How Spokane Homeowners Benefit from Downsizing

Downsizing has been a popular choice among homeowners, especially those reaching retirement age, and it can also be beneficial during various life changes. Whether you've experienced a shift in your circumstances or feel that your current house no longer suits your needs, downsizing in Spokane can offer advantages. While downsizing has traditionally been associated with older individuals and retirees whose children have moved out, younger people in Spokane are also considering downsizing to save on housing expenses, as highlighted by U.S. News. Given the rising inflation and increased costs of various goods and services, finding ways to save money is increasingly appealing. When contemplating budget adjustments, it's crucial to consider your home as a potential area for savings. While most people associate spending cuts with everyday purchases like groceries, downsizing your house can lead to reduced bills, such as a smaller mortgage payment, lower energy costs, and decreased maintenance requirements, as outlined by Realtor.com. Additionally, downsizing can provide a windfall when you sell your larger home and purchase a smaller one. This windfall is made possible by your home equity, which tends to accumulate over time. If you've owned your Spokane home for a considerable period, you likely possess a substantial amount of equity. Leveraging this asset can help you buy a new home that better aligns with your current needs. When the time comes to make a move, a team of experienced real estate professionals can guide you through every step of the process. They can assist in determining the appropriate selling price for your house, finding a smaller home in a desirable location, and assessing your affordability based on current mortgage rates.   What Does This Mean for Spokane Homeowners? If downsizing is on your mind, consider asking yourself these questions within the context of Spokane: Do the original reasons I bought my current house still hold true, or have my needs changed since then? Do I genuinely need and want the amount of space I currently have, or could a smaller home better suit my requirements? What are my current housing expenses, and how much could I potentially save by downsizing? Once you've answered these questions, consult a real estate advisor who specializes in the Spokane market. They can help address the following crucial question: What are my downsizing options in Spokane's real estate market? A local housing market expert will be able to assess the equity you've built in your home and how it positions you for a successful downsizing experience.   Downsizing your home in Spokane can be an excellent strategy for saving money. If you're aiming to reduce expenses, engaging in a conversation with a real estate agent about your housing goals for this year is a wise step to take. By doing so, you can gain valuable insights into how downsizing can help you achieve your financial objectives in Spokane's housing market.

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Here's Why You Should Consider Buying New Construction in Spokane

Finding the perfect house in today's limited housing market can be a challenge, especially in Spokane. With a shortage of available homes for sale, it may feel like an uphill battle to find your dream home. However, there is a solution worth considering: newly built homes.   The latest data from the U.S. Census brings positive news for those searching for a home in Spokane. In the first three months of this year, there have been notable developments: Increased Completion of New Homes: More newly constructed homes have been completed and are ready for sale in Spokane. This expanded inventory provides you with a greater number of move-in-ready options to consider. Growing Construction of Single-Family Homes: Builders in Spokane have broken ground and commenced construction on a higher number of single-family homes. This means there are more properties in the early stages of development, offering you the opportunity to customize a home according to your preferences. Rise in Building Permits for Single-Family Homes: The number of permits issued for building new single-family homes in Spokane has seen an upward trend. This indicates that builders are gearing up to start even more home construction in the near future.   While these developments broaden your options for home search in Spokane, there are additional advantages to be gained from considering a newly built home. Customization: When you purchase a newly constructed home in Spokane, you have the opportunity to tailor it to your specific needs and tastes. Rather than wishing for certain features or amenities, you can customize the property to meet your exact requirements. Brand New Everything: One of the significant perks of a new home is that everything within it is brand new and untouched. From the flooring to the appliances, everything is fresh and exclusively yours from day one. Minimal Repairs: With a new home, you can expect fewer maintenance and repair needs initially. Should any issues arise, many builders include manufacturer warranties and additional home warranties, providing you with peace of mind. Energy Efficiency: Building a home in Spokane allows you to incorporate energy-efficient options, which can lead to long-term cost savings. Given the current economic climate with rising costs, these energy-efficient features become even more valuable. In conclusion, if you're struggling to find your dream home in the competitive housing market of Spokane, considering a newly built home could be the ideal solution. Connect with a local real estate professional who can guide you through the available options and help you find the perfect newly constructed home in Spokane.

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Here's Why May is the Best Time to Sell

2020 through 2022 witnessed extraordinary years for the housing market in Spokane. The demand for homes was exceptionally high, while the available inventory remained low, leading to a departure from the typical impact of seasonality. Although some of those conditions still persist, recent factors such as increased mortgage rates have brought about a return to normalcy in the market. As a result, the seasons are once again playing a significant role, and if you are planning to sell a home in Spokane, it's essential to consider their influence. It is widely known that late spring and early summer mark the busiest time of year in most real estate markets, and this period also happens to be one of the best times to sell a home in Spokane. During this time, the lush landscaping accentuates your home's curb appeal, attracting potential buyers. Moreover, more individuals enter the market at this time since people tend to wait out the winter due to the holiday season's busyness and unpleasant weather. By the arrival of spring, these conditions have improved, and with late spring marking the end of the school year, many households are actively looking to buy homes and settle in before the next academic session commences.   The increased number of buyers in the market during late spring makes it easier to find the perfect match for your property. The heightened competition among buyers also improves your chances of receiving a full-price offer. In fact, if multiple offers are made on your home, you stand to benefit financially from a bidding war. While late spring is generally considered the ideal time to list your home for sale in Spokane, the question remains: which specific month is the best choice? Statistically speaking, May emerges as the most favorable month to sell a home in Spokane. Listing your home in May ensures a faster sale due to the higher number of buyers in the market and allows you to maximize your financial gain.   But how much more money can you make? On average, homes sold in May secure a 12.6% seller premium, meaning they sell for 12.6% above their market value. Considering that the average U.S. home value is $334,269, selling your home in May could potentially put an extra $42,117 in your pocket. Imagine what you could do with an additional $42,000! Let's explore the possibilities together.

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