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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.

home renovations

Top 4 Home Renovations to Consider Before Selling in Spokane

Do I Need to Remodel Before I Sell My Home?

 

The need for costly renovations is one of the most common reasons people give for holding off on selling their house. It’s easy to assume that any improvement you make on your home will directly affect the resale price and lower the days on market. Unfortunately, this isn’t always true. In fact, among home sold in California, Oregon, and Washington in 2017, there were only four renovations that saw at least 100% of costs recouped in the resale on average, according to Remodeling.com.

 

Take a look at the most profitable home renovations in Washington last year:

 

Attic Insulation – This upgrade calls for a professional remodeler to airseal the attic to prevent air-conditioned air from escaping into unconditioned areas. Fiberglass loose-fill insulation is added until the insulation reaches the industry standard thickness.

Average Return on Investment in 2017: 122% of cost

 

home renovations

Replacing the garage door can boost resale values

Garage Door Replacement – The cost involved with replacing a garage door includes removal and disposal of the old door.

Purchasing and installing the new door makes up the remaining portion of the expense. Replacing the door typically includes a new insulated 4-section door with ½” insulated windows in the top row, new heavy-duty tracks with a lifetime warranty. Generally, the motor from the old door will be reused. 

Average Return on Investment in 2017: 110.8% of cost

 

sell my home spokane

Replacing vinyl siding with stone veneer can increase home values during the sale

Manufactured Stone Veneer – Adding a manufactured stone veneer to your house can dramatically change the way your house looks from the street. This renovation consists of removing the bottom ⅓ of vinyl from the street-facing side of your house and replacing it with manufactured stone. The trends on cost vs. value may be changing on this project in 2018, so price out your project and work with a well qualified realtor to decide if this project makes sense before listing your home in Spokane.

Average Return on Investment in 2017: 106.7% of cost

 

Replacing Entry Door (Steel) – Replacing a standard front door with a 20-gauge steel door can make a big difference on the resale price of your home. The entry door is the first part of your house that prospective buyers will actually interact with. It is important to make a good first impression! Steel entry doors are also safer and so increase the value and “sellability” of the home.

Average Return on Investment in 2017: 101.3% of cost

 

What it All Means

 

All of these renovations improve the “curb appeal” of the house, make it safer, and cheaper to

average days on market

Replacing cabinets and countertops can reduce the number of days on market when selling your home

upkeep. When deciding whether or not to move forward with a remodel, ask yourself  a couple of questions. Does this give my home more curb appeal? Will this project give me an edge over other available homes in the area? 

There are a few renovations that might be necessary in order to generate interest in your home. Things like kitchens and bathrooms might need to be remodeled to get buyers interested in your home. This will depend on market trends and competition in your neighborhood.

 

Ready to Talk About Listing Your Home in Spokane?

 

Don’t make assumptions about what projects need to be done before you can list your house in Spokane. Contact me today to review the market trends in your corner of Spokane. Let’s make a plan to get you the most money – and quickest sell time – for your home or property.