How will COVID-19 affect the Spokane WA real estate market ?
I have received calls, texts, and e -mails asking if I know how COVID-19 will affect the Spokane WA real estate market.
My answer has been " it is too soon to tell " for the most part.
Deemed as the #1 market in the Nation for level of interest from outsiders as a place to relocate, Spokane has some " special " standings .
To substantiate my reference regarding Spokane's unique market please see :
https://www.spokesman.com/stories/2019/nov/16/realtorcom-spokane-named-top-market-for-out-of-are/
The Spokane WA market has seen unprecedented increases in home values the past 3 years , and while we knew this could not continue at the same rate, I feel our market holds a bold strength and will remain in the leading markets once things begin to level out with COVID-19.
The most important thing today ( 3/29/20 ) if for all of us to do everything we can to remain diligent in following our health officials and Governor's orders to #StayHome#StayHealthy.
The services real estate agents can perform under Governor Inslee's orders have changed since he initially made his "Stay Home Stay Healthy" mandate. It is important to note, they may change again.
As a REALTOR in the state of Washington, I am under the guidelines of both the Governor, and the Washington Association of Realtors. If you want to know specifically what we are allowed to do, feel free to reach out to me as I am carefully following and abiding to the regulations, which again are subject to change at any moment.
Spring has ALWAYS been an incredibly busy time in the Spokane real estate market. Having the pause button pushed at this time has left many people hanging. My personal take on this is that the more we adhere to staying home the sooner we can re-integrate as our officials allow. Patience is indeed a virtue!
It may take a few to several more months to see how prices will be affected.
For now, I am advising my own clients to wait to list their homes, unless they have special hardships/ pressing reasons to do it now. I think overall there will be far less people looking, so we need to really give this situation more time.
FIRST THINGS FIRST! Your health, and the health of those around you is far more important than anything!
To quote Peter Panegg , who is one of the real estate coaching program hosts I follow :
"“What we know is that real estate is one of three of mankind’s basic needs. Clothing, food and shelter. People need a place to live. When the quarantine is over and people feel safe, jobs are restored, our sense is that the marketplace will pick up where it left off based on the simple economic principle of supply and demand. Over the last 10 years there has been a continuous shortage of new construction. Some sources say there is a 4,500,000 national housing shortage so overall based on our population growth. Unlike prior housing recessions, the fundamentals seem to be solid.”
Let's hope by following the shelter in place orders and social distancing, we can make a difference in the lives of our health care workers, and lets pray for all of the people who are on the front lines of COVID-19 , and use our down time wisely!
I will be posting the monthly Spokane Real Estate Market Stats right here on my blog , so stay tuned, stay well, stay home, stay healthy ! BethAnn in Spokane
Questions ? e mail me at bethannlong@gmail.com
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