Home Prices in Spokane, WA

Home Prices in Spokane For my super fans who watch my YouTube channel (thanks! 😉), this might sound a little familiar… I said these exact words about 8 months ago in February, before all the craziness happened. But I thought the content was good and still applicable! Currently, our average price in Spokane just fell below $400,000 for the first time in over 8 months. That’s down about 12% from our peak in June/July. That’s a pretty sharp decline but we are still up 5.6% from this time last year. So until we see a year-over-year decline in home prices, we’re still doing okay—just not printing as much money as we had hoped. The point I want to make is that we should think of real estate like any other investment. Real Estate is an Investment. We should think of real estate like any other investment—there will be ups and downs, but overall it is a solid long-term investment. Right now, home prices are down but they will rebound eventually. If you are thinking of buying a home, now might be a good time to start looking because there are some great deals out there! Of course, you always want to consult with a professional before making any major financial decisions and remember that real estate is a long-term investment. If you are patient and ride out the ups and downs, you will eventually come out ahead! Though home prices are down right now, they will rebound eventually. If you are thinking of buying a home, now might be a good time to start looking because there are some great deals out there! Just remember that real estate is a long-term investment—if you are patient and ride out the ups and downs, you will eventually come out ahead!

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Reasons Why Selling Your Home This Season Is Actually A Smart Move

Winter is generally not the most popular time of year to sell a house. With fewer buyers looking to move, people would rather spend the holiday season enjoying their time in their own homes. But if you decide to sell your home during the winter, experts say you could reap a reward in cold, hard cash.   Fewer Buyers + Low Inventory = Less Competition for Sellers Since spring is the most popular home-selling season, most sellers still think they need to sell in the spring, but that means there is more competition for buyers’ attention. During those times, the housing market is ultra crowded and competition is at an all-time high, meaning, buyers have more options to choose from. You have to make your home stand out. During the winter, however, there are fewer homes for sale. That competition over low inventory can make winter an ideal time to sell your home.   Winter Brings Out Serious Buyers Not everyone looking at houses intends to make a purchase. Looky-loos, however, tend to be scarce in the winter months. Winter home buyers are often, if not always, serious about making a purchase. Especially if the house is great, they don't want to wait until spring and lose a chance.   You Get To Show How Winter-Ready Your Home Is Winter also allows you to show how your home is winter-ready. You can showcase to buyers how your home can handle the harsh weather conditions during winter, giving them a guarantee that the home they wish to buy is actually worth it. Features such as the fireplace, hot tubs, and showers were appealing and are certain plus points.   More People Have Money To Spend Year-end bonuses and payouts could mean opportunities for buyers to upgrade their homes or, for first-time home buyers, to be able to afford their first home. Perhaps, one of the most practical and rewarding ways to spend your holiday bonus is to put it into an investment like purchasing a home that has little to no risk and has a high return potential.   Parents May Be Looking to Upgrade According to the data from the Center for Health Statistics and the Social Security Administration, mid-August to mid-September were the months most babies are born. If you're thinking about how this connects to selling your home, you should've realized by now that these could mean opportunity or need for most parents to upgrade their living situation. This baby boom phenomenon can actually lead to more buyers later in the year.   We're always here to help!No matter what the season may be, Halsted Hometeam is always at your back to give you professional real estate advice and help you make an informed decision on either buying or selling a home. If you want to know more about the benefits of selling your home this winter, we'll be glad to help. Reach out to us!

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Fears vs Realities: 3️ Reasons Why This Housing Market Wouldn't Be The Same As 2008

Today's homebuyers are a little wary, and it's understandable why. The ever-increasing mortgage rates, home prices at all-time highs, a housing bubble burst, and uncertain market conditions to name a few. There are lots of concerns over the past couple of years regarding the imminent crash similar to 2008 recession, but this year, they’re really being manifested. Despite these fears, however, many experts believe that these won’t be the same as 2008 recession and here are the reasons why:   FEAR #1 – BEING UNABLE TO PAY MORTGAGE After a lot of people lose their job because of the pandemic, it’s only natural to be wary of the possibility of not being able to pay your mortgage. Years prior to the 2008 recession, mortgage lenders were far less picky about who they would lend to. This meant that when financial hardship struck and borrowers lost their jobs, they were unable to pay their mortgages and, regrettably, were forced to go into default, losing their homes in the process.   REALITY: Mortgage approval has recently been stricter and lenders aren’t loaning money to just anyone these days. To get a mortgage these days, as compared to 2008 however, you have to prove that you can actually repay that debt, even if things get tough. Nowadays, lenders carefully look into your assets, employment, income, savings, and much, much more.   FEAR #2 – BEING UNABLE TO AFFORD OF BUYING A HOME Probably the biggest concern we hear from home buyers is related to whether or not they’ll actually be able to afford a home. The majority of the home buyer population recently just settle for renting and is now more afraid to take their first step because of the volatile market conditions and most homes are still unaffordable for them. Moreover, many are still struggling with finding a job even after finishing college, making them just give up on their dreams of having a home or just decided to wait on the sidelines until the market crashes.   REALITY: Even though rising mortgage rates are pushing some buyers out of the market, buying a home can help you escape the cycle of rising rents, it’s a powerful wealth-building tool, and it’s typically considered a good hedge against inflation. Purchasing a home can be your safety plan because you never know when your rent is going to go up when the lease ends. When you purchase a home and take out a 30-year fixed-rate mortgage, you’ve set your housing expense for the next 30 years. You know what to expect and what you’ll need to pay to keep a roof over your head.   FEAR #3 – BEING UNABLE TO YIELD THE BENEFITS OF HOMEOWNERSHIP Buying a home can be an exhaustive affair in terms of finance. As a buyer, you will exhaust most of your finances and security by only trying to afford a home. You may even fear the possibility of not being able to yield the benefits of homeownership. Prices may depreciate due to inflation, or maybe you’ll find a better job somewhere far from your home making renting more plausible as it gives you flexibility, etc.   REALITY: Homeownership wins in the long run. If you’re questioning whether or not to buy a home this year due to today’s cooling market, consider the long-term financial benefits of homeownership. According to Nar, the nationwide average for home appreciation is about 290% for the past 30 years. History also tells us that in four of the last six recessions, home prices actually appreciated, only falling during the early 90s and the housing crash in 2008. Mortgage rates, though, declined during each of the previous recessions. Homeownership also gives you a chance to build wealth and buy in your ideal neighborhood faster and more efficiently. When you own a home, you’ll be able to build equity which in turn can power your next move. So instead of renting and saving for the sake of flexibility, why not own and save and build wealth at the same time? WE’RE HERE TO HELP! When you head out to buy a home, there are a number of obstacles you’ll encounter along the way. The process includes everything from understanding your finances to going house hunting, making an offer, and more. Partnering with a real estate professional can help you have expert guidance at each step of the way. 

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