Hello Everyone,

The Spokane Real Estate Market has reacted fairly well in this housing crisis. Though the news talks of doom and gloom, The Spokane Housing Market has held up quite well.

It reminds me of those Servepro commercials where the tagline is "Like it Never Happened". That is where are market is in comparison to the rest of the nation. Spokane is one of the few cities that hasn't been hit like many other cities around the nation.

Part of the reason is that Spokane was undervalued before the huge increase of the last 3 years. We slowed down for different reasons than the rest of the US. We had a low inventory and easy to get loans kept people in Spokane buying homes even though the job market didn't support the increase.

In big cities there is much more income to be made so the prices kept going up in their already high markets. This led to huge imbalances of prices. Here we were more contained but hit a wall when the first time home buyers could no longer afford such high payments based on how much money they are making. When the housing crash started happening and the lenders tightened up on the loans that is what actually slowed our market because it moved the payments even higher for those entry level homes.

This helped get our inventory back up, and with 3 interest rate decreases lowering the payments again, we are back to business as usual. The home values also came down about $5-10,000 also bringing homebuyers back out to buy homes. This will take a little bit to get moving and mostly that is because people are still reading the national news about foreclosure and bad real estate markets, but in Spokane it just isn't so.

I just proved this in a listing we took that we marketed higher than other agents were quoting and we sold it for top dollar in a matter of weeks instead of the market average of 3 months. When it comes time to buy or sell in this market call us and let us show you what is really happening and help you get the most. 509-362-1966

To read more blogs like this one go to our Spokane Market Conditions Section

Ross Quintana Your Spokane Real Estate Expert! Team Quintana Real Estate Spokane, WA	Work: 800-756-5251 Ext 1 Mobile: 509-362-1966 ross@teamquintana.com Spokane Market Conditions
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