545_S_SilverLake

Millennial homebuyers may have Spokane on their radar

In a recent article published by Inman titled “Which markets are most popular for millennial homebuyers?” the author Deidre Woollard hits on a very hot real estate topic! Woollard points out in the article that millennials will be the largest section of homebuyers for quite some time to come. She writes, “more and more millennials are reaching the point in their lives where they are ready to buy a home, but they are entering a highly competitive housing market that has been plagued by low inventory, especially among entry-level homes…”

The main trend Woolard illustrates through recent studies by Lending Tree is that people buy where they can afford to buy. What does this mean? It truly comes down to two main factors, the city simply must have a combination of decent jobs available and an adequate supply of starter homes to choose from.

So, does Spokane fit that bill?

Spokane is “the center of the third largest urban area in the Pacific Northwest (after Seattle and Portland) and retains the distinction of being the largest city on the Interstate highway and rail corridor between Seattle and Minneapolis, a span of over 1,600 miles.” (Wikipedia)

Realtor.com recently named Spokane the #1 Real Estate Market to watch in the United States in a recent article titled “Cost-Conscious Buyers Are Flocking to These 10 Affordable, Midsize Cities” by April Corbin. The article suggests that because of the “…severe housing shortage, sky-high home prices, and equally towering costs of living in the priciest cities are pushing wannabe home buyers to seek out smaller, more affordable metro markets around the nation.” Corbin argues in her article that Spokane makes sense for those on a budget, as the median home price in the metro is an affordable $269,050 (a bit less than the national median of $274,900) and just over half of what it would cost to live in the Seattle metro area.

And to seal the deal, Spokane was also ranked the 7th most hipster city in the United States on the US Hipster Index outranking Los Angeles (133rd), New York (143rd) and even San Francisco (61st). In case you aren’t hip to the Hipster Index criteria, it draws from five data points… the number of microbreweries, thrift stores, vegan restaurants, and tattoo studios per 100,000 city residents, as well as factoring in the rent inflation for the past year.

With interest rates rising, inventory rates still dwindling and prices still creeping up, for some buyers, the dream of homeownership may require a move… and Spokane may be a perfect fit!

545_S_SilverLake

Spokane Market Update

Results are in for November!
Spokane Real Estate Sales are up 15.6%, Average Price is up 12% and our inventory is still way down!!
Looking to sell? Now is the time! Winter has nothing on this seller’s market! 

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A two-year, $51.9 million community investment plan

“Now we are starting to target dollars to West Plains…” – Ben Stuckart Spokane City Council, President

Article via Jeff Humphrey, SpokaneCity.org

A strategic plan to invest in the quality of life of our city now has a financial plan to go with it.

The Spokane City Council approved a plan to invest $51.9 million over the next two years in the health, safety, infrastructure, urban experience, and financial health of the city. The series of one-time investments accelerate street improvements, encourage development, promote water conservation, and invest in recreation, the arts, public safety, homelessness, and reserves. They are possible because of the city’s financial discipline over the past six years and an improved economy.

“These are all things we planned to do,” Spokane Mayor David Condon said. “The economy is allowing us to accelerate them and make generational, catalytic investments in economic vitality.”

Condon and the City Council have spent more than a year developing a joint strategic plan for the city. The plan, also approved by the City Council, integrates two branches of government, three boards, eight divisions and 42 departments around a one vision, one plan and one voice.

Strategic initiatives focus in four key areas:  Safe and Healthy; Urban Experience; Innovative Infrastructure; and Sustainable Resources. Tactics support increases in median household incomes, property values, livable-wage jobs, bond rating, population growth, and social capital, and building the safest city of like-sized cities.

“This plan shifts the city’s economic development approach to a philosophy of organizational responsibility,” Councilmember Amber Waldref said. “It acknowledges that the city is an important regional economic driver.”

Plan highlights include $10 million to accelerate street improvements by advancing the thin grind-and-overlay pilot on arterials as a longer-term solution to chronic potholes, improving residential and unimproved streets, and making infrastructure investments in the target development areas. Another $12 million has been set aside to keep the focus on the river by completing a 3-mile river side trail, improving river access and leveraging the Riverfront Spokane investment to functionally expand the western boundaries of the park to the Monroe Street Bridge.

Safety remains a top priority with $15 million to purchase public safety vehicles and equipment, increase housing for our most vulnerable, and invest in clean and safe neighborhoods. Another $4.5 million will replenish the city’s rainy day fund and advance centers of excellence in targeted areas.

“Financial discipline is delivering a generational investment in the economic vitality of the community,” City Council President Ben Stuckart said.

Nine different sources of money – new, reallocated and existing – are being spread across approximately 20 different areas. Investments were chosen based on a criteria requiring that projects further a strategic outcome, be achievable without adding ongoing cost, leave the investment source healthy, and return either increased revenue or a cost reduction.

“The plan is unique for Spokane and integrated in its resources and outcomes,” Councilmember Lori Kinnear said.

BuyLand_1

Buy Land—Market Update

“Buy land, they’re not making it anymore.” -Mark Twain

Need some space? Get some acreage!
Check out the active homes for sale with up to 10 acres in the Spokane area HERE: https://goo.gl/RZpT5r

921e39

NEW LISTING: 921 E 39th Ave


Call Chelsea to schedule a showing! (509) 565-1581

Charming updated rancher in the heart of the South Hill with private backyard garden, perfect for relaxing or entertaining! Remodeled in 1996, 3 bedrooms, 3 bathrooms – 1,728 sq. ft. Open kitchen with beautiful backyard view and vaulted ceiling skylight. All appliances stay. Two-car garage/shop, additional attached carport, storage sheds, alley access. Desirable main floor living with attached master bathroom, cozy fireplace, sprinkler system, and finished basement. Quiet and friendly neighborhood. Close to great restaurants, shopping, schools, and beautiful parks.


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View Listing Details — MLS

 

 

 

 

 

 

 

 

 

 

545_S_SilverLake

Open House Saturday—249 W Sumner Ave

Join me this SATURDAY, June 24 (11am-1pm) at 249 W SUMNER AVE.
$299,000 — 3 BD, 2 BA, 2300 SQFT

Spokane’s Premier Street of high end homes. Craftsman style home with vintage features including original hardwood floors, box beams and built ins. Formal living, dining and entry space. Spacious kitchen. Spacious layout upstairs with three bedrooms and an enclosed sunporch. Additional space available with unfinished attic space and basement space. Spacious fully fenced backyard with ample space to build a garage.

DETAILS: https://chelsea.propertybyprime.com/homes/249-W-Sumner-Ave/Spokane/WA/99204/73809877/


Chelsea McFarland
Real Estate Broker
Licensed in WA State
Prime Real Estate Group
cell: (509) 565-1581
Email Chelsea!