Understanding the Spokane Housing Market: What the News is Missing

  In today's world, the news is filled with sensational headlines about inflation, recession, and political scandals. But amidst all the noise, there's one market that continues to thrive - the Spokane housing market. In this blog post, we'll take a closer look at the concerns and misconceptions about the current state of the Spokane housing market and uncover what the news might be missing. Join me, Hayden, your local Spokane real estate expert, as we dive into the facts and insights that paint a clearer picture of the Spokane housing market.   First Quarter Price Drops Let's start by addressing the recent drop in home prices in Spokane. At the beginning of the year, we saw a 17% decrease, with home prices dropping from a high of $460,000 to $380,000. However, when we look at the year-over-year numbers, the decline is only about 6.5% from March 2022 to March 2023. This drastic change was mainly influenced by rising interest rates and uncertainty in the housing market. But since January 1st, we've seen a significant rebound, with home prices starting to rise again, experiencing almost an 8% increase, indicating a rapid change in the market.   Housing Shortage Issue So, what's driving the current trend in the Spokane housing market? It's all about supply and demand. Spokane is currently facing a severe shortage of about 25,000 units to meet the demand, and the number of homes actively listed on the market is less than 700, and it's trending downwards. This lack of supply has created a supply and demand issue, resulting in higher prices and a seller's market. To put it into perspective, in order for Spokane to shift to a buyer's market, we would need to see at least 3,000 homes actively listed, but currently, the market falls far short of that.   Months Supply of Inventory To further illustrate the supply and demand dynamics, let's look at the metric of "months supply of inventory". This measures how long it would take for all the homes listed on the market to be taken off by buyers. Currently, Spokane has only 1.5 months of inventory, which is significantly lower compared to the buyer's markets of 2013-2014 when Spokane had 5-9 months of inventory, indicating a much tighter market now.   So, what can we expect in the coming months? Based on the current supply and demand trends, the outlook for the spring and summer months in the Spokane housing market is likely to continue in the seller's market trend. Unless there is a major event that forces people to sell, it's unlikely to see a significant increase in inventory, which means the market is likely to remain competitive for buyers.   In conclusion, the Spokane housing market is facing unique challenges with low inventory and high demand, resulting in a strong seller's market. Despite the headlines and concerns in the news, the Spokane housing market has its own dynamics that need to be understood beyond the surface level. I hope this blog post has provided valuable insights and analysis for those interested in understanding the real estate market in Spokane. Let's stay informed and navigate the Spokane housing market with clarity and understanding.

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Take Your Home from Drab to Fab with These Must-Try Outdoor Projects!

Spring is here! With warm weather on the way, it’s time to think about planting, cleaning, and upgrading our outside spaces. Which outdoor projects add the most value to your home? Check it out:   High-End Outdoor Kitchen Outdoor kitchens shot to popularity during the pandemic, and they’re sticking around. Why? They’re versatile, fun, and great for entertaining. They take outdoor gatherings and backyard grilling to the next level, offering a full suite of cooking appliances, running water, and prep space in one convenient outdoor spot. Forget about running back and forth from the indoor kitchen to the backyard; with an outdoor kitchen, no one has to miss out on a minute of the party. Additionally, an outdoor kitchen can help you save money on utility bills—especially during their highest-use time in the summer. Cooking outdoors helps reduce indoor heat buildup, decreasing the need for air conditioning. What about the ROI? According to Absolute Outdoor Kitchens, “CNN Money, About.com and Remodeling Magazine support that outdoor kitchens nationally return 100% to 200% of the improvement cost” when you go to sell later. Using the national average cost for an outdoor kitchen ($13,180), that means you’re adding anywhere between $13,180 and $26,360 to the value of your home. For maximum value boost, think about universally usable features that every buyer will love. For example, is your outdoor kitchen easily accessible from your house? Did you opt for top-of-the-line appliances? Does it have tons of counter space for easy prep? Don’t overlook the basics like storage and functional plumbing. Opulent finishes and clever gadgets could improve your enjoyment of the space—which is important—but if your main concern is resale value, think well-designed and highly functional.   Elegant Outdoor Living Area Build this space alongside your outdoor kitchen for the ultimate entertainment area and unequalable relaxation. How do you do it? Many homeowners treat the outdoor living space as an extension of indoor luxury, meaning you can let your indoor aesthetic flow right out onto the patio. This creates a unified look that makes your outdoor sanctuary feel like a cohesive part of your home. It’s a good idea to cover all or part of your retreat to protect it from wind, rain, and sun—and you can screen it in to keep the bugs out, too. When you think about furniture, consider aesthetics, durability, and comfort. You can opt for freestanding patio furniture, or go with something more permanent with cushioned built-ins. Next, invest in some outdoor patio heaters to make your space usable all year long. How much value can you expect an outdoor living space to add to your home? According to Better Homes & Gardens, just a patio or deck alone can add almost $20,000 in value. Boost it even more by keeping your region’s weather patterns in mind and designing accordingly.   Warm and Cozy Fireplace Picture it: you and your loved ones laughing and telling stories around a crackling fire—anytime you want, because it’s in your backyard. Whether you opt for a built-in stone fireplace or a freestanding firepit, the ROI for this feature is great. Home renovations in general typically return 70% of their cost when you sell your home, and the ROI for this project is around 78%. Those numbers are strictly monetary, which means they don’t factor in your improved quality of life or how much more you’ll enjoy your home when the project is complete. For maximum return on your investment, go for a natural-gas-fueled firepit and stick to good-looking but inexpensive materials.   Lovely Landscape Lush landscaping done by a professional is always valuable—and poor landscaping can reduce your home’s value by 30%. If you need to focus on one aspect, choose trees. Trees are the single most impactful landscaping element when it comes to home value, and just a single healthy tree can have a significant effect. Trees.com interviewed real estate expert David North, who said. “A tree is one of the most natural and interesting ways to add color, texture and contrast to any home’s yard. The natural beauty of a tree can be especially powerful when it distinguishes one property from others, whether by different shape, color, or size.” He goes on to explain that location is key—and planting a tree in the right spot will provide privacy, shade, and even noise protection.   Beautiful Outdoor Lights Done right, outdoor lighting is beautiful, functional, and improves the security of your property—and there are many types to mix and match. Start with spotlights that produce a narrow beam of light to highlight statement features like statues, trees, and water features. Enhance flowerbeds with small accent lights, and use pathway lights to illuminate paths and walkways, making it easier to navigate in the dark. Try wall-mounted lights to provide ambient lighting and enhance the appearance of your property, and finish up with string lights in your outdoor entertaining areas to add a whimsical touch. Outdoor lighting can be installed by an electrician and wired into your property’s main electrical system—but there are also solar lighting options that are self-charging. How does outdoor lighting impact your home’s value? According to NAR, it can add $2,500 to the bottom line on its own—but the real value is in the saleability and the way it improves curb appeal. The National Association of Home Builders recently published a study showing that exterior lighting is the most-wanted outdoor feature for homebuyers, with 42% calling it an essential must-have and another 45% calling it desirable. That’s a total of 87% of buyers looking for outdoor lighting in their home searches.   Decadent Water Feature Water features can include anything from a small, decorative fountain to a full pool and spa. Depending on what you choose, benefits can range from a nice visual focal point to protection from noise pollution to an opportunity for exercise and improved well-being. Combining features, such as a swimming pool or pond with a waterfall, will deliver maximum impact. You’ll get the beautiful aesthetic, the pleasant sound of running water, and a place of your own to swim or relax poolside. Incorporate underwater accent lighting to create the magical getaway feeling of a true backyard oasis. What kind of value boost does a water feature offer? That depends on the feature you install, where you install it, what types of materials you use, and of course, where you live. Overall, the main value of water features is the tranquil ambiance they create and the improvement they provide to your home’s curb appeal. Just remember that you have to maintain them. A damaged, dirty, or non-functioning water feature can actually devalue your home—and nobody wants that!   The exact value boost you’ll get depends on various factors, such as the location and size of your property, the type of irrigation system, and your local real estate market. It's always a good idea to consult with a local real estate agent to determine the specific value that any home feature can add to your home based on your location and the local market conditions.

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Spring Sell-Abration: Top Tips to Make Your House Stand Out and Sell Faster This Season!

Spring has arrived, and that means more and more people are getting their homes ready to sell. But with recent shifts in real estate, this year’s spring housing market will be different from the frenzy of the past several years. To sell your house quickly, without hassles, and for the most money, be sure to follow these four simple tips:   1. Make Sure You Give Buyers Access One of the biggest mistakes you can make as a seller is limiting the days and times when buyers have access to view your home. In any market, if you want to maximize the sale of your house, you can’t limit potential buyers’ access to view it. If it’s not accessible, it could cost you by sitting on the market longer and ultimately selling for a lower price.   2. Make Your Home Look as Good as Possible on the Inside For anything to sell, especially your home, it must look inviting. Your real estate agent can give you expert advice on ideal staging for your home. Even updating a room with fresh paint, steam cleaning carpets, or removing clutter from the garage can make a big impact.   3. First Impressions Matter The old saying “you never get a second chance to make a first impression” matters when selling your house. Often, the first impression a buyer gets is what they see as they walk up to the front door. Putting in the work in on the exterior of your home is just as important as what you stage inside. Freshen up your landscaping to improve your home’s curb appeal so you can make an impact with potential buyers.   4. Price It Right This is probably the most important aspect of selling your home in today’s real estate market. If a house is priced competitively, it’s going to sell. Period. To do this, you have to know what’s happening with home prices in your area and understand the factors that are affecting the market right now. That’s why it’s best to work with a trusted real estate professional who can ensure you list your house at the right price. Everyone selling their home wants three things: to sell it for the most money they can, to do it in a certain amount of time, and to do all of that with the fewest hassles. To accomplish these goals, start by connecting with a local real estate professional to understand the steps you need to take to sell your home this spring. 

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