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So, you're ready to take the plunge and begin buying your first home in Spokane. Exciting, right? But, where do you start? Don’t worry, we’ve got you covered. This guide will walk you through each step of the home-buying process, ensuring you're well-prepared to find your dream home. From getting pre-approved to moving in, here's everything you need to know. 1) Pre-Approval Before you start dreaming about your perfect house, you need to get pre-approved for a mortgage. Buying a home in Spokane often requires a pre-approval, this involves a lender checking your financial background to determine how much you can borrow. Pre-approval helps you understand your budget and shows sellers that you’re serious. Why is it important? Helps you determine your budget. Shows commitment to sellers. Streamlines the home-buying process by clarifying your price range. How do you get pre-approved? Contact a lender, provide your financial details, and they'll guide you through the rest. Some recommended lenders in Spokane include: Skip Leasure at Penrith Home Loans Wayne Sherrill at American Pacific Mortgage Luke Baker at Guardian Mortgage 2) Initial Consultation Once pre-approved, it’s time for the initial consultation with your real estate agent. This meeting is crucial to set your home search criteria and understand the buying process. What happens during the initial consultation? Discuss your preferences and budget. Sign and review key forms. Get an overview of the home-buying process and the stages involved. Your agent will help you establish a search based on your lender-approved price range and specific criteria. You'll also review important forms like the Buyer Brokerage Services Agreement and disclosures about lead-based paint and mold. 3) House Hunting With your budget and criteria in mind, your agent will set up an MLS (Multiple Listing Service) search. You can then start viewing homes that meet your needs. Why is house hunting important? Online images may not reflect actual conditions. Identifies potential issues not visible online. When viewing homes, pay attention to the age and condition of the roof, heating systems, windows, doors, electrical wiring, appliances, and structural integrity. 4) Making an Offer Found a home you love? It’s time to make an offer. This involves more than just stating a price. Offers include contingencies to protect you legally if the purchase doesn’t proceed. Common contingencies include: Inspection Title Home sale Financing Homeowners insurance Your agent will help draft the offer, including necessary forms like the Residential Purchase & Sale Agreement and various addendums for financing, inspection, and title contingencies. 5) Delivering Earnest Money After your offer is accepted, you'll need to deliver earnest money, a deposit showing your serious intent to buy the property. This money is held in escrow until closing and is protected by the contingencies in your offer. How to ensure you don’t lose your earnest money? Stick to the contract terms and utilize the contingencies if any issues arise. 6) Reviewing Information This period allows you to review all the information about the home. This is your chance to uncover any potential issues not visible during initial viewings. Key areas to review: Home inspection reports Title reports Seller disclosures HOA documents (if applicable) Contingencies will enable you to withdraw from the deal if any information is unsatisfactory within the agreed timelines. 7) Working with Lender & Escrow After your offer is accepted, you’ll coordinate with your lender and escrow to facilitate the funds transfer and secure possession of the home by closing day. Why is this step crucial? The lender provides the funds needed for purchase. Escrow acts as a neutral party managing the transaction. 8) Homeowners Insurance Before closing, you’ll need to obtain homeowners insurance to cover potential damage to the home and liability for accidents on your property. How to obtain insurance? Contact your current insurance provider for a potential discount when bundling with auto insurance. Shop around for the best rates and ensure you have coverage before the deadline. 9) Inspection A home inspection is vital to identify any potential issues with the property before you finalize the purchase. What does an inspection involve? A professional inspector reviews the home’s condition. Based on findings, you can request repairs, adjust contract terms, or withdraw. Recommended inspectors in Spokane: Pillar to Post Inspectors Superior Home Inspectors 10) Appraisal An appraisal determines the home’s market value, ensuring it aligns with the loan amount. This step is essential for securing your mortgage. Potential issues: For FHA and VA loans, appraisal issues are common. Address potential issues proactively with the seller to avoid delays. 11) Final Walkthrough Before closing, conduct a final walkthrough to ensure all requested repairs are made and the home is in the agreed condition. When is the final walkthrough? Typically within a week of closing or after all requested repairs are completed. 12) Signing Day On signing day, you’ll visit the escrow office to sign all the necessary documents. The notary will explain each document before you sign. Why is signing day important? It’s the day property ownership is officially transferred from the seller to you. 13) Closing Day Closing day is when the county records the change of ownership, allowing you to officially take possession of your new home. When can you move in? Typically, you can move in right after the county records the change of ownership. 14) Moving Day Once the ownership change is recorded, it’s time to move in. Don’t forget to transfer utilities, obtain keys, and update your address. Wrapping Up Buying your first home in Spokane is an exciting journey, filled with many steps and decisions. By following this guide, you'll be well-prepared to navigate the process and find your dream home. Happy house hunting! If you are looking for a Spokane Real Estate Agent who really cares about you having the best experience you can, click the button below top contact Nick Briggs today! Questions About Buying Your First Home In Spokane How long does the home-buying process take? It varies but typically takes about 30-45 days from offer acceptance to closing. Can I buy a home without an agent? Yes, but an agent provides valuable expertise and can help navigate the complex process. What is the average cost of closing in Spokane? Closing costs typically range from 3-4% of the loan amount. What should I look for during a home viewing? Pay attention to the age and condition of the roof, heating systems, windows, doors, electrical wiring, appliances, and structural integrity. What happens if my offer is rejected? You can revise your offer based on the seller’s feedback or continue searching for other properties. How much earnest money should I offer? Typically, earnest money ranges from 1-3% of the purchase price. Your agent can provide guidance based on local market conditions. What is the difference between pre-qualification and pre-approval? Pre-qualification gives an estimate of what you can afford, while pre-approval involves a detailed financial review by a lender and is a more concrete commitment. What is included in closing costs? Closing costs can include loan origination fees, appraisal fees, title insurance, escrow fees, and prorated property taxes, among others. Can I negotiate closing costs? Yes, you can negotiate with the seller to cover some or all closing costs, or you can compare lender fees to find the best deal. What should I do if issues are found during the inspection? You can request repairs, negotiate a price reduction, or withdraw your offer if the issues are significant and cannot be resolved.

In Spokane, where the housing market is buzzing with activity, you'll want to learn the home improvements to increase Spokane home value. Whether you’re planning to sell soon or just want to enjoy a more beautiful and functional home, strategic upgrades can offer impressive returns. Let's dive into some of the best home improvements that can give your Spokane home a valuable edge. Why Home Improvements Increase Your Spokane Home's Value Before we get into the specifics, it's essential to understand why home improvements are so impactful. Not only do they enhance your living experience, but they also make your home more appealing to potential buyers. A well-maintained and upgraded home often sells faster and at a higher price. Kitchen Remodel: The Heart of the Home Why it Matters: The kitchen is often considered the heart of the home, and buyers pay close attention to its condition and style. Improvements to Consider: Modern Appliances: Upgrade to energy-efficient, stainless steel appliances. Countertops and Cabinets: Consider quartz or granite countertops and new cabinets. Lighting: Install contemporary lighting fixtures to brighten up the space. Bathroom Upgrades: Small Changes, Big Impact Why it Matters: Bathrooms are another area where buyers focus their attention, and even small updates can make a big difference. Improvements to Consider: Fixtures and Fittings: Update faucets, showerheads, and drawer pulls. Tile and Flooring: Replace outdated tiles with modern ones and install new flooring. Vanity and Storage: Add a new vanity and increase storage options. Curb Appeal: First Impressions Count Why it Matters: The exterior of your home is the first thing buyers see, so making a great first impression is crucial. Improvements to Consider: Landscaping: Invest in professional landscaping or DIY with fresh plants, mulch, and a clean lawn. Front Door: Replace the front door with a new, stylish one. Exterior Paint: A fresh coat of paint can do wonders for your home’s appearance. Energy Efficiency: Save Money and Attract Buyers Why it Matters: Energy-efficient homes are more attractive to buyers who are looking to save on utility bills and reduce their carbon footprint. Improvements to Consider: Windows: Install double-pane windows for better insulation. Insulation: Upgrade your home’s insulation, particularly in the attic and walls. Smart Thermostat: Install a smart thermostat to improve energy management. Basement and Attic Conversions: Maximize Space Why it Matters: Converting unused spaces into functional areas adds livable square footage, which can significantly boost your home’s value. Improvements to Consider: Basement: Finish your basement to create an extra living area, home office, or gym. Attic: Convert the attic into a bedroom or a cozy retreat. Outdoor Living Spaces: Extend Your Living Area Why it Matters: Outdoor spaces are becoming increasingly popular, especially in areas with beautiful weather like Spokane. Improvements to Consider: Deck or Patio: Build or update a deck or patio for outdoor entertaining. Outdoor Kitchen: Add an outdoor kitchen or BBQ area. Fire Pit: Create a cozy spot with a fire pit and comfortable seating. Flooring: Foundation of Style Why it Matters: Flooring sets the tone for your home’s interior, and outdated or damaged floors can detract from its overall appeal. Improvements to Consider: Hardwood Floors: Refinish existing hardwood floors or install new ones. Carpet Replacement: Replace old carpets with new, high-quality options. Tile or Vinyl: Consider modern tile or luxury vinyl for durability and style. Paint: A Fresh Look Why it Matters: A fresh coat of paint, both inside and out, can transform your home and make it look new again. Improvements to Consider: Neutral Colors: Use neutral colors to appeal to a broader range of buyers. Accent Walls: Add accent walls to create visual interest without overwhelming the space. Conclusion Investing in home improvements is a smart way to increase your Spokane home's value and enhance your living experience. Whether you focus on major renovations like a kitchen remodel or smaller updates like fresh paint, each improvement can contribute to a higher selling price and a quicker sale. So, roll up your sleeves, get creative, and watch your home’s value soar! Contact Nick Briggs, Realtor Navigating the real estate market can be challenging, but with the right professional by your side, it becomes a lot easier. If you're looking to buy or sell a home in Spokane, contacting a knowledgeable realtor can make all the difference. FAQs 1. What are the most cost-effective home improvements? Updating fixtures, adding a fresh coat of paint, and improving landscaping are some of the most cost-effective home improvements. 2. How much can a kitchen remodel increase my home's value? A kitchen remodel can increase your home’s value by up to 20%, depending on the extent of the renovation and the quality of materials used. 3. Is it worth finishing my basement? Yes, finishing your basement can significantly increase your home’s usable square footage, which can attract buyers and boost your home's value. 4. How important is curb appeal? Curb appeal is very important as it’s the first impression potential buyers have of your home. A well-maintained exterior can entice buyers to look inside. 5. Should I hire professionals or DIY my home improvements? This depends on your skill level and the scope of the project. While DIY can save money, hiring professionals can ensure quality results, especially for complex projects.

April 2024 brought with it fresh insights into the Spokane housing market, characterized by rising median sales prices, a significant uptick in inventory, and quick sales, albeit with a slight cooling. The data paints a picture of a vibrant market where demand continues to outstrip supply, but where new listings and a growing inventory suggest gradual shifts. Let's dive deeper into each metric to understand the current dynamics and what they suggest for buyers and sellers in Spokane. Median Sales Price In April 2024, the median sales price in Spokane's housing market climbed to $429,602, marking a 3.5% increase from the previous month. This rise signals sustained buyer interest and could be a result of limited housing supply. With prices continuously edging upwards, the market is becoming increasingly favorable for sellers, potentially nudging more potential sellers to list their properties. Active Inventory The number of active listings experienced a notable jump, increasing by 23.1% to 848 units. This growth in active inventory is a positive sign for buyers, as it suggests more options are becoming available. However, with the months of supply still relatively low, the market remains competitive despite this increase. Median Days on Market Homes in Spokane are selling rapidly, with the median days on market at just 7 days. The slight increase of 8.3% in the days on market indicates a minor cooling off, but the pace remains brisk. This metric shows that while buyers must act quickly, they might now have a tad more breathing room to make decisions. Closed Sales There were 467 closed sales in April, up by 5.9% from March. This rise in closed sales reflects robust activity in the Spokane housing market, with both buyers and sellers actively engaging in transactions. This dynamic is likely bolstered by the rising prices, enticing more sellers to the market. New Listings April saw 906 new listings, a substantial 20.3% increase from the previous month. This surge suggests that sellers are looking to capitalize on the high prices. More listings mean more choices for buyers, though the rapid pace of sales indicates that demand continues to be high. Months Supply of Inventory The inventory supply edged up to 1.8 months, a 16.2% increase. Although still indicative of a seller’s market, this gradual increase points to a potential shift towards a more balanced market environment. It reflects a scenario where supply is slightly catching up with demand. Conclusion April 2024's statistics reflect a Spokane housing market in flux—vibrant yet beginning to show signs of balance. With rising prices, an increase in listings, and quick sales, the market is buzzing. However, the burgeoning inventory and slight increase in the median days on market could herald more opportunities for buyers in the coming months. As the market continues to evolve, both buyers and sellers need to stay informed and agile, ready to act swiftly on emerging opportunities. Whether you’re looking to buy or sell, you need to be in contact with a Realtor you can trust. That's where Nick Briggs comes in, click the contact button below to begin talking with Nick about your real estate goals. FAQs: Spokane Housing Market 1. Why is the median sales price increasing in Spokane? The median sales price in Spokane has been increasing due to sustained buyer interest and a relatively limited supply of homes. This ongoing demand, coupled with insufficient inventory, tends to push prices upward. 2. What does the increase in active inventory indicate? The 23.1% increase in active inventory suggests that more homes are available on the market, which might help to ease the competition among buyers somewhat. However, because the months of supply still indicates a seller's market, the competition remains relatively high. 3. Are homes in Spokane selling faster or slower this year? Homes are selling very quickly in Spokane, with the median days on market at just 7 days. The slight increase in days on market (up 8.3%) does suggest a minor cooling, but overall, the market still heavily favors sellers. 4. What does a low month's supply of inventory mean for buyers? A low months supply of inventory, like the current 1.8 months in Spokane, indicates a seller’s market. For buyers, this means less negotiating power, potential bidding wars, and a need to make quick decisions due to the competitive market environment. 5. How has the number of closed sales changed, and what does it mean? The number of closed sales in April was 467, showing an increase of 5.9% from the previous month. This indicates a robust sales activity, suggesting strong demand and confidence in the market. 6. Why are there more new listings now? The increase in new listings, up 20.3% from the previous month, is likely a response from sellers looking to take advantage of continued high prices. This can also indicate that more homeowners are feeling confident about getting a good return on their property. 7. What might a slight uptick in median days on market indicate about the current market conditions? The slight increase in median days on market might indicate a beginning shift towards a more balanced market, where buyers might have a bit more time to make decisions, though the market remains competitive. 8. Is now a good time to sell a house in Spokane? Given the rising median sales prices and robust market activity, it remains an advantageous time to sell a house in Spokane. Sellers can benefit from high buyer interest and potentially quick sales at favorable prices. 9. Is the Spokane housing market expected to cool down soon? While there are signs of slight cooling, such as an increase in median days on market and more new listings, the market is still predominantly in favor of sellers. Any significant cooling might depend on broader economic factors and further increases in inventory. 10. What should potential buyers in Spokane be prepared for in this market? Buyers should be prepared to act quickly due to the fast-paced nature of the market. They should have their financing in order, be ready to make competitive offers, and remain flexible with their needs and expectations. Additional Resources Spokane Association of Realtors Zillow Research Realtor.com Market Trends National Association of Realtors

As we step into the spring of 2024, the Spokane housing market presents a blend of challenges and opportunities that mirror the complexity of today’s real estate dynamics. This analysis delves into the key statistics for March 2024, offering a clear snapshot of where the market stands and what potential buyers and sellers can expect. Understanding these trends is crucial for making informed decisions in this vibrant real estate environment. Detailed Analysis of Spokane Housing Market in March 2024 1. Median Sales Price In March 2024, the median sales price for homes in Spokane reached $420,345, marking a 5.1% increase from a previous benchmark period. This upward trend in prices is a strong indicator of a growing demand for homes in the area, or possibly a decrease in available supply that has pushed prices upward. For buyers, this means entering a competitive market where prices are steadily climbing, making it crucial to make timely decisions. On the other hand, sellers are likely to find favorable conditions for fetching higher prices for their properties. 2. Active Inventory The active inventory stood at 751 listings at the end of March, which is up by 18.8% from before. This increase in inventory suggests that more options are becoming available to buyers, potentially easing the intense competition seen in recent times. For sellers, the rise in listings might mean that they need to price their homes competitively or consider adding more value to their offerings to attract attention in a market that is getting more stocked. 3. Median Days on Market The median number of days homes stayed on the market before being sold increased to 9 days, up by 28.6%. While homes are still selling relatively quickly, the increase indicates a slight cooling off from previous periods where listings might have moved faster. This could be due to buyers taking more time to make purchasing decisions, reflecting a market that is becoming less frenzied and more deliberate. 4. Closed Sales There was a slight decrease in the number of closed sales, with 476 transactions completed, down 3.6%. This dip could be an indicator of several factors including potential buyers being put off by higher prices or a general economic slowdown impacting buyer enthusiasm. However, it’s important to note that the market remains active, albeit with slightly less vigor compared to previous months. 5. New Listings New listings saw a decrease to 665, a drop of 4.2%. This reduction in new listings could potentially lead to tighter competition among available properties if the trend continues. It suggests that while the market remains lively, the influx of new options is not keeping pace with demand, possibly maintaining upward pressure on prices. 6. Months Supply of Inventory Finally, the months supply of inventory was at 1.6 months, up 23.3%. Despite the increase, this number still points to a seller's market, where there are fewer homes available than buyers who want them. However, the rise does indicate a move towards a more balanced market, which could help in moderating price increases and competition levels in the near future. In summary, the Spokane housing market in March 2024 shows signs of robust activity with strong pricing trends. However, the increases in inventory and days on market, coupled with a dip in new listings and closed sales, suggest potential shifts towards a more balanced market ahead. Buyers might soon experience slightly less competition, though the market still largely favors sellers. Both buyers and sellers should keep a close watch on these trends to better strategize their moves in this dynamic market landscape. Next Steps: Contact Nick Briggs If you're considering buying or selling a home in Spokane and need guidance through these interesting times, reaching out to a knowledgeable realtor can make all the difference. Nick Briggs is a trusted name in Spokane real estate, renowned for his expertise and commitment to helping clients navigate the market with confidence. Whether you're looking to buy your dream home or sell for the best price, Nick can provide the insights and assistance you need. Contact Nick Briggs today to set up a consultation and start your real estate journey with a seasoned professional at your side. FAQs: Spokane Housing Market Insights What does a median sales price increase indicate? An increase in the median sales price generally indicates higher demand or reduced supply, suggesting a competitive market for buyers. Is a higher inventory beneficial for buyers? Yes, a higher inventory level typically means more choices for buyers, potentially leading to better pricing negotiations. What does an increase in median days on market signify? This suggests that properties are taking slightly longer to sell, possibly due to buyers being more cautious, leading to a less frenetic market. Why are closed sales decreasing? A decrease in closed sales could indicate a cooling in market activity, possibly due to higher prices or economic factors impacting buyer interest. How does a decrease in new listings affect the market? Fewer new listings can lead to a tighter market with more competition among buyers, potentially keeping prices high. What is considered a seller’s market? A market is typically considered a seller’s market when there are more buyers than available homes, which is usually indicated by a months supply of inventory under 5 months. What does the months supply of inventory tell us? It estimates how long it would take to sell all current listings at the current sales pace without new inventory being added; a lower number usually favors sellers. How can a balanced market benefit both buyers and sellers? In a balanced market, neither buyers nor sellers have a distinct advantage, leading to fair pricing and more time for decision-making. Should I buy/sell now or wait until the market changes? This depends on personal circumstances, but consulting with a realtor like Nick Briggs can provide tailored advice based on current market conditions. How can I get the best deal in the current market? Engage a knowledgeable realtor, stay informed about market trends, and be prepared to act quickly when the right opportunity arises. Additional Resources To further assist you in understanding the Spokane housing market or preparing for buying or selling your home, here are some useful links to related resources: Spokane Association of Realtors Zillow Research Realtor.com Market Trends National Association of Realtors

Are you ready to settle down in the vibrant city of Spokane? Buying a house can be a daunting process, but with the right guidance, you can navigate the steps smoothly. This comprehensive guide covers everything from pre-approval to closing day, ensuring your journey to homeownership is successful. 1. Pre-Approval The first step in buying a house in Spokane is getting pre-approved for a mortgage. This involves meeting with a lender to discuss your finances, credit score, income, and other details. The lender will assess your financial health and provide a pre-approval letter, outlining the amount you can borrow. This letter shows sellers you are a serious buyer and gives you a clear budget for your home search. 2. Initial Consultation with Your Realtor (Nick Briggs) Next, meet with Nick Briggs to discuss your needs and wants. This includes your budget, preferred neighborhoods, home size, amenities, and style. Nick will use this information to create a tailored search strategy, introducing you to properties that fit your criteria. Along with setting up a search, Nick will also help you understand the process and what to expect from him. 3. House Hunting With your Nick's help, begin your house-hunting journey. Spokane offers diverse neighborhoods, from bustling downtown to tranquil suburban areas. Visit open houses, schedule viewings, and explore different listings. Take notes on the properties you visit, focusing on factors like location, condition, and amenities. 4. Writing an Offer Once you find a house that meets your needs, Nick will help you write an offer. This document includes the proposed purchase price, contingencies (such as inspection and financing), and the closing date. The seller can accept, reject, or counter your offer. Negotiations might ensue until both parties agree. 5. Deliver Earnest Money After the seller accepts your offer, you'll need to provide earnest money – a deposit that shows your commitment to buying the house, usually 1% of the purchase price. This money is held in escrow until closing, serving as a good-faith gesture and reducing the likelihood of either party backing out. 6. Review Information While the transaction moves forward, you must review all information related to the property. This includes the seller's disclosures, property history, and any inspection reports. Ensuring you fully understand the house's condition and potential issues will prevent unpleasant surprises later. 7. Work with Lender and Escrow At this stage, work closely with your lender and escrow company to handle the financial aspects of the transaction. The lender will process your mortgage application, and the escrow company will oversee the transfer of funds and legal documents. This step ensures a smooth transaction process. 8. Secure Homeowners Insurance Before closing, secure homeowners insurance for your new property. This protects your investment against potential losses from damage. Many lenders require insurance as a condition of the mortgage, so shop around for coverage that fits your needs and budget. 9. Inspection An inspection is a crucial step in the home-buying process. Hire a qualified inspector to thoroughly examine the property, checking for structural, electrical, and plumbing issues, as well as other potential concerns. The inspector's report will guide you on any necessary repairs or negotiations with the seller. 10. Appraisal Your lender will order an appraisal to determine the property's value. This ensures the house is worth the amount you're borrowing and protects both you and the lender. If the appraisal comes in lower than expected, negotiations may need to occur to adjust the purchase price or find other solutions. 11. Final Walkthrough Before closing, conduct a final walkthrough of the property to ensure it is in the agreed-upon condition. Check that all requested repairs have been made, and verify that nothing has changed since your last visit. This is your last chance to raise concerns before signing the final paperwork. 12. Signing Day Signing day is when you finalize the transaction by signing all necessary documents. This includes the mortgage agreement, transfer deeds, and other legal paperwork. Your escrow company or attorney will guide you through this process, ensuring everything is in order. 13. Closing Day After signing, the transaction is finalized on closing day. The escrow company releases the funds to the seller, and you receive the keys to your new home. Congratulations – you are now a homeowner! 14. Moving Day The final step in your home-buying journey is moving day. Arrange for movers or gather friends and family to help. Carefully unpack, settle in, and make your new Spokane house a home. Buying a house in Spokane is an exciting journey that can be navigated smoothly with the right steps. By securing pre-approval, working closely with a trusted Realtor, and diligently following each phase, you can ensure a successful transition to homeownership. Spokane offers diverse neighborhoods and housing options, making it an excellent place to set down roots. Remember, Nick Briggs will be there through every step of the way, guiding you and ensuring the process goes as smoothly as possible. If you want to meet with Nick to see if he may be a good fit for you, click 'Contact Me' to fill out the form and Nick will give you a call! Contact Me Further Resources to Buy a House in Spokane: Spokane Real Estate Market Trends Washington State Housing Finance Commission Spokane Neighborhoods Spokane Homebuyer Education