Real estate in Spokane Washington is doing well and individual homeownership is still your best investment that you can make. In Spokane, real estate prices don’t have nearly the highs or the lows that we see in other parts of the country, but we are enjoying the same market recovery as everyone else.
The last reporting from the Spokane Association of Realtors reported year to date sales 20% higher than last year. Closed sales are up and inventory is down. At the end of October we had 3.5 months’ supply of homes on the market. This is an indication that prices will continue to be strong well into next year.
With home prices rising at a healthy rate, buyers can buy with confidence that they will realize return on their investment. Sellers, who were upside down on their mortgages just a few short years ago, can now afford to sell their homes. A low inventory with high activity means that a home that is in good condition and is priced correctly will move quickly.
November and December tend to be less active months in Spokane just like they are in other parts of the country. Home sale prices average about 5 to 10% than they do in the late spring and early summer.
The homes you see on the market this time of year are from sellers who
need to sell because of some kind of life change or they are homes that didn’t sell over the summer for whatever reason. Either way, the sellers are often times pretty motivated. Seasonally, this is a good time for buyers to get some good deals. There will be more homes to choose from come April but there will also be more buyers to compete with and higher prices to contend with.
Again, life changes sometimes dictate the need to sell your home but as a seller, you will get more for your home in the spring. In the winter there are fewer homes on the market which means less competition and the buyers who are looking tend to be more serious but you just need to realize that your home is not going to bring top dollar.
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Spokane Real Estate.
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