Three Factors Affecting Home Affordability in Spokane, WA

Home affordability is a concern for many prospective homebuyers in Spokane. While higher mortgage rates have been a cause for worry, there are other factors that determine home affordability as well. These include mortgage rates, home prices, and wages. Let's take a look at how these factors are impacting home affordability in Spokane.   #1 Mortgage Rates Mortgage rates have risen since the pandemic, but they've been hovering between 6% and 7% for the past eight months in Spokane. While rates can be volatile, even a small change can affect your purchasing power. It's essential to stay up to date on the latest market trends and work with a team of real estate professionals to make informed decisions.   #2 Home Prices Home prices in Spokane have appreciated rapidly in recent years due to increased buyer demand and limited supply. However, higher mortgage rates have slowed down the price appreciation. Additionally, home price changes can vary by location. In Spokane, the market is competitive, and home prices have continued to rise due to the high demand and limited supply.   #3 Wages One of the most positive factors for home affordability in Spokane is rising income. Wages have been increasing over time, making homeownership more affordable. Higher wages reduce the percentage of income required to pay for a mortgage, which can make a significant impact on affordability.   In summary, home affordability in Spokane is determined by a combination of mortgage rates, home prices, and wages. While mortgage rates have risen, they are still relatively stable, and rising wages are making homeownership more accessible. If you're considering buying a home in Spokane, it's crucial to work with a trusted real estate professional who can provide local market insights and help you make informed decisions.

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Top 5 Things to Expect When Moving to Spokane: Your Relocation Guide!

  Whether you're moving to Spokane for work, family, or just for a change of scenery, there are a few things you should expect. Here are the top 5 things to expect when moving to Spokane.   1. Which Area/Neighborhood Is Perfect For You Spokane is a city with a variety of neighborhoods, each with its own unique character and charm. Some neighborhoods are family-friendly, while others are better suited for young professionals or retirees. Do your research and figure out which neighborhood is the best fit for your lifestyle and needs. Consider factors such as proximity to work, schools, and amenities.   2. Finding the Right House For You Once you've figured out which neighborhood you want to live in, it's time to start looking for a house. Spokane has a variety of housing options, from single-family homes to apartments and condos. Determine your budget and what features you need in a home, such as a yard or a garage. Be prepared to spend some time house hunting and don't settle for a place that doesn't meet your needs.   3. Finding Schools That You Like If you have kids, finding a good school is likely at the top of your priority list. Spokane has a number of excellent public and private schools to choose from. Research the schools in your desired neighborhood and determine which one is the best fit for your child's needs.   4. Be Prepared for the Weather Spokane experiences all four seasons, with usually mild hot summers and cold winters. If you're coming from a place with no snow, be prepared for the winter weather. Invest in warm clothing and learn how to drive in the snow. The good news is that Spokane is a winter wonderland, with plenty of opportunities for skiing, snowshoeing, and other winter activities.   5. Plenty of Available Outdoor Activities Spokane is a city that embraces the outdoors. With miles of hiking and biking trails, numerous parks, and several lakes, there is no shortage of outdoor activities to enjoy. Take advantage of the beautiful surroundings and explore all that Spokane has to offer.   In conclusion, moving to Spokane can be an exciting adventure. Just be sure to do your research, find the right neighborhood and home, and be prepared for the weather. With plenty of outdoor activities to enjoy, Spokane is a great place to call home.

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Is Your Home No Longer Meeting Your Needs?

As life changes, so do our housing needs. While owning a home provides a sense of stability and security, it's important to reassess whether it still meets your needs. According to the National Association of Realtors, the average person lives in their current house for ten years, but if you find yourself in a situation where your current home no longer suits you, it may be time to consider a move.   If you're thinking about selling your home in 2023, you're not alone. Realtor.com reports that one in three potential sellers are considering a move because their current home no longer meets their needs. The top reasons for selling, according to NAR, include moving closer to friends or family, retirement, changes in family situations, job relocation, and homes that are either too small or too large.   Fortunately, it's still a great time to sell, as we're currently experiencing a strong sellers' market. Homes listed at market value and in good condition are attracting buyers and selling quickly. With expert advice from a local real estate agent, you can ensure that your home is ready for the market and priced appropriately.   Moreover, if you've been in your home for a while, there's a good chance you have a significant amount of equity built up. This can be used to power your next move, whether you're downsizing, upsizing, or relocating. In fact, NAR's report indicates that 38% of recent buyers used the money from the sale of their previous home to cover the down payment on their next one.   To make the most of your equity and find your dream home, work with a real estate professional who can guide you through your options in today's housing market. Don't settle for a home that no longer meets your needs when there are so many opportunities available to you.

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