2024 Real Estate Market Predictions for Spokane, WA

  Ever wondered about the future of Spokane's housing market? In today's video, our trusted real estate expert in Spokane, Washington, delves deep into 2024 housing market predictions. Get ready to explore eight insightful forecasts that promise to make this year in real estate nothing short of fascinating.     Federal Reserve's Interest Rate Dance Prediction: The Federal Reserve is set to cut interest rates three times in 2024. Join us on a journey through economic forecasts and insider insights, learning when these cuts might happen and their potential impact on the market.     Spokane MLS: A Resurgence in Transactions Prediction: Spokane's MLS is expected to witness a significant surge in transactions, bouncing back from the challenges of 2023. We predict an increase from 2023's 6200 home sales to around 7500 in 2024.     Price Puzzles: Spokane Home Values Unveiled Prediction: We forecast a 4% increase in home prices in Spokane for 2024, navigating through the intricate factors that contribute to this prediction. Get ready for a detailed breakdown of the anticipated market trends.     Fixed Interest Rate Tango Prediction: Strap in for a year of stability as we predict the fixed interest rate to average around six and a half percent. We shed light on factors influencing this rate and advise on navigating potential lending challenges. Affordability Quandary Prediction: Affordability struggles are here to stay. We delve into the housing shortage dilemma and why building more houses might not be the magic solution. Brace yourself for a reality check on the future of Spokane's housing landscape. The Return of Real Estate Investors Prediction: After a hiatus in 2023, real estate investors are poised to make a comeback. We share insights into the challenges faced by investors in the previous year and why 2024 might be the opportune time for their return.     New Construction Drama: Will Prices Take a Bow? Prediction: While not expecting a drop, we predict that new construction prices will remain relatively flat. Explore the strategies builders might employ to maintain prices and the incentives they're likely to offer.   Milestone Alert: 2000 Subscribers for Our Channel! Prediction: Our YouTube channel is set to hit 2000 subscribers in 2024. Join the journey as we shamelessly plug our channel, reflecting on the growth and encouraging viewers to be part of the community. As we usher in 2024, we express gratitude for the past year's support and encourage viewers to share their own predictions. So, are you ready to navigate the twists and turns of Spokane's real estate roller coaster in 2024? Hit subscribe, buckle up, and let's make this year in real estate truly amazing!

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Liberty Lake, WA Full Map + Driving Tour | Everything You Need to Know

  Have you ever wondered what it's like to live in Liberty Lake, Spokane? Well, you're in luck! In response to popular demand, we've embarked on a driving tour of Liberty Lake to provide you with an in-depth exploration of the various neighborhoods, commercial areas, and community features. Join us on this virtual journey as we navigate through Legacy Ridge, commercial hubs, condominiums, golf courses, lakefront properties, and emerging developments. By the end of this blog, you'll have a better understanding of the diverse offerings that Liberty Lake has for potential residents.   1. Legacy Ridge: Unveiling Hidden Gems Our journey commences in Legacy Ridge, a neighborhood that may appear unassuming on Google Maps but surprises with its extensive development. Join us as we explore the charm of one-level houses, community parks, and unique features that set Legacy Ridge apart.   2. Commercial Hub: Liberty Lake's Beating Heart Venture into the bustling commercial heart of Liberty Lake along Country Vista Boulevard. Discover the shops, restaurants, and local businesses that define the area's commercial landscape. From Home Depot to local eateries, Liberty Lake offers convenience and variety.   3. Condominium Living: Affordable Luxury Delve into the 55-plus condominium area, a popular choice for those seeking simplicity and affordability. Learn about the amenities, community gardens, and the appeal of living within walking distance of essential services.   4. Stone Hill and Rocky Hill Park: Contemporary Living Explore Stone Hill, a community under construction by Lenore, and discover the older Rocky Hill Park developed by Greenstone. Uncover the distinctive characteristics of these communities, from modern designs to established neighborhoods.   5. Lakefront Residences: From Vintage to Luxury Take a scenic drive around Liberty Lake, starting with the original lakeside homes that exude vintage charm. Witness the contrast as we explore brand new luxury mansions, emphasizing the rarity and prestige of waterfront living.   6. North Liberty Lake: A Glimpse into the Future Cross over to North Liberty Lake, where ongoing developments promise a vibrant future. Explore Orchard Park, the River District, and witness the evolving downtown area that aims to bring new life and community spirit to Liberty Lake.   As our comprehensive tour of Liberty Lake concludes, it's evident that this Spokane gem has something for everyone. From diverse neighborhoods and commercial hubs to lakeside retreats and emerging developments, Liberty Lake offers a rich tapestry of living options. Whether you seek tranquility, modern amenities, or community engagement, Liberty Lake welcomes you with open arms. If you're considering a move to this picturesque locale, the diverse options showcased in this tour might just be the answer to your housing dreams.

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Realtor.com Predicts MAJOR Price Drop in Spokane, WA in 2024

    The anticipation surrounding the real estate market often mirrors the hopes and dreams of potential homebuyers and sellers. In a recent development, Realtor.com has released its housing market predictions for 2024, unraveling a mixed bag of expectations for various cities. One city that stands out is Spokane, making waves with an intriguing forecast. In this blog post, we will delve into the details, exploring the current scenario, the predictions made by Realtor.com, and the potential implications for both buyers and sellers.   Current Market Dynamics As of the present moment, the real estate landscape is witnessing a notable shift. The speaker notes that interest rates have fallen below 7%, a phenomenon not observed in the past seven months. With conventional fixed-rate mortgage rates at 6.62% and FHA loans as low as 6.1%, there seems to be a favorable environment for potential homebuyers. The speaker emphasizes the importance of consulting with a lender to get accurate details.   Realtor.com's Predictions for Spokane Realtor.com has presented price predictions for the top 100 real estate markets in the United States. Spokane is notably absent from the list of the top 10 markets with the largest increases. However, it has claimed the third position in the list of markets with the largest decreases. The prediction is a substantial 10% year-over-year drop in housing prices for Spokane in 2024. This raises questions about the potential consequences for homeowners and the overall market.   Impact Analysis To understand the significance of a 10% drop, the speaker provides context by comparing it to the current average home price in Spokane, which is around $420,000. A 10% decrease would translate to a reduction of $42,000, bringing the average price to approximately $380,000. The speaker reflects on how this change aligns with the market's recent history and speculates on the factors driving these predictions.   Comparisons with Other Markets Realtor.com draws parallels with Austin, Texas, highlighting it as an example of a housing market that experienced significant price surges during the pandemic. Despite projected declines in 2023 and 2024, Austin's prices are expected to remain 29% above pre-pandemic levels. Spokane, too, is expected to face a similar situation with prices potentially staying well above pre-pandemic levels despite a projected 10% drop.   Considerations for Homeowners and Buyers The blog post explores the potential impact on different stakeholders. Homeowners who purchased between May 2021 and the present might face challenges if the predicted drop occurs. For buyers, the question arises: Is it wise to wait for a 10% price drop? The speaker shares insights into negotiating strategies in the current market, emphasizing the importance of considering factors beyond just the house price, such as interest rates and terms.   Red Fin's Mortgage Rate Predictions Red Fin's forecast on mortgage rates for 2024 is introduced, suggesting a gradual decline. The speaker discusses the potential implications of falling interest rates on buyer behavior and the overall market dynamics.   Increased Home Sales and Inventory Red Fin anticipates a significant increase in home sales in 2024, accompanied by additional inventory. Move-up buyers, motivated by lower mortgage rates, might contribute to this surge. The blog post discusses the potential consequences of this influx on the real estate market in Spokane.   In the grand scheme of things, the real estate narrative for Spokane in 2024 reads like a captivating story. It's not just about percentages and market trends; it's about the hopes, dreams, and decisions of the people making Spokane their home. As the rollercoaster of prices, rates, and choices unfolds, remember that your journey in the real estate world is more than a transaction—it's an exciting chapter in the story of your life. So, here's to navigating the twists and turns with enthusiasm and making the most of your real estate journey!

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