Wednesday, December 18, 2019 / by Pamela Glende
This week we have gone slightly up in inventory from last week. We are at a 1.5 month inventory. What this means is if no new homes come on the market that in 1.5 months we would run out of homes to sell.
It is still a very strong seller’s market and homes are selling quickly if priced at market value here in Spokane Washington.
There are 1,476 active listings and out of those 834 are in escrow. That leaves us with 642 homes that are actually available. That is a 57% pending ratio.
Our stats are taken from homes in Spokane County that are stick built and on one acre or less of land. They don’t include mobile homes, foreclosures or short sale homes.
Winter is coming and I believe our inventory will drop as the snow starts to fly. A lot of people don’t want to sell during the winter. It is actually one of the best times to sell because the competition is far less this time of year. There are a lot of people trying to buy a home and homes are still going ...
Tuesday, December 17, 2019 / by Pamela Glende
There are costs to selling a home. Here in Spokane Washington, we have excise tax. Most of the time it is 1.78 % of the sales price.
You will also have real estate fees if you hire a professional realtor. Most of the time the fee for this is 6%. How this breaks down is 3% goes to the listing firm. This is then divided between the listing agent and their firm. The other 3% goes to the agent and their firm who bring the buyer.
You will also have title and escrow fees usually amounting to 1% more or less. The total of the excise tax, realty fees and escrow fees total up to between 8 – 9 % of the purchase price of the home. Plan on the cost to sell your home to be between 8-9 percent.
So, when pricing your home to sell it is important for you to have the realtor print you out a net sheet for you. A net sheet will calculate the fees for you using your current mortgage payoff and all the fees that come with selling a home. You will want to know what you will ...
Tuesday, December 17, 2019 / by Pamela Glende
This is a great question. The answer is it really depends on your current situation.
Here in Spokane Washington we are in a strong seller’s market. What I mean by this is that we have a shortage of homes for sale in comparison to the amount of people that are looking to purchase a home.
Oftentimes sellers don’t like to consider an offer with the contingency of the buyer needing to sell their home. That being said, it’s not impossible. A seller is more likely to accept a buyer home sale contingency if the seller’s home has been on the market a while. If it is a newer listing, it’s harder to get the offer accepted.
If you are selling your home before buying you may want to consider doing a lease back contingency on your listing. This does work great in a seller’s market. With a lease back contingency, you sell the home and the buyers allow you to lease it back from them for a set amount of time. Typically, it’s 30 to 60 days while you l ...
Friday, December 13, 2019 / by Pamela Glende
This week is much the same as last week. We have a 1.3 month inventory of homes. There are 1,554 active listings of which 857 are in escrow. This means that 55% of those active listings are in escrow and unavailable to purchase.
Many home buyers are frustrated as they are trying to find a home and when they inquire about homes many are in contract. This means that the seller has accepted an offer already on the home. My advice to these folks would be to ask their agent if they could still see the home.
You’re asking why should I still see the home? The answer is that many, about 40% of homes come back on the market because a number of reasons. Some could be the buyer changed their mind about the home. Sometimes financing falls through. Sometimes they find a home they like better or that would work better for their family. Sometimes the contract falls apart due to an unfavorable inspection.
Ask your agent if you can still see the home. You can always submit a back ...
Thursday, December 12, 2019 / by Pamela Glende
This is a great question. The answer is it depends. The best time to sell your home is when it makes sense for you financially. Do you have enough equity in the home? It costs money to sell. You will have real estate fees, excise tax and escrow fees. There can also be costs getting the home ready to sell if repairs need to be done. Here in Spokane WA we are in a strong seller’s market. Homes if priced right at market value or slightly below are getting offers in a matter of days if not sooner. Often there are bidding wars that lead to multiple offers netting the seller more than market value.
Another thing to consider is the reason for selling. Perhaps it’s a job change, or you are wanting to downsize or upsize. Perhaps it’s time to be closer to family or grandchildren. Sometimes those things mean more than what you will net on your home.
As far as the best time to list a home for sale, here in Spokane WA early in the year is best. February or early March are ...