Inside a BRAND NEW $550,000 Home that Pays for Itself in Spokane, WA

  In a recent study, it was revealed that 55% of Millennials and 51% of Gen Z believe it's crucial to generate income from their properties to make homeownership more affordable. This growing trend towards maximizing property utility has led to innovative solutions, such as Accessory Dwelling Units (ADUs). In this blog post, we explore a new housing development in Spokane that embraces this trend, offering a unique solution for those seeking affordability and income generation.   The Rise of Income-Generating Homes The study findings highlight the desire among Millennials and Gen Z to create income from their properties, signaling a shift in the landscape of homeownership and the need for innovative housing solutions.   Spokane Development This new housing development in Spokane responds to the demand for income-generating properties. The featured property includes a three-bedroom, two-bath main house with a one-bed, one-bath ADU, all priced at $550,000.   Virtual Tour A virtual tour of the main house reveals a standard yet functional design with customizable features. The ADU, though compact, boasts an efficient layout, showcasing the property's unique characteristics.   A Look at the Neighborhood Situated in a quiet, dead-end location, the neighborhood offers a peaceful living space. The potential for future ADU developments enhances the overall appeal of the area.   Affordability and Investment Analysis Breaking down the financial aspect, the property is priced at $550,000. Financing options, including FHA loans, are discussed along with an analysis of monthly mortgage payments. The income-generating potential through renting out either the main house or the ADU is explored.   Versatility of the Home Various utilization options are possible, such as house hacking, traditional renting, or Airbnb. The development's flexibility caters to different living arrangements and income-generation strategies.   In conclusion, the Spokane development reflects a forward-thinking approach to evolving homeownership needs. As the demand for income-generating properties rises, innovative solutions like ADU-focused developments may shape the future of affordable housing.

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3 Brand New Neighborhoods in Spokane, WA You Haven't Heard Of

    In the ever-growing real estate landscape of Spokane, three exciting new home communities are emerging, offering prospective homeowners a fresh perspective on modern living. In this comprehensive blog post, we will delve into the details of these upcoming developments, providing you with valuable insights into what to expect. From Forest Grove and Raspberry Acres by Hayden Homes to the arrival of Azure Northwest and the mysterious Mike Zant development, the Spokane real estate scene is buzzing with anticipation.   Forest Grove and Raspberry Acres by Hayden Homes The first spotlight is on Forest Grove and Raspberry Acres, two neighboring communities by Hayden Homes. Situated on 5 Mile Prairie off Sky Prairie Park, these communities promise a range of home plans with three to five bedrooms, two to three bathrooms, and square footage spanning from 1100 to 2500 sq ft. The proximity to Sky Prairie Park adds an extra layer of appeal, providing residents with a natural retreat. Both communities share similarities in design and layout, with available floor plans listed on Hayden Homes' website. Forest Grove, though slightly behind, is catching up with Raspberry Acres in terms of development, promising a standard yet well-crafted Hayden Homes community.   Aspen Park by Azure Northwest Introducing Azure Northwest, a new player in the Spokane real estate arena, bringing a fresh perspective and a reputation for quality builds. Taking over a community from Hayden Homes, Azure Northwest presents Aspen Park, a development boasting approximately 47 homes in its initial phase. Nestled along the I90 Corridor just south of the airport, Aspen Park is set to expand further, adding around 90 homes in late 2024 and 2025. While the location may pose some logistical challenges, its proximity to Airway Heights makes it an appealing option for those working in the area.   The Mystery of Mike Zant's Development In the third revelation, we explore a development off Waikiki Road and Mill Road, spearheaded by Mike Zant and Travis Garski. Although details are scant, the anticipation surrounding this project is palpable. With around 60 homes planned for construction, the community's strategic location near the Fairwood roundabout and amenities like the Callis Bell Country Club and White Kieki Springs Trailhead make it an intriguing prospect. The involvement of Travis Garski, owner of Travis Pattern and Foundry, adds an industrial twist to this mysterious development.   As the Spokane real estate landscape evolves, these three developments offer a glimpse into the future of living in this vibrant city. Whether you're drawn to the established quality of Hayden Homes, the new perspective of Azure Northwest, or the enigmatic allure of Mike Zant's project, Spokane is gearing up to welcome diverse housing options. Stay tuned for further updates as these communities take shape, and don't hesitate to reach out to local real estate expert Hayden HED for personalized guidance on navigating this exciting journey of homeownership in Spokane.

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Spokane Housing Market Update | November 2023

  In the ever-changing landscape of the housing market, staying informed is crucial for both buyers and sellers. Today, we delve into the Spokane real estate scene, breaking down the numbers to provide you with valuable insights. From median sales prices to inventory trends, we aim to equip you with the knowledge needed to navigate this dynamic market effectively.   Median Sales Price Fluctuations In October, the median sales price in Spokane experienced a nominal decrease, aligning with typical market fluctuations. A notable trend emerges when comparing data from 2022 to 2023, revealing more dramatic price changes over this period than in the past eight years. The current median price stands at $413,000, showing a 25% decrease from the previous month and a marginal drop of just under 1% year over year. Homebuyers who made purchases between March and September 2022 may witness a decrease in home value, potentially lasting one to two years.   Interest Rates and Market Dynamics Interest rates recently decreased, providing a positive shift from 8% to around 7.35%, with FHA and VA loans benefiting from rates around 6.8%. Despite favorable interest rates, home prices are not dropping significantly due to a scarcity of new listings. October saw 744 new listings, a 25% decline from the previous month. However, active inventory has risen to 1,334, up nearly 3.5% from last year.   Unsold Listings and Market Dynamics The number of unsold listings, those that expired without a sale, is a key indicator of market challenges. A surge in unsold listings, reaching levels not seen since 2017, suggests sellers may be pricing homes based on historical data, failing to adapt to the evolving market.   Days on Market and Pricing Strategies The average days on market is currently 21 days, but this varies across price ranges. Homes in the $300,000 to $399,000 range sell in just under three weeks, while those in the $400,000 to $499,000 range take longer. Sellers need to adjust pricing strategies, considering the current market dynamics to avoid prolonged listings.   Cash Sales and Affluent Buyers A notable shift is observed in cash sales, especially in the higher price brackets. Affluent buyers are opting to purchase homes with cash to avoid monthly liabilities, demonstrating a cautious approach to the economic climate.   Negotiation Leverage and Buyer's Market Some segments of the market are transitioning into a neutral or buyer's market, evidenced by an increasing inventory, particularly in the $500,000 to $750,000 range. Sellers may need to adjust their expectations, as buyers gain leverage with approximately six months of inventory in these price ranges.   Percent of List Price Received Homes in the $200,000 to $300,000 range are selling above asking price, while those in the $500,000 to $750,000 range are selling at approximately 99% of the asking price. Buyers may find opportunities for negotiation, especially for properties that have been on the market for an extended period.   In conclusion, the Spokane housing market is experiencing shifts in pricing, inventory, and buyer-seller dynamics. Both buyers and sellers should carefully consider the current trends and adapt their strategies accordingly. With transparency and proactive engagement, individuals can make informed decisions in this evolving real estate landscape. Whether you're contemplating a sale or on the lookout for your dream home, understanding these market nuances will be instrumental in achieving your real estate goals.

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