APRIL 2022
@HOME N E W S L E T T E R
Property Value and Homeowners Insurance DO RISING PROPERTY VALUES MEAN YOU NEED TO INCREASE YOUR INSURANCE COVERAGE? BY CINDY HEDIN
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ISSUE 126
ecause the homeowner policy will only cover replacement cost in the event of a catastrophic loss, your coverage should be based on the value of the actual loss that can be replaced, which does
not include monetary payment for the location or plot of land where your home is located. Further, many homeowner policies have provisions referred to as inflation guard coverage that compensate for upward changes in the value of the real estate market and inflation by adjusting the estimated value of your policy by approximately 3-5 percent annually. However, you should not assume that your policy includes this provision without reviewing your policy and/or talking to a representative from your insurance company.
Situations Where Increased Market Value Merits Increasing Policy Limits As a general rule, an increase in property value due to a change in the real estate market can take place without requiring an increase in your homeowner insurance coverage. However, there are situations where you should review your policy limits and make adjustments. If you make improvements or additions to your home that make a significant impact on its market value, this might justify revisiting the limits of your coverage. When homeowners build an extra bedroom, create a second story or install a swimming pool, they are increasing the replacement value of the home enough to justify adjusting policy limits. Similarly, you may remodel a kitchen using more expensive appliances and materials. This type of improvement might also merit having the replacement cost of your home recalculated. Rising construction costs may also merit increasing your coverage. Your insurance broker or agent should be able to help you calculate the proper amount of coverage for your home. Labor and material costs for rebuilding homes generally increase over time, as do the costs for all goods and services. However, the rate of inflation in the cost of labor and materials required in residential construction are much higher this year than normal. As part of the process of renewing your homeowner’s policy, you would be well advised to contact your insurance agent and request a new replacement cost estimate on your home and also to be sure that they have accurate and updated information about other residential property you may own.
Savoring Spokandy A RITUAL FOR A REASON least two REALTORS® at Coldwell Banker Tomlinson practice the same ritual, which they arrived at quite independently: at the end of one meal every day, someone in the household takes down from its honored place in the pantry a box of candy and sets it on the table. Each person at the table surveys the tempting variety of treats it contains and chooses one piece to serve as the perfect
At
the ceiling, they proposed that Todd go to work for them. That was in 1991. Within a year, they agreed to sell him the business and to provide some of the financing for him to do it. What he was buying was a modest retail business and a book of recipes compiled in 1913 by the originator of Spokandy, Terrence J. Riley. What he envisioned, however, was a business stretching beyond the limits of the small shop at
that commitment. Today, roughly 80% of the sales of Spokandy take place through its wholesale network, resulting in a spurt of growth that was hard to imagine in 1991, though not for Todd Davis. This growth has occurred not despite, but because of Davis' unswerving commitment to T.J. Riley's insistence on the highest quality in every aspect of the formulation, production,
conclusion to their meal. The people are different, but the words on the boxes of candy are the same: Spokandy, Chocolatier since 1913. What has led these members of the Coldwell Banker Tomlinson family to adopt this ritual is only partly the delicious flavor of the candy. It is
1412 W 3rd Ave, and extending through wholesale channels that reached across the country and around the world. After months of deep involvement in the methods and ingredients devised by Mr. Riley, Davis was certain that they would provide the
packaging and sale of Spokandy's products. As a result, Davis is able to smile indulgently when a customer asks what he does with the proportion of the extensive contents of his store that don't sell within its "sell by" date, and to reply simply, "There isn't any."
also that the taste, appearance and freshness are unfailingly consistent, and that, with every bit,
foundation on which a person of his vision and his inborn enthusiasm for business could
Davis has had to bring in some machinery to boost production to meet such demand, but
they participate in a tradition that reflects a combination of qualities unique to our city.
build. The ensuing 31 years have only validated
never at the expense of quality. For example, the Spokandy specifications still include caramalizing
Throughout its history, Spokane has produced businesspeople who blend their commitment to the City with a dynamic quality of big city entrepreneurship. Think '74 World's Fair,
the milk used in the production of its chocolates, not just the sugar. This is much more exacting, but the result is a candy with its own unique and identifiable flavor, one that offers an experience
Hoopfest, Bloomsday. Think Walt Worthy and the Davenport, or Jim Frank and Kendall Yards. Then, add to this list Todd Davis, who, at the age of 19 approached the owners of Spokandy, Don and Kris Howell, and asked if he could buy their company. After peeling their eyebrows off
similar to what one enjoys in a five-star restaurant in which every item on the menu bears the hallmark of a single master chef in the kitchen.
Spokandy spokandy.com
Home Recipes with Coldwell Banker Tomlinson
Courtesy of Ali Mead
Ali’s Oven-Baked Fajitas Serves 6 INGREDIENTS • 1.5 Lb Chicken breast, cut into thin strips • 3 Bell peppers (One red, one yellow, one green) Sliced • 1 Jumbo yellow onion (or 2-3 small/ medium onions) • Olive Oil Fajita Seasoning: • 2 tsp Chili Powder* • 1 tsp Salt
• 1 tsp Smoked Paprika • 1/2 tsp Onion Powder • 1/2 tsp Garlic Powder (or lots more, measure with your heart) • 1/2 tsp Ground Cumin • 1/4 tsp Cayenne Pepper* *or less, depending on how spicy you’d like them to be. You can also use a storebought packet of fajita seasoning!
INSTRUCTIONS
NOTES Cinco de Mayo calls for all our favorite Mexicaninspired food. Celebrate Cinco de Mayo with this supurb chicken fajita recipe.
1. 2. 3. 4. 5. 6.
Preheat oven to 425 degrees Coat 9x13 pan lightly in oil Slice chicken, onions and peppers into thin strips and drizzle with a bit of olive oil in a large bowl. Toss in fajita seasoning to evenly coat and spread in the 9x13 pan Bake in oven, stirring halfway, until chicken is cooked through and vegetables are soft and blackened on the edges. About 30-40 minutes depending on thickness of the slices. Serve on tortillas, with shredded cheese, sour cream and avocado.
COMMUNITY EVENTS Little Spokane River Artist Studio Tour Art Preview Now - Apr. 29 • Daily 5:00pm • Dry Fly Distilling littlespokanestudios.com • 509-448-5626 A preview of the 2022 artwork from artists in the Little Spokane River artist studio tour.
MultiCare Heart Strings Apr.29 • 7:00pm • Martin Woldson Theater at The Fox foxtheaterspokane.org • 509-624-1200 • $30-$60
Bert Kreischer May 1 • 7pm | 9:30pm • First Interstate Center inbpac.com • 509-279-7000 • $39.75 - $99.75 After bouncing back from the pandemic with his wildly successful 2021 Berty Boy Relapse Tour, award-winning comedian, podcast host, and author Bert Kreischer is taking no breaks from touring.
MultiCare Heart Strings, presented by Radia and 93.7 The Mountain, is an acoustic storytelling concert featuring Joe Nichols, Cam, Andy Griggs and Frank Ray. The inaugural year for this one-of-a-kind concert was a huge success, and this year promises to be even better. Heart Strings is unlike your typical concert. It's a magical music experience in the style of a “Guitar Pull” – a tradition where a small group of musicians sits together on stage and shares an intimate look inside their lives and the stories behind their music.
Purple Reign – The Prince Tribute Show! May 12 • 7:00pm • $25 • Coeur d'Alene Casino cdacasino.com/events • 800-523-2464 The number one Prince tribute show, Purple Reign, is bringing their talents to Coeur d’Alene Casino on May 12 at 7 p.m. The first tribute act to appear as a musical guest on the “Late Show with David Letterman,” Purple Reign seamlessly recreates the legendary performances of Prince. Tickets are on sale starting at $25.
Coldwell Banker Tomlinson 4102 S Regal St, Suite 201 Spokane, WA 99223
@HOME WITH
cbspokane.com
ISSUE 126 | APRIL 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 - March 2022 SPOKANE COUNTY Average Sales Price
Current Listing Inventory
Average Days On Market
$455,075
268
14
Up 21.2%
Up 64.4%
Down 21.4%
Median Sales Price
Residential Closed Sales
Annual Residential Sales
$429,000
527
1,312
Up 26.3%
Down 7.1%
Down 10.5%
Average Sales Price
Current Listing Inventory
Average Days On Market
$654,112
382
63
Up 9.5%
Down 21.2%
Down 22.2%
Median Sales Price
Residential Closed Sales
Annual Residential Sales
$550,000
316
794
Up 15.8%
Down 18.3%
Down 13.7%
KOOTENAI COUNTY
March 2022, as compared to March 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 STEVE WILLIAMS Statistically speaking, spring time is always a busy time in our regional real estate market. Through the first quarter of 2022, we are still experiencing strong housing demand, low inventory, increasing prices, few days on market, and often multiple offers on residential and commercial real estate. Year over year the median price is up 22%, median market time is 4 days (same), and 300+/fewer closed homes. All this despite the rising interest rates around 5.5% in April, political and world unrest, and inflation concerns. While this affects the buying power of our financed clients, we must remember that real estate has historically been a safe harbor of investment against the unpredictability of the world around us. Additionally, when considering historic interest rate trends, 5.5% interest is an exceptionally favorable rate for the consumer. Another observation to note is a market reversal in pricing for Spokane County site built homes. Since November 2021, we have had more homes available over $500,000 than under $500,000. This is significant. If you are currently a homeowner, consider the equity position in your home. Is now the right time to sell? For our buyer clients, be steadfast, proactive, and prepared.