Tuesday, November 05, 2019 / by Amber Tice
Spokane’s real estate market has been in recovery since 2011 according to Amy Edelen of the Spokesman Review. If you are new to real estate you might be hearing a lot about our “seller’s market.” You may also be wondering “What does that mean?”
In the broad scheme of things an area is in a seller’s market when there are more buyers looking to purchase than there are homes for sale. Buyers are competing for homes because there is very little to choose from. The term “seller’s market” can also mean different things depending on if you are a home buyer, or a home seller.
If you are a buyer: You are in major competition with other buyers. This is especially true if the home is priced well usually in the $150,000-$250,000 range), and is in a desirable neighborhood. You are looking at very few homes for sale and have very little to choose from. You are most likely competing for a home that has multiple offers on it, depending on the listing price. Some homes can sell for well over list price, sometimes $10,000-$20,000 over.
If you are a seller: You are selling your home pretty quickly in this market and will need to have a plan as far as where you will be living after the fact. Some homes sell within 24 hours if your home is in a specific price range ($150,000-$250,000).Because it is a seller’s market you want to list your home just below, or right at market value in order to drive up competition. If you price your home too low, buyers might get the impression that there is something wrong with the property. Price it too high~buyers won’t even look at it. You will get a lot of traffic through your home, again depending on the price point, so be prepared to leave your home often in order for showings to occur.
A question I get a lot is: “When will the market correct?” I don’t foresee a market correction going into next year. We have the Amazon warehouse starting the hiring process and Fairchild Airforce Base bringing in more active military personel. These workers will be bringing in their families and will be purchasing homes. We have continued to see families from Seattle trying to escape the high home prices on the west side coming this direction.
There you have it folks! I love the inland northwest and I love talking real estate so please reach out with any questions.
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