FEBRUARY 2022
@HOME N E W S L E T T E R
ISSUE 124
NAVIGATING THE 2022 MARKET
BY KELSEY FULTON
W
elcome to 2022! The market is moving quickly, and there is a lot to review as we head into the spring season. 2021 was filled with fervent buyer demand driven by the pandemic and by a hunger for the quality of life we experience in the inland northwest. In both Spokane and Kootenai county, prices continued to rise, while the number of days on market fell drastically. But what does this mean for
increasing interest interest rates three or four times in 2022, which will certainly make it more difficult for some people to afford the home they want. Spokane and Coeur d’Alene appear on lists of the top 10 markets and best places to live, which we expect will keep the level of demand high. Prices throughout the country are projected to rise by 5% over the next 12 months. Locally, we are projecting a 12%-20% increase, depending on desirability of one’s location.
the coming year and what does a buyer or seller in our market have to look forward to? We would like
Q: Where are interest rates headed? How does that
to A this Q and also let you know what your agent can do to help guide you through this process. Q: Are we in a speculative bubble that is going to burst? A: While this market may feel similar to that of 2008-2009, current lending guidelines are designed to make sure that people who are purchasing homes are not encouraged to borrow more than they can afford. Moreover, because of the competitive nature of the market, most buyers are financially strong, and well-qualified. Q: What will happen with pricing in 2022? A: In Spokane, we saw the average sale price increase by 24.7% in 2021. In Northern Idaho, it increased by 34.2%, while nationwide, prices rose 15.8%. In 2022, we expect to see prices continue to increase, due to continued low supply and high demand. However, with the Fed
affect me? A: It is impossible to predict where the interest rate will be one year from now. Many authorities estimate that, after several increases, rates will be increased several times, and will likely reach 4-4.5% by year’s end. As a result, lenders will be doing less refinancing this year, while maintaining or increasing the number of new mortgages they issue. Q: Should I wait to sell my house? A: There are many factors that go into answering this question which require weighing and balancing by your real estate agent. Some questions to answer are: • Why are you thinking about selling? • Do the benefits of waiting outweigh your wish to be closer to family or friends? • How will waiting impact your health?
• Will waiting mean having to do without the space you need? These questions, paired with the information about rising prices and interest rates might mean that it will cost you more both in down payment and monthly payment if you wait. If your plan is to move into a larger, more expensive home, it may be to your advantage to act sooner than later. Q: Should I buy now or wait for prices to decrease? A: Again, there are many factors that go into answering this, and it is important to review them with your agent and a lender. The reality is that we are very likely not going to see prices decline for some time. Waiting to act may change what you can afford. Q: What should I be asking my agent? A: Your agent is here to support you through your homeownership journey. Realtors are true professionals who are actively involved in and studying the market every day. Use them as your resource for determining what your home is worth, what lenders might best suit your needs, and what home improvements are worth investing in. If you have an opportunity to own your own home, it is one of the best investments you can make. Your agent will be able to give you great advice in navigating this difficult market, and arriving successfully at the goal of home ownership.
Little Free Pantries SPOKANE NEIGHBORS HELPING COMBAT FOOD INSECURITY COURTESY OF AVISTA
In
north-central Spokane, a teenager grabs a granola bar from a little free
food pantry on Montgomery Avenue, fuel for their morning walk to high school. A few hours later, a single mom stops by and grabs a box of noodles and tomato sauce for a homecooked spaghetti dinner. On Montgomery Avenue, you won't find any judgment or income qualifications, only love, and compassion. "It's neighbors helping neighbors. We're all in this life together," said Mary Charbonneau. When the pandemic first started, Mary Charbonneau and her husband Paul, who are avid readers, set up a free little library in their front yard. While neighbors embraced the idea, it became clear they needed more than books. "Someone left a cardboard box with nonperishables next to the free library. I thought, that's interesting, and so I got a marker and wrote 'take what you need,'" said Mary. Neighbors started leaving more food, and more and more people stopped by for a box of mac n' cheese, fresh produce, bread, peanut butter, anything to help get them to the next paycheck. So, Mary and Paul up-cycled an old cabinet and created the Little Free Library and Blessing Box. "When we're refilling the box, people will come up and tell us their stories. It's every eye and heart-opening and humbling. There are so many scenarios that create the need for the blessing box. Most of us are one major life event from having a great need," said Mary. Unlike traditional food banks, the free little blessing box is open 24/7, 365 days a year. The accessibility and convenience of the food pantry make it easy for anyone from kids to senior citizens to stop by and pick out what they need. No questions asked. The blessing box is one of 50 little food pantries across Spokane. Mary is honored to be part of this growing movement. "I love it because we meet so many
incredible people. We put the box out there, but it's not ours. We're stewards of the box. It's a community effort," said Mary. In the past 18 months, Mary estimates they've given away more than 15,000 items and helped around 2,000 people. And the demand is growing. The end of the month is always the busiest as people look for ways to stretch their dollars until payday. This weekend, Mary expects around 100 people a day will stop by the
"It's hard. There are a lot of people hurting. But, there is such a level of gratitude and appreciation. People always take just what they need. Because they understand and always leave something for someone else," said Mary. The box is often refilled several times a day by neighbors, community groups, and people who've needed the box in the past. She never worries if there will be enough food for the next time a single mom needs to feed her family or a
blessing box.
teenager doesn't have breakfast at home. Somehow, someway there's always enough. "A lot of love and kindness, and we see it make such a difference. The people who need something say they feel that love and kindness," said Mary. You can find the Little Free Library 103227 & Blessing Box at 1018 W. Montgomery Avenue. You can also follow the food pantry on Facebook at facebook.com/LFL103227.
“I love it because we meet so many incredible people. We put the box out there, but it's not ours. We're stewards of the box. It's a community effort”
Little Free Pantry Spokane facebook.com/groups/ littlefreepantryspokane
Home Recipes with Coldwell Banker Tomlinson
Courtesy of tasteofhome.com
Favorite Irish Stew Serves 8 INGREDIENTS • • • • • • •
1/3 cup plus 1 tablespoon all-purpose flour 1-1/2 pounds lamb stew meat, cubed 3 tablespoons olive oil, divided 3 medium onions, chopped 3 garlic cloves, minced 4 cups reduced-sodium beef broth 2 medium potatoes, peeled and cubed
• • • • • • •
4 medium carrots, cut into 1-inch pieces 1 cup frozen peas 1 teaspoon salt 1 teaspoon dried thyme 1/2 teaspoon pepper 1/2 teaspoon Worcestershire sauce 2 tablespoons water
INSTRUCTIONS 1. 2. 3.
NOTES Lamb is a great source of protein and adds a
4.
delicious flavor to this Irish stew. If you can't find it at your grocery store, try using beef stew meat instead. Perfect comfort food meal for a cold night!
5.
Place 1/3 cup flour in a large plastic bag. Add lamb, a few pieces at a time, shake to coat. In a Dutch oven, brown lamb in batches in 2 tablespoons oil. Remove and set aside. In the same pan, sauté onions in remaining oil until tender. Add garlic; cook 1 minute longer. Add broth, stirring to loosen browned bits from pan. Return lamb to the pan. Bring to a boil. Reduce heat; cover and simmer for 1 hour or until meat is tender. Add potatoes and carrots; cover and cook for 20 minutes. Stir in peas; cook 5-10 minutes longer or until vegetables are tender. Add seasonings and Worcestershire sauce. Combine remaining flour with water until smooth; stir into stew. Bring to a boil; cook and stir for 2 minutes or until thickened.
COMMUNITY EVENTS
Golden Harvest: Flour Sacks from the Permanent Collection Now - May 15 • Tuesdays-Sundays 10am-5pm northwestmuseum.org • 509-456-3931 The MAC’s cloth flour sack collection is a tangible reminder of the flour mills that once dotted Eastern Washington’s landscape. Approximately 20% of the sacks in the collection were intended for markets in China and other countries. Dating from 1900-1940, their striking graphics differ from most published images of vintage flour sacks. Complimenting the flour sack collection are a number of objects that are made from flour sacks, including a rare dress c1880s, recently acquired. These collections provide a unique opportunity for an exhibit offering a peek into the regional wheat industry, through related textiles.
Inlander Restaurant Week Feb. 24 - Mar. 5 • $22, $33 or $44 Inlanderrestaurantweek.com• 509-456-3931 Mark your calendars because the annual Inlander Restaurant Week is back. Choose between 99 different restaurants, each offering three-course meals and a set price of $22, $33, or $44. This year's charity partner is Big Table, which supports workers in the hospitality industry. Participating cities and areas include Airway Heights, Coeur d’Alene, Downtown Spokane, Hayden, Kendall Yards, Liberty Lake, North Spokane, Post Falls, South Spokane, Spokane, Spokane Valley, West Spokane, and Worley. Nothing breaks up the cold winter months like warm, perfectly curated menus by fabulous local chefs. The three-course menus are available online at inlanderrestaurantweek.com.
Igloos on the Lake at Whispers Now - Mar. 31 • 10am-10:30pm exploretock.com/dockside • 855-990-0246 Indulge in frosted lake views and frostier cocktails from the warmth of our Igloos on the Lake! Featuring luxurious interiors and cozy seating, these heated weatherproof Igloos are nestled on Whispers outdoor patio and boast breathtaking views of the Marina and Lake Coeur d’Alene. Guests 21 years of age and older are invited to elevate their cocktail hour with this unique dining experience as they enjoy specialty sips & bites from our exclusive Igloo Menu!
Coldwell Banker Tomlinson 4102 S Regal St, Suite 201 Spokane, WA 99223
@HOME WITH
cbspokane.com
ISSUE 124 | FEBRUARY 2022
©2022 Coldwell Banker Tomlinson. All rights reserved. Each office is independently owned and operated. If you currently have an Agent assisting you with the purchase or sale of property, this is not a solicitation for business.
Spokane & Kootenai County Market Snapshots - January 2022 SPOKANE COUNTY Average Sales Price
Current Listing Inventory
Average Days On Market
$411,702
173
17
Up 18.6%
Up 6.1%
Even 0.0%
Median Sales Price
Residential Closed Sales
Annual Residential Sales
$379,000
397
397
Up 20.3%
Down 10.2%
Down 10.2%
Average Sales Price
Current Listing Inventory
Average Days On Market
$657,828
329
95
Up 22.8%
Down 13.0%
Down 26.4%
Median Sales Price
Residential Closed Sales
Annual Residential Sales
$531,144
240
240
Up 26.5%
Down 6.6%
Down 6.6%
KOOTENAI COUNTY
January 2022, as compared to January 2021. The information in these reports are compiled from reports given by the Spokane Association of REALTORS® and the Coeur d'Alene Association of REALTORS® and to the best of our knowledge is accurate and current.
Market Insights BY JULIE KUHLMANN If you’ve been following our monthly updates seeing the continued rise in home values, you may be saying to yourself, “Why did I decide to wait for market demand to settle down?” or “Why did I think there was bubble that will burst?” As you can see over the last two years values continue to rise at an exponential rate and available homes for sale continue to be slim. We need to remember the last “bubble burst” was created by the collusion of lenders and appraisers. Today’s market value increase is strictly supply and demand. Now that more of us are working from home it has created an opportunity to make a change so we can love where we live. According to the Spokane MLS and Coeur d’Alene MLS, 2021 saw the highest rise of values in history at 25% and 38% respectively. The 2022 forecast shows more of the same, however a little bit of relief may be on the horizon. More singlefamily homes will come on the market due to the eviction moratorium expiration and the rise in interest rates coming this year will soften the buyer demand.