But it’s not all doom and gloom.  I was asked Monday by a Krem reporter (in response to one of my recent posts) whether I thought the weather had anything to do with the 42% slump in closed & pending sales for the month of January as compared to the same period last year.

My answer was No.  I didn’t think that was the only reason.  Some buyers were staying in, but many (at least ones I’m working with) have been out tredging through the snow and looking at properties.  While closed sales are down – the median and average prices are up almost 7%.  The cause – I don’t think there is just one.  There’s a smaller number of people who qualify for loans, the loan underwriting process is a tad tougher than it used to be (and it should be).  Lenders are now requiring you to do more than fog a mirror to get a loan.

 If you are thinking of buying a home in the next year -START NOW.  Check your credit.  Work with a Mortgage Professional and get a plan in place.  It’s too late to fix your credit when you’ve found the home of your dreams and pull a credit report that day.  Know what’s on your credit, know what you need to do to keep it, raise it or bring it where you need to be.  If you need any information – please contact me – I can point you in the right direction.

Tags: Spokane Real Estate by Spokane Home Guy (509) 990-7653
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In Canada – the problem isn’t selling the home – it’s being able to afford to buy one after you do. 

With soaring prices – some places as high as 45% appreciation in one year some Canadians are finding it hard to buy a home.  Experts estimate that this rapid appreciation trend will slow to a puny 4% this year easing the troubles on worried home buyers.

Interesting Article.

Tags: In The News by Spokane Home Guy (509) 990-7653
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In the beginning of the year I always look back on the market to see what the trends were for the previous year.  Partly because I’m curious, and secondly because it helps me advise my clients. 

I took a spread from June 1, 2007 through December 31, 2007 in the Post Falls area. 

The list price average was: $244,385
and the SOLD price average was $238,625

That means that on average sellers give up 2.5% in negotiations.   In neighboring Spokane the average sales price is $208,000 and concessions average 2-3%.

The average time on market for this timeframe was nearly 4 months at 115 days.

 What does this mean? 

For motivated sellers – pricing is important.  Pricing a home 2-3% below market will typically yield more showings and a quicker sale.  If you can provide value – your home will sell faster.  It’s a common fallacy that one needs to inflate the price in order to negotiate.  It’s always better to receive an offer and negotiate than to not receive any at all.  If you can afford to wait the market average of 115 days for an offer then you have some room on the price.

For Buyers – do your research.  Ask your agent (hopefully me!) to pull comps on the property before making an offer.  Know what other properties around the area are selling for and make your best offer.  Keep in mind that sellers on average are giving up 2.5% from the list price (which doesn’t include how many are paying closing costs etc.). 

 If anybody has any questions on the Post Falls – Coeur D’Alene Real Estate markets – give me a call or contact me.  I’ll be happy to send you any information you need!

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