Rightsize Your Retirement: The Benefits of Downsizing Your Home

As people approach retirement age, many begin to consider where they want to live in their golden years. Homeowners have several options to consider, including multigenerational living, staying put, or downsizing.   Multigenerational living, which involves moving in with loved ones or having them move in with you, is becoming increasingly popular, but it may not be an option for everyone. Staying in your current home may not be practical as your needs and lifestyle change over time.   Downsizing, on the other hand, can be an attractive option for some retirees. It involves selling your current home and purchasing a smaller one that suits your needs. Downsizing provides a variety of personal and financial benefits that can make retirement more comfortable and enjoyable. One of the most significant benefits of downsizing is the potential for cost savings. According to the New York Times, downsizers can improve their retirement income stream if their new home costs less than their old house. Lower utility costs, insurance, property taxes, and investment returns on the proceeds can also improve the bottom line. Another financial benefit of downsizing is the potential to leverage your home equity. The record-high level of equity homeowners have can be used to lower or eliminate mortgage payments on your next home. By working with a local real estate advisor, retirees can determine how much equity they have in their current home and explore their downsizing options.   But downsizing is not just about saving money; it also provides an opportunity to improve your lifestyle. Moving to a smaller, more manageable home can help you simplify your life, reduce stress, and increase your quality of life. You can choose a home that is easier to maintain and that fits your changing needs as you age.   In conclusion, downsizing can be an excellent option for retirees who are looking to improve their lifestyle and save money. By working with a trusted advisor and exploring your options, you can find the right home that fits your needs and budget. So, whether you're looking to simplify your life, improve your retirement income, or both, downsizing could be the solution you've been searching for.

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Housing Market Update: 2023 Spokane Home Shortage!!!

    You must be curious about what's happening in the housing market, especially if you're planning to buy or sell a property in Spokane soon. With so many conflicting reports from the news and your friends, it's hard to know what to believe.   Inventory Let's start by looking at the inventory for both retail and new construction properties. Currently, there are 752 active listings for single-family homes and condos in Spokane MLS. This number has increased from February, but overall, we've seen a dramatic drop in inventory in the last six months. Despite this, some people still believe there's a lot of inventory available, but compared to the last few years, this is not the case.   Closed Sales To give you a better idea of the market's historical perspective, let's take a look at closed sales. In February, only 305 homes were sold, which is one of the lowest numbers in the past ten years. It's important to note that Spokane's market is incredibly cyclical, and we tend to see fewer home sales during the winter. However, if we look at the past year's quarters, we can see that Quarter One is generally the lowest point. In Quarter Three of 2022, the number of sales was 40% below the previous year, and Quarter Four was relatively the same as Quarter One. Based on this trend, we predict that the number of closed sales in Quarter One of 2023 will be one of the lowest in the past ten years.   New Listings Now, let's talk about new listings. Unfortunately, historically, Quarter Four has the least number of homes listed every year. In 2022, there were even fewer properties listed than usual, which means that there will be fewer new properties available in Quarter Two and Quarter Three of this year.   In summary, the housing market in Spokane is currently experiencing a shortage of inventory. If you're planning to buy or sell a property, these market conditions will significantly affect you. But don't worry, we're here to help guide you through the process! Whether you're moving to Spokane or already living here, we can provide you with expert advice and assistance.

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What Are Off-Market Listings And How Can You Find Them?

When it comes to searching for a home, most people start their search online using popular real estate search engines like Zillow or Realtor.com. However, these sites don't always return all of the available homes for sale, as many homes are sold before they even hit the market or are not listed due to privacy concerns or other reasons. This means that if you're relying solely on these sites, you may be missing out on your dream home. Fortunately, there are other ways to find off-market listings, and in this post, we'll explore some of the most effective methods.   Hire a Real Estate Agent Hiring a real estate agent is the best, simplest, and safest way to get access to off-market listings. Real estate agents have an expansive network of contacts and relationships that give them access to homes that may not be listed on popular real estate search engines. Here are some reasons why working with a real estate agent is a great idea: An Expansive Network: Good real estate agents have excellent relationships with their past and present clients, which means they are often the first to know when a home is coming up for sale. Additionally, real estate agents have relationships with other agents and industry professionals, giving them information about upcoming listings that can give you an edge in your search. Furthermore, if you're having trouble finding the perfect home in your price range, a great agent can proactively put the word out in their network to find it—even if it isn't on the market. Relationships with Builders: If you're looking for a newly built home, real estate agents are your best bet for finding off-market listings. Many builders don't list their newly completed homes in the MLS, and instead rely on their websites, word-of-mouth, and drive-bys to sell their homes and avoid saturating the market. But good real estate agents have existing relationships with homebuilders, so they know what's available and can help you find exactly what you're looking for—even if it isn't listed yet. Real Estate Industry Expertise: Expert real estate agents spend a lot of time and energy developing their skills, knowledge, and expertise, allowing them to best serve their clients and their community. They understand the complex and detailed processes that comprise every step of a real estate transaction, and they're prepared to solve unexpected problems when they arise. Additionally, their experience allows them to spot and alert you to red flags, helping you avoid pitfalls as you navigate your home search and ultimately your purchase.   Other Ways to Find Off-Market Homes While working with a real estate agent is the most effective way to find off-market homes, there are other methods you can try. Here are a few: Direct Mail: Direct mail is a method in which you send a letter directly to someone whose home you're interested in purchasing. If you've had your eye on a house that you pass every day after work, sending a letter to the owner to find out if they're interested in selling is an option. Although there's not a lot of risk in doing this, it's important to keep in mind that if the owner says "yes," you'll need to navigate the buying process on your own or hire a real estate agent to guide you through it. Real Estate Auctions: Real estate auctions are live events in which properties are sold to the highest bidder. While auctions can be a good way to land a great deal, there are some risks involved. Auction properties typically have reserve prices, and if bids don't reach that amount, the property won't necessarily be sold. Auction prices probably aren't as low as you think, and most auctions don't allow you to see the interior or perform an inspection   If you’re looking to buy a home in the local area, we’re your expert team. Our network and experience make us the right choice for your home purchase, and we’ll help you find exactly what you’re looking for—even if it isn’t on the market yet. can you revise this?

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