Saturday, November 16, 2019 / by Keri McCombs
It's that time again! Time for your weekly real estate market update for the Spokane County, WA area.
The cold and dreary weather is settling in nicely (not sure if nicely is the best word for this situation ha!) and daylight savings has now happened. Which means for our area, it's now getting dark at 4:30pm. Yikes! That will really cause people to settle into their warm, cozy homes after work and not want to go outside!
Contrary to what the weather is doing though, our market isn't seeing that much of a slowdown. Yes, there has been a decline in sales. Yes, there has been a decline in number of homes coming on the market. But remember, it's all relative. The number of buyers has also declined. So although sales have seen a drop by about 25%, we're still seeing a highly active market. In fact, this time of year is when many buyers actually start looking because they avoid the mad rush in the spring and summer and they have way less competition.
Friday, November 15, 2019 / by Keri McCombs
I'm sure you've been seeing a lot in the media over the last several months, or even years, about the strength of the real estate market, especially in the Spokane area. You've probably seen a lot of "it's a hot market!" or "it's a seller's market!" but you may be curious about what this means, how this happens, or what you can expect from buyers and sellers.
To begin, a seller's market is a real estate market in which the seller is strongly at favor. That is a simple definition of a seller's market, and we're going to delve deeper into how this actually happens and what you can expect.
When we look into the nuances of a seller's market, this type of market happens when there are significantly more buyers looking to buy homes, and making offers on homes, than there are available homes on the market. In fact, the more this phenomenon has been happening, the more homeowners have been afraid to list their home for sale, for fear that they won't be able to find a new ho ...
Friday, November 15, 2019 / by Keri McCombs
The decision has been made to sell your home. But you think you need to make repairs on your home. So the question looms: do you make those repairs or do you forego the repairs and list your home the way it is?
This is such an important thing to consider, and it's not a simple yes or no question. Well really, when it comes to real estate, almost nothing is a simple yes or no answer, because everything depends on your particular situation, your home, and your end goal. Also, so many homeowners think they have to do so many more repairs than are actually necessary, or that will be financially beneficial for your home sale.
There are a couple of factors to look at when deciding if you should make repairs on your home prior to selling.
Factor #1: The Price Of Your Home
The price range of your home matters so much. I mean, think about it, buyers are different price points have different expectations of what they will find in a home. So the first step is to find out wha ...
Saturday, November 09, 2019 / by Keri McCombs
Here's your weekly Spokane real estate market update for the week ending November 8, 2019! Whether you've been following these blogs or not, I'm going to start by sharing how to determine the type of market we're in and what that means to you.
When we look at whether it's a buyer's market or a seller's market, we look at this in terms of months of available inventory of homes. In a balanced market, which is a market where neither buyers nor sellers have an advantage, Spokane's market would have an inventory of 5 and a half months of available inventory/homes for sale. When we talk about months of available inventory, this means that if no other homes came on the market and buyer activity stayed the same, we would run out of homes in five and a half months.
For the purpose of consistency, I only look at homes on a maximum lot of one acre, in Spokane County, and only stick built. Why is that? Because most of the sales in our MLS fit these criteria. So this gives us ...
Friday, November 01, 2019 / by Keri McCombs
You’ve taken the leap! You’ve cleaned your house, you’ve packed up items you don’t need into boxes, you’ve staged your home, you’ve done the works, and your home is now on the market! ...Except it isn’t selling.
What do you do now?
This is a super nerve-wracking place to be, especially if you live in an area where all you hear and see are homes selling quickly. I can’t imagine what emotions you might be feeling. So I’m here to give you a few steps you can take to get your home sale moving in the right direction!
Step #1: Get Feedback
Feedback comes from a variety of sources. The biggest and most vital source is from potential buyers who see your home. After each showing, your agent should be reaching out to the agent who showed the potential buyer and find out what feedback the buyer has. Now I will tell you - in our market, it can sometimes be difficult to get a response back. I am guilty of being one of those a t ...