Friday, December 20, 2019 / by Elizabeth Sorensen
We're getting down to the wire as we come to the end of 2019! With the holidays approaching next week, it isn't surprising that we have 20 fewer listings this week compared to last week- with only 82 new listings coming on last week.
Less buyers are out in the cold weather right now as well. For the first time in nearly nine months, we have an uptick in inventory with our current available properties at 1.5 months.
This is still extremely low and many buyers and sellers are wondering where we are at in the housing market as we head into 2020.
We still have a very high pending ratio of 57% with 1,476 active listings to choose from in Spokane County (single-family, stick built homes on <1 acre). So over half of the homes you see on the market already have accepted offers on them.
The buyer pool may be lower this time of year but so are the number of listings. So if you are a seller, you have much less competition. The buyers out there are serious, qualified b ...
Friday, December 20, 2019 / by Elizabeth Sorensen
Many sellers think spring is the best time to put their homes on the market because there are usually more buyers out at that time of year. What they don’t often consider is that every other homeowner is thinking the same thing!
Much Less Competition=Selling for More
The #1 reason to list your home in the winter is there’s less competition. Inventory is usually at its lowest point in the winter, so the options buyers have are limited.
The ‘sweet spot’ for listing your house to get the most exposure happens at the start of the New Year. When spring rolls around, temperatures aren’t the only thing that rises- so do the number of listings.
Don’t wait for all of the competition to show up before you decide to put your home on the market.
Serious Buyers=Less Window Shoppers and Higher Selling Price
There is an added bonus to selling during the winter- the buyers who are out looking in the cold and snow tend to be very e ...
Friday, December 20, 2019 / by Heather Schelling
Welcome to the third week of December 2019!
Market conditions continue to remain strong in Spokane County. Inventory is sitting at 1.5 months which means that based on current demand, if nothing else came on the market, we would be out of inventory in 1.5 months.
Blah, blah, blah…I’m guessing you’re tired of hearing about months of inventory, right? Understandable, it’s overquoted without an explanation of why it’s so important. Simply put, it’s a gauge that Realtors use to measure the market which is based on supply and demand. Whether you’re buying or selling, it’s important to know how much supply sellers have made available and how much demand buyers are requiring. Supply and demand drive home sale prices which we definitely care about!
Now let’s look at some specific numbers for our current market. When comparing stats, we use single-family site-built homes on under an acre. There are 631 active listings which is comparable ...
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 ...