More signs point to regional housing market on the mend
There's some good news if you're thinking about buying a home right now. There are promising signs right now that the local housing market in Spokane County is continuing to improve.
One of those signs is Greenstone Homes. The local contractor has built more than 200 homes this summer. Another sign of a turnaround is that housing prices are at a post-recession high right now. Also, the historically low interest rates we've seen are on their way up.
If you have been on the fence about buying a home this may be the time to pick a side.
"The economy is getting stronger, people have greater confidence in the economy, greater confidence in their jobs and so that is causing people to get back into the housing market," Greenstone CEO Jim Frank said.
Frank added that prices are stable and there are signs from Washington that the federal government may soon scale back subsidization of interest rates and that, he said, has created a sense of urgency among potential homebuyers.
"We're seeing more houses being built across the region, from North Idaho all the way to Liberty Lake and into Spokane, so it's a good time to buy a house, a very good time to buy a house," he said.
The market may be prime but that doesn't mean you should rush into a big decision like buying a new home. Frank said if you're in the market shop around, find the right neighborhood for you and your family and talk to a mortgage lender about what's available.
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