Looking for honest assessment (any realtors from Spokane out there?) of housing market in Spokane - no spin please (days on market, for sale)

[rick49]

Looking at 400k to 500k range, one acre or so, and seems to be a lot sitting on the market. Is this stuff moving at all, and what kind of discounts off the asking prices are you seeing to make a sale? I am talking used homes, not the new builds. I appreciate your assessment. Rick

[WendyK]

I just pulled a general search for homes priced from $375,000 - $525,000 that are on .5 to 1.5 acres in Spokane county listed since 7/1/07, not including new construction. There were 98 total results. Of that number, 29 are active listing, 4 are pending, 13 have sold & closed, 52 were released or expired (many of which are now showing up as the new active listings).
For the homes that sold, the average list price was $448,476 and the average sale price was $440,696, with an average days on market of 34 days.
Price per sq. ft. for sold homes is $123/sq. ft.
Generally, homes are selling within 3-8% of their list price, but that's not to say that some people listed their homes a little too high and have now relisted at more reasonable prices. Your agent can help you calculate whether or not the homes you're looking at are priced correctly, and what type of offer to make based on certain factors (condition, location, square footage, improvements, outbuildings, etc.)

[allforcats]

WendyK, superb post!! Perfect post!! Your clarity and specific detail show that you put effort and time into providing the OP with needed information. Three cheers to you, WendyK!!

[rick49]

Very helpful input Wendy. Clearly professional. Thank you.

Rick

[Spokane County Girl]

The decline in higher priced homes in Spokane County is due to the depreciation in other parts of the country. Average income county residents can not afford in this price range.

It is harder to get a loan now due to the tighter requirements. Proof of income requirements, tax records and higher credit scores are a bigger requirement.

BOA has dumped a lot of their foreclosures on the market and it appears those are the best deals at the moment. Short sales are iffy.

As with any market, it depends on why the seller is selling and if he is willing to lower the price. Everyone can always counter your lower offer. I have found some realtors don't feel like bargaining. Talk with your local area realtor to get an evaluation of the housing area. And also question him/her if they are willing to "low-ball and bargain". I know there are deals here to be had.

[ediddy]

Rick,

Don't look so much at the number of homes for sale. That can be misleading. I looked for a house to buy in the same $400-500K range over the past year or so. What I found in general was this: houses priced well sell very quickly. I mean literally I went through several experiences where I'd see a house listed online, looked good, priced well. I call my real estate agent to ask about it, he tells me it's pending. And this is within a few days of the house being listed.

On the other hand I have seen the same houses for sale for over a year.

The house I did end up buying, for once I was on the other side. House was listed on a Friday, saw it on a Saturday, made offer on Sunday. Then found out on Monday there was another offer already in, and a 3rd offer coming in. We ended up having the 2nd highest highest offer. But both my wife and I have perfect credit and we put 25% down which swayed the sellers into accepting a lower offer knowing we'd have no problem getting a mortgage.

Point is, the good houses sell fast. The crappy houses sit on the market forever.

[redhead]

Originally Posted by rick49

Very helpful input Wendy. Clearly professional. Thank you.

Rick

are you guys here that are commenting on RICK noticing that this post is 4 years old!!!!
check that dates when you respond cause some of what's discussed may not way over come by events or just way out of date

[redhead]

Originally Posted by ediddy

Rick,

Don't look so much at the number of homes for sale. That can be misleading. I looked for a house to buy in the same $400-500K range over the past year or so. What I found in general was this: houses priced well sell very quickly. I mean literally I went through several experiences where I'd see a house listed online, looked good, priced well. I call my real estate agent to ask about it, he tells me it's pending. And this is within a few days of the house being listed.

On the other hand I have seen the same houses for sale for over a year.

The house I did end up buying, for once I was on the other side. House was listed on a Friday, saw it on a Saturday, made offer on Sunday. Then found out on Monday there was another offer already in, and a 3rd offer coming in. We ended up having the 2nd highest highest offer. But both my wife and I have perfect credit and we put 25% down which swayed the sellers into accepting a lower offer knowing we'd have no problem getting a mortgage.

Point is, the good houses sell fast. The crappy houses sit on the market forever.

i've been tracking the housing market for spokane obssively for over 2 years and i haven't seen ANYTHING move quickly!! so the idea that you have to move quickly is just nonsense!!! (this sounds like an agent speaking)................ the market here in spokane is still going down like the rest of the nation because there's soooooo many for sale, and many are turning into rentals becasue after a couple of years on the market they don't sell......so it is a buyers market like never in history and if you are looking to buy don't take this advice and MOVE FAST that's just working against your best interest....if something you like does get sold under you BELEIVE me that there's several more just like it waiting for a good bid........and i've been told by agents themselves that making an offer of 20 per cent under the asking price is common practice so don't let the price tag deter you from going low.

[Spokane County Girl]

Originally Posted by redhead

i've been tracking the housing market for spokane obssively for over 2 years and i haven't seen ANYTHING move quickly!! so the idea that you have to move quickly is just nonsense!!! (this sounds like an agent speaking)................ the market here in spokane is still going down like the rest of the nation because there's soooooo many for sale, and many are turning into rentals becasue after a couple of years on the market they don't sell......so it is a buyers market like never in history and if you are looking to buy don't take this advice and MOVE FAST that's just working against your best interest....if something you like does get sold under you BELEIVE me that there's several more just like it waiting for a good bid........and i've been told by agents themselves that making an offer of 20 per cent under the asking price is common practice so don't let the price tag deter you from going low.

You are renting. You are not even in this price range.

I just bought my fifth house a few months ago. (I currenly own four very nice upscale houses in the 200-500 price range) There were plenty of houses with multiple offers. Good Houses are going fast. There are a lot of problems with a lot of houses.

Tracking the housing market and looking at hundreds of houses on the market and actively making offers is not the same thing. I've been looking at/purchasing houses in Spokane County for 7 years.

You can offer whatever you want to. Whether they take it or not or someone else is willing to pay more that's another story.

[buyandsell509]

This post has obviously transformed over the years......but i would like to add a couple points. There are houses that absolutely go fast. Very fast. And I'm not talking about being on the market for a year after 3 price drops and then expiring a listing just to bring it on as "new". If they are priced right for their particular neighborhood, they are going fast. Yes, I am a real estate broker. No, this is not some shameless plug. Inventory has deminished by nearly 30% in the last six months. Foreclosures and Short sales have been cut by 25% or more in some areas. Sales have increased by 20% in the last six months consecutively over years prior. This is the first time that has happened since 2007. List prices have INCREASED in our area, as well as average sale price. Average Days on Market has shrunk considerably. Additionally, Converstion ratio of asking price-sale price is about 97.5% accross the board. To illustrate, a competitively priced (at or below market value) home on the market for $200k will propably sell for $195k including closing costs. Now I'm not saying that all houses are selling fast. I am saying that inventory (supply) is down, Buyers (demand) have increased, and prices have come up slightly (maybe .5%). It's simple supply and demand. In the greater Spokane area, there are a total of 3,995 homes, of which 1124 are pending. That's 28% of homes under $375k that are pending right now. There will always be overpriced homes on the market in any area, and that can Skew numbers. I can show you 20 homes that sold within a week of being listed just in the last 10 days. If you do your homework when buying a house and zero in on a particular area/price, you know when something is priced well because you know your market. The doom and gloom days of the past 4/5 years are over, at least at the moment. Motivated buyers that listen to all that junk about plummiting prices and offering 20% less than asking are being left out in the cold, missing out on great homes, and are having to continually pour cash down down the rent trap drain. With the way things are, it is just a fantastic time to buy. But don't miss out on a great opportunity by listening to negative opinions based on the past that are founded by fear. Investigate the issue yourself. Almost all major media outlets have published very positive information about the market on a national level, and Spokane is better than most. Thanks for your time.