DECEMBER 2022
@HOME N E W S L E T T E R
ISSUE 134
Safety Net Inland NW HELPING TEENS FROM FOSTER CARE TO ADULTHOOD ne of the greatest things about living in this city (or in this country, for that matter) is the ability of any two people to sit down over a cup of coffee and get up a few minutes later having made plans that will transform the lives of people they have never met. Take the case of Coleen Quisenberry and Molly Allen, who sat down a little more than ten years ago to discuss the plight of youngsters who have "aged
O
stove because she had no cookware, or no silverware, or no dishes.... you get the idea. Whatever unfulfilled need stood in the way of a former foster child's desire to stay in school, keep a job, or acquire the skills necessary to staying well and getting ahead would be met quietly, quickly and without lecturing or recrimination. Molly Allen explains Safety Net's straightforward MO: "If someone submits a request
the services they provide have diversified to meet the needs of our post-pandemic world, staff has been added and facilities secured. They now have a warehouse, for example, that is stocked with necessities of life, both great and small. Clients are invited to walk its aisles and gather up the things they need. Though most time and labor are donated, it was decided, in order to permit further growth and to keep things functioning reliably, to
out" of the foster system. In other words, they have reached the age of eighteen, at which, in most
we do not have a ton of paperwork. We don't have a huge bureaucracy to go through.” Program
engage a full-time Program Director. Fortunately, Jenny Hurd, whose professional and spiritual
cases, the financial support provided by the state for their care comes to an end.
Director Jenny Hurd agrees: “We kind of discuss what we can do above and beyond to bless this
attributes are suited ideally to the unique demands of Safety Net, was available to join the organization
Quisenberry and Allen, both moms themselves (Allen's son Jake was adopted out of the
child or this youth and then I make it happen. It's usually between 24 to 48 hours that we can get
last year, and has already succeeded in supercharging it.
foster system), had been shocked to learn that 65% of such kids ended up living on the street after six
those items - get things ordered and pay those bills, get the rent check paid.... whatever those kids
This holiday season, think of giving yourself the gift of smoothing a bit of the road that lies ahead
months of leaving foster care. Something, they both agreed, had to be done, and so they did it. Without
need." Sometimes, what they need is stuff, sometimes it is money, but sometimes, it is simply
of a young person for whom life has been at best intermittently kind. Visit Safety Net’s website, or give
contacting their Senator or forming an LLC, they started Safety Net Inland NW, which exists for the
time spent with someone who cares, someone who has already achieved some success in life and is
Jenny Hurd a call at (509) 863-9341 to see how you can help.
sole purpose of extending a helping hand and a caring heart to young people whose lives have been regrettably short on both. Before long, their generosity and determination attracted a core of volunteers and contributors who were eager to help. If they learned that a young woman had an apartment, but slept on a folded blanket in the corner, they would show up with a bed. If they found that she never used her
willing to pass on what they have learned. One of Safety Net's grateful clients puts it pretty well: "Just saying the words "thank you" is not enough, and there's no words really to explain how nice it is to know that there's people out there that are willing to help you when the even your closest family members wouldn't you know how." As Safety Net's reach has grown (they recently established a branch in Coeur D'Alene), and
Safety Net Inland NW safetynetinlandnw.org
How Our Industry Compensates for Rising Rates and Prices BY CHRIS CANNING
you are not in the office every day of a real estate broker or loan officer, it is next to impossible to keep up with today's mortgage interest rates and real estate market trends. As the federal government
If
every day, sorting through news articles, Fed statements, Twitter posts, and daily noise to analyze and project the course of the local housing market. Oftentimes, the media emphasize just the data that are most extreme, rather than focusing on facts that
buyers afford the homes they need. As a response to higher interest rates, subsidized interest rates have become available through both builders or private sellers. They are purchasing rate buy-downs, leveraging their own
employs a dirigiste policy to curb inflation, impacts on the real estate market have been aggressive and
would help you make the financial decisions that are in your best interest. A professional lender or
funds to pre-pay for interest on a buyer's mortgage over the course of an initial few years or through the
quick. A recent article published by CNN in midNovember notes that interest rates took their largest
REALTOR® can help you extract from the noise what is truly useful.
life of the loan. Recent advertisements by builders such as Toll Brothers, Lennar, and DR Horton have
single-day plunge in over 40 years - dropping by almost 1/2 of a percentage point in a single week
As the real estate market and lending environment change, so do the programs offered by
featured 30-year loan options with permanent rate buy-downs into the 4-5% range, while market rates
from 7.08% to 6.61%. Other similar articles from other outlets have
builders, lenders, and other industry professionals to help buyers and sellers continue to succeed in their
are moving between 6% and 7%! These are often paired with other lending concessions, such as
added further noise to rate uncertainty, reporting daily on the wild swings of interest rates, without
goals of owning or selling a home. Here are a few facts, programs, and opportunities that may not
credits to buyers’ closing costs, no-cost extras such as appliances or backyard landscaping, etc.
offering detail on how much is being done on a local level to overcome the difficulties they create. While
have made the headlines these last few months that may interest you.
Sellers faced with increasing time frames for selling homes are offering similar incentives through
the Federal government does not directly set mortgage rates, its public statements and actions influence them. Mortgage rates tend to track 10-year US Treasury bonds, which also took a tremendous drop from 4.15% to 3.68%. What does this mean and what can you do with this information? The answers are likely the same you've heard in less "interesting" real estate markets: Find yourself a licensed professional, who is in the environment
To reduce the obstacle posed by dramatic cost increases, new loan limits have been announced for 2023. In Spokane, the FHA loan limit has increased from $420,680 to $472,030. Conventional mortgage limits have increased from $647,200 to $726,200. With median sales prices in Spokane County still at all-time highs, these increased limits help lenders offer loan programs that avoid higher-interest loan products and help
lenders of their choice to help buyers obtain more affordable financing. Every week we hear of new opportunities for those hoping to purchase a home in our constantly changing market. To find clarity rather than anxiety, our recommendation is that you contact your favorite lender or Tomlinson REALTOR®, and see what options are available to you in your situation. You may be surprised by what's out there.
Home Recipes with Coldwell Banker Tomlinson
Courtesy of Elizabeth Beatty
Festive Ham & Cheese Pull-Apart Wreath 40 Servings INGREDIENTS • • • •
8oz (2 Cups) finely shredded Swiss cheese 1 1/2 cups finely chopped cooked ham 1/4 cup sliced green onions 2 Tablespoons honey mustard
• • • •
2 12oz cans refrigerated flakey biscuits 1 egg beaten 1 Tablespoon sesame seed 2 Tablespoons red & green pepper diced
INSTRUCTIONS 1. 2. 3.
NOTES Build this pull-apart wreath out of refrigerated biscuit dough wrapped around a ham and cheese filling. Great sharable appetizer for all of your holiday gatherings.
4.
5.
Heat oven to 375 degrees. Spray a large baking sheet with Pam. In a large bowl combine cheese, ham, onions, mustard, mix well. Separate 1 can of dough into 10 biscuits (leave the other can in the fridge). Separate each biscuit into 2 layers. Press each into 3 1/2" round. Place 1 rounded tablespoon of cheese mixture on each dough round. Wrap around cheese, pinching edges to form a ball. Repeat with the remaining can of dough. Arrange 8 balls seam side down in a circle on a baking sheet with a 3" hole in the center. Arrange remaining balls outside of the circle to form a "Wreath." Brush with egg and sprinkle with sesame seeds. Bake at 375 for 18 to 25 minutes until golden brown. Carefully slide onto a 14" serving platter and garnish with peppers. I also put a votive candle in the center to create a beautiful centerpiece that doubles as a delicious appetizer! You can also make it in the shape of a Christmas tree, football, heart, etc. (You get the idea!)
GREENSTONE HOMES RETURNS TO THE SOUTH HILL BY SEAN NESS
District is located in Spokane's premier South Hill neighborhood, off of 29th Ave. & Southeast Blvd - a small, urban mixed-use community with a pedestrian focus, extensive trails and open space." The development features a limited number of single-family home sites, several of which will be available as quick move-in homes available when completed, with pre-selected features and designs by Greenstone. The remaining lots will be released periodically with a variety of pre-selected home plans that can be customized with a number of available options! If you have any questions about or interest in this new neighborhood, reach out to your favorite Coldwell Banker Tomlinson REALTOR® today. Local developer and Inland Northwest area home builder, Greenstone Homes, has returned to Spokane’s South Hill with their latest mixed-use community the Garden District. Located near the 2200 Block of E. 32nd & 33rd Avenue, South of E. 29th Avenue, this will be the first new community from Greenstone in the South Hill area since their Adirondack neighborhood
was completed in the mid-2000s. As with other recent developments from Greenstone, such as Kendall Yards North of the River from Downtown and the latest phase of The River District in Liberty Lake, this neighborhood will be a mix of low density residential, multi-family and commercial space, all with a pedestrian focus. In a statement from Greenstone, "Garden
Coldwell Banker Tomlinson 4102 S Regal St, Suite 201 Spokane, WA 99223
HAPPY HOLIDAYS -from our family to yours
@HOME WITH
cbspokane.com
ISSUE 134 | DECEMBER 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 - November 2022 SPOKANE COUNTY Average Sales Price
Current Listing Inventory
Median Days On Market
$441,310
891
22
Up 10.8%
Up 106.7%
Up 175.0%
Median Sales Price
Residential Closed Sales
Annual Residential Sales
$396,750
374
6,217
Up 5.8%
Down 47.5%
Down 18.4%
Average Sales Price
Current Listing Inventory
Average Days On Market
$728,410
1,005
95
Up 19.3%
Up 90.7%
Down 28.4%
Median Sales Price
Residential Closed Sales
Annual Residential Sales
$545,000
219
3,285
Up 7.0%
Down 46.3%
Down 24.4%
KOOTENAI COUNTY
November 2022, as compared to November 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 Yes, sales are down which is normal over the holidays and winter months. Fear not! If history repeats itself as it does year over year, it’ll be more active in Spring. Real estate activity has traditionally been seasonal, and even though the slow-down this year started sooner than expected thanks in part to the interest rates, there’s still hope on the horizon as rates begin to settle down. Statistics show available homes for sale have doubled compared to last year at this time which logically will increase the days on market. And if you look closely the number of sold properties might be down, but values are still rising in both Spokane & Kootenai counties. The burning question has been, “Is now a good time to buy?” The answer lies in whether or not you can afford it. You can wait for the interest rates to come down and the economy to improve and find yourself purchasing a home with a potentially overinflated value because at the same time you’re competing with others who had the same thought. Or, do you have the understanding that financing a purchase now may mean a temporary higher interest rate, but at the same time not overpaying for a home thanks to the reduced buyer competition.