Localism: Spokane, WA

Spokane's Real Estate Market

Mon, 01 Dec 2008 16:58:17 -0600

A couple months ago an article was in our local paper, the Spokesman Review, about a slump in our Real Estate Market. They focused around a couple who was trying to sell a home they had just bought less than a year before, new construction. The whole flaw to this article should not have been on how this reflected a slump in the housing market, but what crazy things people do when buying or selling Real Estate and then want to blame something or someone else for their dilemmas.

Before I go on to show the errors of their ways, let me first note that 'yes', we do have a slowdown in our market, and there are several instances out there to show or prove that, but for the most part, survey after survey over the past year has indicated that Spokane, Washington is one of the strongest, stable and most predictable Real Estate markets in the country.

Back to the homeowners who feel they are caught in a slump, let's discuss what they did wrong.

First, they bought a home without selling their previous home. This gets even better.

2nd, the home they needed to sell was originally listed just under $1,000,000, in a market where less than one home in that price range sells each month, with a 6 plus year supply of such homes. A home they had just built in 2001, recently assessed for 2/3 of what they were asking for it.

3rd, to top that off, they list as being 'shown by appointment with agent', they do not allow a lockbox, and to be even more ironic, they say very motivated sellers, bring all offers. A motivated seller does not insist on appointment with listing agent only, and not allow a lockbox, this is the epitome of not being motivated at all.

4th, over the past 14 plus months as they have slowly reduced the sales price down to $675,000 (which is probably about what it is worth) from the original $998,000, they had an epiphany last week, they raised the price. In the slowest real estate market we have had in my lifetime, going into the slowest month of the season, a few days before Thanksgiving as snow has just started to fall on the ground, they raise the price from $675,000 to $750,000! And, still have the same old obstacles:

VERY MOTIVATED SELLERS, BRING ALL OFFERS!! PLS CALL LISTING AGENT TO MAKE APPT - NO LBX. (taken from the listing)

When I see the term "motivated sellers", I usually explain to my clients that more often than not, that means motivated to get the most amount of money possible for the home, not motivated to get the home sold under any reasonable conditions. Sometimes it just reflects a motivated Realtor because he/she is about to lose the listing to another Realtor.

The scenario these folks are in is not a reflection of the market, this is a reflection of a seller either being poorly advised or making poor decisions....or both.

Now you are wondering about the home they were buying? The one they bought last October. Well that story is interesting too. They paid $330 for it in October of 2007, new construction as well. Buying a brand new home is like driving a car off the lot, it is worth less the day you take possession (maybe one or two out of every 10 years you get lucky and this is not the case, but let's not rely on luck). Our market was in it's first decline in almost 20 years as they bought, so they decide to list the new home as well in the coming spring, 2008. Paid $330, so someone might suggest $330 to try and get lucky, or how about $320 to recognize the market decline and competing with empty new homes all around you? Nope, $360.

This is when they went to the newspaper. While they have done everything possible to keep their original home from selling (appointment only, no lockbox, unrealistic price, raising the price as the market declines), they took some pro-active measures to get this home sold. They agree to reduce the price $1000 a day until it sells. This was August of 2008. It has been a little over 100 days since that pledge and they have shown only a little reluctance to keep up the promise, overall they are doing a pretty good job, they have come down $75,000. They are probably priced to sell now, but any buyer might be waiting for just another week or two to save another $5000 to $10,000, especially this time of year in this market and in this economy. I do concede this was a great strategy by them or their Realtor in contrast with the home they originally wanted to sell, but the only drawback was that they started at least $30,000 over any likely sales price so the first month was a waste of time and effort, and then when they finally get to a fair/realistic price, or today maybe even a great price, they are at the slowest time of the year in a slow market in a bad economy.

Bottom line is this real estate market has enough obstacles for home sellers to deal with, let's focus on the real problems that this economy provides, not those brought about by people making poor decisions and more poor decisions to compound their problems. If you have a home to sell in the Spokane market, and have an experienced Realtor to counsel you, and you listen to them, your home will sell, maybe not in 30 days, and maybe not even 90, but we still have homes selling every day and yours may as well be one of them.

If you are buying a home in the Spokane area over the next 90 days between $100,000 and $400,000 and have excellent credit, you need a Realtor on your side. Call Mike Crowley at 509-951-9710 or e-mail to mike@spokanehomebuyers.com.

Spokane Home Buyers, Buyers Only since 1997!

Apliance Repair or buy new ones?

Sun, 30 Nov 2008 18:57:26 -0600

Now more than ever in this economy people need to save some cash. One way to do so is to get some more life out of your appliances. Rather that buy new ones it might be more cost effective to repair your old ones. Sometimes for as little $25 you can add a couple more years of life onto your current ones.

If you live in Spokane Washington and Need appliance help then visit appliance repair Spokane

Benefits of Home Staging

Tue, 25 Nov 2008 22:53:00 -0600

Home staging is the art of maximizing a home's best features to create an edge over the competition. That means cleaning, eliminating clutter, working with the "flow" of a home, neutralizing colors, creating the illusion of space, editing and arranging furniture, and enhancing curb-appeal. Other tricks of the trade include using design psychology to appeal to a buyer's emotions. The end goal is to make the home appeal to the largest number of buyers by transforming it into an appealing and attractive product for sale. For vacant homes, minimal staging furniture helps create an inviting space where buyers can envision themselves living.

In our current market, where listing inventory is high and market time can stretch into several months, staging can make a huge difference. Research has shown that properly staged homes sell for 5% more on average than non-staged homes. Survey results for average market time vary according to source and market, but most indicate that staged homes sell in half the time of non-staged homes.

I recently earned the Accredited Home-Staging Specialist (AHS) designation, joining a growing group of real estate agents who recognize the importance of providing value-added service to their clients. For general information on how staging can help sell your home, visit www.stagingspecialist.com, and for specific help, contact me for a free preliminary assessment.

Santa Express and Venessa's Village ~ shopping with a cause!

Sun, 23 Nov 2008 10:28:38 -0600

A magical shopping experience awaits you in Downtown Spokane WA. Nov. 28th-Dec. 23rd you can shop at both Santa Express and Venessa's Village and benefit the invaluable service that the Vanessa Behan Crisis Nursery provides. http://www.vanessabehan.org

This has been an incredible experience for my children since they were little. They get to shop for their friends and family members with a "Santa's helper", and even wrap the gifts all without mom and dad, so it's kept a secret! The items at Santa Express are very affordable only .50 cents to $7.50! You also give them a budget and a customized shopping list before the enter the enchanting experience. Now they have Vanessa's village for grown ups too! Brilliant.I hope you visit Santa Express and Venessa's village this year to do your Christmas Shopping. This is such a worthy cause. And to think your shopping can actually make a difference for families and children in crisis.

HOURS: MON-SAT 10am-8pm Sun. 11-6 Nov. 28-Dec. 23rd 2008

Located :Downtown Spokane Skywalk Level (Crescent Bldg. corner of Main and Wall)

See you there! Ho Ho Ho!

Blog by: BethAnn Long, Realtor Spokane WA www.bethannhomes.com

Changing lives, one song at a time!

Tue, 18 Nov 2008 09:55:32 -0600

Dear Friends,

You have a rare opportunity to help change the lives of families in medical crisis, by just enjoying an evening of music!

What an easy way to make a true and real difference in the lives of seriously ill children!

Imagine how difficult it would be to have a seriously ill child. Maybe some of you have had this experience, and truly understand how foundations like Starlight can make a difference during the ongoing stress of having a hospitalized child. If you don't know what Starlight is, allow me to give you a quick intro. There are wonderful organizations that grant wishes for terminally ill children. While this fills a huge and precious need, Starlight was formed to provide ongoing services for chronically, critically and seriously ill children from diagnosis through when they turn 19. While these children are not terminally ill, many of them suffer for years, as do their families. This means many of the families use the services of Starlight for several years. Starlight also focus's on the needs of the siblings and other family members of the sick or injured child.

Please take some time to visit www.starlight-washington.org where you can learn more about Starlight and order tickets for " Emerald Legacy, an evening of music with the O'Neill family".

CONCERT IS SAT. NOV. 29TH AT 7:30 PM AT THE BING CROSBY THEATRE IN SPOKANE WA. (VIP EVENT IS AT 5:30)

For only 20$ you will enjoy a once in a lifetime concert featuring several professional musicians from the O'Neill and Long families. We truly hope you will join us in benefiting this worthy cause, and enjoy a night out for yourself!

•· VIP Prefunction at 5:30 includes a silent auction, wine tasting, small bites by the Laguna Café' and premiere seating at the concert. Tickets 50$ ea.RSVP for prefunction by 11/21

•· ONLY 20$ for concert only, general admission doors open at 7pm

For our VIP event, we have AMAZING SILENT AUCTION ITEMS! Including:
A trip to NEW YORK with New York Nicks package!
A deluxe Seattle Mariners Package with accomodations, game tickets and dinner out!
A stay st the beautiful Elkins Resort in Priest Lake!
Deisgner Home Decor items shipped from Africa
Several goodie baskets with everything from pet lovers and spa lovers in mind!
River Park Square Shopping Spree!

So much more...

We hope to see you there : ORDER TICKETS ONLINE FOR EMERALD LEGACY CONCERT AND VIP EVENT: