The Spokane-Coeur D’Alene Home Guy Blog

Spring was out with all its rays for two whole days.  Buyers woke up and started looking for properties.  My open houses were extremely successful.  I was able to meet a lot of great people out enjoying the day looking for properties.   Occasionally I get asked - “Isn’t it better to list a home now, in the springtime.”  To which I always answer  - whenever it’s best for you, you should list. 

Low-and-behold - I was watching HGTV while eating dinner and up came the 25 biggest Real Estate Mistakes show.  They addressed the same question.  Their answer was similar.  Sell when it’s best for YOU.  Don’t put off your dreams and everything just for weather.  With 100+ days on the market in most areas, it’s important to get your property listed when it’s right for you.  With that said - they noted that there may be seasonal aspects to your home that you can really utilize to make your home more desireable.

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According to a recent report I ran on FlexMLS the Post Falls Residential (stick built) market appears to be on the rise.  Inventory is declining (11% down from last year) which will help prices remain firm, and the average days on market for a listing is down 32% from 2007.

 There have been some definate adjustments to the market - the most apparent being the 10% drop in the average sale price across Post Falls.  This could be in large part because of increased motivation from sellers, bank & foreclosure sales sellers using price to be competitive in a marketplace that is moving slowly and with lots of competition.

Either way, slowing inventory and faster turnover is a great sign for Post Falls Real Estate!

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Just recently I heard that most conventional 100% financing options are gone (for the time being).  There are still options to go 100% financed with FHA or VA (with VA probably being one of the best options).   What does this mean to sellers?

Offering FHA is a GREAT option when selling your home - if it qualifies.  The buyer pool for FHA loans is growing more and more every day.  FHA still has some legal gift programs such as Neamiah where sellers can gift funds to help buyers get into homes easier with less down.  For the conventional buyer - you’re going to need a down payment.

Why is this happening?  The banks can write the notes, but they can’t get their Privat Mortgage Insurance to cover the loan, which is why FHA and VA can still do it - they are government backed loan programs which aren’t affected by the PMI issues. 

For more information - I’d be happy to put you in touch with my lender, give me a call or shoot me an email and we’ll discuss it! 

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For the first time since July home sales have risen across the US, but the average price has fallen.   Demand is back but buyers are being pickier and negotiating harder on the homes they purchase.

 On average prices have fallen 8.2 to 8.7 percent between condominiums and single family homes respectively. 

More on the Article.

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I’ve always been facinated with Manito Park and the whole Manito area.  So much neat Real Estate around there.

I thought this was interesting - the Friends of Manito are putting on a Tropical Plant Sale. Check it out!

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With the tightening grip of lending institutions and stricter requirements to get a loan, many home buyers are turning to alternatives.  One of these alternatives is a Lease with Option to purchase. 

 I’ve seen many different ways sellers structure their Lease Options, some say put something in writing and we’ll go from there, others want a very large, non-refundable option price, and a rather high monthly payment, and some want you to enroll in credit repair programs to ensure you’ll be able to excersize your option during the period.

What is a Lease Option?  A lease option is an interest in Real Property that gives you the right to purchase the property at a pre-determined & pre-negotiated price anytime within a negotiated period of time.  The option typically costs money to purchase and is usually preferred second to a conventional method of finiancing (loan).  Options can be protected by recordation at the courthouse for a minimal fee.

Options can be setup as Purchase and Sale agreements with early posession / delayed closing, or elaborate documents prepared by competant attorneys.  Either way there is a lot to consider.

Most options have:

1) Option Price - can be several thousand or tens of thousands, depending on the terms the seller is willing to accept.
2) Monthly payment
3) Timeframe

A lease option is still a lease, so you are still a tenant while you are in the home so don’t be surprised if the seller does not want you to make improvements or do anything that a typical landlord wouldn’t let you do.  I suggest having the option managed by an escrow company (from a buyers perspective) to ensure that the seller is paying the mortgage, taxes and other items required by the property owner (property taxes can be negotiated either way in an option). 

If you are tight on credit or are considering a Lease Option - I’d be glad to assist and help in any way possible.  Please give me a shout.

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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

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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!

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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!

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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.

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