Friday, November 15, 2019 / by Keri McCombs
I'm sure you've been seeing a lot in the media over the last several months, or even years, about the strength of the real estate market, especially in the Spokane area. You've probably seen a lot of "it's a hot market!" or "it's a seller's market!" but you may be curious about what this means, how this happens, or what you can expect from buyers and sellers.
To begin, a seller's market is a real estate market in which the seller is strongly at favor. That is a simple definition of a seller's market, and we're going to delve deeper into how this actually happens and what you can expect.
When we look into the nuances of a seller's market, this type of market happens when there are significantly more buyers looking to buy homes, and making offers on homes, than there are available homes on the market. In fact, the more this phenomenon has been happening, the more homeowners have been afraid to list their home for sale, for fear that they won't be able to find a new ho ...
Tuesday, November 12, 2019 / by Pamela Glende
5,727 homes have sold in Spokane County year to date from November 12th 2018.
These are stick built homes on one acre or less. They don’t include homes on more than one acre or mobile homes.
Home prices continue to increase. We have growth in the economy and new business coming to town.
Homes aren’t staying on the market long if they are priced at true market value. There are plenty of home shoppers out there trying to find a home. Rentals are hard to come by and folks do want to be homeowners. It’s still a strong seller’s market here in Spokane, Washington.
If you’re trying to find a home, it is so important that you have a lender and that you’ve turned in all needed documentation to get a stellar preapproval. You’ll want a letter that states that the lender has verified all needed information such as credit, debt to income ratio, employment and 2 years of your tax returns and assets. The better your lender preapproval letter the better yo ...
Monday, November 4, 2019 / by Andria Sanchez
Should You Use a Real Estate Agent When selling Your Home?
In today’s fast-paced world where answers are a Google search away, there are some who may second-guess the benefits of hiring a real estate professional. The truth is, the addition of more information brings more confusion. Shows like Property Brothers, Fixer Upper, and dozens more on HGTV have given many a false sense of what it’s like to buy or sell a home.
Now more than ever, you need an expert on your side to guide you toward your dreams and not let anything get in your way of achieving them. Buying or selling a home is definitely not something you want to DIY (Do It Yourself )!
Here are just some of the reasons you need a real estate professional in your corner: There’s More to Real Estate Than Finding a House You Like Online
There are over 230 possible steps that must take place during every successful real estate transaction. Determining your price, submitting an offer, and successful negotiati ...
Monday, November 4, 2019 / by Sara Koenig
What's up with our market? I am sharing the latest market statistics from the month of October here in the Spokane real estate market.
We continue to see a strong seller's market and homes going under contract very quickly after they hit the market here in Spokane. This continues to be driven by the fact that we have more buyer's in the market than we do seller's listing their homes for sale. This has been the case here for the past few years with not much of a swing in the other direction.
On average, our Spokane area market has held steady around a one month's supply of available inventory of homes. Once or twice it has ticked up to about 1.3 month's supply, but this is not even close to a balanced market which would be between five and six months of available inventory.
For the month of October 2019 we saw the following:
Home units sold: 942
Average days on Market: 23
Average price of Sold homes: $301,935
Performing agai ...
Friday, November 1, 2019 / by Jennifer Gilbertz
If you have been following the real estate market trends for Spokane recently you probably are well aware that we are and have been in a seller’s market with an incredibly low inventory of homes for sale in Spokane County and surrounding areas. If this is your first time researching this hot topic…………..then saddle up partner because it’s going to be a bumpy ride!
We currently in Spokane County are at a 1.3-month supply of homes, which is up ever so slightly from the last previous two weeks of 1.2 month supply. 1.3 is still a very limited amount of homes for sale in our market. What this number represents is if no more homes come on market, homes would be sold out in 1.9 months. A balanced market for both buyers and sellers are around a 5-6 month supply of homes. Spokane and its surrounding areas have been in a seller’s market for years now and we are well overdue for a market correction. Economis ...