Expand Your Options: Discover the Bright Future of New Construction Homes

Are you currently in the midst of a home search, feeling the frustration of a limited supply of available homes for sale? You're not alone. The real estate market's busiest season is marked by a scarcity of existing homes. However, there's a silver lining – the thriving market for new construction homes. In this blog, we'll delve into the significant progress being made in new residential completions and explore how it can enhance your home-buying journey.   The Rise of New Home Construction: The graph showcasing new-home completions reveals a notable trend in the housing market. Leading up to the housing crash, builders exceeded the long-term average, resulting in an oversupply and declining home values. Subsequently, the level of new home construction decreased, leading to an inventory deficit that persists today. The current good news is that builders are now matching the long-term average, indicating an increase in newly built homes available for sale.   Momentum in Residential Starts and Permits: Residential starts represent homes where construction has officially commenced. Permits indicate homes where builders are planning to break ground soon. The upward trajectory of both these metrics signifies an encouraging sign of more newly built homes entering the market.   What Does it Mean for YOU as a Home Buyer: Expanding options: With more homes in various stages of construction, your pool of choices has grown. Quick move-in: Explore recently completed homes in your area for a timely relocation option. Customization opportunities: Consider homes still under construction, allowing you to personalize features and finishes according to your preferences. Tailored recommendations: Rely on the expertise of a trusted real estate professional who can guide you based on your unique needs and desired neighborhoods.   If you're struggling to find your ideal home amidst low inventory, it's time to turn your attention to new-home construction. The increasing number of newly built homes, as evidenced by residential completions, starts, and permits, offers a promising solution. Whether you're seeking immediate occupancy or the chance to customize a home to your liking, a knowledgeable real estate agent will be your invaluable resource. Reach out to an expert in your area to explore the exciting possibilities that new construction homes present and embark on a home-buying journey that matches your vision.

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The Spokane Housing Inventory Crisis of 2023

  With national headlines often portraying a bleak picture of the housing market, it's crucial to examine the local perspective. In this blog post, we will delve into the real estate market in Spokane, Washington, focusing on the inventory across different sectors. By analyzing the current state of apartment buildings, new construction, resale homes, Airbnb rentals, and additional dwelling units (ADUs), we aim to provide insights into the local market dynamics and their potential effects on homebuyers in the coming years.   Apartment Buildings Spokane has seen a rapid increase in the number of apartment buildings. According to a Journal of Business article, over a thousand units are projected to be added. However, it's important to note that unlike larger cities such as Los Angeles or New York, real estate agents in Spokane typically don't assist with apartment hunting. Prospective renters often rely on platforms like Zillow and Facebook. While the inventory of rental properties is expected to expand due to permits issued for multi-family residential units, rental growth in Spokane has slowed. Over the past year, rent prices have decreased by 1.2%, which, although not significant, marks a departure from the substantial increases observed in the previous years.   New Construction The availability of housing options is a significant challenge in Spokane, prompting the need for more construction. However, the data shows a concerning trend. Over the past decade, the number of new listings for residential properties, particularly new construction homes, has remained relatively stagnant. With an average of around 700-800 new homes hitting the market each year, it would take at least 32 years to bridge the current housing shortage gap of 32,000 units. This insufficiency of new homes entering the market impedes the restoration of a balanced housing market with a six-month inventory.   Resale Homes The inventory of resale homes, or normal residential properties put up for sale by motivated sellers, has been declining steadily in Spokane. Apart from a slight bump in 2022, the number of new resale listings has remained at its lowest point in the last decade. This scarcity of inventory is unprecedented, with levels even lower than during the housing crash of previous years. Consequently, the limited supply of homes, coupled with a decreased number of interested sellers, creates intense competition among buyers, which contributes to the ongoing price growth in Spokane.   Airbnb Rentals Contrary to the national trend, the Airbnb market in Spokane remains healthy. Occupancy rates have experienced only a slight decrease, while rental rates have reached peak highs in June 2023. Spokane's status as a non-destination city, where tourism is not the primary driver, contributes to the stability of the local Airbnb market. Consequently, the predicted wave of Airbnb listings flooding the market is unlikely to materialize in Spokane, as the city's rental revenue from Airbnb properties continues to increase.   Additional Dwelling Units (ADUs) ADUs, which allow homeowners to build small units in their backyard for rental purposes, have become a hot topic in Spokane. While the number of permits issued for ADU construction has shown some growth, it remains relatively modest. However, there is potential for future development. Washington state law is set to change by 2027, enabling homeowners to convert ADUs into condominiums, thereby increasing their value and marketability. Investing in properties with larger lots in Spokane's opportunity zones could offer substantial long-term benefits for those looking to build ADUs and capitalize on the upcoming changes in legislation.   The real estate market in Spokane faces significant challenges, primarily driven by a lack of inventory across various sectors. Despite some growth in apartment buildings and ADUs, the pace of new construction and resale homes remains insufficient to meet the demand. This scarcity of housing options contributes to rising prices and a competitive market. While Spokane's Airbnb market remains resilient, the anticipated wave of listings is unlikely to affect the local market significantly. To address the housing shortage, increased efforts are required to add inventory and provide more affordable options for homebuyers in Spokane.  

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The BEST Schools in Spokane, WA | Here's Where you Need to Live

  Searching for the best schools in Spokane, WA? Look no further! This blog is your ultimate guide to the educational landscape of Spokane. We'll explore different approaches to finding your dream school for your kids, discuss neighborhoods with excellent schools, and empower you to make an informed decision. Join us on this virtual tour and find the dream school for your family here in Spokane, WA!    Importance of School Ratings and Budget Considerations While Spokane has some fantastic schools within most neighborhoods or areas, it's essential to note that homes located in these places tend to be more expensive. Our budget plays a significant role in determining our options.   Redfin and Greatschools.org To begin our search, we recommend using Redfin, a popular real estate platform that integrates with greatschools.org. Using Redfin allows us to use school filters provided by greatschools.org. By adjusting the rating preferences, we can identify neighborhoods with higher-rated schools and avoid areas with lower-rated school districts. However, it's important to consider other factors beyond just school ratings.     Neighborhoods with High-Rated Schools A few Spokane neighborhoods with schools rated six or above, including the South Valley Green Acres area, South Hill, and the Five Mile Country Homes Mead area. These neighborhoods offer a range of homes, from higher-priced properties to more affordable options.   Factors to Consider Besides School Ratings While school ratings are important, we advise considering other factors such as commute, amenities, and community atmosphere. It's essential to find a community that meets our overall needs and provides a well-rounded living experience for our families.   Consider Timeline and Priorities Depending on your children's ages and your timeline, it may be more practical to prioritize neighborhoods with excellent elementary and middle schools rather than including highschools in your search. This approach can expand our options and provide a more flexible search.   Utilizing Niche.com In addition to greatschools.org, we suggest using niche.com, another school rating website that relies on people's reviews and feedback. Combining information from both greatschools.org and niche.com can provide us with a more comprehensive understanding of school quality.   Narrowing Down Your Search After conducting preliminary research using greatschools.org and niche.com, it's time to narrow down our search. We can use our pre-approved budget to refine our options on Redfin and then compare school information, crime rates, budgets, and home characteristics across different websites. Remember to call the schools directly to ensure accuracy and obtain the most up-to-date information.   Finding homes in Spokane that align with your school preferences requires careful research and consideration. By utilizing resources like Redfin, greatschools.org, and niche.com, you can gather valuable information about school ratings and narrow down suitable neighborhoods within your budget. Remember to explore other factors, such as commute, amenities, and community atmosphere, to ensure a well-rounded living experience. Finally, reach out to a qualified real estate agent for assistance in finding your ideal homes in Spokane.

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