Friday, November 22, 2019 / by Connie Tracy
The Spokane Real Estate Market has really cooled down. As a matter of fact, it has slooowed Wayyyyyy down. So if you are looking to purchase a home and you are truly serious and don't mind the chilly temperatures, then now is a great time to get a house with less competition. It still is very important to have all of your ducks in a row...such as your pre-approval letter from a reputable lender.
The market will continue to slow down and prices will remain stable or maybe even drop a little. Come February, prices will go back up, and more homes will be listed, to beat the Spring rush! So, now is a SUPER time to get your offer accepted!
The market is less competitive for sellers. If you can manage selling your home in the winter months, and your home is priced to the fair market value, you may get some sweet offers in a matter of time. If you are kicking around the idea of selling in the Spring, think twice about that. Start working on your home and get it ready so you can get it listed before the mad Spring rush. So when is a good time to list? FEBRUARY! Yep, you will beat everyone else!
This week's market has dropped dramatically! There are currently 1719 active listings! What? That is it? for the WHOLE county?
That is a drop of 246 homes from last week. This is just going to continue to drop as it gets colder. There are 950 homes in escrow and a 56% pending ratio. Last week there were only 133 new listings. That is a significant drop from the previous week of 151 homes listed. Yep, as you guessed, it is still a crazy Seller's market out there with 1.2 months of inventory! Remember, these are stick-built single family homes listed by a Spokane Realtor.
Until next week....