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How Much is My House Worth in the Spokane Real Estate Market?

Thursday, December 19, 2019   /   by Ariadne Gold

How Much is My House Worth in the Spokane Real Estate Market?

This is probably the most important question for most sellers.  How much will I get for my home?  This will have an effect on whether or not it makes sense for you to sell, along with what home you are able to buy next.


One of the factors that will affect your home’s value is the current market. The average home price in Spokane has gone up 11 percent in the last year; that means that a home that could have sold for $250,000 last year could sell for $270,500 this year. That’s a huge jump, so its important to do all of the calculations to make sure you’re pricing your home correctly.  A real estate agent should be looking at how much similar homes have sold for in your immediate area, in the last six months.  The most recent sales are going to be the best comparables, since the market is changing so rapidly.  You should be looking at sales either in your neighborhood, or similar ones if there aren’t enough in yours. 


 

The second factor is the condition of your home.  A home that has been well maintained is going to sell for more than one that isn’t.  A real estate agent will also take into consideration any upgrades that have been done, along with any repairs needed.  You have to keep in mind that even if your home only needs some cosmetic updates, this will cut down on your pool of potential as you will lose the ones that want a move-in ready home.


The third factor is the area that your home is in.  A home that’s in a popular area will sell for more than a similar one that’s not. Along with this, the condition of your immediate neighbor’s homes will affect the value of your home.  You could have a pristine, gorgeous home, but if your neighbor appears to be using his property as a junkyard you’re going to have a more difficult time selling.


 

The fourth and final factor is the amount of property that’s included with the home.  Homes with over .2 acres have become more expensive in Spokane, as they’re becoming less prevalent.  (This was a big change for me when I moved here from Alaska!)


 

As always, if you have any questions I’m always here to help. (509) 217-7172


 


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Haven Real Estate Group
Cambria Henry
304 W Pacific Ave; Suite 360
Spokane, WA 99201
509-590-4701

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