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

“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.

Highlights of the National Real Esate Market

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

This Just In

Home Price Appreciation by market area. Spokane is included.

Housing Predictor: Spokane Market Still Appreciating

"...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?