Staying informed about the ever-changing Spokane housing market is crucial for both buyers and sellers. Buyers and sellers are facing challenges due to rising mortgage rates, higher home prices, and low inventory. Due to the complex market, it’s wise to consult with a knowledgeable local real estate agent in Spokane.
Where Spokane Is Currently Sitting
In Spokane, the housing market continues to show remarkable resilience and activity. With a burgeoning population and an attractive quality of life, demand for housing remains robust. However, this surge in demand has led to a tightening of inventory, creating a competitive landscape for buyers. As a result, home prices have seen steady appreciation, making it a seller’s market in many areas. Despite these challenges, low mortgage rates and favorable economic conditions are driving buyer interest, fueling continued momentum in the market. Navigating this dynamic landscape requires strategic planning and expertise, whether you’re buying or selling. Working with a knowledgeable real estate professional can help you make informed decisions and seize opportunities in Spokane’s vibrant housing market.
Right now, housing prices are relatively affordable compared to the west side of the state. With the diversified economy and lower cost of living, it creates a healthy demand for homes. The average sale price so far this year is $373,900, with an average of a house being on the market for 23 days. The housing market in Spokane is highly competitive at the moment, with many homes getting multiple offers. Buyers are purchasing some homes without contingencies. Highly competitive homes typically sell for 2% above the list price and go under contract in just 4 days.
What The Rest of The Year Looks Like
Experts believe that home prices will rise more slowly this year compared to previous years. The outcome will depend largely on the amount of inventory available. But, experts are also forecasting that there will be an increase in home sale transactions this year compared to last year. Experts predict that interest rates will cool down and that the market activity should heat up in response to that. When mortgage rates go down, the decrease will happen gradually. This is done to avoid a sudden surge in demand. A sudden increase in demand could cause a decrease in inventory. This could then lead to a rise in home prices. Experts are predicting that 30-year mortgage rates will fall to 6% by the end of
the year.
The Legacy Group Is Your Go-To Real Estate Team
If you plan to buy a house this year, make sure to keep an eye on the listings for houses in your area. You can do this by working with a real estate agent who knows the local market well. Houses are selling quickly because there are more buyers than available inventory. This trend is expected to continue as the housing inventory grows. Having an agent on your side means they can negotiate on your behalf, and provide advice throughout the whole process.
If you want to sell your home or find a new one, The Legacy Group Real Estate can help. We have an elite team of real estate professionals to assist you. With over 17 years of experience, our team can help you with all your real estate needs. We
specialize in Eastern Washington, Northern Idaho, and Western Montana. We’re dedicated to securing top prices and providing exceptional service for your house sale. Let us navigate the market’s twists and turns while offering expert guidance to ensure your interests are well-represented. Reach out to The Legacy Group today for a seamless real estate experience.
For more information on how to buy or sell a home, check out our Seller’s Guide and Buyer’s Guide:
Seller’s Guide:
https://thelegacygrouprealestate.com/sellers/deciding-to-sell/