Sunday, March 31, 2019 / by Dennis Isip
Are you moving to another state, or relocating to Washington State? More specifically, are you considering a move to or from the Spokane area? There are a lot dynamic factors changing in different directions simultaneously at this time. Let’s look at the big (national) picture first.
National Real Estate Market
If your plan for 2019 includes selling your home, you will want to pay attention to where experts believe home values are headed. According to the latest Home Price Index from CoreLogic, home prices increased by 4.7% over the course of 2018.
The map below shows the results of the latest index by state.
Real estate is local. Each state appreciates at different levels. The majority of the country saw at least a 2.0% gain in home values, while some residents in North Dakota and Louisiana may have felt prices slow slightly.
This effect will be short lived. In the same report, CoreLogic forecasts that every state in the Union will experience at least 2.0% appreciation, with the majority of the country gaining at least 4.0%! The prediction for the country comes in at 4.6%. For a median-priced home, that translates to over $14,000 in additional equity next year! (The map below shows the forecast by state.)
Spokane Real Estate Market
So, what does the local Spokane real estate market look like?
Consider the following recent developments:
As of this writing, Amazon is building a large distribution facility In Airway Heights. They are expected to bring in 1500-3000 jobs.
Fairchild Air Force Base has recently expanded with additional tankers in its fleet. That means another 1000 jobs, to what is already considered the largest air refueling air base in the world.
DR Horton, the country’s largest home builder, has stepped up in Spokane, planning to build 200 new homes within the year.
In the end, it’s all about supply and demand.
For the past couple of years, home prices have been rising in California, Seattle and Portland; people are being driven to less expensive locations like Spokane. However, we are already seeing signs of a slowdown in the major metropolitan areas throughout the country. This means that home buyers may not be as motivated to look elsewhere like they used to.
Armed with the knowledge of how much experts believe your house will appreciate this year, you will be able to set an appropriate price for your listing from the start. If homes like yours are appreciating at 4.0%, you won’t want to list your home for more than that amount!
One of the biggest mistakes homeowners make is pricing their homes too high and reducing the price later when they do not get any offers. This can lead buyers to believe that there may be something wrong with the home, when in fact the price was just too high for the market.
Pricing your home right from the start is one of the most challenging parts of selling your home. Once you decide to list your house, let’s get together to discuss where home values are headed in your neighborhood!
Please don't hesitate to reach out to me directly,
Dennis Isip | Spokane Realtor
Haven Real Estate Group