SPOKANE HOUSING MARKET UPDATE
QUICK SPOKANE HOUSING MARKET FACTS
TRENDS
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National pending sale are up 8.1%
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Mortgage rates are close to 7%
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Mortgage application rates are at 28 year lows
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Spokane inventory is low
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Spokane prices are down 16.7% since their highs in May 2022
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Median Days on Market are up +33% YoY
BUYING
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If you’re a buyer, your window is closing. ⏱
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I’m more convinced than ever that we’re near or at the bottom of the current market cycle.
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It's still the best time to buy vs. anytime in the past few years.
SELLING
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Mortgage rates are high but buyer competition is heating up.
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You can sell your home. You're no longer stuck, unable to sell.
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It's not the best time to sell if you want top dollar. 💲
SPOKANE MARKET SUMMARY
Here's how I would recommend responding.
If you're a buyer, dive in, pick up a property with a low purchase price and wait to refinance. Be cautious about asking for too much in terms of upfront credits on those most desirable homes in order to win the offer.
If you're a seller who has to move, list at a sensible price and be prepared for 10-30 days on market. But if you want top dollar watch these interest rates and wait for them to come down and prices in turn will rise. It might take 18 months but but that's just the reality of where we're at.
