The future of homebuyers and renters in Spokane County is on the brink of changing.
A new wave of homebuilding has led to a wave of new home sales, making the county the fastest-growing in the nation, with a population of more than 4 million people.
“I think it’s the perfect time to be building in Spokane, but at the same time we’re going to see more and more people move into our county,” said Matt Davis, who owns and manages Davis Properties, a real estate brokerage in Spokane.
Davis has been selling houses and condos in Spokane since 2012, when he started building.
“We’re seeing more and better-performing properties that are more affordable and easier to build,” he said.
Davis is also working with other real estate companies to bring the value of the house down to $2,500, and he said that the price is a key factor in how many people are attracted to buy and renovate a home.
While there are still plenty of options to get into the market, there are few options that are priced as low as the Davis property is, said Brian Sauer, president and CEO of Sauer Properties, which also has properties in Spokane and Washington.
“If you have a $1.5m down payment, it’s going to take a little bit more work to make that down payment than if you had a $100,000 down payment,” he explained.
“But we’ve also seen this in other cities and we’re seeing a similar trend here in Spokane.”
Sauer Properties owns and operates over 200 properties in the Spokane region, but most are in the market for under $1,000,000.
“The median price of our properties is $1million, which is the minimum we would want to build for,” he told TechRadars.
“We’d want to buy $1-million houses at that price.
It’s just a matter of making it affordable.”
It will take more than one property to sell for that price, and that is one of the reasons Sauer and Davis are offering a discounted mortgage that includes the down payment of $2k.
“This is not the kind of deal that you could do with a $5 million down payment and a $50 million mortgage,” he added.
“This is a deal that will go to $1m down, and you can actually have two homes on the market.”
The deal also includes a 2.5% down payment for those that want to purchase a second home, and a 5% down for those who want to renovate their current home.
Sauer said he and Davis have seen an influx of new buyers and sellers wanting to get a feel for the market.
“It’s just another opportunity to get people into the marketplace, and we think it will be a real benefit to the community,” he emphasized.
“It’s a great opportunity for people to get involved, because it’s not just a house for sale, it also is a property for sale.”
For those who are interested in building a new home, the real estate website realestate.com offers a free 30-day trial, and Davis said the property is up for sale.
If you would like to learn more about the Davis Properties property or have any questions about real estate in Spokane that you’d like to discuss with a realtor, please contact Mike Goggin at [email protected] or by phone at (509) 674-3750.