Friday, October 18, 2019 / by Jennifer Gilbertz
Ok, you have decided that selling your home might be in the near future and as an intelligent home seller in Spokane, WA, you are wanting to have as much information at your disposal to make an educated decision. One thing that is more than likely on your mind is, “How long will it take to sell my home in today’s real estate market?”. This is a very important question because first of all you will need to know where you will be moving to next, how much time you need to prepare, and when will you need to start packing up your belongings.
In our current Spokane County real estate market, we are still holding strong in a top seller’s market. This means as a seller we have a very limited supply of homes for sale in our area versus how many ready, able, and willing buyers there are for these homes. Even though we are going into our winter months here in Spokane, the real estate market is holding strong and homes continue to sell for top dollar. As a home seller, if you hire a real estate professional that has excellent market knowledge of your specific neighborhood and they have an exceptional reputation you have the best odds of selling quickly and will sell for the most money.
However, there are some variables that may affect how much time it will take to sell your home. In our area different prices points sell at varying timetables. In Spokane County, if your home is priced between $150,000-$300,000 and your home is in good condition and correctly priced your home should be under contract with a buyer within the first week of going on market. The average escrow period for current home sales in Spokane, WA is anywhere between 30-60 days depending on financing type and contractual dates. Cash buyers can typically close on a real estate transaction in weeks if the home is vacant and seller would like to sell in this time frame.
Homes that are listed in the $300,000-$500,000 range have a smaller buyer pool due to the economic average of household income in the Spokane area. Homes at this purchase price may take longer to become under contract. The variables to consider if your home is in this value range is the condition of your home, updates, lot size, neighborhood/area, and competing homes in the similar price range. The escrow period for these homes can also vary between 30-60 days.
Lastly, homes in the Spokane area that are priced $500,000 and up are considered our luxury housing market and these homes have an even smaller buyer pool and usually have similar selling conditions of the $300,000-$500,000 listed homes price point. Even though homes in this price range do not have as much buyer demand as the more average priced homes, listing price and specialized marketing may have a huge impact on days on market and final net purchase price to you, the seller.
As a seller, your best strategic move is to be under contract as soon as possible for the most money as possible. If you correctly list your home for a realistic price and hire an expert listing agent you have the best chance at selling your home in the shortest time frame which will benefit you in the long run.
For more educational blogs and videos on how to sell your home please visit Jennifer@viewhomesinspokane.com