There is no question that the housing market in the Spokane/north Idaho area is still pretty robust, but that should not discourage you from looking for a house if this is where you want to relocate. New housing developments that have responded to the popularity of the area have essentially created a residential housing boom that flows from Spokane right into the North Idaho panhandle. Both Washington and Idaho have experienced rising home prices for all the communities that surround the border in this region.
Despite rising house prices, you can still get some very good deals. The market is constantly changing, with several moving parts: the creation of new developments, rising interest rates, and interstate migration all play a part. Given this real estate climate, we have received a number of inquiries from people wondering, “How much house can I afford?” It’s a good question, and, with our data-driven approach to home buying, we can give you an idea of how far your money will go. If you know your current housing budget, here is what you can expect to see.
There Are Still Decent Options Under $250k
If you’re looking for your first home, don’t let the rising prices of the housing market scare you off. There are still plenty of options available. You can find condominiums between 800 and 1200 sqft for under $250,000, and manufactured homes are even more affordable. If your heart is set on owning a single-family home, there are some older detached homes in established neighborhoods that fall into this price range, and if you are handy and don’t mind putting in a bit of extra labor, there are also some quaint fixer-upper homes that can be transformed into very attractive bungalows.
For all first-time home-buyers, we strongly recommend investigating your financing options in advance. Many first-time homebuyers who have a limited credit history may find it difficult to get a favorable mortgage with a low down payment, so knowing where you stand financially before you go home shopping is your best route. At Prime Real Estate Group, we work with Guardian Mortgage to assist our clients in obtaining suitable mortgage financing options.
The Majority of Homes Are In the Mid-Range
While house prices have been moving northward, recent data shows that the average price of a home in Lilac City is about $400,000. Consequently, if you can expand your budget to anywhere between $250,000 and $500,000, you open up a lot of options. Adorable houses between 1,800 and 2,600 sqft can be found on the west side of town near Sunset, all below the $400,000 average, and many other established neighborhoods, including the desirable Manito Park area, sometimes have hidden gems in that price range.
Prices go up significantly around Cannon Hill, but you can still find a few homes under $500,000 on the edges of the area. But keep in mind that homes at this price range tend to move quickly when they are located in certain neighborhoods, so to increase your odds of securing the house that you want, you will definitely want to work with an experienced real estate agent who knows the area and has his or her finger on the pulse of what is coming on the market.
For Larger Budgets, Your Choices Expand
If you’re looking for a larger home with at least 3,000 square feet, you can expect to pay at least $550,000 right now. Most homes of this size will cost between $600,000-$700,000, such as this historic home in Corbin Park. Spokane boasts many new neighborhoods, as well, but many people prefer areas with charming older homes and mature trees. Whatever your preference, there is sure to be a neighborhood and home that matches your tastes and lifestyle.
If your goal is to find a quality real estate investment rather than a home to live in, there are also some multi-family homes or small apartment blocks in this same price range. The region is experiencing a housing shortage at the moment, so landlords are having few problems finding tenants. At the moment, rental housing in Spokane is providing property owners with a steady stream of passive income.
For those with more resources, there are numerous beautiful homes in Spokane and northern Idaho that break the million-dollar barrier and beyond. Many of these are historic homes, with beautiful architecture and mature, landscaped properties. While there are fewer to choose from at any given time, the team at Prime Real Estate would be happy to monitor the market and keep you apprised of any properties that may be of interest.
If you are in the market for a home in the Spokane or northern Idaho areas, we suggest that you visit our website. Spend a little time searching through the inventory of homes in the area to get a feel for what sorts of homes are available in your price range. You can set up the parameters for your search, and then save the search so that you can come back to the site periodically to see what’s new with just one click. When you’re ready to seriously enter the market, contact Prime Real Estate Group to set up a visit with one of our agents, and, together, we can set out to find your new home.