Real estate climate (Spokane: for sale, 2009, renting)

[kaimik]

It seems like it's been awhile since we've had a discussion about what's going on with real estate here. We're renting right now, (have been here 6 weeks) but would really like to buy a home this spring. We've been watching the market for 8 months or so and we're seeing a lot of the same homes still sitting there. But, it doesn't seem like the prices have adjusted down very far. Our home in Ohio should (finger's crossed!) close at the end of this month and we took a serious beating on it, having lost 15% in value since we bought it 3 years ago. We hear things aren't moving here, so why aren't the prices coming down. Or are they? What's the scoop?

[Deena160]

I've also been wondering the same thing. Also, a lot of my "favorites" have disapeared that have been on my list for a while(like 5 the week after Christmas). I wondered if it was the weather--maybe they're just taking a break because nobody was looking right now anyways?
On the other hand, there have been many new listings since the holidays. The prices don't seem any lower though and many homes that are re-listing aren't dropping the prices they've had for months. :~/ D

[WendyK]

Oh you're making me have to focus before the coffee is finished brewing....Deena, a lot of agents have their listings expire at the end of December so that they can be relisted with a 2009 MLS number. Personally, I've had a couple listings that decided to hold off on relisting until the weather improves for showings. Since the winter market is typically slow, waiting until February or March to relist is pretty common. As far as prices, I am seeing quite a few "Price Change" status on listings - even some of the new construction. Not huge changes - $5000-$20,000 lower than the previous price. I think since our median/average price is in the $180-250,000 range, you won't see the huge price drops that the CA & FL markets have taken. I also think that many sellers are expecting the buyers to make low offers anyway, so they're not dropping their price and then also be willing to entertain a low offer.
There are still homes selling - we had our first office meeting of the year yesterday and learned that many agents have buyers looking for homes & investment properties that they're not finding in the active inventory.
Any other agents out there have some thoughts on this?? Gotta run -- taking a continuing ed class today.

[Deena160]

Also noticing that there seems to be a lot more new listings on the lower end of the scale and not so many mid-range. It would be a good time for investors and starter homes. I guess it would make sense that "family" type homes would list a little later because they'd like to sell/move in the summer. :~) D

[Deena160]

Okay, so we were in Spokane earlier this week and did another house hunt. VERY FRUSTRATING! Nice houses in bad areas, bad houses in nice areas...felt like we were leading our agent on a wild goose chase.
It's not my imagination. The homes in our price-range (ramblers, high 100's-$250K) have decreased dramatically from last year. Also, the kinds of homes that are for sale. We looked at 14 homes and almost all of them were what I call "grandma" houses. They are either downsizers, estate sales or people moving into retirement homes. They look like nothing has been done to them for 30-50 years. The prices don't seem to be dropping to reflect the amount of work that needs to be put into them. One home that we saw was in a nice area of the Valley. It was lovely from the outside but the inside was tragic. There was some sort of horrible chunky treatment on the living room ceiling and 1960's wallpaper everywhere. For this they wanted $220,000 and it's been on the market, sitting empty, for a while. I don't think it was worth it.
I think families who may have updated homes in the last 10-20 years have decided to stay put for a while. Only people who are selling are people that have to, not people who want to move up to something bigger/nicer. They've just decided to ride it out.
I know that part of the problem is that we've been looking at ramblers. Now we're thinking that investing in an elevator wouldn't be such a bad idea. If we could find a true 2-story home (as opposed to a split or tri-level) it might make it worth it. That doesn't expand our choices a whole lot because they're hard to find, too, but it might help.
One good thing, now we do truly feel like we need to be in the Valley. Don't know why. Sometimes, you just gotta go where the Spirit moves you. :~) D

[vette-dude]

Hi Deena160,

We are considering options on our house in the valley, it's less than a year old...one level with an unfinished basement, new vinyl fence installed, UGS on property...small lot, nice family area of new homes. I can relate to your comments, we were looking for home(s) in Spokane last year and more were older run down homes, especially north Spokane, such as nine mile falls, beautiful area but so many houses on the market are from the 70's and not kept up in general.

Good Luck

[coffeepotbend]

Hi, I haven't posted in a loooong time. Last time I posted, we were sure we had orders to Spokane. But, we didn't get them. We got San Antonio, Texas. The prices of homes are shocking there as well (but at least there are a lot of newer ones to choose from). Good luck to everyone.....I sure hope the housing market will come down to income level.....we're moving in 5 weeks. We're seriously considering buying/living in an RV for awhile. We have friends house hunting in Spokane right now. They are very depressed at what they are seeing there. I'm wondering if having a house built is the best way to get away from the crappy grandma houses. We're thinking about having a house built in Texas while we stay in an RV. Take care everyone.

[Deena160]

Originally Posted by coffeepotbend

Hi, I haven't posted in a loooong time. Last time I posted, we were sure we had orders to Spokane. But, we didn't get them. We got San Antonio, Texas. The prices of homes are shocking there as well (but at least there are a lot of newer ones to choose from). Good luck to everyone.....I sure hope the housing market will come down to income level.....we're moving in 5 weeks. We're seriously considering buying/living in an RV for awhile. We have friends house hunting in Spokane right now. They are very depressed at what they are seeing there. I'm wondering if having a house built is the best way to get away from the crappy grandma houses. We're thinking about having a house built in Texas while we stay in an RV. Take care everyone.

I can emphathize a bit...my husband had someone all lined up for a job swap. They wanted to move so badly that they were about ready to quit if they didn't get a transfer or someone from our area to trade with. It sounded too good to be true...it was. A few weeks ago, she backed out and now we're back to square one. We're still going to put our house on the market, but it's a total leap of faith for us believing that my husband will get the transfer/swap he's been waiting for.
Building is still an option for us, but we don't want to live out in the middle of no-where, on a postage stamp, or on a new street stuck in the middle of a crummy neighborhood which seems to be all that our budget can afford. What we want seems financially just out of our reach because of what's available(or no longer available!) now on the market. ARGH!
Well, good luck and God bless you in Texas!!! :~) D