New Construction Communities in Spokane: Find Your Perfect Fit by Price Range

  Looking for a new home in Spokane? Today, we’re exploring Spokane’s top new construction communities, organized by price range to make it easier to find a home that fits your budget. From luxury builds to entry-level options, Spokane has something for everyone. Let’s dive in!   Luxury Homes: Camden Homes and Paras Homes (Around $800K to $1M) For those looking in the high-end range, Camden Homes and Parrish Homes offer quality builds with customization options. Camden Homes: They’re currently developing Elk Ridge Heights in Spokane Valley, a gated community known for its large lots and beautiful views. Located just 20 minutes from downtown Spokane and 30 minutes from Coeur d’Alene, it’s an ideal spot for those seeking a balance of city access and privacy. Camden offers flexible layouts, including two-story homes with optional basements—a rare feature in Spokane. Parrish Homes: In the Valley Springs community, some homes back up to a 950-acre recreational area. Known for upscale finishes and energy-efficient builds, Parrish offers a luxury experience with thoughtful design. They’ve built extensively in Eagle Ridge, so you can drive through to see examples of their work.   Mid-Range Homes: Greenstone’s Mead Works and Eagle Ridge by Lennar (Starting around $500K) For those in the mid-range budget, Spokane offers several well-designed options that balance quality and value. Greenstone’s Mead Works: Spanning 300 acres, this development includes single-family homes, townhomes, and a 55+ community section called RUTINA. With eco-friendly practices and available luxury upgrades, Greenstone’s homes start around $500K and can go higher depending on customization. This area is near the North Side Costco and is expected to see significant growth, making it a solid investment. Eagle Ridge by Lennar: Located in the south part of Spokane, Eagle Ridge has two subdivisions: Tangle Ridge: Ranging from $550K to $750K, these homes have larger layouts, upgraded kitchens, and access to parks and trails. Meadow Lane Greens: A more budget-friendly option, with homes between $450K and $650K, located near two golf courses. Forest Grove by Hayden Homes on Five Mile Prairie: Offering homes between $390K and $600K, this community is close to Sky Prairie Park and offers efficient layouts with open floor plans.   Entry-Level Homes: D.R. Horton Communities (Starting around $350K) If you’re looking for entry-level options, D.R. Horton has several communities in the Spokane area that provide a great starting point in the market. Hunter’s Crossing in Airway Heights: With homes starting as low as $349K, this community offers open-concept designs in a straightforward, affordable package. It’s a great choice for first-time buyers looking to get into the real estate market. Shamrock Glen in Deer Park: Also starting around $349K, Shamrock Glen offers a quieter lifestyle in a small-town setting with beautiful sunset views. If you’re looking for more peace and quiet, Deer Park could be a perfect match. Dalton Creek: These neighborhoods have homes in the high $300K range and provide solid options for those wanting a low-maintenance, new construction home without breaking the bank. Which Community Is Right for You? Spokane has new home options for a wide range of budgets. Whether you’re looking for luxury, mid-range, or entry-level homes, there’s something here for everyone.  

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Spokane's Economic Forecast: Key Takeaways for the Future

  Welcome to today’s blog post, where we’re breaking down the highlights from the recent economic forecast event hosted by Greater Spokane Incorporated, Spokane’s Chamber of Commerce. Dr. Grant Forsyth, Chief Economist at Avista Corporation, shared insights into Spokane’s employment, housing, and economic growth trends. Whether you’re a long-time resident or considering a move to Spokane, there’s something here for everyone. Let’s dive in!   Employment Trends: Health Care Leading the Way Employment can be one of the biggest indicators of an area’s economic health. According to Dr. Forsyth, Spokane saw robust job growth after the pandemic as businesses re-hired to meet demand. However, by the spring of 2024, this growth leveled off, particularly in Washington State, partly due to rising interest rates and policy uncertainties that made businesses more cautious. What’s keeping Spokane’s job market steady? Health Care: Spokane’s health care sector has been a critical lifeline. It has grown enough to offset declines in other areas, increasing employment by 0.4% when it would have been negative without health care. Demographics: As Spokane’s population ages and more people relocate to the area, demand for health care services is rising. For job seekers: This is a great time for those in health care or those considering the field, as demand is strong.   Housing Challenges: Affordability Issues and High Interest Rates Dr. Forsyth didn’t sugarcoat the housing challenges Spokane faces. Median home prices are high, ranging between $400,000 and $500,000, while in Coeur d’Alene, they’re closer to $700,000. The demand surge over the past few years has pushed prices up, especially as people from higher-cost areas seek more affordable living in Spokane. The affordability challenge: Interest Rates: Rising interest rates are making it difficult for many buyers to qualify for homes. Dr. Forsyth predicts rates will stay around 6% in 2025. Home Prices vs. Income: The gap between home prices and local income remains significant, making it especially tough for first-time buyers. The rental market is also feeling the squeeze. Rents in Spokane have increased by about 14% since 2022. But there’s a bright side: more apartments are being built, and vacancy rates are slowly rising, which may help stabilize rents in the coming years.   New Construction: Apartments on the Rise Despite high interest rates, Spokane has maintained steady residential building permits, with about 3,000 new units permitted yearly, primarily for apartments. For many people relocating here, apartments offer a more affordable entry point into Spokane’s housing market. A hopeful sign for Spokane’s future: Apartments as a Solution: With housing inventory tight, apartments provide necessary housing, especially for those not yet ready or able to buy. Commercial Growth: Commercial building permits are also increasing, suggesting that Spokane’s economy is diversifying, with potential for more jobs and business opportunities ahead.   Other Key Concerns: Insurance and Maintenance Costs Dr. Forsyth raised two other major concerns for Spokane’s housing market—insurance premiums and maintenance costs. Rising Insurance Premiums: Premiums are going up nationwide, potentially leading to an insurance market crisis where homeowners struggle to afford or secure coverage. Maintenance Costs: Inflation is driving up the cost of home repairs and upkeep. As Spokane’s housing values increase, budgeting for repairs—typically around 3% of your home’s value—becomes more costly. What Does This Mean for Spokane Residents? Spokane’s economic forecast reveals both strengths and challenges: Employment Growth: The health care industry will continue to drive employment, offering stability and opportunities. Housing: Affordability remains a concern, though increased apartment construction may provide some relief for renters. Spokane’s Outlook: While not in a recession, Spokane isn’t experiencing rapid growth either. Investment in downtown and local businesses could spur economic revitalization. Whether you’re considering buying, renting, or simply curious about Spokane’s economic future, now is a great time to stay informed and be prepared. Thinking about moving to Spokane or wondering how these trends might affect your home’s value? If you’re planning to buy, relocate, or sell in Spokane, I’d be happy to help! Spokane has a lot to offer, and I’m here to make your real estate journey smooth and informed.

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First-Time Home Buyer’s Guide: Navigating Spokane Real Estate Like a Pro

  If you’re thinking about buying your first home in Spokane, this guide will help you navigate the process smoothly. Buying a home can feel overwhelming—especially if it’s your first time or if you’re getting advice from friends and family who bought homes years ago. Today, we’ll provide a roadmap for the entire process, highlighting important steps and tips specific to Spokane. Let’s get started!   Step 1: Know Your Budget Before you even start looking at homes, it’s essential to understand what you can afford. Spokane’s housing market varies widely depending on the neighborhood, so getting clear on your financial situation will help you make informed decisions. To get started: Meet with a lender or mortgage broker to get pre-approved. This doesn’t commit you to buying right away but gives you a clear picture of your budget. Down Payment Options: Contrary to popular belief, you don’t always need 20% down! Many first-time buyers can qualify with as little as 3-5% down, and veterans may be eligible for 0% down. Step 2: Consider Your Down Payment and Savings Strategy Saving for a down payment can feel like a big hurdle, but there are options to make it more manageable: FHA or VA Loans: If you’re a first-time buyer or a veteran, these loans allow lower down payments. Set Up a High-Interest Savings Account: If your future mortgage is estimated to be $2,500 but you’re currently paying $1,800 in rent, try saving the $700 difference. This can help build your down payment while preparing you for the increased monthly expense. Step 3: Choose Your Neighborhood Wisely Spokane has a variety of neighborhoods, each with its own unique appeal. Here are a few options: South Hill: Known for its charming older homes and established feel. Spokane Valley: Often more affordable with a suburban vibe. Mead and Liberty Lake: Higher price points but great schools and amenities.   Step 4: Pay Attention to Spokane’s Market Trends Understanding the Spokane real estate market will give you an edge. One key metric is month’s supply of inventory: Spokane Average: About 3.3 months, which means homes are selling relatively quickly, especially in popular areas. Higher Inventory Areas: Areas like Deer Park or Newport have closer to 5-6 months of inventory, offering buyers more negotiating power and a bit more time to decide. Step 5: Decide Between Fixed and Variable Mortgages Choosing the right mortgage is an important decision: Fixed Rate: Offers stability with a consistent monthly payment. Variable Rate: Typically lower initially but fluctuates with the market. This could be a cost-saving choice if you anticipate interest rates dropping in the future. Remember, refinancing can come with costs, so weigh those potential expenses before jumping into a variable rate with plans to refinance later.   Step 6: Making an Offer When you find the right home, it’s time to make an offer. Spokane’s market can be competitive, so consider these elements: Price: Work with your agent to analyze comparable sales and determine a competitive offer. Earnest Money: Typically 1-2% of the purchase price, this deposit shows the seller you’re serious. Closing Date: Expect around 30-45 days to close on a home, though this can vary. Conditions/Contingencies: Be prepared to negotiate aspects like financing, inspection, and appraisal. A helpful tip is the Out of 10 Rule: When viewing a home, rate it out of 10—but no sevens allowed! If it’s a six or below, move on. If it’s an eight or higher, seriously consider making an offer.   Step 7: Don’t Forget Closing Costs In addition to your down payment, closing costs typically range from 2-5% of the purchase price. These can include: Title Insurance, Homeowner’s Insurance, Appraisal and Inspection Fees HOA Fees (if applicable) Property Taxes adjustments. With recent changes, some buyers may also need to pay their realtor’s commission, especially in multiple-offer situations. Be sure to discuss these details upfront with your agent.   Buying your first home in Spokane doesn’t have to be overwhelming. By understanding your budget, getting pre-approved, choosing the right neighborhood, and working closely with a knowledgeable agent, you can navigate the process with confidence. If you’re interested in diving deeper into the home-buying journey, we’ve created an entire buyer’s guidebook with detailed steps and tips! Ready to Start Your Home Buying Journey? If you’d like help finding the perfect home in Spokane, let’s connect! Reach out for a digital copy of our buyer presentation book. Whether you’re buying your first home or simply exploring options, I’d love to be your real estate resource.

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