your snow shovels and ice melt to keep a clean approach to your entryway. Inspect your home for potential winter hazards and take any required preventative actions. If you do you’ll sleep easy and your family will stay warm and cozy all winter long.
There is great news for police officers, teachers, firefighters, and emergency medical technicians who want to purchase a home of their own. HUD has the Good Neighbor Next Door Program which offers people in these specific professions the opportunity to purchase a home for up to 50% off the normal price of the home. Certain areas of the country are designated to take part in this valuable home ownership program that helps certain “Good Neighbors” purchase homes for a large discount in order to revitalize neighborhoods.
The Good Neighbor Next Door Program is a way for HUD to offer benefits to certain professionals in order to get these people to move into neighborhoods that need more security in order to rehabilitate the neighborhood and these people support the community by serving as positive role models that can help revitalize the neighborhood. Some of the important facts to know about this valuable program include:
Firefighters, emergency medical technicians, teachers, and police officers can purchase homes up to 50% off.
Once the home is purchases you must live in the home for a minimum of 3 years before you can sell the home.
Once you have lived in the home for the required 3 years you may sell the home for the full price and keep all of the equity in the home, including the 50% that was gifted to you through the program.
You must purchase a home in specific areas that HUD has deemed eligible You must sign a silent second mortgage that is in effect until your 3 year occupancy requirement is fulfilled. This means that you only have to ever make payments on the original mortgage you obtain for 50% the price of the home as long as you live in the home for the full 3 years. After this time the silent second mortgage lien will be removed and you are free to sell your home. If you sell the home before the 3 years is completed then the second mortgage for the 50% of the price of the home will be taken out of the sale proceeds of the home.
The Good Neighbor Next Door Program is a valuable benefit that certain people can use to get a jump start on home ownership and build wealth through free equity just for living in a home in a certain area for 3 years.
Would You Pay For Aerial Drone Photography?[caption id="attachment_93" align="aligncenter" width="598" caption="Drones for Hire: Authorities are coming ...February 18th, 2012Comments Off
