What is a Seller's Market?
Real estate markets are always fluctuating. Is it in your favor? As of lately, Spokane's market for the past six plus months has been a seller's market. As of right now, we have about 1.2 months of inventory on the market, and staying steady. To have a more balanced market, we would need to have around 5-6 months of inventory. A sellers market occurs when demand exceeds supply, or there are more buyers seeking to purchase homes than there are available homes on the market.
When demand exceeds supply, sellers price their homes accordingly, and usually at a higher price point. Sellers have the advantage. More buyer's offer non-contingent contracts and pay closing costs so that when they are in a multiple offer situation their offer looks more attractive to the sellers. Keep in mind that since the interest rates are low, it allows buyer's to qualify for homes that might be in a higher price point than they are used to getting qualified for. Buyer's are hungry and eager to buy your home. Let's get your home on the market today before the market makes a shift.
If selling your home has popped into your mind recently, please reach out to us, Haven Real Estate Group. We have buyer's for you, and lots of them!
Katrina Jo Miller
Haven Real Estate Group