Grief, frustration and rejection are what many house seekers find these days. As Spokane grows, many find it difficult to compete…
SPOKANE, Wash. – The latest sales report from the Spokane Realtors Association shows that house prices and inventory are up, but sales are down from April 2021.
“The market is very similar to what it was last year, maybe more competitive,” said Haven realtor Kylene Emery. “It’s competitive to be a buyer, to be a realtor, and to be a seller. If you’re a seller and you’re going to be staying anywhere on the West Coast, you’re going to have to find a home in a similar market. ”
The Spokane Association of Realtors said inventory is down 19 days from 10 days in April 2021, which is promising, but still reflects a market where demand is outstripping supply.
“That’s the difference between 12 days of inventory and 15 days of inventory, we still don’t have that,” Emery said.
Jeff Deboma, standing outside his South Hill home that he and his wife, Emily, bought last October, succinctly described the process of buying a new home: ‘Chaotic, stressful’.
With a growing family and the need for more space, the Debomas have gone through the Spokane home buying process twice since 2019.
“The list price is never the actual price, as we found out,” Emily said of the many excessive price offers they submitted, including one in the Midwest they liked.
“We made a really competitive offer…and it was turned down,” Emily said. “We were so close. We were really into this. It was heartbreaking.”
Heartbreak, frustration, and rejection are what many hopeful homebuyers are experiencing these days. As Spokane grows, many find it difficult to compete with those moving from out of town or those using the huge capital from the sale of their old home to attract sellers with large sums of money. ‘money.
And those big cash offers have a ripple effect.
“It’s more a problem of people at the bottom or the newbie part of the market being pushed out,” Emery explained. “They’ve struggled very hard to save three to five percent and closing costs, and these don’t have $150,000 from the last house to bring with them.”
The average closing price in April 2022 for a home in Spokane was $460,388, while the average price in April 2021 was $392,566, according to the Spokane Association of Realtors.
This is an increase of 17.3%. However, the houses are moving.
“The average time on market is 4 days,” Emery said.
Many accept offers well above the asking price.
“One is under contract for almost $90,000 over list price, and the other is, like, $30,000 over list price,” Emery said of two of his announcements.
The answer may be obvious, but it’s also easier said than done: we need more homes.
“It’s really our best hope of getting out of this,” Emery said. “More builders are building, and Spokane County and the City of Spokane are passing laws and initiatives that make it easier for them.”
Despite high prices, which are expected to continue to rise, and rising interest rates, Emery said if you’re looking for a new home, it’s still a good time to buy.
“I think there is still value to come out, [the buyers] you just have to be prepared for it,” Emery said.
And that preparation, Emery said, means connecting with a realtor and lender as soon as possible and getting your details in order.
“It’s really about educating the buyer to do their best,” Emery offered. “How can we make you as competitive as possible in terms of aligning your financial ducks and identifying what the seller wants?”
After buying two homes in the past three years, Jeff and Emily plan to stay put for a while, but they offered this advice to potential buyers:
“Be patient, prepare for heartache, and leap like a tiger.”