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SECTION H INSIDE: RESALES – OPEN HOUSES – RENTALS AND MORE May 27, 2012
in conjunction with the Spokane Association of REALTORS®
Welcome to your new home in Sommerset View at Northwood!
Markham Homes Newest Neighborhood New Deer Park Homes with prices starting at $129,900 Sales Office at 1709 Johnson Lane Open Friday - Monday from 1-4 Other Days by Appt. • Located at the Deer Park Golf course community
It’s within your reach ... The Willow
File Photo
5 Bedroom, 3 Bath 2636 SF $219,900
The Spruce
• 12 minutes from Wandermere Shopping Center • Homes Yet To be built • Fully-Landscaped 10,000+ Square Foot Lots 3 Bedroom, 2 Bath 1874 SF $154,900
• Mountain Views • A Few Short Blocks to the Deer Park Golf
The Drayke
Course & Divots restaurant
Big Sky Homes and Developments newest subdivision with prices starting in the $150,000 range. Whether you are a first time home buyer, downsizing or new to Spokane looking for great value in home pricing, come join us today from 12 to 4pm and view our quality homes. We offer ranch and tri-level. Also available are 4 view lots that will require daylight basements. We are also building on 14 lots in Twin Bridges. File Photo DIRECTIONS: From I-90 go north on Argonne to Columbia Dr in Northwood, turn left on Columbia Dr., go west to stop sign at Columbia and Northwood Dr., turn right to top of hill which becomes Jensen Rd., turn left on Sommerset Dr., turn right on Central to open house.
• 2-Car garages • USDA Financing With No Money Down For
Jim Luster Coldwell Banker Tomlinson North Cell: 509.939.7535
Those Who Qualify 2 Bedroom, 2 Bath 1200 SF $133,900
• Lap Sided
The Alder
• Many Lots & Floorplans Available
May 27 Only:
• Other Lots Available Throughout the Spokane
Builder Incentive of $1,000 toward a refrigerator with Full Price Offer!
Area. Call for Pricing & Availability.
Contact Bill O’Dea, For More Information (509)714-3814 bill@billodeahomesales.com
3 Bedroom, 2 Bath 1200 SF $135,900
The Regency
Coming Soon! ON THE 1ST GREEN
3 Bedroom, 2 Bath 1600 SF $279,000
2012 3RD GRADE POSTER/ ESSAY CONTEST
What My Home Means To Me
FIRST – Allison from St. Thomas More School “My home is extraordinary for two reasons. First, my home is filled with love. I have friends and family to support me every day. Second, I always have a family. My family has and shows love with courage. My home inspires me every day!”
All over the country, inventory is down, prices are up and banks are issuing more mortgages. Here’s a look at what’s driving the real estate resurgence. CTW
Spring awakening Madhusmita Bora CTW Features
SECOND – Jessica from Brentwood Elementary “A house is made of nails and wood but my home is made of hugs and love. When I walk through the door, I feel snug and safe like being in a glove. Momʼs fresh baked cookies, riding my horse, finding hidden Easter eggs, my mom on her phone, opening Christmas presents... All make my house my home.” THIRD – Elizabeth from Trinity Catholic Elementary “It doesnʼt matter where you live, a house or an apartment, itʼs the family that counts and makes it a home. Itʼs the love thatʼs in the family. The family has to love each other. But, if there is no love or care it wonʼt be a home. It will not feel like a home.” FOURTH – Jordan from Cataldo Catholic School “My house is special to me because I feel safe when Iʼm inside. It also gives me a nice, cozy place to sleep. When I just need some peace and quiet, the basement is the place to go. My sister and I can play ʻteach the stuffed animals” there too. Itʼs a place where my family loves me.”
SPONSORED BY THE SPOKANE ASSOCIATION OF REALTORS® FOR MORE THAN 25 YEARS
he advent of spring has unleashed a new lease on life for the housing market. Sales are up. Inventory is down. Prices – which have been hovering at the bottom for a while – are now slowly rising. So are bank-issued mortgages. “It’s the strongest first quarter since 2007,” says Ken Fears, a senior economist with the National Association of REALTORS®. “It’s a very strong and very atypical market.” Major banks such as JPMorgan Chase and Wells Fargo reported strong quarterly earnings, indicating that buyers are again jumping into the market. JPMorgan issued 6 percent more mortgages than a year ago and received 33 percent more applications, according to the Associated Press. Wells Fargo issued 54 percent more mortgages compared to last year. The NAR’s most recent quarterly numbers show that prices of existing single-family homes rose in 74 out of 146 metropolitan areas compared to the same period a year ago. The association also reports encouraging sales numbers. Sales of existing single-family homes and condominiums rose 4.7 percent to a seasonally adjusted annual rate of 4.57 million in the first quarter. Fears, the NAR economist, says a confluence of events is responsible for the good showing. Strong employment gains, low interest rates (hovering around 4 percent), a relatively warm winter and a stable stock market boosted consumer confidence. Suddenly, people realized it’s a good time to get in. Markets are rebounding across regions. States such as California, Texas and Arizona, which were hardest hit by the bust, are now gaining momentum as
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investors are lapping up properties with unbeatable prices. In cities such as Seattle and Palo Alto, Calif., agents and sellers are witnessing bidding wars on homes, which shows that the market is slowly turning around. In the Northeast, existing home sales jumped 8.6 percent in the first quarter of 2012. In the Midwest, sales rose 5.5 percent in the first quarter and are 11.7 percent higher than a year ago. In the West, sales rose 5.9 percent in the first quarter. Meanwhile, sales in the South increased 2.1 percent in the first quarter. Fears says areas such as the Midwest, where prices weren’t affected as much by the downturn, are faring well now. In the Indianapolis area, the resurgence is pretty telling. “What I did last year in sales, I already did in the first three months of this year,” says Beenu Sikand, a Realtor with Prudential Indiana Realty Group. “I believe the economy is finally picking up.” “In this business it’s all about supply and demand,” says Sally Grenier, broker/ owner of Metro Brokers/Grenier Real Estate, outside of Denver. The state is experiencing higher sales volume because of shortage in inventory, Grenier says. “Right now in the lower price ranges ($100,000 to $250,000) there is a huge shortage of homes,” Grenier says. “What properties do come on to the market are selling quickly and for top dollar. I have even seen multiple-offer scenarios.” Fears expects the ripple effects of the market’s resurgence to carry on through the summer. “This is the bottoming year for prices, and we see price gains already, even though the gains are not evenly distributed throughout the country,” Fears says. Sales, he says, will be up 8 to 10 percent compared to last year.