The Spokane, Washington real estate market is alive and well. It is still a sellers market, due to the number of homes on the market vs active buyers. The supply and demand continues to create bidding wars, and is a real challenge for buyers.
In this current market, the most important thing that a buyer can do is improve their cash position ( larger down payment, more earnest money- plus additional funds for an appraisal gap) and the second most important thing, is for buyers to really listen to their agent in regard to the local market trends. We find that buyers who hope to be an "exception to the rule" get very weary in todays market.
With interest rates on the rise, some buyers are getting discouraged. Let me remind you that we bought our first home at 11.8% interest rate, and that the "rising" interest rates are actually still historically very low.
If you have any questions about the Spokane area real estate market, I always love hearing from you !
BethAnn in Spokane
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