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housing prices on the rise in spokane

3 Ways to Know When it’s the Right Time to Sell

One of the biggest questions people have about real estate is when’s the right time to sell? There are many deciding factors that go into the timing of selling a home, ranging from financial, practical, and personal needs. If you’re in the position to sell now and just aren’t sure if the market conditions are right, there are a few important indicators you can look for.

 

Here are the top three things to look for in the local Spokane market to know when it’s the right time to sell:

 

#1 Low Inventory Market Conditions

 

In the simplest terms, “low inventory” in real estate refers to the number of homes that are currently for sale; these homes are the available “inventory.” A low inventory market, like what we’re seeing in Spokane and surrounding areas right now, is great for sellers.

 

When you sell your home in a low inventory market, you have a couple of competitive advantages working in your favor. First and foremost, there is simply less competition from other sellers, as there are fewer homes on the market in general. If the number of buyers remains higher than the number of homes on the market, each buyer is likely to look at a higher percentage of all homes currently listed for sale. This is math-speak for saying that the odds of your home getting a showing with a buyer are better during a low inventory market like what we are seeing now.

 

And you not only have better odds of getting any one buyer through your door, but you also are likely to have a higher percentage of all total buyers scheduling a viewing. This means that you’re getting a bigger slice of the buyer pie seeing your home online and in person than you would have had in a high inventory market.

 

The more buyers you can get your home in front of, the better your odds of receiving an offer. But it’s important to remember that just because inventory is low and buyers have fewer options doesn’t mean this a good time to skim on preparing and presenting your home for sale. Holistic and professional home preparation paired with a thoughtful digital listing strategy is always the best plan of attack when selling, in any market.

 

#2 Highly Motivated Buyers

 

Interest rates are complicated and can affect the real estate market in diverse ways, but in general, when interest rates are low, buyers become much more serious. Currently, interest rates are low and have recently dropped by almost a whole percentage point, and buyers are eager to take advantage of this money saving opportunity. From a buyer’s perspective, having the ability to save on mortgage interest is a strong motivating factor. And if/when interest rates do go up, this can significantly diminish the buying power for many buyers, which puts additional pressure on serious buyers to buy now.

 

Highly motivated buyers are good for sellers in general, as they tend to come with fewer demands. In real estate terms, it’s possible that highly motivated buyers will ask for fewer concessions, and will present more competitive offers. With more buyers than homes for sale, you also have the potential to end up in a “multiple offer” situation, allowing you to select the best offer.

 

When the market produces more serious, motivated buyers, sellers also benefit in purely practical terms, too. When inventory is high, sellers tend to see more “looky-loos” who just want to see the inside of the house with little-to-no actual intent to buy. This can be a nuisance and a waste of time and energy for sellers. Getting your home in front of motivated buyers is one of the biggest challenges in selling your home, which is why the current low-inventory market makes this such a smart and convenient time to sell.

 

#3 Prices are Going Up

 

Rising prices are always a great indicator of a good time to sell. Currently, the market is shifting to a full-on seller’s market. In a seller’s market, we tend to see prices going up as there is a shortage of homes for sale and plenty of active buyers. From a seller’s perspective, high buyer demand and low inventory competition creates a favorable environment.

 

Sellers will want to take advantage of these increasing home prices sooner rather than later. Finding a real estate agent, preparing your home, and listing it are all tasks that should be started now in order to hit the seller’s market in full swing.

 

In addition to housing prices on the rise in Spokane, the low inventory conditions also means that sellers have more leverage when negotiating against concessions. It’s important to work with a knowledgeable and experienced real estate team that can advise you on what listing prices and concessions make sense in the current local market.  

 

Buying a Home With The Real Estate Agent Spokane Team

 

The best way to sell a home in Spokane is to work with a real estate team who understands the local market and the listing and negotiations process. The Real Estate Agent Spokane Team is dedicated to informing and guiding sellers so they get the best offer on their home. We’d love to connect and discuss how we can help you list and present your home, from the initial consultation all the way through closing and purchasing a new home.

 

Carrie Meyer, Team Leader, delivers superior client care to those looking to buy or sell real estate. Our team works to educate and empower our clients through one of the biggest transactions of their lives by bringing a structured, process-driven methodology to bring consistency and clarity to a real estate transaction.

Living in Spokane is a Walk in the Park

Life in Spokane provides a unique city experience. Residents get to enjoy all the amenities of city life while never being more than a short drive from a park. Spokane’s parks truly define the city and the local community. Life in one of Spokane’s park neighborhoods has a charm you just can’t find elsewhere.

How did Spokane get so many parks?

The City of Spokane was actually built around the parks, rather than adding them as an afterthought years into development. This foresight was all thanks to Aubrey Lee White, President of the Spokane Board of Parks since its inception in 1907 (a seat he held for 15 years). White had returned to Spokane after working for parks departments in several major cities on the East Coast. While there, he saw cities struggle to fit parks into already developed areas almost as an afterthought. These efforts came at great cost and with much difficulty. White was certain Spokane could do it better, and he was right!

The “Lilac City” did steal a little bit of what the East Coast had to offer by bringing on the Olmsted Brothers. The Olmsted Brothers are the landscape architects responsible for New York’s famous Central Park. In fact, White commissioned the Olmsted Brothers to design almost all of Spokane’s parks. The Olmsted Master Plan outlined four major parks, five smaller parks, and multiple playfields. Their plan even included improvements to 10 previously designed parks. By 1913, most of these plans had already come to fruition.

According to the Spokane Parks & Rec website, “many of Spokane’s best-known parks, including Finch Arboretum, High Bridge, and Downriver Parks owe their existence to the Olmsted plan. Even pre-existing parks, including Manito Park, owe much of their aesthetic appeal to Olmsted suggestions.” Today, these parks remain a top priority for city members and city counsel alike. The parks are so important that even city building regulations are in place to protect the parks through limitations on building heights. Tall buildings would cast too many shadows across these beautiful outdoor spaces.

Real Estate Around the Parks

Because Spokane was built around its parks, real estate in the neighborhoods around Spokane’s most beautiful parks are in high demand. These neighborhoods often have their own cultural identities and form tight knit communities based on their local park.

Manito neighborhood on Spokane’s South Hill is one of the most coveted in the city. Residents can walk their dogs under the canopy of 100 year old trees lining their streets. Foodies can eat at numerous quant restaurants and coffee shops, and families can enjoy live music and movies in the park during the summer.

Coeur d’Alene Park sits at the center of the Browne’s Addition neighborhood in Spokane. Homeowners in Browne’s Addition cite the neighborhood’s walkability and park access as reasons to love the neighborhood. Browne’s Addition is known for its local restaurants and trendy nightlife scene.

Spokane’s Riverfront Park is one of the biggest tourist attractions in the city. Riverfront Park once hosted the Expo ‘74 World’s Fair. Today, the park sits front and center in downtown Spokane and hosts events like food truck festivals, yoga in the park, and more.

Interested in looking at real estate in Spokane around these beautiful park neighborhoods ? Contact me today to see what’s available in your dream neighborhood.

Own Your Own Home

Why Choose Spokane?

Why Call Spokane Home? Because It’s Where Happiness Lives!

It means “Children of the Sun.” It has been voted All-American City three times since 1975. Spokane is home to such a wide variety of events, if you’re not moving there, you should at least be visiting! Smack dab in the middle of mountain loveliness with the Spokane River running right through the center of town, Spokane is where families start, grow, and thrive.

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