Thursday, October 24, 2019 / by Dixie Simon
If you are a Buyer looking to purchase a home in a Buyer's Market, this is usually your best time to buy. Why? There are more homes to choose from, gives you the buyer more selection to choose from, and serious sellers are more willing to negotiate. They may even be willing to pay some of your closing costs. Inventory is high. More than six months of inventory, Prices are declining, lots and lots of road signs, etc. This is a COLD Market.
A Seller's Market is considered a HOT market. This is the best financial market in which to sell. Why? There are more buyers than there are available homes to buy. In a hot real estate market buyers are often willing to pay more than list price. You can usually sell quickly and quite possibly for more than you ask for it. Signs of a Seller's Market are; low inventory, less than 5 months, More buyers than homes to buy, Median prices increasing, Real Estate ads vanishing, Sold signs up within days.
A Neutral Market is balanced. Typically, Everything is equalized. The scales are not tipped in favor of either direction.
There are 5-6 months of inventory.
In Our Spokane Real Estate Market, we continue to see a Perfect Storm. We have a unique "blended market." It is a seller's market first and foremost with multiple offers still occurring even though there is some slowing with the onset of school, end of summer, etc.
However, with the phenomenal interest rates currently, it is a buyers market as well. Due to these low-interest rates, you may qualify for more bang for your buck allowing you to look at homes that previously may not have been in your shopping range.
- This week in Spokane we continue to have 1.2 months of inventory, the same as last week.
- We have 170 new listings from last week compared to 163 the week previous. This volume of new homes entering the market is not moving the meter at all, so we continue to be in a Strong Seller's Market with low inventory. Interest Rates are driving the savvy buyer as well as first time home buyers.
- Today's Conventional Mortgage Rates_October 24.2019
- 3.602 % Conventional 20 Year Fixed. 3.750 %
- 3.934 % Conventional 30 Year Fixed. 3.999 %
If you would like more information, I am available to visit anytime.
I am happy to help with either your buying or selling needs or both.
Dixie Simon, Haven Real Estate Group