Spokane Real Estate Tanked? (attorney, new home, buying)

[StealthRabbit]

Originally Posted by Deena160

The blame starts with the whoevers in Washington DC that decided affordable housing meant that people should be able to buy houses who couldn't really afford them.

That would be Bill Clinton and Alan Greenspan IIRC...

The market is a bit hotter at the moment, potentially due to the lower interest rates + the expiry of home buyer's credit (April ?). It MAY get renewed, but it MAY NOT. Depends on the price range you are looking, but this housing crash is long from over IMHO. The end of 2010 is gonna be flooded with investment folks trying to capture the end of the LTCG tax advantage, + it is predicted the number of foreclosures will double again this yr. Cash is King, just have it invested before inflation gets it. (a delicate game)

[yoyoyoyo]

Yes the market in SPokane is now becoming very hot ! Prices have rebounded dramatically in the last month.

[Deena160]

Originally Posted by yoyoyoyo

Yes the market in SPokane is now becoming very hot ! Prices have rebounded dramatically in the last month.

I've noticed that as my favorites list has dwindled down quite a bit. There are only 4 homes left on it that I want to see--a fifth one that had been on there longer then any of them finally got a bid this week. I'll actually be in Spokane Monday afternoon and am very interested in one home in particular. I'm worried it will sell over the weekend and it's only been on the MLS for about a week!
Homes here, in Everett, have been doing pretty well, too. My house had a full price bid(minus closing) in three days. Now we're just waiting for all the inspections to get over with. After the initial ones, they've called for additional roof, electrical, etc. I'm sure they gave us a full price bid to secure the house and then will dicker on the price over what they've found. Not a bad strategy and one that we might be using this next week. Hopefully making a bid with our home pending won't cause too many problems. :~) D

[Deena160]

Found a house. Made a bid. Got a counter. Countered their counter. So much fun. NOT. Thought we would have heard something today, but alas, no.
I'm excited about the house though. It's pretty much everything we needed. Unfortunately, it's not turn-key, but the previous owners had kept up on things and done upgrades. You can tell that different things were done about every 10 years by the different styles and colors in flooring, tiles, and wallpaper in the different rooms. At least we won't need to be knocking through any walls or major things like we've had to do with our previous home to make it more handicap accessible. :~) D

[noah]

Did you end up getting the house under contract? Does it still appear that the market is hot?

Originally Posted by Deena160

Found a house. Made a bid. Got a counter. Countered their counter. So much fun. NOT. Thought we would have heard something today, but alas, no.
I'm excited about the house though. It's pretty much everything we needed. Unfortunately, it's not turn-key, but the previous owners had kept up on things and done upgrades. You can tell that different things were done about every 10 years by the different styles and colors in flooring, tiles, and wallpaper in the different rooms. At least we won't need to be knocking through any walls or major things like we've had to do with our previous home to make it more handicap accessible. :~) D

[Deena160]

Originally Posted by noah

Did you end up getting the house under contract? Does it still appear that the market is hot?

Looks like everything is working out. The Spokane house has got a "pending home sale" on it now. Our house is pretty much sold with all of the negotiations over(I hope!). Their agent told me today that the sold sign will go up in a couple of days.
Too much stress!!! I was breathing into a paper bag this morning--no, seriously.
I think the market is still doing pretty well with people trying to get in before the end of the month. I don't know how building is doing in Spokane, but here in South Everett there are a bunch of new homes being built on lots that have been sat ready to build for well over a year or two--many are being advertised as "bank-owned". Pretty sad, eh, when a bank is building a new home to sell? I guess they gotta make their money somehow. :~/

[noah]

The sales numbers for March looked good. The question is how will it look after the tax credit ends. Sales in March 2010 were up 91% from February and 23% from March 2009. 6 months in a row the sales from the last month have been higher then they were the same month a year ago.

[Deena160]

Both houses closed last week! Thank goodness!!! Our house sale was a little painful with a few FHA hoops to jump through but it was nothing compared to the house we were buying. What a joke. Our real estate agent was awesome, but the sellers' was a joke and a half. He was so unprofessional and had screwed things up so royally that my husband finally called his office manager to complain. Oddly enough, he was much more helpful after that. Now if he'd just get the For Sale post off of my lawn and the key box off the door...
I left our buyers a lovely clean house and followed my husband, who was driving the 26' moving truck, over the mountains to our new home in the Valley. Waiting in the driveway was a group of men and boys from our new church(I LOVE being Mormon!) and a couple of the ladies to help me inside. They had the truck unloaded in just over an hour and even mowed the yards.
I had this lovely fantasy of standing and directing the traffic of boxes coming out of the truck so that the most important ones would come in and the rest stay in the garage awaiting renovations. Unfortunately, the new house was left a mess and I had to clean the kitchen, including a disgusting fridge that still had food in it. Now I don't know where anything is in the garage. A few things came inside, but most of the boxes weren't anything I wanted right away.
There are bits and pieces of leftover stuff that we've found in cupboards and closets. Really, how hard would it have been for them to just haul it off to Goodwill or something? That wouldn't be so bad. It's the cat poo in the downstairs room shag carpet and used kitty-litter chunks on the laundry room floor that have really grossed me out. Thankfully, most all of the carpet will be going. What's left(glued down sponge backed downstairs) will be left as underlayment for other carpet after it's cleaned.
We asked over and over again for the house to be cleaned before we took possesion. Too bad we can't hire a maid service and then send the bill to that wacker-head agent! It is so tempting to draw a moustache or something on his silly picture that's still hanging on the post outside. Shouldn't that and the key box be gone by now? :~/ D

[Eastbound2688]

Deena,
Congrats!
Welcome to Spokane...I'm on the other end....just waiting for the prices to rise for past couple of years to move out of Spokane to move East.
It appears to me that you got in right under the wire as far as prices go....it seems my neighborhood prices are moving up !
There are 5 new houses being built and quickly sold on my street in the past 2 months...they are flying off the shelves!
But like Noah mentioned, it could be because of the tax credit....time will tell !

Anyhow, enjoy your new home "warts" and all...and I'm sure Karma will get those nasty former homeowners and agent!
Best of luck !

PS: LOVE the idea of drawing a moustache on the agent's sign.....that sounds like something I'd fantasize about doing ! LOL

[BornInTheAppleCapital]

Deena,

I've read your posts on and off for sometime now...always lots of good questions...many which you asked answered my own thoughts! We spent six years in Texas so I have a new found apprecitation for the beauty of my home state! We've been back almost a year now, finally getting ready to build our new home. So glad to hear you finally made it to our side of the mountains! I hope your family will love it over here as much as we do!!!

Jodie