With fluctuations in the real estate market it is often hard to tell if it’s a buyer’s or a seller’s market. No matter the market, you want to be as prepared as you can be whether you’re a buyer or a seller and you need to bring your A game either way.
“Spokane right now is in a very strong seller’s market,” said Cambria Henry, Owner and Managing Broker Haven Real Estate Group. “When the recession hit it created a perfect storm for a sellers market to be happening right now. That’s partly because builders stopped building, or pulled way back and a lot of people lost their homes to a foreclosure to a short sale and those people statistically should be selling a home right now and then purchasing another one. But in reality those homes have already been sold. They’ve worked hard to rebuild their credit and they are in the market to buy a home again without a home to sell. Plus we have all the people coming into the market for the first time it all adds up to very low inventory.”
What does the future hold for the Spokane real estate market?
“I think that the market is going to stay a seller’s market,” Henry predicted. “At least for the next year. We aren’t seeing the normal winter inventory ramp up that we normally see right now and so I think that it’s going to stay a seller’s market.”
Knowing the market is good for selling right now, many homeowners may spend the winter preparing to list their home in the spring.
“Homeowners should be looking around their home for little things they can do that will either improve their market value or will make sure that they qualify for all types of financing,” Henry explained.
But even before that, home owners will want to find the right agent.
“Now is the time to be interviewing agents,” Henry said. “You should find somebody that you trust. You should also work with someone who will not pressure to take the first offer you receive.”
For buyers in a seller’s market what steps should you take now to be prepared to compete in this market?
“Buyers should also be working with an agent who will showcase them as the most optimal choice for a seller,” Henry explained. “They want to be not just throwing more money at it. A lot of people will just say, ‘Well I’ll pay $10,000 more,’ but it’s important that you don’t pay more than market value for a home. Instead you want to showcase why you’re going to be the best buyer for the home.”
Click here to learn more about Haven Real Estate Group.