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The real estate market in Spokane is changing in 2013. Inventory is continuing to be down compared to 2012 at then end of the first quarter. SAles are s=rising compared to the same period in 2012 by as much as 11%. The average sales price for 2013 is also slightly up over last year.
This is resulting in not enough homes for buyers which is sparking an increase in new construction. THese new construction prices have already seen a price increase this year with another one predicted in May/June. Properties that are not in fabulous condition are struggling to attract buyers. Even with low inventory most buyers do not want to do any work. It is still a beauty contest but in some price ranges there are multiple offers for these homes in great condition. Buyers in all price ranges are wanting to negotiate their closing costs into the contract. There are still many short sale sellers in a short sale position entering the market. Offers are subject to lender approval and then the negotiations start all over again with the lender. This process can still take up to 6 months or more to complete. Some sellers are 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 also entering the market and are attracting mainly investor buyers. |
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)