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How Buyers Can Capitalize in Spokane’s Competitive Holiday Market

We often hear about a “buyer’s market” and the “seller’s market,” but it’s important to understand that these trends vary on a region-by-region basis. National trends are reporting a “buyers market” in many areas, meaning that there are more homes for sell then there are buyers, giving buyers a slight advantage – BUT – this is not currently the case in Spokane. In fact, we are trending more towards a seller’s market, meaning there are more buyers than sellers. Many homes are receiving multiple offers.

 

Buyers can absolutely capitalize on a home purchase in Spokane’s competitive holiday market, but there are a couple of important steps that you’ll want to take to increase your competitiveness and get the best deal. Here’s three things you need to know if you want to capitalize on Spokane’s current market and close on a new home before the holidays.

 

How to Buy in a Cooling Market

 

Even in light of a slight seller’s market, this is still a great time to buy in Spokane! It is true that buying is more competitive right now, but this trend is coming on the heels of recent price drops on real estate. What does this mean for buyers? Prices are going up, but they are still lower than they have been – and as bidding wars on properties heat up, prices will continue to rise.

 

The recent price reductions mean this is the perfect time to capitalize on the holiday market. First time homebuyers, real estate investors, and downsizers will find particular benefit in this market.Waiting buy until after the holidays could mean paying more for your home.  

 

You MUST Do This

 

Get prequalified! In a competitive market, it is crucial that you come prepared. I strongly urge all my clients to get prequalified before beginning a home search, for a couple of reasons. First, getting prequalified reduces heartbreak when you fall in love with a home only for funding to fall through. Second, you are competing against other buyer offers, so you need to convince the seller that YOU are the most qualified offer. A thorough, well thought out presentation of the offer from your realtor can genuinely make or break the transaction, so be sure to provide as much to your realtor as possible. I generally request recent financial documents and statements be readily accessible on hand so there is absolutely no delay in the offer process.

 

For those looking to close and move before the holiday season is upon us, I recommend taking the extra step to become fully underwritten prior to making an offer on a home. This will speed the process significantly (as little as 21 days to close, in some instances), and increase the competitiveness of your offer. For mortgage brokers who specialize in fully underwriting buyers prior to the offer, consider Ben Sharpe at Mountain West Bank or Boone Plager at Fairway Independent Mortgage.

 

The Benefits of Buying Now:

  • Move in before the winter holidays
  • Capitalize on the reduced pricing before bidding wars drive prices back up

 

Pro Tips for Buyers:

  • Come prepared!
  • Have a pre-approval letter or underwriting from a lender before hiring a real estate agent or viewing homes
  • Have recent asset statements ready, in hand, when making an offer
  • Allow your agent to put together the best possible offer presentation by providing documents and statements as quickly as possible

 

You want to be the best, most qualified and serious offer in a competitive market. The offer presentation created by your agent is the only thing a seller knows about your qualifications. It is critical that you hire a realtor with an exceptional presentation strategy.

 

Looking to Buy and Sell in Spokane?

Carrie Meyer is passionate about helping people relocate to Spokane. Having done so herself nearly 15 years ago, she understands the struggles and stresses that come with moving from out of town and provides unique services to make the process as simple as possible. Carrie also specializes in new home builds and property purchases for those looking to live on acreage with an easy commute back into town, and gladly represents local transactions of any type.

christmas shopping spokane

Win Big and Support the Symphony at Christmas Tree Elegance

36th Annual Christmas Tree Elegance Event in Spokane

 

Christmas Tree Elegance was founded in 1983 by the Spokane Symphony Associates as a fundraiser for the Spokane Symphony. Today, this family-friendly event has won a place in Spokane Christmas tradition, and has grown into a 13-day event. Attendees travel from five states and Canada to participate and partake in Christmas Tree Elegance, and if you’ve ever seen the trees (and the prizes!), it’s no wonder why.

 

This year marks the 36th anniversary of the event, which opens on November 27th and runs through December 9th.

 

How it Works

 

There are 18 beautifully decorated trees located inside the Davenport Hotel and River Park Square during Christmas Tree Elegance. These decked-out trees have been sponsored by local and national businesses contributing to the fundraiser. Attendees of Christmas Tree Elegance don’t just come to see the trees, they come to win.

 

Raffle tickets are $1 each, and you can bid on as many trees as you want, as often as you want. But even better still, each tree comes with an additional gift basket/swag bag or cash prize. That would certainly help you deck the halls and line the stockings on your chimney!

 

The raffle drawing will be held and winners announced on December 9th.

 

The Charity

 

All proceeds from raffle ticket sales go to support the Spokane Symphony. All the trees and prizes are sponsored by local and national businesses, so you can bid confidently, knowing your funds really are going to support the arts in Spokane. Christmas Tree Elegance is the Spokane Symphony Associates’ biggest fundraising event of the year for the symphony, so grab the kids and some friends and take a stroll through the trees. And if you see something you like, buy a few raffle tickets and throw your name in the hat – you never know, it could be your lucky day!

 

The Real Estate Agent Spokane team of realtors is proudly sponsoring tree #12 at this year’s Christmas Tree Elegance. We believe in promoting arts and culture in Spokane as a celebration of the diversity and sophistication our city has to offer.

 

Meet the Team

 

The Real Estate Agent Spokane team is a part of Kestell Co Realtors, located in Spokane, Washington. We are full service realtors who handle all types of transactions from first time home buyers, investment property transactions, relocations to Spokane, and more.

 

Carrie Meyer is passionate about helping people relocate to Spokane. Having done so herself 15 years ago, she understands the struggles and stresses that come with moving from out of town and provides unique services to make the process as simple as possible. Carrie also specializes in new home builds and property purchases for those looking to live on acreage with an easy commute back into town, and gladly represents local transactions of any type.

 

Sandra Bachmeyer is highly skilled in downsizing transactions, specifically in dealing with the relocation of a parent or grandparent out of their home and into an assisted facility. Sandra has years of experience working in elder care and understands the delicate nuances of these types of transactions. She will work tirelessly to ensure that your loved one is treated with dignity and respect throughout the entire process.

 

Wendy Smith is a “jack of all trades” in real estate and is ready to help, no matter your transaction type. Wendy understands what it’s like to be a working mother, and strives to make your transaction as simple as possible. She is passionate about helping people find their dream home and sell their current home as quickly and profitably as possible.  

 

The Real Estate Agent Spokane team can be reached at (509) 868-1077, or full contact information can be found here.