Tuesday, November 26, 2019 / by Dennis Isip
- 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:
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.