What is it? Is Spokane in one? What does that mean for you?
Well Spokane is most definitely in a seller’s market right now, particularly in the case of houses under $400K! We are seeing a market slow down right now because we are heading into the winter months, but we still have more buyers than we do houses. Starting February 1st, they market will be in full swing again!
So, what is a seller’s market? A seller’s market is a market where demand exceeds supply, or there are more buyers seeking to purchase homes than there are available on the market. This often leads to multiple buyers interested in a single property, resulting in bidding wars. In the Spokane market, this is particularly true with houses in the under $250k price point. A seller’s market is a fantastic time to sell your home as you could secure a sale price that’s higher than your listing price!
If you’re buying a home in a seller’s market, be aware that the seller has the advantage. If other buyers are interested in the same property, you’re making an offer on, trying to get a lower sale price probably won’t work to your advantage. In fact, you could lose the opportunity to purchase the property altogether if a competing buyer makes a higher offer. There are ways to structure an offer so that you don’t feel like you are overpaying, but you are also presenting a competitive offer to the sellers. It is very important to work on a strategy with your agent prior to looking at houses, in order to be able to move quickly once you find the property you think is right for you!
If you have any questions or would like to discuss how our market will impact your home sale or purchase, feel free to give me a call or shoot me a text!