If you need assistance, please call 509-590-4701

What is a Seller's Market?

Friday, December 20, 2019   /   by Jo Skipper

What is a Seller's Market?

What is a Seller’s Market?


If you are looking to purchase a home in the Spokane or Coeur d’Alene area right now you may be realizing that this is a strong seller’s market.  You have probably read this in an article somewhere or heard this on the news. However, what does this even mean? Simply put, this means there are more active buyers in the market than there are homes for sale.  


This results in a lack of inventory in available homes.  Which then results in higher-priced homes in this area. We are faced with strong competition in this area right now.  Homes sell rather quickly and multiple offer situations are common in this type of market. Many people wonder why this is the case.  Let’s discuss how a seller’s market comes to exist. 


There are a number of factors that will result in a seller’s market.  The first is population growth. This can have a number of reasons and many come with different opinions.  Whatever the reason, this area is experiencing a large growth in population.  


Another reason for a seller’s market is job market growth.  This will not only increase the population but also make it possible for current residents to enter the real estate market.  In turn, many people can then sell their homes and purchase a larger home thus furthering the cycle.  


A long term effect of the market crash in 2008 is the number of housing starts.  The number of construction companies that build single-family homes decreased dramatically during and after the market crash.  This number has not recovered in the decade to keep pace with housing demand. This has resulted in a smaller number of homes being built and made available for the growing population.  


The best thing you can do in a seller’s market as a buyer or a seller is to be prepared.  There are a number of factors that present themselves in this market that make navigating the sales process that much more complicated.  Work alongside your agent to make this as smooth of a transaction as possible and to align your expectations in this competitive market.  

 

  spokane real estate, selling home, home selling, home seller tips, getting ready to sell, buying and selling a home, haven real estate group, tips, real estate agents, spokane realtor, listing, sellers, home value, marketing, spokane market, realtor, selling a house, negotiation, first time home seller, seller's market, jo skipper

Haven Real Estate Group
Cambria Henry
304 W Pacific Ave; Suite 360
Spokane, WA 99201
509-590-4701

IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that data is deemed reliable but is not guaranteed accurate by the MLS.
MIMLS The data relating to real estate for sale on this web site comes in part from the Spokane Association of REALTORS® MLS. Real estate listings held by brokerage firms other than Haven Real Estate Group are marked with the IDX logo. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Haven Real Estate Group shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Copyright 2020 of the Spokane Association of REALTORS® MLS. All rights reserved.