Monday, October 21, 2019 / by Andria Sanchez
Not Long, If You Price It Right Up Front.
In today’s market, where demand is outpacing supply in many regions of the country, pricing a house is one of the biggest challenges real estate professionals face. Sellers often want to price their home higher than recommended, and many agents go along with the idea to keep their clients happy. However, the best agents realize that telling the homeowner the truth is more important than getting the seller to like them.
"There is no “later.”
Sellers sometimes think, “If the home doesn’t sell for this price, I can always lower it later.” However, research proves that homes that experience a listing price reduction sit on the market longer, ultimately selling for less than similar homes.
John Knight, recipient of the University Distinguished Faculty Award from the Eberhardt School of Business at the University of the Pacific, actually did research on the cost (in both time and money) to a seller who pr ...
Sunday, October 20, 2019 / by Shayla Morford
Have you ever wondered as a seller, if you made the decision to sell, how long might you expect before you have funds available in your account.
Here is a quick "average" snapshot of the standard home purchase. Remember, if you are asking me to sell your historic 13th Century Stone Castle Mansion on 500 acres, you might have to be slightly more patient for that "Ready, Able and Willing Buyer" to come along.
Typically there are two stages in the home selling process: Getting the home ready for prospective buyers to come through and once one of those buyers submit an offer you are willing to accept, the clock starts again.
Depending on how someone will be compensating you for their purchase, Cash or Financing, will set the pace. The "Great White Buffalo" of cash transactions has been rumored to close in a few business days. Cash buyers may skip a few steps a traditional mortgage lender wont allow. Conventional financing averages 30 days, while FHA or VA may be ...
Friday, October 18, 2019 / by Jennifer Gilbertz
Spokane, WA real estate market is holding strong and is continuing to be a top seller’s market. As a Spokane Realtor working with Haven Real Estate Group, we keep a close watch on the current real estate market trends on a weekly basis. For you, this means you will have access to the most up to date housing market information for our area and will have access to links to further educational blogs and videos relating to the current Spokane housing market, as well as, home selling and home buying educational tools.
We are currently holding at a 1.2 month supply of homes in our real estate market here in Spokane, WA. This monthly calculation of homes is based on the percentage of home buyers that are ready and able to purchase versus the amount of homes that are currently available in today’s Spokane, WA real estate market. For example; if suddenly no more homes were going on market for sale and at the current buyer purchasing rate, all the current ho ...
Thursday, October 17, 2019 / by Pamela Glende
We currently have a 2.1 month inventory of homes on the market in Spokane County. What this means is that no new homes come on the market we would run out of homes within 2.1 months.
A balanced market is 5.5 months of inventory. We are currently in a strong seller’s market. We have 316 active listings in which is down 20% from last week. There are 152 in escrow which is down 7% from last week.
That gives us a 48% pending ratio. So out of the 316 active listings 48% of them have accepted offers and are in escrow.
Last week we had a 2.2 month inventory. We had 336 active listings and of those 159 were pending and in escrow.
Our stats are taken from single family homes in the Spokane area. They don’t include land listings, mobile homes on land or leased land or multi-unit listings. They include single family stick built homes only within Spokane County and on under one acre. Stats are taken from all active and pending homes. They do not include short sale homes or fore ...
Wednesday, October 16, 2019 / by Connie Tracy
Shopping for a home in Spokane has changed... even since last year! Spokane's market is definitely a Seller's market!
Home buyers can't sit back and mull an offer over for long. If they find a house they like, they have to move fast especially in lower price ranges. This is a great time to sell your home in Spokane!
What exactly does a seller's market mean??
The demand is still high, but the supply is extremely low! One major factor in spurring on seller's market can be a drop in interest rates, which allows more people to qualify to buy homes, or to afford more expensive homes. Additionally, the population growth and increased job opportunities (Hello Amazon!) also bring more buyers into the Spokane market.
Another boost might come from new or expanded government housing assistance programs (BOND products) which allow for special low-interest loans, down payment assistance or tax credits for qualified buyers.
It continues to be a sellers market here in ...