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Should I Sell My Current Spokane Home Before Buying A New One?

Tuesday, November 26, 2019   /   by Dennis Isip

Should I Sell My Current Spokane Home Before Buying A New One?

Murphy-A32E9608-HDR.jpgThe real answer is it depends on a couple of factors:
  • The conditions of the houses you’re selling and buying (and your willingness to do anything about them.
  • Whether or not you’re willing to move twice.
  • Your financial ability to temporarily own 2 houses concurrently.
  • Your price sensitivity between the houses you’re selling and buying.

Consider the following micro analysis of 10 different neighborhoods in Spokane:


AVAIL Homes

List Price

Average DOM

SOLD

In last 30 days

SOLD Price

Average DOM

Discount

Inventory (Months)

Painted Hills

12

$540,283

54.8

4

$429,574

24.0

0.52%

3.0

Central Valley

35

$449,651

69.8

18

$428,379

19.7

0.18%

1.9

Liberty Lake

35

$592,461

55.3

23

$554,163

17.6

0.77%

1.5

Rockwell

11

$768,234

64.3

3

$638,833

5.0

3.41%

3.7

Moran Prairie

17

$560,198

72.5

10

$411,540

41.3

1.42%

1.7

Glenrose

19

$477,766

78.1

17

$428,742

35.8

0.15%

1.1

Manito Park

9

$482,700

42.7

7

$372,150

30.1

5.48%

1.3

Eagle Ridge

25

$509,002

39.8

11

$453,389

44.8

0.51%

2.3

Five Mile

39

$493,677

65.9

16

$389,943

33.5

0.70%

2.4

Wandermere

21

$619,993

59.3

10

$420,390

39.4

2.89%

2.1

223

$535,208

61.2

119

$449,838

29.6

1.13%

1.9


The first 3 columns pertain to homes that are currently available on the market; columns 4-6 represent homes sold within the last 30 days. Column 7 is the discount of actual selling price vs. listed price. A positive discount means the homes sold above listed price. Column 8 is the result of Column 1 divided by Column 4. The lower the number, the more it indicates a seller’s market. 


So it all depends which neighborhoods you’re moving to and from. 


Let’s say you currently live in Central Valley where 18 homes have sold, closing in 19.7 days on average. It also shows that sellers get 5.48% more than the listed price. Your current inventory is 1.9 months.


Moving to Eagle Ridge, Five Mile or Wandermere is relatively easier with inventories of 2.1 months or higher. In comparison, it would be tougher to move to Glenrose or Manito Park where the inventory is 1.3 or less.


However, because of the extreme seller's market situation in Spokane, you will be in a better negotiating position as a buyer, if you’ve already sold your current home. Eliminating a home sale contingency in your offer will give you a huge advantage against other competitive buyers.




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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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