Here's Why You Shouldn't Buy a Home in South Hill

  If you're considering moving to Spokane, specifically Spokane's South Hill, because you're captivated by its classic charm, picturesque parks, walkability, and excellent schools, it's important to be aware of the unique challenges that come with owning an older home in this area. While South Hill is known for its stunning, historic homes dating back to the early 1900s, it's crucial to understand the potential issues you may encounter. In this comprehensive blog post, we'll delve into five key aspects you need to know before making the decision to buy a home on Spokane's South Hill.   Knob and Tube Wiring One prevalent concern with older homes on the South Hill is the presence of knob and tube wiring. This electrical system, popular from the 1880s to the 1940s, is now considered obsolete and can pose fire hazards or safety risks. While it may not be an immediate concern, buried knob and tube wiring, particularly when found under insulation, can become a potential fire hazard. Rewiring a full house can be an expensive undertaking, ranging from $15,000 to $30,000. Therefore, it's essential to inquire about the presence of knob and tube wiring and assess the potential costs involved in updating the electrical system.   Orangeburg Sewer Lines Another aspect to be mindful of when purchasing an older home on South Hill is the presence of Orangeburg sewer lines. As these homes were constructed several decades ago, they often feature Orangeburg pipes, which consist of wood pulp and asbestos. Over time, these pipes can deteriorate, leading to collapsing or root intrusion, causing sewer backups. Replacing the sewer line can be a costly endeavor, ranging from $10,000 to $15,000. Regular maintenance and potential upgrades to PVC pipes can help mitigate issues associated with Orangeburg sewer lines.   Stone or Rock Foundations Many older homes on South Hill boast stone or rock foundations due to the absence of modern concrete pouring techniques during their construction. While these foundations possess a certain rustic charm, settling and uneven floors can be common issues. The settling of the home into the ground over 100 years can result in sloping floors. While minor sloping can often be corrected, extreme cases may require professional intervention. Additionally, the presence of gaps between the rocks in the foundation can lead to moisture issues, which may require ongoing monitoring and maintenance.   Big, Old Trees Spokane's South Hill is known for its magnificent, mature trees. However, these trees can present challenges during severe weather conditions. Windstorms or sudden freezing temperatures can cause trees to fall, potentially resulting in property damage. Ensuring proper insurance coverage and conducting regular tree assessments can help mitigate the risks associated with large, old trees on your property.   Winter Driving and Hills Spokane experiences harsh winters, and South Hill's hilly terrain can pose challenges for driving during inclement weather. Snowstorms can make certain roads, such as Stevens and Freya, difficult to navigate, potentially leading to cars getting stuck or sliding backward. It's crucial to familiarize yourself with alternate routes, such as High Drive or the Perry district, to avoid these challenging hills during extreme weather events.   Owning an older home on Spokane's South Hill can be a rewarding experience, with its classic charm and proximity to stunning parks like Manito Park. However, it's vital to be aware of the potential issues associated with these historic properties. From outdated electrical systems and aging sewer lines to stone foundations and the challenges of winter driving, thorough understanding and proper planning are crucial when considering purchasing an older home on South Hill. By taking these factors into account and working with knowledgeable professionals, you can make an informed.

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Unlocking the Key to Happiness: The Transformative Power of Homeownership

Buying and owning a home can have a significant impact on your life, bringing you joy, a sense of belonging, and various benefits. As we celebrate National Homeownership Month in June, it's an opportune time to reflect on the advantages that homeownership can offer, extending beyond financial considerations. Here are three ways owning a home can bring you a sense of accomplishment, happiness, and pride:   1. Enhanced Happiness and Fulfillment Studies consistently show that homeownership contributes to improved mental health and overall well-being. When you own a home, you experience the emotional and psychological benefits associated with it. Owning a home fosters stability, a sense of belonging, and pride, which can lead to greater happiness and fulfillment in life.   2. Engaging in the Community and Building Stronger Connections Your home becomes more than just a place to live; it becomes a part of a community. Homeowners often establish deeper roots and longer-term residency, providing opportunities to build meaningful relationships and actively participate in the local community. By investing in your home and neighborhood, you contribute to its growth and improvement, fostering a sense of belonging and community engagement.   3. Personalizing and Improving Your Living Space Owning a home grants you the freedom to personalize and improve your living space according to your preferences and needs. Unlike renting, where limitations and restrictions may hinder your ability to customize, homeownership empowers you to create a space that reflects your unique style and accommodates your evolving lifestyle. The ability to undertake renovations, remodels, and interior design projects creates a stronger sense of ownership, pride, and connection with your home.   In conclusion, owning a home can transform your life by providing a greater sense of satisfaction and happiness. If you're ready to explore the benefits of homeownership, connect with a local real estate professional who can guide you through the process and help you unlock the numerous advantages of owning a home.

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Cracking the Myth: Are You Shopping For A House Or Looking For A Unicorn?

Comparing real estate metrics from one year to another can present challenges in a typical housing market due to market variability, which can diminish the accuracy and meaningfulness of such comparisons. Unforeseen events can significantly impact the circumstances and outcomes being evaluated. Attempting to compare this year's real estate data to the previous two 'unicorn' years is virtually pointless. By 'unicorn,' we refer to something that is highly desired but difficult or impossible to find. The real estate landscape underwent profound changes in the past few years, primarily due to the pandemic. The demand for homeownership surged as people sought homes with dedicated office spaces and spacious backyards. Waves of first-time and second-home buyers flooded the market, while historically low mortgage rates plummeted even further. The forbearance plan effectively curtailed foreclosures, and home values soared to unprecedented levels of appreciation. These were truly 'unicorn' years—periods greatly desired but rarely seen. However, the market is now returning to normal as the unicorns have retreated. Comparing today's market to those exceptional years serves little purpose. Here are three examples illustrating why:   1. Buyer Demand: Headlines may suggest a scarcity of buyers, but the truth is that over 10,000 houses are still being sold daily in the United States. While buyer demand has decreased compared to the two 'unicorn' years, it remains robust when compared to normal years like 2017-2019, as demonstrated in the graph below (data from ShowingTime):   2. Home Prices: Attempting to compare today's home price increases with the past couple of years is misleading. According to Freddie Mac, both 2020 and 2021 witnessed historic appreciation figures. To provide a more accurate perspective, the graph below also displays home value increases during more typical years (2017-2019): As the graph indicates, we are returning to more conventional home value growth patterns. Although there were a few months of minimal depreciation in the latter half of 2022, Fannie Mae reports that the market has since returned to normal appreciation rates in the first quarter of this year.   3. Foreclosures: Alarming headlines have highlighted the percentage increase in foreclosure filings. However, it is crucial to note that these percentages represent an increase from historically low foreclosure rates. The following graph, sourced from ATTOM—a property data provider—illustrates the situation: Now that the moratorium on foreclosures has ended, there will be an uptick in numbers compared to the past three years. While it is disheartening for families to lose their homes, putting the current figures into perspective reveals a return to the normal foreclosure filings observed between 2017 and 2019.   In conclusion, this year's housing market is likely to generate unsettling headlines, with many drawing inappropriate comparisons to the 'unicorn' years. To maintain a proper perspective, it is advisable to consult a real estate professional, who can provide valuable insights and guidance.

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