How Spokane Homeowners Benefit from Downsizing

Downsizing has been a popular choice among homeowners, especially those reaching retirement age, and it can also be beneficial during various life changes. Whether you've experienced a shift in your circumstances or feel that your current house no longer suits your needs, downsizing in Spokane can offer advantages. While downsizing has traditionally been associated with older individuals and retirees whose children have moved out, younger people in Spokane are also considering downsizing to save on housing expenses, as highlighted by U.S. News. Given the rising inflation and increased costs of various goods and services, finding ways to save money is increasingly appealing. When contemplating budget adjustments, it's crucial to consider your home as a potential area for savings. While most people associate spending cuts with everyday purchases like groceries, downsizing your house can lead to reduced bills, such as a smaller mortgage payment, lower energy costs, and decreased maintenance requirements, as outlined by Realtor.com. Additionally, downsizing can provide a windfall when you sell your larger home and purchase a smaller one. This windfall is made possible by your home equity, which tends to accumulate over time. If you've owned your Spokane home for a considerable period, you likely possess a substantial amount of equity. Leveraging this asset can help you buy a new home that better aligns with your current needs. When the time comes to make a move, a team of experienced real estate professionals can guide you through every step of the process. They can assist in determining the appropriate selling price for your house, finding a smaller home in a desirable location, and assessing your affordability based on current mortgage rates.   What Does This Mean for Spokane Homeowners? If downsizing is on your mind, consider asking yourself these questions within the context of Spokane: Do the original reasons I bought my current house still hold true, or have my needs changed since then? Do I genuinely need and want the amount of space I currently have, or could a smaller home better suit my requirements? What are my current housing expenses, and how much could I potentially save by downsizing? Once you've answered these questions, consult a real estate advisor who specializes in the Spokane market. They can help address the following crucial question: What are my downsizing options in Spokane's real estate market? A local housing market expert will be able to assess the equity you've built in your home and how it positions you for a successful downsizing experience.   Downsizing your home in Spokane can be an excellent strategy for saving money. If you're aiming to reduce expenses, engaging in a conversation with a real estate agent about your housing goals for this year is a wise step to take. By doing so, you can gain valuable insights into how downsizing can help you achieve your financial objectives in Spokane's housing market.

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Spokane Bloomsday 2023

  Welcome to Spokane, a city known for its vibrant community and exciting events. Today, we're diving into the heart of one of Spokane's major annual events, Bloomsday. Join us as we take you through the highlights of this seven-mile race, from registration to the exhilarating finish line. Whether you're a resident or planning to move to Spokane, this blog post will give you a taste of what it's like to be part of this special event.   Preparing for the Race The Expo Experience The adventure begins at the convention center, where participants gather to pick up their race packets. As you step into the bustling Expo, you'll find an array of booths featuring major shoe brands, including New Balance and Adidas. If you're in need of new running shoes, Fleet Feet is the go-to store in Spokane. The Expo also offers a variety of food options, giving you a chance to fuel up before the race.   The Bloomsday Spirit Community and Traditions Bloomsday is more than just a race; it's a celebration of community. Participants are encouraged to bring a sweatshirt to keep warm at the start, which is later donated to Goodwill. The lively atmosphere is enhanced by beach balls bouncing through the crowd, adding to the excitement. As the race draws nearer, the energy builds, creating a sense of anticipation.   Race Day From Start to Finish On race day, the city of Spokane comes alive with runners of all ages and abilities. Finding parking can be a challenge, but many participants choose alternative modes of transportation, such as biking. The race starts with a sea of participants walking across the starting line, gradually transitioning into a full-on sprint. Throughout the course, live music and enthusiastic spectators offer support and encouragement.   The Course Challenges and Highlights The Bloomsday course presents its fair share of challenges and rewards. From downtown Spokane, runners navigate hills and valleys, experiencing both uphill climbs and thrilling downhill stretches. Doomsday Hill, a half-mile-long ascent, tests participants' endurance, but the view from the top and the support of Spokane's beloved mascots make it worthwhile. As the race nears its end, runners pass through vibrant neighborhoods and iconic landmarks, such as Kendall Yards and the Monroe Street Bridge, before crossing the finish line.   Post-Race Reflections and Community Support Completing Bloomsday is a significant accomplishment, and participants revel in the satisfaction of their achievement. After crossing the finish line, there's still a short walk to collect the well-deserved finisher t-shirt. The community's support shines through, creating a sense of camaraderie and shared pride.   Bloomsday is an event that showcases Spokane's vibrant community spirit. With its challenging course, lively atmosphere, and unwavering support, this annual race has become a standout event in the city. Whether you're a seasoned runner or new to the area, participating in Bloomsday offers an opportunity to experience the best of Spokane. So, lace up your running shoes, join the crowd, and immerse yourself in the excitement of Bloomsday. And if you're considering a move to Spokane, remember that we're here to help you with your real estate needs.

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How Long Will Spokane Be Affordable?

  The real estate market in Spokane has been on a rollercoaster ride since the start of the pandemic. From record high prices to a steep decline, the market has now rebounded and is on an upward trajectory. In this video, we will discuss the current state of the Spokane real estate market, the future of real estate prices, and how long the market will stay affordable.   Pre-Pandemic Spokane Real Estate Market Prior to the pandemic, the average home price in Spokane was $275,000. However, as the pandemic progressed, prices skyrocketed, reaching a peak of $460,000 in May 2022.   The Decline in Real Estate Prices As interest rates began to rise, prices dropped for seven straight months, hitting a bottom of $380,000 in January. This decline was short-lived, however, as prices have since bounced back up despite high interest rates and record low inventory levels.   Current State of the Spokane Real Estate Market As of May 1st, the median home price in Spokane is $425,000, up 3.75% from the previous month and up 10% from the beginning of the year. Despite the high prices, inventory levels remain low, exacerbating the supply and demand issue.   The Future of Real Estate Prices To predict the future trajectory of real estate prices, historical data must be analyzed. Prices typically peak in July and taper off until January, with each year's highest sales price occurring in July. It remains to be seen whether the market will hit a peak of $460,000 again this year or exceed it.   Buyer and Seller Activity While prices have been increasing, the number of closed sales in Spokane has actually decreased. The pandemic has caused a drop in both buyers and sellers, with the buyer pool shrinking significantly. However, this has resulted in a lower number of transactions, causing the market to move quickly with competing offers still prevalent.   Despite the challenges faced by the Spokane real estate market during the pandemic, the market has rebounded and is on an upward trajectory. However, with high prices and low inventory levels, it remains to be seen how long the market will stay affordable. Buyers should carefully consider when to purchase a home, as prices are likely to continue to rise in the coming months.

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