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With fewer of the toxic loans in WA State property values have not dropped as low as in some other states such as CA,NV & FL. Spokane has been spared the deep home value reductions seen in other parts of the US. Our average price through October 2011 is $169,000. This average home would have around 1100 square feet on the main floor, 3 to 4 bedrooms, with a 2-car garage and more finished living space either on another level or in the basement.
Inventory levels have trended down this year around 12% down on 2010. Interest rates are still at record lows. Properties that are not main stream are still struggling to attract buyers. Condition and marketability are now even more important. It is basically a beauty contest and sellers are having to do more to attract buyers. Buyers in all price ranges are negotitaing their cosing costs into the contract. More sellers in a short sale position are entering the market. Offers are subject to lender approval and then the negotiations start all over again with the lender. This process can take up to 6 months or more to complete. However some sellers are now able to get short sale approval prior to going on the market and this can speed up the process. However this continues to be a frustrating position for buyers and sellers both. More lender owned property is entering the market and with Short Sale sellers are about 10-15% of the market in Spokane. |
Jeannette Karis, ABR,CRS,GRI,SRES,SFR,ePro - "The REALTORŪ with the English accent!"
509-994-8246 // 800-490-4378 // licensed in WA state
RE/MAX of Spokane, 12810 E Nora Suite E, Spokane WA 99216, (each office independently owned & operated)