Friday, October 18, 2019 / by Dennis Isip
I'm going to be honest with you. Successfully selling your Spokane, WA home by yourself can potentially save you 3-6% in commission fees.
Then, I'm going to be brutally honest with you. Your chances of succeeding are 7% (based on 2018 statistics from the National Association of Realtors), and even if you did sell it on your own, you may not be totally happy with the results.
The first 14 days will be crucial; it's very likely that your buyer will be a friend, relative, co-worker or neighbor. After those two weeks, your odds of success drop down dramatically to less than 2%.
Here are 4 things that you should expect, if you continue to go on your own:
1. Be prepared for any potential litigation. Buyers typically discover some defect about the property shortly after moving in. Unfortunately, the first thing that comes into their mind is that the seller intentionally kept it a secret. If it escalates and doesn’t get resolved quickly, the lawyers may be called upon ...
Friday, October 18, 2019 / by Dennis Isip
The obvious answer is price. However, there is something more powerful than price alone. Of course as a seller, you want to get the highest amount you can get. While there are practical limits to that, there are psychological factors that pull the buyers to stretch themselves to make an offer higher than they normally would.
As a Spokane Realtor, there is one principle I always tell my clients: Purchase decisions are emotional, not logical.
People don’t buy homes based on logical reasons. If they did, a 4BR 2BA home will sell just like any other home. However, they don’t. Some sit on the market for a while, others get snapped up over a weekend.
People buy homes based on their FEELINGS. People choose homes based on their DESIRES. People want homes that will provide the LIFESTYLE BENEFITS they’re looking for.
So I recommend sellers to pay attention to the following 3 Cs:
One of the first red flags for the buyer is whether or not they ...
Wednesday, October 16, 2019 / by Dennis Isip
A seller’s market is a situation where there are more buyers looking for a house, than there are available properties for sale. Home prices have a tendency to escalate due to potential bidding wars between multiple buyers.
Correctly priced homes in Spokane Real Estate market have been selling fast and furious. Those houses that have been on the market for an extended period of time are overpriced.
As a Spokane Realtor, I like numbers, so I turn to the statistics of actual listings, and actual home sales to analyze the state of the market. I divide the number of homes available for sale, by the number of homes that were sold within the last 30 days. The resulting quotient is the current Inventory, expressed in months.
Available Homes = Months of Inventory
In a nor ...
Sunday, April 7, 2019 / by Dennis Isip
The ideal situation is to be able to buy your new home, without having to sell your existing home. That you means, you either have the cash to buy the second home, or the financial qualifications to obtain a bank loan.
However, most people are not in such a position. Fortunately, you can insert a simple legal clause in the sale of your home, that will minimize your anxiety levels when selling and simultaneously buying your next residence.
When undertaking back-to-back transactions of selling and then buying real estate, timing is everything. The critical factor is to prepare and complete as many tasks as possible, up front, before signing those legal contracts to transfer ownership from one person to another.
Buying in a Seller’s Market
In a seller's market that we have today, it is easier to sell, than to buy. Spokane has been at historic low levels of inventory for over two years now, as of this writing. Buyers have a lot of competition, because th ...
Sunday, March 31, 2019 / by Dennis Isip
Are you moving to another state, or relocating to Washington State? More specifically, are you considering a move to or from the Spokane area? There are a lot dynamic factors changing in different directions simultaneously at this time. Let’s look at the big (national) picture first.
National Real Estate Market
If your plan for 2019 includes selling your home, you will want to pay attention to where experts believe home values are headed. According to the latest Home Price Index from CoreLogic, home prices increased by 4.7% over the course of 2018.
The map below shows the results of the latest index by state.
Real estate is local. Each state appreciates at different levels. The majority of the country saw at least a 2.0% gain in home values, while some residents in North Dakota and Louisiana may have felt prices slow slightly.
This effect will be short lived. In the same report, CoreLogic forecasts that every state in the Union will experience at least 2.0% a ...