Thursday, January 16, 2020 / by Kylene Emery
If you’ve only ever rented before, the necessity of a home warranty may be unknown to you. As a renter, you are used to a landlord who will fix any issues you run into - but that all changes when you become a homeowner. Now, when a water heater breaks or the fridge starts to leak on the new floors in the kitchen, there is no landlord to call. So what do you do now? You may have a friend or family member who can handle the smaller fixes, but when it comes to the big issues that will end up emptying your pockets, a home warranty can save the day.
A home warranty is similar to insurance, as it covers some or all of the costs of replacements or repairs when a system in your home malfunctions or stops working altogether. They range in annual costs of $300-$600 and remove the middle man in the fixing process. Instead of finding someone to fix an issue, you will directly contact your warranty provider and they will set up the repair or replacement with the appropriate vendors. Your pre ...
Wednesday, January 15, 2020 / by Keri McCombs
Effective January 1, 2020, a new law went into place that impacted the way excise tax is calculated in the state of Washington.
But before I address what changes were made, I first want to go over excise tax, what it is, what you need to know about it, and how it impacts YOU.
What Is Excise Tax?
Excise tax, generally speaking, is a tax on the purchase of a good. So in this case, real estate excise tax is a sale on the sale of a home or property. In the state of Washington, the seller is responsible for paying this tax when a property sells. However, if the seller doesn't make sure it's paid, the buyer does become liable. There is only one time where I know this happens, which I'll discuss towards the end of the article.
Real estate excise tax, also known as REET, has historically been 1.78% of the purchase price for most of the greater Spokane area (1.28% state levy rate plus 0.50% levy rate for most cities). However, the state of Washington has been discussin ...
Monday, January 13, 2020 / by Kylene Emery
While house hunting in the winter was never really a thing of the past, today’s culture keeps things going year-round - which means finding a home can be done at any time of the year. While exploring in the cold might be your focus or concern, house-hunting in less-than-ideal conditions can show you things you can’t always see on a warm, sunny day. Here are some things to keep in mind as you try to find a house can call home.
Winter Weather Can Help You See Hidden Flaws
Even if you don’t love the cold and snowy weather, it can help you see household flaws that you may not see in the warmth of summer. Maybe the windows are drafty or there is a major loss in privacy when the trees are bare from the cold. It will also help you to love your home for its’ bones, and only love it more when warmer seasons arrive bringing flowers, grass, and colorful foliage.
Photos Can Help Fill In The Blanks
It can be hard to picture what a poolside oasis looks like when it is cov ...
Thursday, January 9, 2020 / by Katrina Miller
Spokane Real Estate Market Update 1.10.2020
According to Spokane Journal, Rob Higgins, executive vice president of the Spokane Association of Realtors, expects the real estate market in Spokane 2020 to be similar to 2019, with sales of single-family homes expected to drop about 3% overall by year-end.
This week the market sits at 1.1 inventory. Below 4 months is usually considered a sellers market and above 6 is considered a buyers market. Spokane Journal states that economic growth, historically low-interest rates, and escalating rents have contributed to demand.
1,270 homes are active on the market with 749 in escrow making it a 59% pending ratio. Things are picking up, we have 147 new homes on the market just this week compared to last week we only had 82 new homes.
Now is the time to start your real estate adventure. Do not wait until Spring or Summer. Talk to a lender now, research how to improve your home to sell for the most money now, start as ...
Tuesday, January 7, 2020 / by Ariadne Gold
We did it! We made it through the holidays! Now it’s a new year, which means changes in the Real Estate market.
In the month of December, there were 347 new listings (all of these stats are for single family homes in Spokane county, under one acre.) In December of 2018 there were 304 new listings, which shows that our current market is still strong! I think this has a lot to do with the lack of snow. Once there is snow on the ground that actually sticks, the market may stall for a bit. 619 listings sold in the last month, and the average sale price was $294,000 (the average sale price for December of 2018 was $245,000!)
The sale price versus list price ratio was 99.37% versus 99.56% in December of 2018, so not much of a change there. The average days on market was 28, versus 44 in December 2018 so you can see that homes are being sold much quicker than last year.
The average list price of properties that did not sell was $32 ...