Now I may be accused of being a bit biased here, BUT take what I’m about to say seriously.

Many argue that the as home prices across the country continue to decline that they intend to wait until it “hits the bottom” before they jump off the fence and buy.  Now it’s difficult for anyone to predict where the bottom is, and many times the bottom passes and on the slight incline the economy takes on it’s first few weeks of recovery many start to buy.

As the economy recovers interest rates will rise again.  Take for example a 5.5% loan on a $218,900 mortgage (the rate some people grabbed a few weeks ago).  They could expect to pay around 994.31 / month.  If home prices were to drop 10% over the next year, to bring the home price to $197,010 and finance at a mere 6% – the payment would be $994.94 – not much difference.  It pays to do the math – either way you’re going to pay about the same out of pocket.

Where someone potentially gains is if the market completely rebounds to it’s previous numbers, but I highly doubt that will happen quickly.  The market corrected -  and that’s a healthy part of any economic situation.

For more information on this article visit rightonyourmoney.com

Tags: In The News by Spokane Home Guy (509) 990-7653
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Selling Real Estate isn’t what it used to be.  During hot markets many homes can sell themselves.  I’ve had clients tell me of markets in other states, where before the sign hit the yard – multiple offers were already presented, many times accepted.

Spokane & Coeur d’Alene aren’t like that – at least right now.  The market is not slow, but you need a profound understanding of your competition, past sales and you need to get showings.  When houses don’t move as fast, people look at more, have a larger selection and are more selective when purchasing. 

Making sure a property is priced appropriately is another factor.  Asking too much and you won’t get the showings you need to sell the home, ask too little and you’ll leave money on the table.  I usually suggest 1-2% under market for a faster sell, closer to market average for average market times.

Let me know if you have any questions – or would like to see how I market and price properties.  I love this stuff!

Tags: How To by Spokane Home Guy (509) 990-7653
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I had the opportunity to speak with an entreprenur in the Spokane-Coeur d’Alene area regarding a unique business he runs nationally.  He runs Real Estate Auctions for homes that need to have a guaranteed sell – fast.

Their most current auction is in Idaho, over on Colfax street (Dalton Gardens) and opening bid starts at $50,000.  The bidding is expected to end at a competitive price point upwards of 300-400k  The home has previously been listed for much more.

Real Estate Auctions are a unique idea and buyers and sellers can (and should be) represented by a competant Agent to help determine bids (based on comps) and to facilitate the process.

For more information on Auctions in the Spokane & Coeur d’Alene area – please contact me!

Tags: Idaho Real Estate, Spokane Real Estate by Spokane Home Guy (509) 990-7653
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