Spokane's Best Real Estate Blog

Home Value Insurance - A new angle

2012-02-08T11:32:00.001-08:00

Home value insurance is it right for you?

In 2008 we thought the party would never end, and the value of our homes would climb to the
heavens. Then the recession hit and our investment lost its value and many of us lost our homes or were unable to sell them because we were upside down. So welcome to the world of Home value insurance.

It's an insurance policy that will pay you the difference if your home drops in value from when you bought it to when you sell it. Home value insurance has some fine print. The first two years are the hardest to recover losses and it uses a complex system to determine value of your home but as we have all been touched by crashing home prices the peace of mind this insurance offers may be just the extra comfort we need when we purchase our new dream home.

Home Value Insurance -

2012-02-08T11:32:00.000-08:00

Home value insurance is it right for you?
In 2008 we thought the party would never end, and the value of our homes would climb to the heavens. Then the recession hit and our investment lost its value and many of us lost our homes or were unable to sell them because we were upside down. So welcome to the world of Home value insurance.
It's an insurance policy that will pay you the difference if your home drops in value from when you bought it to when you sell it. Home value insurance has some fine print. The first two years are the hardest to recover losses and it uses a complex system to determine value of your home but as we have all been touched by crashing home prices the peace of mind this insurance offers may be just the extra comfort we need when we purchase our new dream home.

Chase short sale incentive could mean cash to you

2011-09-29T14:16:00.000-07:00

Most banks figure they're doing homeowners a favor simply by agreeing to a short sale and forgiving the amount they owe. But in some cases, Chase borrowers are getting that and cash.

Chase, one of the nation's largest lenders, is quietly offering some homeowners a deal many distressed homeowners think is too good to be true (we get calls all the time!).

Chase is giving borrowers $5,000 to $30,000 if they’ll agree to short sale of their house. A Short Sale is selling the home for less than they owe on the mortgage.

The program launched last fall, and information on who qualifies and who doesn't is still an insider secret as Chase is mum on the details. Chase is aggressively targeting its problem loans as some homeowners receive a letter before their property is listed on the market. By using our successful transactions in dealing with Chase, we have compiled a list of Chase's target loans. Here are a few of the common ones:

The homeowners have a Chase "portfolio" loan, or a loan owned by Chase but not serviced by Chase.

Or the homeowners have a bad loan (adjustable rate is too high), maybe they tried a loan mod, or did a quickie refi.

Investment property gets the nod as well.

The official name of the program is a mystery as well; some say it's the "Chase Incentive" program, while others call it the "List Assist".

What we believe has happened is that the original loan was bought by Chase (from companies that have dissolved such as WaMu, Countryside, IndyMac), and it was bought out for pennies on the dollar. Now the banking industry is being legally challenged to prove it has the right to foreclose. When asked to present original documents on these bought out loans they cannot produce them. So a quick and profitable fix is offer cash to distressed homeowners. Chase will make more money if a property goes away fast in a short sale vs. attempting foreclosure and being legally challenged to produce documents they will never find.

Bottom line so far is a win for everyone; homeowners are assisted with CASH, no soft notes, no risk of judgments, less paperwork. Chase cleans up its banking mess. Transactions are fast.

Call us and we will help you to see if this program will work for you.

Footnote: Wells Fargo just launched this and Bank of America is expected to go public this fall with a program as well.

Help for Our Idaho Clients Seeking Loan Modification or Worried about Foreclosure

2011-08-22T09:21:00.001-07:00

Beginning September 1, thanks to a new law, Idaho homeowners will enjoy further protection when seeking loan modification. With a loan modification you take the mortgage you now have and change the interest rate and payment requirements.According to the Better Business Bureau,

"The new law also allows homeowners to request a meeting with their lenders to discuss foreclosure prevention options."

“Homeowners in foreclosure or in danger of foreclosure should familiarize themselves with the rights this new law affords them,” Attorney General Wasden said. “To help homeowners and lenders understand the law, my office created a webpage dedicated to mortgage loan servicing and foreclosure issues. It is available at www.ag.idaho.gov.”

According to the news release, the law requires lenders to notify homeowners whether they qualify for a loan modification within 45 days of a modification request. Lenders may not proceed with a trustee’s sale during the 45-day period. Homeowners also will receive written notice of the date and time of a future trustee’s sale if a scheduled sale date is postponed.

This is good news. Imagine your frustration if, while trying to avoid foreclosure and all its implications, you request a loan modification and never hear back from your lender. Foreclosure proceedings appear to go on without your knowledge or understanding. What a feeling of helplessness!

Please take a moment to read the entire press release, courtesy of the Spokane Better Business Burea, which includes names of real estate reports that are offered for homeowners in distress, phone numbers for help obtaining a mortgage modification [(888) 995-HOPE.]and more.

For more information about avoiding foreclosure, exploring alternatives or short sales, please visit Spokane's Best Short Sale site or request a copy of Nine Alternatives to Foreclosure.

Spokane: Lower Home Prices for Buyers

2011-06-30T14:36:00.000-07:00

"A survey of 58 real-estate markets in Washington state found that Spokane was the most affordable and Mercer Island the most expensive."

Click here for the full article.

Freddie Mac Incentives!

2011-06-17T19:30:00.000-07:00

Following in the footsteps of its counterpart Fannie Mae, Freddie Mac is offering a summer sales promotion for buyers who purchase a home from its inventory of foreclosures or HomeSteps properties.

Since banks typically sell foreclosures “as-is” without incentives, warranties, or repairs, this incentive could help buyers view a HomePath property more like a traditional sale, and less like a distressed property, during their search process.

For offers received by July 31 that close by September 30, Freddie Mac is offering:

3.5% in closing costs to buyers
$1,200 bonus to buyer agents

This is on top of the incentives already being offered:

A two year HomeProtect Home Warranty
Up to 30% savings on new appliances

Note that this program comes with a few eligibility requirements, which includes the home must be a single-family, owner-occupied, financed dwelling used solely for residential purposes.

Combine this with ridiculously low interest rates and isn't it time to shop for homes for sale in Spokane?!

Happy Memorial Day

2011-05-30T08:05:00.000-07:00

Who kept the faith and fought the fight;

The glory theirs, the duty ours.

Wallace Bruce

We Can't Make Our House Payment. Is Foreclosure Our Only Option?

2011-04-28T20:03:00.000-07:00

Have you had time to visit our Spokane Short Sale Help and FAQs page? We offer some of the most useful resources in the industry!

Our team has been trained to successfully negotiate short sales and we're ready to answer questions like the one above.
So what IS the answer?

Absolutely not. The truth is, the bank really doesn't want your home back! You may not have to lose it. Know your options before you make a decision. Let us review each of these options with you.

Option #1 – Work with your current lender

Option #2 – Work with a new lender

Option #3 – Bankruptcy

Bankruptcy should be a last option and a professional opinion should be obtained before moving forward in this decision.

Option #4 – List the home to sell

Option #5 – Give up and let it go

For more specifics on each option, click here.

We think You'll Love this 1950's Charmer!

2011-04-21T20:13:00.000-07:00

"...impossible not to think about the possibilities."

2011-03-30T19:39:00.000-07:00

“It’s not about timing the market. It’s about time in the market,” says Steve Berkowitz, chief executive officer at Move, Inc., a leader in online real estate. “Once you know how long you expect to own a home, look at the historical value performance of properties in the neighborhood. Be confident about your own job security, down payment resources and tolerance for upkeep, as well as the lifestyle you want today and in the near term. While homeownership may not be for everyone, it is the right choice for hundreds of thousands of people. Today’s housing market, especially for first-time buyers, makes it almost impossible not to think about the possibilities.”

This is very well put. There is so much misinformation and apprehension about the nationwide real estate market that potential buyers and sellers don't stop to consider (a) their local market and (b) their very neighborhood.

Don't be discouraged by real estate trends. Yes, these are rough times, but yes you CAN avoid discouragement without putting those rose-colored glasses, that got so many into trouble in the hey-day, back on.

Weigh the pros and cons of investing in a property. Is it right for you?
Do your due diligence or ask a real estate pro (hey, we know some of those in Spokane!) to help you do it.
Consider mortgage rates, seller motivation, inventory, and historic appreciation.

*Full article and more good advice here.

American Express Report: Consumers think it's a good time to buy

2011-03-25T20:46:00.001-07:00

Excerpt from the report:

"To sell their home in the current market, 44 percent of homeowners note that they would be interested in including appliances, while 28 percent would consider offering to make requested repairs or allowing an allotment for repairs."

Click here for the full article or to access the report.

Dos & Don'ts for Your Garbarge Disposal

2011-03-01T18:14:00.000-08:00

Hey, we all have them! American Home Shield gives us some great tips to keep our garbage disposals running clean and mean.

Here are a few excerpts from the full list (which happens to be AHS's *most read* article of 2010. Can you believe it?):

Do:

Grind hard materials. Many people think food like chicken bones or small fruit pits are a no-no, but they can actually help clean the walls of the disposal.
Use cold water for at least 20 seconds. This will solidify grease so that it can be ground up. Also, make sure that all food particles are washed completely down the drain.
Keep it clean. One good way to eliminate drain smells is by grinding citrus fruit peels. You can also add a few drops of dish soap and let the disposal run for a few minutes.

Don't:

Use hot water. This will make grease liquefy and build up, which can clog the drain.
Turn off the motor too quickly. You'll want to make sure all food particles are completely ground. Once done, continue to run the water for at least 15 seconds to flush out particles.
Wash coffee grounds down the drain. While they won't harm the disposal itself, they can clog pipes and drains.

Put your garden space to work...for the earth!

2011-02-25T18:07:00.000-08:00

We love how hard this gardener worked to make her wonderful outside space earth-friendly.

Ms. Ten Eyck had learned water-saving techniques in the desert—and put them to use with a new palette of Texas native plants, which could tough it out with minimal water (and fussing) in her new clime.

As a homeowner, it's easy to overlook landscaping or to be content with a postage stamp-sized lot of grass. But when you think of the benefits of planting and cultivating native flowers, plants and grasses, it's a wonder more of us don't do it!

Ms. Ten Eyck stuck primarily (but not entirely) to Texas or Southwestern species for her yard, focusing on small trees, shrubs and flowers that need little water. What She Planted: Possumhaw trees (Ilex decidua) show off red berries above striped slender trunks for much of the winter and the purple wisteria-like blossoms of the Texas mountain laurel (Sophora secundiflora) flamboyantly and fragrantly announce the arrival of spring.

Read the whole article (Wall Street Journal) here.

Happy New Year!

2011-01-01T18:04:00.000-08:00

It's upon us.

Make it a great one.

Best wishes to all our clients and friends of Spokane's Best Real Estate. We appreciate you.

Just Listed: Classic, Updated 4 Bdr Rancher

2010-11-16T20:03:00.000-08:00

National Real Estate Market Update!

2010-11-08T18:54:00.000-08:00

We love answering the question, "Hey guys, how's the market?"

The housing market continues its gradual recovery without the aid of the tax credit. Sales are slower but growing. Although it will likely be uneven at times, slow growth is believed to be the trend moving forward. This is as true in Spokane, Washington as anywhere.

Home Sales: The Good News

Home sales continued to rebound in September, increasing 10% compared to the previous month. This builds on August’s gain of 7.6% that followed a large drop caused by the expiration of the federal tax credit in July. Sales are expected to gradually grow as the market moves toward recovery without government stimulus. The recent foreclosure moratorium has opened up opportunities for short sales.

Although it could make the near-term “choppy at times,” industry experts expect the overall trend to continue growing slowly.

Home Price: It's All About Your Perspective

After four months of prices remaining on par with year-ago levels, September showed a slight decline. Last September distressed properties were 29% of all home sales; this September that number rose to 35%. *The larger proportion of distressed sales, which are typically discounted, helps to explain the decline.*

Housing Inventory: Important but Oft-Overlooked Indicator

There are fewer homes on the market again in September, representing 10.7 months of inventory. While still at a relatively high level, months of inventory shrank by nearly a month in September from August’s 11.6 and nearly two months since the 12.5-month supply in July. This continues to represent an excellent opportunity for buyers and investors who have not yet taken advantage of the abundant opportunities of the market including record low rates, an ample but shrinking selection of homes, and highly affordable prices.

Affordability
Housing remains at near-record affordability levels, and prospective home buyers stand to benefit from the lowest mortgage rates in decades, as well as advantageous home prices. Housing is approximately 60% more affordable now than during the height of the market.

Look for more updates about Boise real estate trends. Educate yourself and you'll be ahead of the game!

[Many thanks to Keller Williams and the National Association of Realtors for this information]

Options for Spokane Real Estate Investors

2010-10-14T17:08:00.000-07:00

As a follow up to our last post about Fannie Mae's "end of year" incentives for home buyers, let's talk about property investment.

Not only is it the perfect time to buy a home, but it’s also an excellent time to purchase an investment property. If you already own and are not interested in moving – or you can’t because of the 3-year occupancy requirement to keep your home buyer tax credit – but still want to take advantage of the market, investing can be a great way to do so.

In the current lending situation, lenders often require investor buyers to have six months reserves of mortgage payments and a 25% down payment. This stipulation keeps many would-be investors out of the market.

Here are some little known tips to help investors purchase, regardless of the tighter lending environment:

Investors can purchase a Fannie Mae HomePath investment for 3% down.
Any investor, not just veterans, can purchase a Veterans Affairs(VA) foreclosure with VA’s Vendee Financing for 5% down.
Investors purchasing a VA foreclosure with Vendee Financing can use 75% of anticipated rent to offset the monthly payment if the investor has experience managing rental properties.

Contact us right away if you want to learn more about taking advantage of this incredible investment opportunity. There are abundant foreclosures in the Spokane area.

End-of-Year Bonus for Home Buyers (Thank you Fannie Mae)

2010-10-12T20:08:00.000-07:00

Like a car dealership at the end of its model year, Fannie Mae is offering special incentives exclusively for owner occupants that purchase property from its sizable inventory of foreclosures, also known as HomePath properties.

Owner occupants that purchase a Fannie Mae HomePath property by December 31 will receive up to 3.5% toward closing costs and a home warranty. These incentives for foreclosures are unheard of – banks typically sell foreclosures “as-is” without incentives, warranties, or repairs. This could help buyers to view a HomePath property more like a traditional sale, not a foreclosure, during their search process.

Owners and investors (see our next blog post for more info) can purchase HomePath properties for 3% down and no mortgage insurance. For homes that are not in tip-top shape, Fannie Mae also offers the HomePath Renovation financing, which works similarly to FHA’s 203(k) mortgage by allowing the cost of light renovation to be included in the mortgage. Furthermore, owner occupants get a 15-day “first dibs” on HomePath properties through the First Look program.

Fannie Mae is also offering agents an additional $1500 for representing owner occupants who purchase these properties, helping to compensate them for the extra paperwork and other potential obstacles that come along with foreclosure transactions.

Buyers should be sure to take a second look at Fannie Mae’s HomePath properties before settling on “the one.” It could mean not just a great deal but an excellent one.

To see Fannie Mae’s HomePath homes, check out HomePath.com

Sources: The Wall Street Journal, Inman News, Keller Williams Research

A Glimmer of Hope? Mortgage Payments Improving

2010-09-30T20:33:00.001-07:00

Fannie Mae says serious delinquencies on home mortgages fell this summer for the fifth month in a row.

Read the Wall Street Journal article here.

Five Flooring Choices to Make a Home Seem Larger

2010-09-15T18:49:00.000-07:00

Thanks to Scott Levit for this excellent post, which we've copied below.

Debbie Gartner of Floor Coverings International in Westchester/Western Fairfield wrote a concise post recently on how choosing the right flooring can improve the apparent size of a seller's home. This piece is adapted from Garner's post...

Here are 5 subtle tips for your sellers that will help stretch smaller spaces.

1. Use lighter colors. Lighter makes the space look larger. The same goes for walls.

2. Use wider planks. Wider makes the space look larger. The same goes for tile; larger tiles make the space look larger. (Conversely, parquet hardwood makes the space look smaller, so stay away from this and from small tiles).

3. De-clutter. The more open space readily visible (be it floor or walls), the larger, cleaner, and neater the space will look. Remove some of the knickknacks and maybe even a piece of furniture that's not necessary.

4. Use same flooring material and color across rooms. Whenever possible, continue that same surface across rooms. By continuing the same surface, you connect the space and it just looks larger. Be it hardwood, tile, or the wall color cafe au lait, try to be consistent and make the rooms appear seamless.

5. Lay your floor on a diagonal. Whether you have tile or hardwood, this will make you space look larger as it carries your eye along the longest length (In trigonometry -- remember that? - the hypotenuse is the longest side of the triangle). It will also make your space look more visually intriguing. Note that occasionally when the space/room is very rectangular, a straight lay across the longest length is a better option, but most often, a diagonal is the better choice.

Pay off Your Mortgage in Half the Time?

2010-09-09T19:10:00.000-07:00

You could!

According to this Wall Street Journal article,"a growing number of homeowners are choosing to pay down their mortgages at a faster rate--even if it means a substantial jump in their monthly payments."

It represents a "shift" in borrower thinking from even just a few years ago.

The articles lists some lifestyle recommendations for those who might consider the increased payments.

"Mr. Walters [chief economist at online lender Quicken Loans] says you shouldn't take on a 15-year fixed-rate mortgage unless you have substantial savings, including at least a year's worth of living expenses in liquid accounts.

Also, he recommends having a debt-to-income ratio below 35%. So if you have a gross salary of $5,700 per month, for instance, your monthly debt--including any mortgage payments, taxes, insurance, homeowners-association dues as well as auto and student loans and credit-card debt--would have to be a max of $1,995 to get a 35% ratio.

Link here.

Comprehensive Short Sale Help from a Spokane Short Sale Expert

2010-09-03T08:11:00.000-07:00

Well, we did it.

We built a simple, easy-to-use but still useful short sale site. Introducing SpokanesBestShortSales.com.

Included in the site is a simple explanation of a short sale; approval letters from short sale transactions we've successfully closed; expectations and a timeline for sellers listing a short sale; the short sale offer process; FAQs for real estate agents...

...and much more.

A Brief, Excellent Overview of Short Sales

2010-08-30T20:10:00.001-07:00

This is a monthly service provided by Keller Williams Realty. Considering our expertise in closing short sales, we felt this was particularly appropriate.

Highlights of the National Real Esate Market

2010-05-19T20:02:00.000-07:00

Existing home sales strengthened in March to 5.35 million, up 6.5 percent from February and 16 percent from last March. This is the ninth consecutive month of year-over-year increases. According to NAR's chief economist, the “home-buyer tax credit has been a resounding success,” increasing demand and stabilizing the market. In March, a whopping 44 percent of sales were from first-time buyers.

What is Inventory Like?

The "bad" news is, total housing inventory rose slightly to 3.58 million in March, representing an eight month supply of sales (if homes continue to sell at the current pace consistently and no new homes come on the market). However, compared to the previous year, there are now 1.8% fewer homes on the market. This is the twentieth consistent month of inventory decline when compared to the previous year--one of several indicators that the market will likely “bottom out” in the next few months, according to NAR.

Affordability

Affordability remains near record levels, supported by the lowest mortgage rates in decades, low home prices, and the first-time home buyer tax credit. The home price-to-income ratio continues to remain well below the historical average of 25 percent. The ratio now stands at 14.7 percent.

Sources: National Association of Realtors, Freddie Mac

March showing job growth

2010-04-19T18:41:00.000-07:00

The Employment Security Department is reporting a slight rise in the jobless rate for March. Presumably some of these jobs are temporary census jobs. (Employing census workers contributed to a huge jump in employment numbers nationwide.) Nevertheless, it's still good news.

From the press release:

March job gains marked the second time in three months the state has posted positive job numbers. That’s on the heels of 13 consecutive months of job losses stretching from the end of 2008 to the end of 2009.

In addition, mortgage delinquencies fell in March for the second month. (Hat tip: Wall Street Journal (requires subscription).)

For some commentary on this data, try Barbara Kiviat's post at TIME.

2010-04-07T09:37:00.000-07:00

This could be a minor but important indicator of the housing market. Buyers and homeowners are starting to remodel again. Even where there is less demand, that decrease is, er, decreasing.

The article in RIS Media cites data from the most recent American Institute of Architects’ Home Design Trends Survey.

You might enjoy reading the lists the five most popular bathroom and kitchen remodels, too.

In fact, here are the five most popular kitchen products and features:

-Recycling center, a designated place to put cans, papers, etc., which could be in the form of a nook or even part of the lower cabinetry
-Larger pantry space
-Renewable flooring materials
-Renewable countertop materials
-Computer area/recharging stations, dedicated to such tasks as recharging laptops, cell phones and PDAs.

We Blog the Old Fashioned Way

2010-04-05T19:35:00.001-07:00

(Can you call something old fashioned that isn't more than 15 years old? We just did.)

Don't you find it discouraging when you're searching for real, useful content online and end up on sham blogs?

These blogs are nothing more than revenue streams plugged with key words and covered with rows of annoying google ads. They are there to attract you, presumably because they have something you're looking for, but they're time-killers, dead ends. A little like white-washed tombs. They look interesting, but I wouldn't go inside.

We write actual blog posts with real content. We don't try to overload you with annoying key words (Spokane Real Estate! Tennis! Golf! Other Crap!). Our website is user-friendly and, we hope, intuitive. If it's not, we welcome feedback and adapt.

Let us know what you think. Or don't. If you just read and find something you can use, we're happy.

Five Things We're Thankful For

2009-11-25T19:01:00.000-08:00

Fresh, running water. You really can't leave this out, can you? The World Health Organization reports that 1.8 million people die every year from diarrheal disease, and that an estimated 88% of those deaths are attributed to unsafe water supply, sanitation and hygiene. In the meantime, we run the water while we brush our teeth.
Our family and the friends who have become family.These are the treasured people who get us through rough years. We need them almost as much as we need fresh water.
Surviving the market downturn. We're still here and we're not going anywhere. We made the cut, and we still like our jobs.
Living in a country where we can have a job that we love. Like fresh water, it's easy to take this for granted. Not having to rely on degrading or exhausting, low-paying just to put food on the table; not being forced to work 18 hour days (oh...wait!); never being coerced into a job--these are things we're thankful for, and that makes us some of the luckiest people in the world.
Food. Like piping hot turkey, homemade stuffing, mashed potatoes, steaming ladles of gravy, pumpkin pie...

HAPPY

THANKSGIVING.

Count your blessings. Even the water.

And speaking of tax credits...

2009-11-24T18:57:00.000-08:00

Here is an EXCELLENT rundown of fact versus fiction on tax credits for energy-effecient improvements to your home, courtesy of the National Association of Home Builders (link here).

You can even download a handy-dandy little fact sheet.

Wondering what your remodeling project is worth? We can help you find the answer.

Three Things You Can Do With the Extended Home Buyer Tax Credit

2009-11-20T18:50:00.000-08:00

1. Talk to your parents about selling their house. If (you or) your folks, like many of ours, have owned their home for years and years, they are in a unique situation to sell, actually make a profit and still find another house at a great price.

2. Stop sweating over that short sale. Are you one of the thousands of buyers taking advantage of the tax credit and trying to get your short sale closed? You aren't alone! Now you don't have to worry about getting it closed before December 1.

3. Buy. These tax credits are sweet, but they won't last forever. It's hard to imagine a better time to buy. When you're at the bottom, there's nowhere to go but up.

Western Home Sales Up Last Month

2009-08-22T12:05:00.001-07:00

The Spokesman Review attributes the increase to dropping home prices and first-time home buyers eager to capitalize on the tax credit before the looming December deadline.

Read the article here.

No Federal Income Tax Due on Principal Mortgage Debt Forgiveness

2009-06-19T18:58:00.000-07:00

Here is an innovative way the government is encouraging home owners to "short sale" their home (rather than be foreclosed upon) and helping keep them out of bankruptcy court.

The IRS has created an exemption from its general rule to treat debt forgiveness as ordinary income. In the past, a lender that reduced the payoff amount on a home would 1099 the Seller for the amount of debt forgiveness. Under the new law, there is no federal income tax due on debt forgiven on a loan that is secured by the Seller's principal residence, provided that the loan was made to acquire, construct, or substantially improve the principal residence.

A refinance of that type of loan also qualifies for the exemption.

Sorry, the rule doesn't apply if you pulled money out of your house to pay for something like a vacation and got debt relief on that loan.

The exemption applies to any portion of loan debt forgiven beginning January 1, 2007 through December 31, 2009. Put another way, it doesn't matter when the loan was made; what matters is when a portion of the debt is forgiven.

Spokane Short Sales Are Hard Work, But They Don't Have to "Suck"

2009-05-04T08:47:00.000-07:00

We've been doing some reading online about "why short sales suck."

In one example, a real estate agent writes that he represented two well-qualified buyers on a moderately priced short sale. The listing agent (who represents the seller) in the transaction obtained approval from the bank within ten days...then called and said a "better" offer was on the table, effectively backing out of the contract thanks to language found in addendum RE 44 (which is not, as a matter of fact, required by Idaho law).

This is bad news all around--it has little to do with the transaction being a short sale.

Here's how we would have handled things as the listing agent: Once the bank accepted the first offer, we would never have let our clients get into a bidding war. It might be said that it is the listing agent's job to get the most money for the house. However, listing agents represent the seller, not the bank. In a short sale, if a listing agent has been successful in getting the bank to accept something, they should not introduce potential time delays.

Whiles the rules and regs are constantly changing, at the present time, if multiple offers are received before they are presented to the bank, then it only makes sense to write up the highest offer. But once the ball is rolling, only backup offers should be considered.

The writer/agent advised his clients not to move ahead, and he concludes with two parting thoughts:

"You’re much better off to find a clean, sharp home offered by a motivated seller who has enough equity to negotiate a fair deal with you.

[snip]

If you want/need to buy a home and get moved in, short sales are a total waste of time and energy for all concerned."

There are two issues here. Firstly, short sales are a fact of the present real estate environment. With Idaho one of the leaders in foreclosures nationwide, short sales are a way for home owners to potentially avoid this nasty experience (and "ding" on their credit report).

Secondly, it's about being a trustworthy, well-trained agent who is going to work towards a win-win situation every time.

In a perfect world there are no short sales and no bad agents. Since it's not, we work with what we've got...and we do it with excellence.

We'll write more on how we've been trained to handle short sales by a career loss mitigator and why that training means we are closing short sales every month.

Apprentice Winner and TV Host Joins Keller Williams

2009-05-01T20:11:00.000-07:00

From the Keller Williams Press Release...

Kendra Todd, a nationally recognized author, lecturer and TV Personality, has joined Keller Williams Greater Seattle as the head of their Luxury Homes Division.

Todd, who won the popular NBC series The Apprentice, was the first woman and youngest contestant to ever win the hit reality show. During her tenure with the Trump Organization, she was involved with the sale of a $100 million Palm Beach Estate in Florida, the highest U.S. residential real estate transaction on record.

Currently, Todd hosts the critically acclaimed HGTV series, "My House is Worth What?" and serves as the Yahoo Finance real estate columnist with over 400 million registered users.

"We are thrilled to welcome the Kendra Todd Group to our firm" said Andrew Greenwell, Team Leader & CEO of Keller Williams Greater Seattle. "Her experience as an entrepreneur and insight into the luxury real estate market will prove to be a tremendous asset to our company," he said.

Happy Thanksgiving

2008-11-26T09:43:00.000-08:00

Hard to believe Thanksgiving is upon us again.

Thank you to our Spokane clients and vendors and those we've met along the way.

No matter how tough things get, we know that we still abound in this country and we're grateful for everything we have. What a good time to remember that.

Have a wonderful holiday weekend and travel safely (falling gas prices--there's another thing to be thankful for!).

OPT OUT of those Annoying Credit Card Offers

2008-11-24T12:42:00.001-08:00

If you would like to "opt-out" of receiving pre-approved credit card offers for 5 years you can call 1-888-5-OPTOUT (567-8688) or visit: www.optoutprescreen.com.

You do have to provide your name, address, birth date and Social Security number to process the request but the information stays confidential.

Here are three other websites that you can go to for removal of your name from direct mailing, "resident" and "occupant" mailings and coupon packs:

www.dmaconsumers.org/cgi/offmailing
www.advo.com/consumersupport.html
www.coxtarget.com/mailsuppression/s/DisplayMailSuppressionForm

Just Listed in Northwest Spokane

2008-10-07T14:00:00.000-07:00

This attractive Northwest Spokane Rancher is move-in-ready.

Beautiful wood floors throughout most of main level. Fireplace in living room. Family room and large unfinished laundry area in the basement. Built-in storage space all around the home!

Priced at just $133,900 for three bedrooms, 1 bathroom and a wonderful basement, this is a areat find at this price!

Click here to learn more.

"Saving Energy on the Cheap"

2008-10-03T14:12:00.000-07:00

From the Wall Street Journal Real Estate Section

The author writes that her "electricity consumption this year has dropped 687 kwh from the same period a year ago; in the past two months alone, I saved about $86."

Also contains the definition of "Low-e" windows!

Keller Williams: Number One for Home Buyer Satisfaction!

2008-09-12T09:30:00.001-07:00

J.D. Powers and Associates commissioned a benchmark study that "measures customer satisfaction of home buyers and sellers with the largest national real estate firms." Keller Williams ranks Number One is satisfaction for Home Buyers while Prudential earned that title for sellers. (Click here for the press release.)

“When buying a home, customers particularly appreciate agent professionalism, responsiveness to calls and e-mails and the agent’s skill in locating and showing properties in the appropriate price range—all areas in which Keller Williams excels,” said Jim Howland, senior director of the real estate and construction practice at J.D. Power and Associates.

The study also found that:

Nearly one-half of respondents (46%) report using recommendations from family or friends to find their real estate agent. Approximately 28 percent used the Internet, while 23 percent used an agent they had used previously and 11 percent used a printed real estate guide.
On average, home buyers were shown approximately 13 homes before making a purchase.
Home sellers report that, on average, their home was shown approximately 11 times and approximately five open houses were conducted before the sale occurred.

It's too bad Keller Williams didn't rank #1 for both buyers and sellers, but where selling is concerned, follow through and marketing ability seem to vary widely from agent to agent, team to team.

If you'd like to see what our listing plan looks like, email our marketing director Katy and she'll send you a personalized copy: katy@spokanesbest.com

Putting the Pressure on Obama and McCain

2008-07-22T16:49:00.000-07:00

Nearly half of all home buyers (44%) believe the housing market will improve once the new President takes office in January, 2009, according to a new survey recently released conducted by Harris Interactive® and commissioned by Move, Inc., operator of Realtor.com®.Forty-eight percent of women and 41 percent of men who plan to buy a home in the current market said they think the housing market will get better once the new President is in office.

It is not the idea that the housing market will "improve" that I'm scoffing at, but the confidence people put in an Office to help achieve it. On what grounds will the new Head of State help improve the real estate market? Start buying houses? Tell Congress what to do? Manhandle the FED? Good luck.

Read the whole article. There are some interesting stats about barriers home buyers report they're facing when considering a purchase.

Searching Spokane Washington Real Estate Just Got A Lot Simpler

2008-04-09T09:53:00.000-07:00

If only "picking" out a home were this easy.

Well, it just got easier.

With our new, state-of-the art "Key Word Search," you enter search parameters using key words, helping you hunt down amenities and property types you're looking for and weed out what you're not! Combined with # of bedrooms, bathrooms, location (or whatever), this brand new feature provides you with an incredibly efficient property search tool!

Some common keywords:

Investment
Short Sale
RV Parking
Single Level
Energy Star
Lease Option

Try it today! Use the advanced search to combine key words with search parameters like price and location (click here) or a quick search to search homes and properties by key word only.

Reaching Generation Y: "Why" You Should Try Spokane's Best

2008-03-20T10:20:00.000-07:00

From the Spokane Home Builder's Association:

Generation Y relies on e-mail, the Internet, PDAs, BlackBerrys and other electronic devices and, for many, these technologies are their preferred method of communication. In addition, studies show that eight out of 10 Generation Y home buyers use the Internet to research their home choices.

Once they have narrowed their choices, they expect their requests for more information to be answered quickly and for those answers to be personalized ― they don’t want to wait a week or two for a generic response.

I wonder if Generation Y'ers mind being labeled? We're cautioned about defining home buyers (empty nesters, seniors, minorities, etc), but when it comes to young people, the rules seem to change.

There is a lot of truth here, though. We find that a lot of our younger buyers use our automated home search tools and rely more heavily on email. Undoubtedly many of our clients are also using social networking sites like Facebook, MySpace, LinkedIn, and Blogger.

To that end, we now provide our sellers with the tools and expertise to integrate their home’s listing to any number of websites, increasing exposure to potential (and potentially younger) buyers. Here are some examples:

 Through our relationship with Realbird.com, you can use social book-marking or networking services to save and share your personalized listing website. Forwarding to friends, family or prospects is easy and encourages viral marketing.

 Your listing is featured on our blog using a handy program called a “widget” that is regularly updated and user-friendly.

 We have all the information and coding available to help sellers imbed a beautiful slideshow of their listing onto their blog, website, Facebook profile—or just about any site !

This Just In

2008-02-27T18:21:00.001-08:00

Home Price Appreciation by market area. Spokane is included.

Marketing Your Home on CraigsList Means Discerning Serious Buyers from Scammers

2008-01-25T11:43:00.001-08:00

Fox 12 News is reporting a new take on a (relatively) old scam.

For one local apartment manager getting flooded with calls about her vacancy, it turned out to be a bad thing.

[snip]

It started, innocently, when a legitimate advertisement about the property was posted on Craig's List. Things went wrong when con artists copied the ad, sweetened the deal and dropped the price. Asking would-be renters to wire them a cash deposit in Nigeria.

"And it looks like one of them was about to send money to these people in Africa," said Roth.

While Roth doesn't want her apartment complex named, she says while clearing up the mess, she got copies of what the scammers sent out from a mother who barely stopped her 18-year-old daughter from sending the con artists money through Western Union.

We've all heard about the "wire money to Nigeria scam" that even smart consumers have occasionally fallen prey to. Copying ads and redirecting readers is a new low.

The most common attempt aimed at scamming me is replying to our CraigsList listing ads. Here's a recent example:

I am interested in buying this house. What are the extra costs like taxes, heating, electric, insurance? Does house need any repairs? Can it be bought with any furnishings? Is it possible to rent with option to buy? Do you have any pictures of the house interior and exterior that you can send with an E-mail?

Let me know. Thanks!

Regards,
The Scammer with Nothing Better to do With My Life

Our real estate listings always include photos and links to our website, which would answer the question of furnishings and, oh, pictures of the interior and exterior!

Usually the questions are worse, and sometimes the emails are more detailed. "I'm moving from London and my agent in Boise will be handling everything."

Ignore these emails. They're a waste of your time. If you have a serious buyer on your hands they won't ask for photos when there is a link to see the house from 50 different angles, and they won't ask about repairs.

Pet Showers? Really?

2007-12-07T08:47:00.000-08:00

RIS Media just published an article highlighting real estate trends a la People Magazine's Best and Worst Dressed.

And it's almost as funny.

The "What's Out" section is largely accurate, but there's something humorous about the "What's In" section. Outdated thinking in regards to home-selling applies anywhere in the U.S., but where do pet showers and home elevators fit in? Not in Spokane, I don't think.

Other "ins" include destination bathrooms and floating bathrooms.

Read the article here and see what you think.

Reports of Our Death Have Been Greatly Exaggerated

2007-11-14T07:39:00.000-08:00

Oops.

We haven't blogged in a while. Sorry.

We're back in the swing of things with this gem from Forbes.com. Spokane is one of ten "Rising in Value Real Estate Markets."

"Percolating local job markets get some of the credit. (In fact, the more resilient property markets tend to be in places with above-average job growth.) Technology has been a driver in booming real estate markets like Spokane, Wash., and Salem."

"The Real Estate Bloggers" extracted the information and made a nice list here. We've only included a few that might be relevant to our readers.

Salt Lake City, Utah
Median Home Price: $233,100
One-Year Increase: 21.9%

Salem, Ore.
Median Home Price: $227,900
One-Year Increase: 16.7%

Spokane, Wash.
Median Home Price: $197,700
One-Year Increase: 10.4%

Shameless Client Promotion

2007-09-12T08:48:00.000-07:00

It is such a joy to list a home as beautiful as this one on West Sierra Way.

An elegant four-bedroom home with an incredible backyard and tons of living space.

Click here for more photos and additional information or call me at (509) 999-1604.

UPDATE: Price Reduced.

Even More Good News for Spokane

2007-08-07T12:22:00.000-07:00

(There is a lot these days!)

The most recent affordability index (first quarter 2007) is available courtesy of Wells Fargo, and nationally, Spokane is ranked 89. Regionally, she is marked sixth.

According to the Index, about 60% of the market share is considered "affordable" based on the area’s median income. That’s pretty good!

What are you waiting for? Move here! Not moving? It's still a good investment market.

More Good News for the Spokane Area

2007-08-03T09:24:00.000-07:00

These are the kinds of stories that are really encouraging.

Post Falls city officials have been contacted separately over the past six months by two development groups that claim they’re interested in constructing large, destination-type venues either in the North Idaho city or across the border in Spokane County.

The property they are eyeing in Post Falls includes about 150 acres of land just south of Interstate 90 near the Spokane River, south of a 125,000-square-foot sporting-goods store that Sydney, Neb.-based Cabela’s Inc. currently is building. The three land owners there are Hanson Industries Inc., of Spokane Valley; Green Group Inc., of Tuscaloosa, Ala, which owns the Greyhound Park & Event Center there; and Jacklin Seed by Simplot Inc., a subsidiary of Boise, Idaho-based Simplot Corp.
H/T ActiveRain.

There will be those concerned about growth and its impact, but as a friend of ours likes to say, "Progress is hard, but regress is harder."

Housing Predictor: Spokane Market Still Appreciating

2007-07-19T11:06:00.001-07:00

"...But Portland, Oregon, Boise, Idaho and Spokane, Washington in the Pacific north-west have been added to the top 25 markets for their rapid growth and healthy local economies. "

Spokane, Washington is Number 22 on the list of 25 Fastest Appreciating Markets.

According to HousingPredictor.com, "...despite news reports that the entire nation's housing markets are depreciating, many states have housing markets that are appreciating strongly."

If you read our blogs you know that we have been cautious about jumping on the "housing bubble burst bandwagon." Indeed, in most markets, we view the "burst" as a return to normal, a market correction.

We urge you to contact us sooner, rather than later, if you're on the fence about investing in Spokane. Our first-timers and our most savvy investors are turning a profit. Why not you?

Land for Sale: Kallenberger Road

2007-03-19T10:06:00.000-07:00

Call this shameless client promotion.

We have just listed 21.5 acres at 9400 Kallenberger Road N.

Specs:
Divided by county road. Bordered by Kallenberger Road and the Interstate.
Two commercial wells that pump 90 GPM on either side of land.
Can be divided into two parcels of 5 and 16.5 acres without survey.
This land is located on the border line of Spokane and Lincoln counties.

Please call (509) 999-1604 or email us for more information.

Click here for a direct link to the property and additional photos.

Spokane's Best Real Estate Team in the News!

2007-03-14T19:13:00.000-07:00

The Spokesman-Review highlighted our team in a recent online article (click here).

Our ally in online marketing, Boise-based Tour Real Estate, together with Black Diamond, co-designed and launched an incredible new product called SiteSeer. Site Seer is an innovative, easy-to-use 3D mapping tool for displaying and interacting with real estate data online.

Similar to google maps, SiteSeer offers a search function. Type in an address and "fly" right to the house or the property. But improving on google, SiteSeer is 3-dimensional, allowing the user to move beyond traditional "flat" photos. Get to know the neighborhood, the topography—and much more.

Our company is the first in the region to offer the product on a real estate website.

Click here to visit SpokanesBestRE.com now and start your 3-dimensional property search!

More Good News for Spokane

2007-02-09T14:08:00.000-08:00

Northwest retailer G. I. Joes is opening another Spokane store, according to the Spokane Journal of Business. The store will employ between 45 and 55 workers.

Another G.I. Joes is already being built just west of the Spokane Valley mall.

Click here for the full article.

Increase Your Chances of selling Your Home

2007-02-02T18:14:00.000-08:00

(We apologize for not blogging in a while. It has been a busy winter.)

In a healthy real estate market, buyers and sellers have to work to make reasonable concessions. Buyers have to respect the value of a seller's home and sellers have to be realistic about what buyers can and cannot live with.

One of these adjustments involves preparing homes for sale.

While preparing to sell and show your home, the most important thing to remember is not to take anything personally. Buyers are picky and they can afford to be, when there is a lot of inventory. Like you, they want to live in a home that they are confident will look and feel like home. Simply put, that's hard to do that when they can't see past your treasures.

Realty Times columnist Phoebe Chongchua just published an article about increasing the odds of your sale by "cleaning out the clutter."

"Realtors will tell you when they show buyers a cluttered home, no matter how lovely it could be, prospective buyers just can't picture it and will usually pass or make an offer for much less than the seller thinks the home is worth. Yes, packaging matters. It matters when you're buying a product in a store and it matters when you're selling your home."

We've walked through so many homes over the years it may be easier for us to imagine what fresh paint or fewer toys could do to help make a home more appealing. But buyers don't want to work that--and, this is key, they don't have to. They can probably find a new home where the builder is offering outstanding incentives, or they'll find a more motivated seller.

In short, save time on the front end, bite the bullet and pack your (gulp) "clutter" away. Give yourself a better shot at getting into your next dream home where you can display all your wonderful things!

"It's still a pretty robust housing market," Forsyth said, "well above the rate of inflation."

2006-11-20T16:23:00.000-08:00

An excellent, and encouraging, piece of journalism from the Spokanesman Review on November 16. Spokane is still on a growth curve, which is very good news for home sellers and real estate investors. In fact, it's good news for retailers and service industries, too.

"Mitchell estimates 810,000 new jobs will be created in the West next year. The Inland Northwest should see job growth of around 2.5 percent, down from 3.3 percent this year but more than twice as strong as the 1.1 percent predicted for the rest of the country, said Forsyth."

For buyers, it may seem like a bad time to buy real estate, but home prices are still below the national average. (Prices increase as you travel out to Spokane Valley.) Appreciation is expected to slow, however. Or think of it as a market correction.

The average home price (through August) was $192,121--up 16% from the previous year! Next year homes are expected to appreciate at a more reasonable rate of 8%, according to the article.
Contact us for monthly updates or to get into the market!

2006-11-01T17:22:00.000-08:00

Coming soon: Another market update.

We urge you not to wait to invest. These great markets don't last forever.

Cost versus Value: Using Your Remodeling Dollars wisely

2006-10-19T12:15:00.000-07:00

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.

What the Spokane Real Estate Market isReally Up To!

2006-10-11T16:49:00.000-07:00

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

2006-10-11T09:53:00.000-07:00

"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.

Preparing Your Home for Sale

2006-09-18T10:48:00.000-07:00

Spokane is enjoying a booming real estate market.

It is easy, in the midst of a seller's market like this one, to ignore basic rules for preparing your home for sale. If you don't clean your home or make basic repairs to the property now, you will probably find yourself scrambling to do so during escrow.

Why wait?

Here are some recommendations for preparing your home for the listing and showing process.

Start by airing out the home. Most people are turned off by even the slightest odor. Odors must be eliminated, especially those caused by dogs and cats and/or cigarettes. Odor is a common complaint by buyers and a real turn-off.

Wash all the windows in the home, inside and out.
If it has been over a year since the carpets have been cleaned, now is the time to have them cleaned. Bare floors should also be waxed or polished.
Put bright light bulbs in every socket made for a bulb. Buyers like bright & cheery.
Clean out closets, cabinets and drawers. Closets should look like they have enough room to hold additional items. Get everything off the floor and don’t have the shelves piled to the ceiling.
Make sure rooms are not overcrowded with furniture. Select pieces that look best, and store the rest.
Keep the kitchen sparkling clean. Make sure all appliances are clean at all times. Straighten cupboards that appear cluttered and keep floors gleaming.
Bathtubs, showers and sinks should be freshly caulked. The grout should be clean and in good condition. There should be no leaks in the faucet or traps.

Curb appeal? It matters. It really does.

Trim trees and shrubs, clean out flower beds, (perhaps invest in a few flats of seasonal flowers), paint the front door, make sure doorbell is working properly, wash the mailbox, keep the porch swept and the area free of cobwebs.

In general: Consider fresh paint, professional cleaning, lawn maintenance--whatever the particular weakness of your home, address it! We'll help you. Contact us for a full listing packet, which includes more tips and a checklist.

The market does change, but our commitment and spirit of service does not. Contact us.

Do You Still Think it's a Buyer's Market?

2006-08-29T16:17:00.000-07:00

While home prices are still relatively low, the Spokane area market is considered a seller's market. And it's hot!

As of August 15, 2006, average days on market is 43 days. For homes priced in the $100,000-$199,999 range, days on market averages just 34.5 days!

Price per square foot has increased between $10 and $20 since this time last year. A sign of steady growth.

What are some advantages and disadvantages of living in a seller's market?

Listings are selling fairly quickly, which is positive for the seller, but sometimes forces buyers to make emotionally-driven, not knowledge-based negotiation decisions.

Inventory in the $100,000 to $199,999 range is low.

So what's important now?

Thinking of selling property in Spokane? Now is a great time to do it. Relocating? We're happy to hear it. You're relocating to Spokane at a time when the economy is growing, unemployment is low and homes are still affordable.

It's also an ideal time to invest, while the numbers are still working. Good news: we specialize in helping real estate investors succeed.

Contact us to find out how we can help you meet your goals.

The Opposite of Angry

2006-08-23T14:56:00.000-07:00

A nice follow up to our earlier post about American's angriest cities is this report by Reader's Digest of the world's most courteous cities.

Somehow New York made it to the top of the list.

Suppress your guffaws and consider your travels abroad. In general don't Europeans (for example) tend to be aloof? If not aloof, indifferent? I don't think it's that they don't care; more likely they just won't help a stranger unless asked.

Or maybe it's unwise to generalize. What do you think?

H/T Sellsius.

How Angry is Spokane?

2006-08-15T22:29:00.000-07:00

MensHealth.com has ranked the 100 angriest US Cities.

Their criteria?

The percentage of men with high blood pressure, from the CDC's Behavioral Risk Factor Surveillance System; FBI rates of aggravated assaults; Bureau of Labor Statistics numbers on workplace deaths from assaults and other violence; traffic-congestion data from the Texas Transportation Institute; and speeding citations per state from the Governor's Highway Safety Association.

I nearly thought Spokane hadn't made the list, but there, tucked between #67 and #69 is Spokane.

It's hard to imagine we're an angrier city than San Francisco, CA.

(In other news, click here for a ranking of most charitable U.S. cities.)

H/T Dustbury.

NAR: Home Sales in Slight Decline

2006-08-03T12:18:00.000-07:00

Home prices are still modestly increasing, but home sales are down.

From the National Association of Realtors:

"Total existing-home sales – including single-family, townhomes, condominiums and co-ops – declined 1.3 percent to a seasonally adjusted annual rate1 of 6.62 million units in June from an upwardly revised level of 6.71 million in May. Last month’s sales were 8.9 percent below the 7.27 million-unit pace in June 2005.

David Lereah, NAR’s chief economist, said the housing market is flattening-out. 'Over the last three months home sales have held in a narrow range, easing to a level that is near our annual projection, which tells us the market is stabilizing,” he said.
'At the same time, sellers have recognized that they need to be more competitive in their pricing given the rise in housing inventories. Home prices are only a little higher than a year ago.'”

The market has shifted slightly to favor buyers. The increase in inventory has led to a price correction that allows for a more balanced and less emotionally-driven market—which is positive—but also a more competitive one. More than ever, smart pricing is critical.

"The national median existing-home price for all housing types was $231,000 in June, up 0.9 percent from June 2005 when the median was $229,000. The median is a typical market price where half of the homes sold for more and half sold for less.

Total housing inventory levels rose 3.8 percent at the end of June to 3.73 million existing homes available for sale, which represents a 6.8-month supply at the current sales pace."

As we've mentioned before, however, the Spokane market is still very strong. Don't wait for this market to cool before you invest.

From Spokane to Sandpoint: August 3-13 it will be worth the drive!

2006-07-31T11:47:00.000-07:00

It's a short drive from Spokane to Sandpoint, Idaho and this weekend it will be well worth the trip!

August 3 marks the beginning of Festival of Sandpoint, an impressive summer concert series that's enjoying its 24th year.

This year's lineup includes Nickel Creek, David Gray, Tanya Tucker, and Etta James.

Not interested in contemporary fare?

Drive over Thursday, August 3 for the opening night pops concert with the Spokane Symphony Orchestra conducted by Maestro Gary Sheldon. "The all-star musical evening features soundtrack favorites from Steiner, Hermann and Strauss to Bernstein and Williams, with music from memorable movies over the years including Casablanca, Gone with the Wind, Psycho, 2001 A Space Odyssey, Harry Potter, Star Wars, Schindler's List, Raiders of the Lost Ark and West Side Story."

Return Sunday, August 13 for the Grand Finale, where the Spokane Symphony Orchestra performs again, this time with a tribute to Mozart. A complimentary wine-tasting for concert-goers over the age of 21 precedes the Finale.

The Festival bills itself as "audience friendly...a customized concert experience without equal." You're invited to purchase food at the event or bring your own picnic basket or cooler and something to sit on.

Season passes (reasonably priced at $159.00) are sold out, but you can buy tickets to individual events online.

Investing in Spokane Real Estate: Is Now the Right Time for YOU?

2006-07-21T14:20:00.000-07:00

Now, Money Magazine has named Spokane one of the Top 10 Real Estate Hot Spots citing low median home prices and an average job growth rate of 3%, twice the national average.

"After surveying 380 metro markets around the country, Money predicted Spokane’s median home price will grow at a rate of 12.4% from June 2006 to June 2007, placing Spokane’s growth rate at #9 in the country,"according to the Spokane Area Economic Development Council.

Another reason, according to the Council, are home prices. Spokane’s median home price in the 4th quarter 2005 was $168,600. The median home price from the same quarter was $360,000 for Seattle.

Don't wait to start investing in a market that has as much potential as the Spokane area. If you're a seasoned real estate investor or ready to start, let our experienced investment team guide you.

We can help you ask your lender the right questions, find homes that are appropriate to your needs and goals and guide you through escrow.

Think about it, then call us for a complimentary investor consultation.

But don't think about it too long.

Understand Your Home's Value

2006-07-12T14:34:00.000-07:00

RIS Media has an article in a recent issue aimed at advising seller's who have questions about their home's value.

"Request a copy of the appraisal. When you bought your house, you paid for an appraisal. If you didn't request a copy of the appraisal at the time, go back and request it from your lender now. It is your right under federal law to obtain a copy of the appraisal report. Make sure you get one from your lender."

This is excellent advice. Don't confuse the tax assessment on your home with the appraisal. And although we can run comparables on your property (to compare it to recent sales in the area) that is not equal to your home's appraisal either.

The article also suggests appraising your home before you list it for sale. Obviously this is your prerogative, but keep in a mind an appraisal will be ordered by the buyer's lender anyway. We can help you set a reasonable price so you're not surprised or disappointed by the appraiser's results.

Read the full article here.

Guest Blogger: Marketing Advice

2006-06-30T15:52:00.000-07:00

Katy Barbour is guest-blogging in today's post. Ms. Barbour is the marketing director for Spokane's Best Real Estate Team.

"I rue the day the dairy industry launched its "Got Milk?" campaign. It spawned a generation of unoriginal ad campaigns that nauseate and bore millions of marketing-conscious Americans.

Got Church?
Got Plaque?
Got Radiator Problems?
Got gastro-intestinal trouble?

Got an original thought?

Think how effective and refreshing a sign that read, "Do you need a new transmission? We offer transmissions at a fair price" would be. Or, "You're welcome at our church." Or, " First-Time Patients: Free Teeth Cleaning. Call 555-5555."

Cleverness only works if you're clever. If you're a dentist odds are you're not. Remember that your competitors are trying to produce a clever marketing scheme that will attract consumers, and most of them don't know how to do it either. They are resorting to the trite "Got ?" campaigns. Join them and you will be fatally commonplace.

If you don't have the budget or edge to compete with McDonald's' billion dollar advertising campaigns, don't. Offer a good product, sell it professionally and with class. Work to retain your clients and gain referrals. When in doubt remember that less is more.

We all try too hard; we all make marketing mistakes. But failure is no excuse to keep it up. Write simple, declarative sentence. It hurts, but it's worth it.

If you need help eliminating unnecessary text, Bullfighter is one resource. It is an inconspicuous tool that, with the push of a button, will review your text for "bull." It will even rate your document and explain the rating.

Another helpful document that I've frequently referenced is, "Why Bad Ads Happen to Good Causes." It's hard to overstate the usefulness of Bad Ads, which was originally published by the Robert Wood Johnson Foundation to help nonprofits build meaningful public service campaigns. Click here to download Bad Ads (free).

Extra tip: If you have long-winded friends, Fight the Bull offers a deliciously creepy tool called the Mystery Matador that sends an anonymous message measuring the amount of jargon and verbosity in your friend's document."

--Katy Barbour, Marketing and Administrative Director.

Click here to contact Katy, offer feedback on this post or offer suggestions on improving her own marketing efforts.

Real Estate Investing Using Your IRA

2006-06-22T16:12:00.000-07:00

We recently formed a partnership with IRA123, a company that specializes in helping real estate investors use tax-deferred funds to purchase investment property. It's an unusual concept, so we recommend reading some excellent resources found here.

We can work with IRA123 to help you achieve your investment goals in Washington. Contact us to set up a meeting.

Relocating to Washington? Consider the Tax Climate.

2006-05-22T15:36:00.000-07:00

"Considering moving to another state for work or retirement? It pays to consider how state taxes will affect your income -- and your heirs…

'The tax savings [from relocating] can be substantial when you factor in both income and estate taxes,’ says Sam Petrucci, vice president in the client advisory group at Credit Suisse Private Banking USA in New York.”

As the article, available on the Real Estate Journal (click here), points out, this is especially important for Americans over the age of 55. Knowing how much you're going to be taxed is an "important part of planning for retirement and for transferring assets to the next generation." It will give you the upper hand in planning ahead and calculating what you need to have a comfortable retirement.

There are other factors to consider, of course, like quality of life, overall cost of living and climate.

Feds raise interest rates

2006-05-11T14:54:00.000-07:00

Full article available on Real Estate Journal. Click here.

Beware of Mortgage Fraud

2006-05-03T13:07:00.000-07:00

As anyone who has been a victim of fraud can tell you: it's not a joke.

When it comes to your personal property, exercise extreme caution in choosing a lender. We suggest, you (a) ask someone you trust for a referral to a lender they have successfully used in the past, preferably more than once; (b) call the local Better Business Bureau to find out if complaints have been filed about the company you are considering; (c) ask for references.

Don't make the mistake this couple made:

DEER PARK, N.Y., April 28 (UPI) -- A New York couple appears finally to have lost the house they lived in throughout their married life, victims of a fraudulent mortgage deal.

When they were in financial trouble three years ago, Carol and Anthony Calvagno turned to Southern Star Mortgage, a company they thought would refinance their house in Deer Park and buy them some time. Instead, Mitchell Sim, who told them he was a branch manager, arranged a complicated arrangement in which the company would take title to the house and the Calvagnos could buy it back, Newsday reported.

Sims kept their money for himself and never paid the mortgage. He pleaded guilty to larceny, but the bank holding the mortgage at the time put the house into foreclosure.

A local woman bought the house as an investment and eventually sent the Calvagnos an eviction notice. Now, they are waiting for someone to knock on their door and tell them they must leave.

Hat tip: Mortgage Industry Fraud Blog.

We have lenders and mortgage officers we know and trust; you probably do too.

Spokane's Renaissance

2006-04-07T17:37:00.000-07:00

"A persistent theme is woven through the recent renaissance of Spokane. It speaks with as much fervor as the river that sprints through the city. It is the power of collaboration that has steadied the course for the region, bringing over a billion dollars of economic development to the downtown core within just the past five years."

Collaboration between agencies, developers and city government is just another reason we love Spokane. We truly hope we are contributing to Spokane's future.

Click here to read the full article. (It was published last June but it's still relevant.)

"Only a small percentage of respondents would borrow a cup of sugar from Desperate Housewife Teri Hatcher..."

2006-03-30T16:30:00.000-08:00

I don't blame them! I don't want to live on Wisteria Lane, either.

As a real estate team that specializes in the 50+ crowd, we have a keen interest in real estate trends among those looking for low-maintenance living.

A new survey conducted by ERA Real Estate is helpful.

The survey finds, not surprisingly, that "Of those who plan to move, a majority (63 percent) are looking to purchase a single-family home, while 18 percent would purchase a condo or townhouse and only a scant 2 percent would choose an adult community. "

Fortunately in the Spokane Valley, Washington real estate market single-family homes are abundant and still affordable.

Who is the ideal neighbor of the Empty Nester?

"When asked which celebrity would make the best next-door neighbor, the majority chose pro golfer Tiger Woods. Affable talk-show host Regis Philbin was a close second while funny lady Ellen DeGeneres was third. Only a small percentage of respondents would borrow a cup of sugar from Desperate Housewife Teri Hatcher, and James Gandolfini of The Sopranos fame ended up dead last. "

So Americans in the prime of their life don't want to live in an adult community or next door to a mobster. No kidding!

Read the article available on RIS Media by clicking HERE.

What is Your Tax Burden?

2006-03-17T09:52:00.000-08:00

The average Seattle, Washington family can expect to pay 20.6% of their income to the federal government, according to study published this month by Runzheimer International.

Click here to read the full article or see how your city ranks.

This particular report does not have numbers on the Spokane area, but we may look to the major cities listed as a fair measurement of other areas in each state.

H/T The Real Estate Blog.

Education, Education, Education

2006-02-28T09:47:00.000-08:00

Education is one of the hallmarks of Keller Williams Real Estate.

It is one of the most important reasons we hold investment seminars for active and potential real estate investors. Our latest invstment seminar in Spokane Valley was a big success.

If you were interested in attending, but had a scheduling conflict, we'll be happy to meet with you one-on-one. Call us: 509-999-1604.

Find out more about investing in the Spokane, Washington area or in outside markets: Click here.

Thanks to everyone who attended!

Are you investing yet?

2006-02-07T09:45:00.000-08:00

We find a lot of joy in helping our investor clients build their portfolios. We have investors who "flip" property (buy repos or foreclosures, fix them up and sell them for a profit), investors who purchase property to convert to rentals or lease options and investors who heavily work the HUD homes.

One of the ways we educate our investors is by offering investment seminars.

We're hosting a Spring Investment Seminar in Spokane Valley on February 20. Have you seen our ad in the Inlander?

Click to contact us for more information!

Welcome Friends and Clients!

2006-01-24T09:41:00.000-08:00

We are pleased to be launching this modest web log in an effort to provide our buyers, sellers and real estate investors in the Spokane and Spokane Valley area with another forum for learning about available properties, new markets, community events--and of course to ask questions.

You are invited to visit our website to learn more (click here), but please take advantage of this site to engage us in conversation.

We like the phone, too! Reach us anytime at: (509) 999-1604. But please provide us with your feedback about this site so we can maximize its functionality to better suit you.