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Spokane Real Estate Market Update Week of December 13th, 2019

Friday, December 13, 2019   /   by Ariadne Gold

Spokane Real Estate Market Update Week of December 13th, 2019

It finally happened.  It snowed!  I was hoping we could avoid it, but it will be nice to have a white Christmas (if the snow actually stays.)


This week we are still at 1.3 months of inventory, so still very much a seller’s market. There are currently 1,554 homes on the market, but about half of those are under contract.  102 new listings came on the market in the last week, which is two less than the week previously.  I think that number will continue to go down week by week until January or February; there won’t be many homes coming on the market during the Christmas and New Years weeks.


 


What effect does this kind of market have on buyers and sellers?  Buyers are making an average of five offers before they find their home. Five!  That’s a lot of heartbreak and frustration.  It’s also very different for sellers; while before they would get one or two offers and maybe do a little negotiating before coming to an agreement, now they are getting multiple offers and having to calculate between all of them which one will actually net the most money.  Buyers are also more likely to get cold feet; about 40% of homes are going back on the market because buyers are having to make such quick decisions and then change their minds or find another home that they like more.  This makes it so important for sellers to protect themselves by dotting their I’s and crossing their T’s, and by having back up offers in place.  For buyers, it means there really isn’t time to sleep on it.  They need to be very clear on what they want, and what they are willing to give in on.


 


As always, If you have any questions I’m 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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