Friday, November 01, 2019 / by Pamela Glende
This week we are at a 1.3 month inventory of homes on the market. That is up slightly from last weeks of 1.2 months.
What do I mean by a 1.3 month inventory. It means that if no other new homes come on the market that we would literally run out of homes to sell in 1.3 months.
A balanced market is 5.5 months of inventory. We are still in a strong seller’s market here in Spokane Washington.
Last week we had 2,217 active listings of which 1,213 were pending and in escrow. So, the actual available homes were 1,004.
This week we have 1,965 active listings of which 1,084 are pending and in escrow. That’s a 55% pending ratio. Only 881 homes are actually available.
Stats are taken from homes in Spokane County and they are on one acre or less of land. They don’t include Multi-units homes, mobile homes, short sale homes or foreclosures . They are stick built homes.
What does this mean if you are thinking about selling your home? It means it’s a great time to s ...
Thursday, October 24, 2019 / by Pamela Glende
This week we are still at a 1.2 month inventory, the same as last week. There are 2,217 active listings in Spokane of which 1,213 are in escrow. That is a 54% pending ratio. That means that over half of the active homes aren’t actually available. They are in contract and going through escrow.
A balanced market is a 5.5 month inventory. We haven’t seen that in the Spokane Real Estate Market for many years now. I believe when I started in real estate about 5 years ago, we had around a 4 month inventory.
An example is with a 1.2 month inventory we would run out of homes to sell in 1.2 months if no new homes came on the market.
It is still a strong seller’s market and has been for a few years now. We are expecting the market to change as history shows we are well overdue for a market correction. That being said, I don’t think it will be soon because of all the new businesses coming into Spokane such as Amazon and the increase of military coming to Fairchild Airfo ...
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 ...
Sunday, April 07, 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 ...
Saturday, March 30, 2019 / by Dennis Isip
Mortgages are for buyers, why do I need to know about it, if I’m selling?
There are 2 things a seller needs to pay attention to:
Buyer Pre-Qualification or Pre-Approval
I often come across a lot of renters who do not have an idea of what it takes to buy a home. The variety and number of documents alone can be intimidating, but being a homeowner can be one of the most financially rewarding experiences in one’s life. However, that’s assuming that the buyer gets the right house, done in the right way.
Of course, there are other non-financial benefits too: fenced backyard for the dog, school for the kids, no neighbors above or below you, customizing your kitchen, and in some cases, having an attached garage. (This knowledge gives the seller a leg up in negotiations.)
Here’s What Buyers Need To Qualify in Today’s Market
Down Payment - Generally between 5-20 ...