WHY AREN'T THERE ENOUGH HOMES FOR SALE ?
Why is Spokane WA Listing Inventory ( # of homes for sale ) down a whopping 20% spring 2016 when compared to last year?
OUCH says the Buyer. It is a bit of a mystery as to why less people are listing their Spokane WA area properties for sale this year. I would love (love) any insights you might have as to what you think the reasons are.
Here is the word on the street, and my insight.
1) People don't want to sell until they have an idea where they are going, which creates a "bottle-neck" market. If more folks were willing to take a risk, it might open up the clogged market. And, sellers who do have their homes up for sale, won't likely even look at an offer " contingent " on a buyer selling their house. So, it becomes a catch 22.
2) The Storm of Nov. 17th 2015 has left many a home owner ( still ) waiting for major repairs prior to listing their homes for sale. (5 months later, I still have a huge blue tarp on my own house :(... for example ).
3) The election talk makes people squirm about the economy. Perhaps?
As Realtor who represents both Sellers and Buyers every day , I can honestly say it is still VERY busy in the Spokane market regardless of the lack of inventory. However, buyers seem to be feeling a big pinch regarding selections, and have to make faster decisions- as the home you want to " sleep on " will likely be gone in the morning.
That said, my biggest piece of advice is BE PREPARED. Be prepared by knowing clearly what you are looking for, and will settle for. Be proactive in having your financing all lined up with a solid pre-approval letter from your lender. I have seen people lose their dream homes, thinking they can put in offers with no pre-approval letter. NOT.
I actually think buyers should be more selective in this market. Rather than looking at homes that they truly know won't work for them, be patient, and be FULLY PREPARED to POUNCE.
I have all of my buyers on e-listing notifications. This is CRITICAL in today's market! And, having a Realtor do this on the actual MLS ( not a public search site ) will be a far better way of gaining accurate, REAL TIME information.
Sellers: hold onto your hat - it's a wild out there, and Buyers- saddle up, hold onto your seat, this horse is running full spreed ahead !
Realtors: COWBOY UP!
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