Thursday, October 19, 2006

Cost versus Value: Using Your Remodeling Dollars wisely

What can you recoup from a remodeling project?

Money magazine has an article about what not to expect a return on, like a swimming pool.

But what WILL buyers pay for? An extra bathroom is high on the list. So is adding siding to your home.

We have the full report (we expect to see it updated for 2006 in December). Click here to request a summary of the report.

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Wednesday, October 11, 2006

What the Spokane Real Estate Market is
Really Up To!

Isn't it amazing how much time we spend on speculation? When we google a key word or phrase hoping for meaningful information, we find pages of conjecture. Heck, we do it too. Everyone does.

Sure, we have opinions but we rely on the numbers as the most valuable tool we have. So that you, our clients, investors and potential clients, have the best information possible, we will periodically provide market updates.

In the Spokane and Spokane Valley area, as of October 3, 2006:
  • Average days on market is 49 days (up only 6 days since this time in August).
  • For homes priced in the $100,000-$199,999 range, days on market averages just 38 days! This is up just 4 days since this time in August, indicating a strong seller's market (days on market tend to increase around this time of the year).
  • Price per square foot has increased between $10 and $20 since this time last year.
  • The average List to Sales Ratio is 98.9%. Wow!

Now, while sellers are enjoying increasing home sale prices, home prices in Spokane are still among the lowest in the counry. Combined with a great quality of life and low cost of living, Spokane is an attractive market for buyers relocating from out of state or investors looking for a market where the numbers work.

As we've said before, we can't control the market, but can provide you with the information you need to make an informed decision.

PS: The Real Estate Blog directs us to a Business Week article that makes its predictions about which markets will experience the sharpest decline in home prices. Spokane is not among them. We like to think Spokane is one of the Northwest's best kept secrets.

Top Ten Tips to Winterize Your Home

"It's important for people to know that Fall maintenance will not only make their homes more energy efficient during the winter months, but will safeguard their homes against potential seasonal 'disasters' such as leaking roofs or home fires due to neglected chimneys," says Dan Steward, Pillar To Post president.

These 10 steps can help homeowners be prepared and safe this winter:

TIP #1 -- Check the heating system. Check the filter, pilot light and burners in a system fueled by gas or oil. Fireplaces, boilers, water heaters, space heaters and wood burning stoves should also be serviced every year.

TIP #2 -- Clean ducts in the heating system. Clean and vacuum dust from vents, baseboard heaters and cold air returns. Dust build-up in ducts is a major cause of indoor pollutants. In a home that is shut tight for the winter, dust increases the possibility of illness. Ducts should be professionally cleaned about every three years.

TIP #3 -- Test fire and smoke alarms as well as carbon monoxide detectors. Often alarms and detectors go unattended. Batteries should be checked every six months to ensure that they're working.

TIP #4 -- Remove excess leaves and damaged branches surrounding the house. Now that leaves have fallen off of trees, it's a good time to remove any dead branches. Dead branches have the potential to break and fall, ruining roofs or decks.

TIP #5 -- Maintain gutters. Remove all debris that can slow or impede the ability of the water to drain effectively from the roof. Trapped water can freeze then thaw, an action which could be destructive not only to the gutters themselves but to the adjoining roof as well.

TIP #6 -- Inspect the roof. Look for damaged or loose shingles, gaps in the flashing at joints with siding, vents and flues, as well as damaged mortar around the chimney. Proactive maintenance can prevent emergencies and expensive repairs.

TIP #7 -- Inspect exterior walls and window sills. Check walls and window sills for damage such as cracks, gaps, loose or crumbling mortar, along with splitting and decaying wood. Wood trim and siding can suffer from deterioration or loose paint. Caulk exterior joints around windows and doors, which helps keep the home weather tight and helps to lower heating bills .

TIP #8 -- Maintain steps and handrails. Repair broken steps and secure loose banisters. Broken steps are easily hidden beneath snow, which could cause a dangerous fall. Similarly, a person slipping on ice will grab a handrail for support.

TIP #9 -- Prepare storm windows for installation. Check all weather stripping and all fasteners. Well-maintained and properly fitted storm windows will help to save on energy costs during the winter months.

TIP #10 -- Pools, sprinkler systems and outside faucets should be shut down. Homeowners can shut down outside faucets, while the other tasks are best performed by industry professionals to prevent cracked pipes and pool bottoms.

Big Hat Tip to our Friends at Pillar to Post.