10-Reasons-to-Be-Bullish-on-Housing.pdf

 

Although I constantly harp on "real estate is local" the above article poses some interesting considerations.  My last post received a considerable amount of response from "sky is falling" crowd but I'm still optimistic about Spokane's ability to…

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I responded to the question on Anthony Corollo's blog earlier and decided I should share my thoughts here. The concensus seems to be as long as the supply is greater than the demand we will not see home prices increase. Although I agree with that analysis I believe there is a silver lining in the cloud.... below is my resonse.

I'm not convinced home prices have hit bottom either however I don't believe we are far from it. I am convinced interest rates are at, or very near, the…

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I seriously wonder if we will all be wishing we had "bet the farm" on real estate in 10 years. Jim Gillespie of Coldwell Banker used the "Triple I P" formula.

"I" inventory of available homes is as good as it's been in years!
"I" interest rates are hovering at 5% (near 50 year low).
"I" incentives.... the income tax credit incentive is set to expire on April 30.

Will we ever see this formula again?

A recent article in the Spokesman was headlined "Housing Prices Fall". There was a 4% drop in the median price of homes that have sold month to month. The statistics don't justify the headline as the article does reference the affect first time buyers have on our market. I don't recall if I wrote it here or in another blog but the "average and median price of sold homes" should drop as First Time Buyers take advantage of the $8000 tax incentive. As more entry level homes sell the averages will… Continue

Last week there was significant movement in interest rates for mortgage loans. In one day the rates jumped up from the 4.875 percent range to the mid 5's. They did settle back down within 2 days but the reality of market fluctuations sent out a wake up call.

Buyers who are still sitting on the fence might take notice and start scurrying around.

Our Spokane market is still pretty active and homes that are in good condition and are competitively priced are selling. Often with multiple… Continue