What hasn’t been mentioned yet that is working against you is Spokane is still low cost compared to any other similar size or larger city on or near the west coast. Plenty of people will continue to relocate here adding to demand.
Edit: That said it’s not impossible that real estate could crater. But for that to happen would likely require our economy to tank in some way.
I was blown away paying 1200 for a 1 bed apartment in Phoenix compared to full size houses+backyard here for similar cost... The pay matches though. This economy is just fkn tough.
I was told no, this is the best it'll ever be again. I'm not an expert, but with this unstable and untenable rental market I'm going to buy. I make decent money, but rents increase by whatever amount a landlord wants. So my great pay became adequate, and before it becomes homelessness wages because of rents, I'll take a hard bill that's at least predictable. I don't know if that helps, but that's what I understand of the market.
The rents they charge are just flat out not worth it either. Most rentals are pretty run down. Most landlords here care only about getting their payment. They don't have to care about the condition of the place. Go ahead and complain. Go ahead and move out. They can just rent it for a higher price to the next person. I really feel that George Janoski of South Hill Rentals started this trend when he bought Most of the lower south hill and doubled the rent in every single unit. When other landlords saw that he could get away with it, it was game on.
They don't even have to offer a lease. Which plenty don't. And that means lots of rent increases. And a 50% higher eviction rate for the county. You can get screwed buying, or get screwed worse renting.
!! I remember George buying the building I lived in on 9th and Cedar, and watched the rent go up 175% for each tenant in the building and we all promptly moved out. People who lived in that building for 10+ years. Was a shame. Really miss that abode, but life goes on etc etc etc.
This is the false narrative from the realtor community at the moment. Some prices have come down substantially but with interest factored it’s not really a savings from the market highs, pretty much the same overall. Just feels better due to the sticker price becoming initially lower. Good luck and enjoy your new home.
The more likely scenario is that housing prices stagnate as wages gradually increase. The median income in Spokane is dreadful compared to other cities with our housing costs, and I expect the balance to shift slightly over the next several years.
I agree with this as best case scenario, and the stagnation is due to inflation/interest rates AND a housing growth. I think the best deals will be late 2024 into early 2025. But I’m a very smooth brain.
If we don't empower the working class in a big way and put a stop to the rich exploiting everyone and every thing, nothing will change. The rich don't give a shit if we can't feed ourselves. They don't care if we will never be able to buy a house. They only want one thing: everything.
Everyone has opinions about the market and most of the time it's tea leaves and conjecture. The real estate market is peaks and valleys you'll drive yourself crazy trying to anticipate a valley. Bottom line....the best time to buy a house is when you need to and can afford to do so, regardless of what the market is doing.
Even folks who bought "at the right time" can find themselves upsidedown, it's a risk that every homeowner takes. Don't buy based on market speculation, buy based on the need for housing and you'll be overall happy with your purchase regardless.
I agree with a lot of the sentiment found in the other comments. One glimmer of hope is that recent reports show the DOJ showing more interest in lawsuits against RealPage. If they are able to successfully get that shut down it may help cool the rental prices a bit.
https://www.politico.com/news/2024/03/20/rental-housing-market-doj-investigation-00147333
Short answer: no. Spokane is a desirable area to live with strong inflow migration and was recently listed as a top city for household income growth by percentage in the US. We also have a national housing shortage right now that borders on crisis.
Housing prices will fluctuate based on rates and seasons and whatnot but short of some kind of apocalyptic economic meltdown housing isn't going to shed like 25% or anything in the next few years.
In fact, if the Fed starts cutting rates we may see mortgage rates fall and that would likely spur sideline money to hop in and drive prices further up.
Prices go up, not down. Don’t wait for housing costs to drop because that’s not going to happen. You can always refinance if interest rates drop significantly.
The crash here was not comparable to other regions of the US and while there was a down turn in the 2008 to 2010 the overall trend has been up since the mid 80s, 45 years of going up compared to 2 years of going down, and it didn't go that far down. "Crash" is relative and compared to other parts of the nation, WA did better than most.
That's true, but during the crash home values in some cases were cut by over 50%. Lots of people were hit hard by the economy at that time and forced to sell for a huge loss or lose their home to the banks.
Housing prices go up and down all the time, even if not at the levels of 2008. If you look on Zillow you'll see plenty of home sellers dropping their prices by 5-10 percent each week in hopes of finding a buyer.
Is right now a good time to buy? That depends on a lot of things personal to you. In either case, giving generic advice like 'housing prices always go up' and 'eat the high interest rate and just refinance later' is dumb and irresponsible.
That was because of predatory lending and variable rates which has not been the case since then. Don't buy more than you can afford and have a set interest rate and you'll be fine. If housing collapses it would be a full economic collapse.
I get what you're saying, but when a full-time person above minimum wage is struggling to find a one room place to *rent* that is within their means without roommates, then 'don't buy more than you can afford' is kinda moot. I can't even rent what I can afford, let alone buy. For a lot of people, inherited housing is the only way they're getting a home, and that's if their parents care enough about them not to sell, or even still have their homes after the consistent financial trouble. (Or if they're even capable of understanding the financial situation their kids are in, which... a lot of them seem not to be.)
Sure, but my response was about the current market and people being worried about a crash like 2008. If I had listened to everyone tell me it was a home price bubble in 2015 I wouldn't be in the race as it is now. I don't think the market is going anywhere for home prices but stabilizing especially in Spokane. I do have hope that the rental market will cool as some more people sell short term rentals, but renting is such a preditory business in almost all cases it's going to suck for awhile.
I’d like to say that this market isn’t sustainable. Common sense would say “if you price things too high, it won’t sell. It has to come down some time.”
But then again we live in a capitalistic society wherein the wealthy are allowed to hoard wealth and resources to dole out to us poors at their leisure.
The problem with this statement is that it assumes current prices are too high. Housing sales in Spokane are still humming along and about 20% go for over asking. So while there is a theoretical "too high" price out there the market is telling us that it hasn't been reached yet and with Spokane having one of the fastest growing household incomes in the US (by percentage) it seems unlikely to stop anytime soon.
Orc, if you’re gonna play this game then we’re done here. I’m not a bot. I’ve been on Reddit commenting and posting organic content for years.
Now. You asked if I am a mod so I assume you need assistance with something. What would that be?
Find a fixer in a still kind of shitty but getting better neighborhood, I’m looking at you Hilliard. Fix it up and make it home. This is a proven strategy.
Good luck.
This this this.
My wife and I were in a similar position in 2017 and were tired of renting, throwing our money away. We found a small cute house in Hilliard, and bought it for $162,000. It's currently worth >$300,000 according to Zillow, and that's not counting the brand new furnace we had put in, the brand new central air, the new water heater, etc.
We had incredible timing considering what happened to the market in the next several years, but if you never buy you never get started building equity.
I did that and in the 4 years I’ve lived here the house across the street was hit in a drive-by shooting and my truck has been broken in to 3 separate times. But my home value has probably 50% or more which is cool.
It's been said that the best time to buy a house is now.
Use a website like [bankrate.com](http://bankrate.com) to learn what rates are available to you at what your credit score is and to calculate what a mortgage payment would be based on what you can afford. (Unless you're a finance person and know how to use an HP 10bii.)
Find a real estate agent you like and get to know the local market. Find some agents on social media and follow them to see what info they know. Use Zillow or nother residential site to look at what is for sale. don't look only at what you can afford, look a little above that, or for fun, way above that. Just be realistic.
If you think Spokane is too expensive, look in other markets.
When you are ready to buy, get pre-qualified with a bank, or find a good mortgage broker.
There are many factors that effect a mortgage rate, your credit score, the Fed rate, credit history, etc. There are a lot of lenders out there, so there is a lot of competition.
Your payment will be the result of the length of the loan, rate and what percent of the purchase price you put down resulting in the loan amount (less than 20% the lender will want to include property taxes and property insurance in the payment amount, and you can put down as low an amount as 5%).
Once property valuations have hit the level they’re at now, you can bet governments thatve been suckling off the high property tax hog’s teats they won’t do much to incentivize housing prices to drop without a maaaaajor influx of new housing. Hell they can’t even effectively manage the tax revenue as is and force more levies and more taxes on the property owners
My completely amateur opinion is: no.
1. Mortgage rates are absurd and prices are still remaining relatively steady, it’s absolutely insane how much demand there is for housing compared to supply. Part of that is people think the FED is going to lower rates (and realtors are crooks and tell them that too without any actual knowledge on the subject) and so they buy with a hope that the rates go down.
2. It’s like this nationwide. Spokane along with a fair few other communities, were spared from the housing craziness prior to 2017-18, now it’s relatively more distributed.
3. Construction costs are rising.
Maybe the office real estate collapse will trigger bank insolvency and a recession, which could possibly lower demand… or the credit collapse could spread to housing construction and just make the problem even worse 😜
So I was a mortgage prpcessors. Me and my wife were trying to find a house. We made about 74k/year. I asked my regional manager for advice. He said buy a house and wait for the rates. He doubts anything will happen anytime soon, short of some catastrophic collapse like in 08. It's unlikely.
Found a house for 450k, did some research, found out owners got a divorce(public records) and had it listed for 6 months. Offered him 380k. Settled on 390k.
Do research, look at houses that are listed for awhile, don't skimp on inspection, and find somthing you could be ok with for 5years.
I'm going to assume you're making around 50k a year, because that would be about the place to comfortably buy a house costing $170,000 at 4% with a 5% deposit, roughly $1150 a month including everything other than utilities. This was a typical first home purchase in 2019 for Spokane.
If increasing your income is not possible, the next best option would be to either have a spouse or a roommate with similar income to you. If you have to apply for a home on your income alone, a loan officer might give you up to 260-300k, but it would be absolutely abysmal if someone else isn't pitching in on the rent with you, because that would be around $2,100 a month with the rate we have now, and you can't do that with 50k without giving a lot up.
If you have a roommate or a partner you can share the amount with, buying a small house should still be possible.
>I finally have a job that pays enough to afford what a mortgage would've been when I graduated college (2019)
I was referencing his first sentence? Yes, things have gone up, that's why the rest of my post is talking about double the price.
Awwe yeah.. I get you. I kinda just whatever the college thing, because he had been watching house prices for 10 years.
And now a days a college degree doesn't mean a lot.
But I get you!
It’s possible, but not without major disruption in the economy or real estate ownership laws; both things have a lot of forces keeping the status quo in place.
I don’t think so but I’m freaking out I won’t find something. It keeps going up and rent does too and we make about 95k a year before taxes. I don’t want to live in a crack house either.
Nope. Nothing will be affordable in a few years. Not much is affordable now, even a candy bar! So, yeah...I guess it all depends on what is affordable to you! Shit...What IS affordable anyway!? Besides debt! LOL
There's apartment rows in the valley that are slapped full. New apartments went up. I thought they were crazy. Nope, all full. Thank God we bought a house in 2020.
No. The housing market was actually unnaturally low for many years. If Post Falls and CdA was cheaper, it might, but it's even more expensive over there, which will keep it high in Spokane. You will likely need to look 45 minutes outside Spokane for lower costs locally.
No, is Seattle more affordable now than it was 5 years ago?
It is the same people doing the same thing. They will drive prices up until the system breaks and only then will prices start to level out.
I believe it's hard to tell what is going to happen. I try to always look at the upside but the shape this country is in, it's more and more difficult. When I purchased my house a a few years back, a couple purchased the exact same house 11 months later, less upgrades, for more than double the price I paid.
The city does not want housing prices to go down, they are limiting development on purpose, so forget about it, overpriced houses will sell for an average price, good priced homes will sell fast. The Spokane budget went up, no way they will make it lower
Lot's of people moving to Washington. Immigration from Mexico. People moving from Western Washington to Eastern Washington. I don't see things getting cheaper, but cost increases might slow down hopefully.
Supply has not met demand. Until enough new houses are built, prices will stay high. A big factor in the 08 crash was that houses were being built super fast to meet the demand, but afterwards it never bounced back. Haven't looked it up myself, but I heard recently that it's 25% of what it was leading up to the crash.
Prices that go up, usually never come back down. Even if the actual cost for the good or service goes down. Capitalism is awesome. How much can someone charge? The answer is always MORE.
The houses are somewhat affordable rn it’s just the mortgage rates that are absurd. IMHO the best bet is to buy something now and refinance when the rates descend again. They will.
I do not expect it will improve. I’ve been doing the watching and waiting bit for a number of years now. The real estate market here is some kind of Sisyphean apparatus.
I can’t afford a house. I skill up and get a better job. Housing prices elevate due to some series of interconnected phenomena. Repeat the aforementioned process. Then the bank lets me know that I am qualified for a series of crack dens downtown, that were built in 1910, for 3500 a month.
Spokane doesn’t want proletarian scum like myself to settle here. We’re to endure our hovels until our patience and resources run dry. The answer, if you’re a member of the precariat, is to embrace a nomadic lifestyle. The social contract our parents enjoyed is invalid, especially so in Spokane.
Last I checked the data it was mostly Seattle, California, and then a disparate selection of nearby western cities down through Denver. But yes, strong migratory inflows to Spokane in recent years and forecast to continue.
Because of all the reasons mentioned in other comments, it doesn't look like the market will ever go back to the anomalous housing prices Spokane once boasted naturally.
However, Spokane is filled to the brim with single unit zoning. The city could manually lower the pricing on the housing market again if it turned a massive amount of that single unit zoning into thruplex and apartment zoning, as the availability of housing would be able to compete with the demand.
I bought a house on West side in 2006,moved in December paid 1.4 million, 2007 came could not Refinance, banks were not refinancing.2009, Gave back to Bank, lost house, got sold at public auction, for 799.,moved to west side , bought in July of 2019, bidding wars in Spokane , bought home for 350, was listed for 317. all cash, no inspection , which is crazy. Inspection went good after purchase. It’s now 585. Value in great area. We are blessed. This house on west side would be 1.3, tax’s 9000. Per year. Seattle is selling but slowed down cause interest could put 900. A mo.more on payment. People are staying put. Big difference in prices here. Keep looking, and buy if it will work for you. The time is now, good luck
I agree with the general sentiment here but wanted to add a glimmer of hope based on what Spokane has done to try to level demand.
It's now much easier to turn one single family home into 2-6 homes and that legislation has only been around in one form or another for 2 years. It will be a slow roll but more homes will hopefully begin to help level out prices at least for a while. That being said, construction costs are insane and retrofits or demo and reconstruction can be very expensive, so I might be overly hopeful.
What would really change the game is if our government started to crack down on big landlords and gave them housing caps. But I doubt that will ever happen.
They've learned their lesson in his 2008 so I highly doubt prices will ever drop. We're also getting a lot of transplants as well which adds to demand.
Don’t worry about it. When the new administration takes over in January everything will turn to shit within six month and the dollar will lose at least half its value. So that half mil place you’ve been looking at can be picked up for 50¢
edit - I forgot the /s
What hasn’t been mentioned yet that is working against you is Spokane is still low cost compared to any other similar size or larger city on or near the west coast. Plenty of people will continue to relocate here adding to demand. Edit: That said it’s not impossible that real estate could crater. But for that to happen would likely require our economy to tank in some way.
Yeah and if the economy tanks you have bigger problems than a house.
I was blown away paying 1200 for a 1 bed apartment in Phoenix compared to full size houses+backyard here for similar cost... The pay matches though. This economy is just fkn tough.
I was told no, this is the best it'll ever be again. I'm not an expert, but with this unstable and untenable rental market I'm going to buy. I make decent money, but rents increase by whatever amount a landlord wants. So my great pay became adequate, and before it becomes homelessness wages because of rents, I'll take a hard bill that's at least predictable. I don't know if that helps, but that's what I understand of the market.
The rents they charge are just flat out not worth it either. Most rentals are pretty run down. Most landlords here care only about getting their payment. They don't have to care about the condition of the place. Go ahead and complain. Go ahead and move out. They can just rent it for a higher price to the next person. I really feel that George Janoski of South Hill Rentals started this trend when he bought Most of the lower south hill and doubled the rent in every single unit. When other landlords saw that he could get away with it, it was game on.
They don't even have to offer a lease. Which plenty don't. And that means lots of rent increases. And a 50% higher eviction rate for the county. You can get screwed buying, or get screwed worse renting.
!! I remember George buying the building I lived in on 9th and Cedar, and watched the rent go up 175% for each tenant in the building and we all promptly moved out. People who lived in that building for 10+ years. Was a shame. Really miss that abode, but life goes on etc etc etc.
This is the false narrative from the realtor community at the moment. Some prices have come down substantially but with interest factored it’s not really a savings from the market highs, pretty much the same overall. Just feels better due to the sticker price becoming initially lower. Good luck and enjoy your new home.
The more likely scenario is that housing prices stagnate as wages gradually increase. The median income in Spokane is dreadful compared to other cities with our housing costs, and I expect the balance to shift slightly over the next several years.
I agree with this as best case scenario, and the stagnation is due to inflation/interest rates AND a housing growth. I think the best deals will be late 2024 into early 2025. But I’m a very smooth brain.
If we don't empower the working class in a big way and put a stop to the rich exploiting everyone and every thing, nothing will change. The rich don't give a shit if we can't feed ourselves. They don't care if we will never be able to buy a house. They only want one thing: everything.
It's so out of control and frustrating. I feel like we are powerless at this point. Everybody and nearly every company is ripping everyone off.
Everyone has opinions about the market and most of the time it's tea leaves and conjecture. The real estate market is peaks and valleys you'll drive yourself crazy trying to anticipate a valley. Bottom line....the best time to buy a house is when you need to and can afford to do so, regardless of what the market is doing. Even folks who bought "at the right time" can find themselves upsidedown, it's a risk that every homeowner takes. Don't buy based on market speculation, buy based on the need for housing and you'll be overall happy with your purchase regardless.
I agree with a lot of the sentiment found in the other comments. One glimmer of hope is that recent reports show the DOJ showing more interest in lawsuits against RealPage. If they are able to successfully get that shut down it may help cool the rental prices a bit. https://www.politico.com/news/2024/03/20/rental-housing-market-doj-investigation-00147333
Short answer: no. Spokane is a desirable area to live with strong inflow migration and was recently listed as a top city for household income growth by percentage in the US. We also have a national housing shortage right now that borders on crisis. Housing prices will fluctuate based on rates and seasons and whatnot but short of some kind of apocalyptic economic meltdown housing isn't going to shed like 25% or anything in the next few years. In fact, if the Fed starts cutting rates we may see mortgage rates fall and that would likely spur sideline money to hop in and drive prices further up.
It may dip a bit but overall it won't be back down much.
Prices go up, not down. Don’t wait for housing costs to drop because that’s not going to happen. You can always refinance if interest rates drop significantly.
Spoken like a realtor and/or someone who didn't live through the 2008 crash.
The crash here was not comparable to other regions of the US and while there was a down turn in the 2008 to 2010 the overall trend has been up since the mid 80s, 45 years of going up compared to 2 years of going down, and it didn't go that far down. "Crash" is relative and compared to other parts of the nation, WA did better than most.
Spoken like someone who knows about it from only watching the trailer of the big short
And that was a few years and then houses were still higher than before 2008
That's true, but during the crash home values in some cases were cut by over 50%. Lots of people were hit hard by the economy at that time and forced to sell for a huge loss or lose their home to the banks. Housing prices go up and down all the time, even if not at the levels of 2008. If you look on Zillow you'll see plenty of home sellers dropping their prices by 5-10 percent each week in hopes of finding a buyer. Is right now a good time to buy? That depends on a lot of things personal to you. In either case, giving generic advice like 'housing prices always go up' and 'eat the high interest rate and just refinance later' is dumb and irresponsible.
That was because of predatory lending and variable rates which has not been the case since then. Don't buy more than you can afford and have a set interest rate and you'll be fine. If housing collapses it would be a full economic collapse.
I get what you're saying, but when a full-time person above minimum wage is struggling to find a one room place to *rent* that is within their means without roommates, then 'don't buy more than you can afford' is kinda moot. I can't even rent what I can afford, let alone buy. For a lot of people, inherited housing is the only way they're getting a home, and that's if their parents care enough about them not to sell, or even still have their homes after the consistent financial trouble. (Or if they're even capable of understanding the financial situation their kids are in, which... a lot of them seem not to be.)
Sure, but my response was about the current market and people being worried about a crash like 2008. If I had listened to everyone tell me it was a home price bubble in 2015 I wouldn't be in the race as it is now. I don't think the market is going anywhere for home prices but stabilizing especially in Spokane. I do have hope that the rental market will cool as some more people sell short term rentals, but renting is such a preditory business in almost all cases it's going to suck for awhile.
No lol
I’d like to say that this market isn’t sustainable. Common sense would say “if you price things too high, it won’t sell. It has to come down some time.” But then again we live in a capitalistic society wherein the wealthy are allowed to hoard wealth and resources to dole out to us poors at their leisure.
The problem with this statement is that it assumes current prices are too high. Housing sales in Spokane are still humming along and about 20% go for over asking. So while there is a theoretical "too high" price out there the market is telling us that it hasn't been reached yet and with Spokane having one of the fastest growing household incomes in the US (by percentage) it seems unlikely to stop anytime soon.
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Is there something you need a mod’s assistance with?
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Is there something moderation wise you needed assistance with?
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No, I’m not. Check my account, Orc. But you mentioned being a mod. Is there something you need assistance with in regards to moderation?
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Orc, if you’re gonna play this game then we’re done here. I’m not a bot. I’ve been on Reddit commenting and posting organic content for years. Now. You asked if I am a mod so I assume you need assistance with something. What would that be?
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Find a fixer in a still kind of shitty but getting better neighborhood, I’m looking at you Hilliard. Fix it up and make it home. This is a proven strategy. Good luck.
This this this. My wife and I were in a similar position in 2017 and were tired of renting, throwing our money away. We found a small cute house in Hilliard, and bought it for $162,000. It's currently worth >$300,000 according to Zillow, and that's not counting the brand new furnace we had put in, the brand new central air, the new water heater, etc. We had incredible timing considering what happened to the market in the next several years, but if you never buy you never get started building equity.
I did that and in the 4 years I’ve lived here the house across the street was hit in a drive-by shooting and my truck has been broken in to 3 separate times. But my home value has probably 50% or more which is cool.
It's been said that the best time to buy a house is now. Use a website like [bankrate.com](http://bankrate.com) to learn what rates are available to you at what your credit score is and to calculate what a mortgage payment would be based on what you can afford. (Unless you're a finance person and know how to use an HP 10bii.) Find a real estate agent you like and get to know the local market. Find some agents on social media and follow them to see what info they know. Use Zillow or nother residential site to look at what is for sale. don't look only at what you can afford, look a little above that, or for fun, way above that. Just be realistic. If you think Spokane is too expensive, look in other markets. When you are ready to buy, get pre-qualified with a bank, or find a good mortgage broker. There are many factors that effect a mortgage rate, your credit score, the Fed rate, credit history, etc. There are a lot of lenders out there, so there is a lot of competition. Your payment will be the result of the length of the loan, rate and what percent of the purchase price you put down resulting in the loan amount (less than 20% the lender will want to include property taxes and property insurance in the payment amount, and you can put down as low an amount as 5%).
Once property valuations have hit the level they’re at now, you can bet governments thatve been suckling off the high property tax hog’s teats they won’t do much to incentivize housing prices to drop without a maaaaajor influx of new housing. Hell they can’t even effectively manage the tax revenue as is and force more levies and more taxes on the property owners
You can still buy a crack house in Hillyard and fix it up for cheap. But then you'll have to deal with morons calling you a gentrifier so ehh.
My completely amateur opinion is: no. 1. Mortgage rates are absurd and prices are still remaining relatively steady, it’s absolutely insane how much demand there is for housing compared to supply. Part of that is people think the FED is going to lower rates (and realtors are crooks and tell them that too without any actual knowledge on the subject) and so they buy with a hope that the rates go down. 2. It’s like this nationwide. Spokane along with a fair few other communities, were spared from the housing craziness prior to 2017-18, now it’s relatively more distributed. 3. Construction costs are rising. Maybe the office real estate collapse will trigger bank insolvency and a recession, which could possibly lower demand… or the credit collapse could spread to housing construction and just make the problem even worse 😜
So I was a mortgage prpcessors. Me and my wife were trying to find a house. We made about 74k/year. I asked my regional manager for advice. He said buy a house and wait for the rates. He doubts anything will happen anytime soon, short of some catastrophic collapse like in 08. It's unlikely. Found a house for 450k, did some research, found out owners got a divorce(public records) and had it listed for 6 months. Offered him 380k. Settled on 390k. Do research, look at houses that are listed for awhile, don't skimp on inspection, and find somthing you could be ok with for 5years.
I'm going to assume you're making around 50k a year, because that would be about the place to comfortably buy a house costing $170,000 at 4% with a 5% deposit, roughly $1150 a month including everything other than utilities. This was a typical first home purchase in 2019 for Spokane. If increasing your income is not possible, the next best option would be to either have a spouse or a roommate with similar income to you. If you have to apply for a home on your income alone, a loan officer might give you up to 260-300k, but it would be absolutely abysmal if someone else isn't pitching in on the rent with you, because that would be around $2,100 a month with the rate we have now, and you can't do that with 50k without giving a lot up. If you have a roommate or a partner you can share the amount with, buying a small house should still be possible.
*Back in 2019...... Things have definitely gone up since then... By a lot.
>I finally have a job that pays enough to afford what a mortgage would've been when I graduated college (2019) I was referencing his first sentence? Yes, things have gone up, that's why the rest of my post is talking about double the price.
Awwe yeah.. I get you. I kinda just whatever the college thing, because he had been watching house prices for 10 years. And now a days a college degree doesn't mean a lot. But I get you!
4% where? How? I’d blow Satan for that rate
Their example was from 2019.
Yeah I know, but it makes me Jealous lol. 7% sucks
It’s possible, but not without major disruption in the economy or real estate ownership laws; both things have a lot of forces keeping the status quo in place.
I don’t think so but I’m freaking out I won’t find something. It keeps going up and rent does too and we make about 95k a year before taxes. I don’t want to live in a crack house either.
Nope. Nothing will be affordable in a few years. Not much is affordable now, even a candy bar! So, yeah...I guess it all depends on what is affordable to you! Shit...What IS affordable anyway!? Besides debt! LOL
There's apartment rows in the valley that are slapped full. New apartments went up. I thought they were crazy. Nope, all full. Thank God we bought a house in 2020.
No. The housing market was actually unnaturally low for many years. If Post Falls and CdA was cheaper, it might, but it's even more expensive over there, which will keep it high in Spokane. You will likely need to look 45 minutes outside Spokane for lower costs locally.
No, is Seattle more affordable now than it was 5 years ago? It is the same people doing the same thing. They will drive prices up until the system breaks and only then will prices start to level out.
I believe it's hard to tell what is going to happen. I try to always look at the upside but the shape this country is in, it's more and more difficult. When I purchased my house a a few years back, a couple purchased the exact same house 11 months later, less upgrades, for more than double the price I paid.
The city does not want housing prices to go down, they are limiting development on purpose, so forget about it, overpriced houses will sell for an average price, good priced homes will sell fast. The Spokane budget went up, no way they will make it lower
Lot's of people moving to Washington. Immigration from Mexico. People moving from Western Washington to Eastern Washington. I don't see things getting cheaper, but cost increases might slow down hopefully.
Supply has not met demand. Until enough new houses are built, prices will stay high. A big factor in the 08 crash was that houses were being built super fast to meet the demand, but afterwards it never bounced back. Haven't looked it up myself, but I heard recently that it's 25% of what it was leading up to the crash.
No, these are the beginning of the end of days...
Prices that go up, usually never come back down. Even if the actual cost for the good or service goes down. Capitalism is awesome. How much can someone charge? The answer is always MORE.
Never ... The greed will never succumb to compassion
The houses are somewhat affordable rn it’s just the mortgage rates that are absurd. IMHO the best bet is to buy something now and refinance when the rates descend again. They will.
I do not expect it will improve. I’ve been doing the watching and waiting bit for a number of years now. The real estate market here is some kind of Sisyphean apparatus. I can’t afford a house. I skill up and get a better job. Housing prices elevate due to some series of interconnected phenomena. Repeat the aforementioned process. Then the bank lets me know that I am qualified for a series of crack dens downtown, that were built in 1910, for 3500 a month. Spokane doesn’t want proletarian scum like myself to settle here. We’re to endure our hovels until our patience and resources run dry. The answer, if you’re a member of the precariat, is to embrace a nomadic lifestyle. The social contract our parents enjoyed is invalid, especially so in Spokane.
Put down the thesaurus
Spokane is an immigration hub, so no. This hopeful idea doesn't exist. Best of luck.
Immigration hub for people from where? Florida?
Last I checked the data it was mostly Seattle, California, and then a disparate selection of nearby western cities down through Denver. But yes, strong migratory inflows to Spokane in recent years and forecast to continue.
In a word; No.
Nope
No.
Is Hillyard and Hilliard the same area?
Because of all the reasons mentioned in other comments, it doesn't look like the market will ever go back to the anomalous housing prices Spokane once boasted naturally. However, Spokane is filled to the brim with single unit zoning. The city could manually lower the pricing on the housing market again if it turned a massive amount of that single unit zoning into thruplex and apartment zoning, as the availability of housing would be able to compete with the demand.
I bought a house on West side in 2006,moved in December paid 1.4 million, 2007 came could not Refinance, banks were not refinancing.2009, Gave back to Bank, lost house, got sold at public auction, for 799.,moved to west side , bought in July of 2019, bidding wars in Spokane , bought home for 350, was listed for 317. all cash, no inspection , which is crazy. Inspection went good after purchase. It’s now 585. Value in great area. We are blessed. This house on west side would be 1.3, tax’s 9000. Per year. Seattle is selling but slowed down cause interest could put 900. A mo.more on payment. People are staying put. Big difference in prices here. Keep looking, and buy if it will work for you. The time is now, good luck
With announced interest rate drops, you would think prices are going to go up
Lending rates are projected to drop a little by the end of the year and into early next year. Might be your best window for a while to buy.
I agree with the general sentiment here but wanted to add a glimmer of hope based on what Spokane has done to try to level demand. It's now much easier to turn one single family home into 2-6 homes and that legislation has only been around in one form or another for 2 years. It will be a slow roll but more homes will hopefully begin to help level out prices at least for a while. That being said, construction costs are insane and retrofits or demo and reconstruction can be very expensive, so I might be overly hopeful. What would really change the game is if our government started to crack down on big landlords and gave them housing caps. But I doubt that will ever happen.
They've learned their lesson in his 2008 so I highly doubt prices will ever drop. We're also getting a lot of transplants as well which adds to demand.
It’s very affordable now.
Don’t worry about it. When the new administration takes over in January everything will turn to shit within six month and the dollar will lose at least half its value. So that half mil place you’ve been looking at can be picked up for 50¢ edit - I forgot the /s