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Written by John Creighton
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Greetings Valued Clients,
We've made it to the half way mark and despite the situation with the national real estate market our local Spokane market continues to show stability and growth. As the June results show sales, average price and median price all improved, while inventory increased only slightly. Overall we continue behind last year's pace however, there are good deals and values for both buyers and sellers in the current market.
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Written by John Creighton
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Greetings Valued Clients!
Well with temperatures in the mid 30's at night this past week and reports of SNOW flurries here in Spokane perhaps last month's newsletter that Spring has finally arrived here in the Pacific Northwest was a little premature! Despite the late arrival of Spring/Summer we continue to see an upward trend month to month in both closed and pending sales.
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Written by John Creighton
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Greetings Valued Clients!
Well we are 1/3 of the way through the year and it looks like Spring maybe starting to arrive. With the snow finally melted and the trees in bloom we are starting to see an increase in activity, sales and inventory which is typical of this time of year. For an update on April activity here in the Spokane area please read on . . . .
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Written by John Creighton
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While I'll agree that a majority of clients choose a Realtor based on the specific person and the trust and confidence they have in that person however, a contributing factor to a Realtor's success is the type of brokerage behind the agent. Here in the Spokane area I am proud to be a member of John L Scott. I can say with confidence that the innovation, technology and tools my brokerage provides contributes to my success and assists me in being the best agent I can be. A classic example of this is the new monthly market updates John L Scott is providing for myself and my clients.
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Written by John Creighton
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Perhaps you are contemplating selling or buying here in the Spokane area but still have some concerns? As we continue to emphasis here at the Spokane Real Estate Advisor real estate is local and making informed and intelligent real estate investments requires local facts and figures.
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Written by John Creighton
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Today the National Association of Realtors (NAR) reported that existing homes sales edged down in March, continuing a decline and remaining within a narrow range of sales activity that has persisted since last September. The NAR reported that existing homes sales were down 2 percent to a seasonally adjusted annual rate of 4.93 million units in March. This is down 19 percent from the 6.11 million unit pace in March of 2007. In comparison the Spokane Market reported sales of 869 units through March, which on an annual basis was approximately 35% below the pace through March 2007.
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Written by John Creighton
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Have you seen all those late night TV advertisements about obtaining your "FREE" credit report, yet when you call or go online the report is only "FREE" when you sign up for a credit monitoring service? Fear not there truly is a way to obtain a "FREE" copy of your credit report. Take a moment and let me explain how!
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Written by John Creighton
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Greetings Valued Clients!
Well it's hard to believe we are already 1/4 of the way through 2008. The first 3 months have presented some interesting challenges for the Spokane market and no doubt more to come. While the situation with the national real estate market continues to make the news on a nightly basis as we have always said real estate is local. While Spokane and the surrounding area's have felt the affects of the nationwide market, Spokane continues to show strength and stability.
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Written by John Creighton
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In today's toughening credit market the ability to qualify for a loan with reasonable terms and interest rate is a never ending battle. With your credit score being a major indicator of your credit worthiness and with lenders and institutions scrutinizing their loan portfolio's more then ever, remember it is never too late to work at maximizing your credit scores. Even if you prefer to pay with cash and debit card, you never know when you may need good credit to get a loan. The following is some ‘behind the scenes’ information on how to optimize your credit scores for a single person or married couple.
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Written by John Creighton
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Ask a group of Spokane area Realtors® whether having an open house is a good idea and you can guarantee a lively debate. For every Spokane area Realtor® who believes that an open house is an effective way to market a home and generate potential buyers I can show you another who totally disagrees. If this is the case then who is right and what should the Seller and Realtor® do?
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Written by John Creighton
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Yesterday the National Association of Realtors (NAR) reported that sales of existing homes actually increased in February and remain within a fairly stable range. What does this mean and how does it compare to the Spokane market?
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Written by John Creighton
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Greetings Valued Clients,
Welcome to the new redesigned Spokane Real Estate Advisor newsletter. In conjunction with the announcement and launch of my new website you will now be able to receive my monthly and quarterly newsletters electronically. By utilizing an electronic newsletter I will now be able to deliver timely and relevant information in a manner that you expect. I trust you will enjoy the new format and I welcome your comments and suggestions.
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Written by John Creighton
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While Tuesday's rate cut by the Federal Reserve of three-quarters of a percentage point will be great for banks and short term rates, what will be the impact on 30 year mortgages? Will we see a decline in mortgages rates or is it possible that 30 year mortgages rates might be heading higher? Recent history might be our best indicator of where the rates are heading.
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Written by John Creighton
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With the switch Sunday morning to Daylight Saving Time (DST) will showings and activity on real estate increase? As spring begins to bloom and the amount of daylight begins to lengthen the forecast is for increased real estate activity!
While DST's focus is on reducing the use of energy and electricity people use it also increases the amount of leisure time people have which may result in more showings, better attended open houses and increased real estate activity. Before DST goes into affect property showings typically happen during the weekend days and around the lunch hour during the week, when people are able to get away from their jobs. Now with sunset approaching the 7 o'clock hour people are more adapt to view a few listings after work when there is still daylight.
Let's hope that with the advent of DST the real estate market will see continued activity and prosperity!
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Written by John Creighton
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While the taxpayer rebate checks aren't in the mail yet, we are starting to see the affects of the Economic Stimulus Act of 2008 with today's announcement that effective March 6, 2008, the department of Housing and Urban Development (HUD) will offer FHA loans that will now range from $271,050 to $729,750.
The Economic Stimulus Act of 2008 permits FHA to insure loans on amounts up to 125 percent of the area median house price, when that amount is between the nationl minimum ($271,050) and maximum (729,750). The new minimum and maximum loan amounts are based on 65 percent and 175 percent of the conforming loan limits in 2008, which is $417,000. This change in loan limits lasts until December 31, 2008.
In January of 2009 the loan limits will return to previous levels unless Congress approves to permanently increse loan limits as part of the FHA modernization bill, which is still awaiting final approval on Capitol Hill. With a new limit in Spokane of $271,050 only time will tell what type of impact this will have on our market.
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