Spring and the housing market
March 18th, 2009 - Linda Miller
It is a fact – buyers are anxious to take advantage of low interest rates, the $8000 tax credit for first time purchasers, and affordable properties. That makes it a good time to sell.
I have been to several real estate forums, attended classes, read articles and talked to my fellow Realtors and this is what I have learned: Spokane is still one of the most affordable housing markets, one of the most stable, one of the least affected by foreclosure, and we continue to be blessed with a relatively good economy. What do we really struggle with? SNOW! Our market always reflects our seasons and that is why we know spring is here. Yippee!
Property listings are down slightly from this time last year. February home sales were up nearly 70% from last month and all my Realtor friends are reporting working with several different buyers and their listings are getting showings. We are a unique area and data displayed by the media does not reflect individual markets. I am not a Pollyanna – we have been through a period of time that caused values to decrease and sellers must be realistic about price in order to be competitive.
Jim and I have been through these housing cycles before – take a deep breath – they don’t last. Spring is here with new potholes and buyers looking at houses.
April 23rd, 2009 at 10:57 am
So, Linda, approximately another month has passed since you published your prediction. How IS the spring selling season looking in Spokane?
April 23rd, 2009 at 6:27 pm
According to hard data–our Spokane market is active and improving. Listening to most agents, we’re all very busy. Buyers are getting good deals. Sellers have to be priced competitively and have properties in great condition. There is no such thing as “testing the market”. The competition is keen. Staging and updating will sometimes tip the buyer. With interest rates low, and the $8,000 tax credit for first time buyers, this is a terrific time to invest in real estate. The short sales and foreclosures, even though not a large part of our market, have created enough competition to force some listing prices lower.