Saturday, February 8, 2020 / by Ariadne Gold
In Spokane’s current real estate market, multiple offer situations have become more and more common. Many buyers are worried about how this will affect the home they’re able to buy, or have even decided not to buy a home until the market “calms down”. This doesn’t have to be you! Multiple offer situations don’t have to spell doom if you’re well informed about negotiation tactics, and realistic about the state of the market and value of the home.
So what are some negotiation tactics that you can use if you’re in a multiple offer situation?
This is probably the most obvious one, but it encompasses a few different aspects. First is the overall purchase price. Next are closing costs; these are the additional costs to close the loan, such as the title insurance and escrow fees. Many buyers don’t have the funds to pay both the down paym ...
Tuesday, January 21, 2020 / by Dixie Simon
Few people are predicting that 2020 will be a record-breaking year for home sale prices.
However, 2020 might be the best time to put your house on the market. If you’re on the fence about selling this year or next, selling in an environment that's more familiar and predictable, rather than waiting for time to pass and circumstances to change then 2020 may-be your best decision ever.
If you bought your house in the past few years, still love it and don’t want to part with it, go ahead and wait another five years before revisiting the thought of selling. But if you’re weighing your options to sell and are considering selling this year or next, don’t play the waiting game.
Here are four reasons you should consider selling in 2020:
New buyers are still entering the market.
· Interest rates are expected to remain low.
· You have high equi ...
Monday, January 20, 2020 / by Dixie Simon
What is the difference and why does it matter to the Seller?
Why is this such a BIG DEAL?
Much Time can be wasted and great heartache can insue if you do not have your financial affairs in order. If you fall in love with your dream house and are not pre-approved, in most cases within the Spokane market and surrounding areas, your offer will go straight to the bottom of the pile. Without proof that you are eligible for a loan or if you are wanting to pay cash but are not willing to provide evidence of accessible funds--Talk is cheap!
So what is the difference between prequalification and pre-approval?
There are similarities but they are NOT the same. So, what does it mean to get pre-approved vs. getting pre-qualified for a mortgage, and what’s the difference between the two?
Things that are similar:
Mortgage pre-approval and mortgage pre-qualification have the same benefits for anyone considering purchasing a home with a mortgage:
Both help estimate the ...
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 Ariadne Gold
If you’re thinking of buying a home, you may be thinking specifically about single family homes. Depending on where you’re thinking of purchasing, you may not even be thinking about condos. However, condos can be a great idea for some people!
1. What is a Condo?
So, what is a condo? Condos are homes that are owned by individual people, but are physically connected. These can be apartment style building or townhomes (where the units are side by side.) Buying a condo involves a few more steps than buying a single family home.
2. What is an HOA?
The first thing to know is that all condos have HOAs. HOA stands for Homeowners association. The HOA handles the common areas, rules, budgeting, and insurance for the community. All owners are required to pay HOA fees, which pay for some utilities, insurance, and common area maintenance. Some condos will ...