Is Now A Good Time To Buy A Home In Spokane?

July 8, 2008 · Filed Under Video Blog for Spokane Real Estate 

Spokane Real Estate Video Blog #01

Aaron Mallo video blogs about what various Spokane real market conditions mean for both buyers and sellers, and why buyers should really be asking a different question - Is now a good time FOR ME to buy a home in Spokane. If you want to share your opinion please email your feedback to AaronMallo@AaronMallo.com and visit Spokane Real Estate Video Blog List for all the Aaron Mallo Spokane Real Estate Video Blogs.



I met with a client last night, Jen, who is a first-time homebuyer, Jen graduated from Eastern Washington University about a year ago and has been working in her career for the last 12 months. We met last night to discuss her financing options, and to have a more in-depth conversation about housing needs and her housing wants.

The question came up, is now a good time to buy?


And the answer to that question really lies within. Whether or not it is a good time to buy REALLY depends on your own life situation. In this case, she is established in her career and looking to plant roots in Spokane Valley. The questions to ask yourself when considering a purchase is, over the next several years, is your household size growing, is your family size shrinking, is there a birth in the family, are you secure in your employment and your employability for the future, and are you prepared for the responsibility and rewards that come with homeownership?

When clients ask the question, is now a good time to buy, they are really asking about the market

But what the market is doing is background noise and is really unimportant compared to your own life situation. Real estate is a long-term investment, and your own circumstances should determine when you buy.

In Jen’s case, the answer is no, now isn’t a good time to buy.

She needs to focus on her finances and on saving up a downpayment. We put a plan in place for her to get her savings beefed up and we are touching base periodically over the next few months to check on her savings progress and to reassess where she is at, and we have a plan to look for a home for her in November.

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