10/3/2022
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KREM
KXLY
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KREM
Homebuyer.com ranked Washington in the top five most expensive states to buy a home based on median price and percentage of income toward payment.
“With our average house price being about 480, we're still much more affordable and favorable," Murphy said.
Still, high interest rates are continuing to affect buyer’s purchasing power.
“Now that interest rates are going up, it will affect that total amount spent per month and we still want buyers to be very comfortable. Less than 30% is ideal. Less than 20% of their take home income is even better,” Murphy said.
Homebuyer.com reports more than 20 percent of an average Washingtonian's income is needed to purchase a house at the median home price.
“With rising interest rates, it does crunch how much a buyer is able to buy," Murphy explained. "One year ago, with the average price point of 500,000. A buyer needed 50,000 in income. To buy today, fast forward, they need 70,000 in annual income a year. No other debts in order to buy the same house.”
But Murphy said buyers shouldn’t let high interest rates discourage them.
She said today’s housing market is more kind to prospective buyers.
“Sold prices, since the peak market of this summer are already down 8% in Spokane County," Murphy said. "But what's fascinating is the active asking price that sellers have asked is down now 28%. So sellers expectations are coming down quite a bit, which is such good news for buyers, even though they're going to pay a little bit more in in interest rates. We are seeing prices offset that here in the marketplace.”
Murphy is reminding her clients to be practical when buying a home, especially as Homebuyer.com said a common mistake for first time homebuyers is buying a house that’s out of their budget.
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KXLY
Posted: September 30, 2022 6:21 PM Updated: September 30, 2022 7:09 PM byBrontë Sorotsky
SPOKANE, Wash. — People living at Camp hope could see more changes in the coming weeks, and new fencing is just the start.
“So we moved the perimeter in three feet all around the entire camp, that meant moving RVs, and rows of tents,” said Julie Garcia, Executive Director of Jewels Helping Hands.
Camp Hope has a newer look these days. On Friday, WSDOT contractors worked to put up a fence to secure the perimeter. Soon, Jewels Helping Hands will start working security overnight, to ensure people aren’t leaving between 8 p.m. and 8 a.m., a security measure that starts Friday night.
Garcia said people won’t be locked in, but there will be security at all entrance points.
“Not locked in, but there are three access points and all three access points will have somebody manning those gates,” she said.
Brian Coddington, communications director with the City of Spokane, confirmed that the city has extended its contract for security outside of the camp through the end of October. A spokesperson with WSDOT says they are working to find security after the city’s contract is up.
WSDOT sent out a statement Friday morning about the new fencing, that says in part:
“While this work begins the process of strategically decreasing the size and footprint of camp hope, there is more to do including RV removal, encampment identification/badging, a curfew and other associated rules and an increased security presence within the neighborhood.”
Garcia said badging would be introduced once Jewels Helping Hands finishes their census of everyone staying in the camp.
“Next week we will be implementing a badge with a picture so we know who’s here and who’s not here,” Garcia said.
Spokane’s assistant fire marshal, Nathan Mulkey, walked through the camp Friday to ensure the exits are safe and accessible to the sidewalk.
After a walk-through, the assistant fire marshal confirmed the exits at camp hope are safe for those still living inside.