It's all over the news, on the front page of the newspaper and staring you in the face on your home page when you go to search the web.  The doom and gloom of real estate.  Everywhere.  Foreclosures are up, housing prices are down, and the market is saturated with inventory.

Sure, it's true, some markets are struggling.  And I don't in any way want to minimize what is happening in those markets, but if you live in Spokane you need to ask what is happening in the Spokane market.

Here are the facts: As of the end of September, year-to-date closed sales were down 6.9% when compared to the first 3 quarters of 2006.  Average sales price is $212,107 - up 9.4%.  Active listings are at 3,273 - up 662 from the same time last year.

What does all this mean?  Simply that the right now, in Spokane, we are in a slow market not a low market.  Yes, there are more listings and yes they are taking a bit longer to sell.  However, prices haven't accelerated so much that they are out of reach of buyers.

At the same time sellers are still getting decent prices for their homes.  Prices have appreciated quite a bit in the past few years which leaves most sellers in a pretty good position if they are selling - or want to sell - their homes.

There has been so much focus on the negative that the positive is getting left out.  Interest rates are great - still very low.  Is it harder to get lending?  Maybe for some.  The good news, though, is there is more protection for buyers.  The checks and balances are back in place and hopefully buyers won't find themselves in a place where they are unable to make their mortgage payment.  This is a good thing.

We know it's not a Seller's Market but is it truly a Buyer's Market?  I don't think so ~ not yet.  From what I see sellers and buyers are working together to negotiate a sale.  In the frenzy of the hot market Spokane just went through there wasn't a whole lot of negotiating, just a lot of buying.  To me Spokane is experiencing more of a "balanced market." 

Can any of this change?  Yes, of course.  It could all change tomorrow.  But today is today.  Homeownership is part of the American Dream and the American Dream is within reach here in Spokane. 

Don't get stuck on the doom and gloom of Real Estate, don't believe everything you hear.  If you're considering buying or selling a home in Spokane call your Realtor and they'll make sure you get the facts straight!

Joddie Roberts, Realtor
Exit Real Estate North
Spokane, WA
(509) 844-7344
www.spokaneagent.net