What a balanced Spokane real estate market means for sellers
Spokane Real Estate Video Blog #03
Aaron Mallo video blogs that in a balanced or buyers’ market, Spokane real estate buyers require a discounted price to purchase a home with defects. If you want to share your opinion please email your feedback to AaronMallo@AaronMallo.com and visit Spokane Real Estate Video Blog list for all the Aaron Mallo Spokane Real Estate Video Blogs.
Since we’re in a balanced Spokane real estate market, which we’re seeing for the first time in 5 and 1/2 years, things have changed.
The one thing that is very noticeable is that buyer’s are not willing to pay anywhere near top price for incurable defects such as being on a busy street, being near commercial buildings or having a bad floor plan.
Even some curable defects such as badly sagging floors or rooflines that are hard to assess the cost to cure, buyer’s aren’t willing to touch.
In a hot seller’s market people can overlook these things because they just want to get a home in a neighborhood they want at a monthly payment they can afford but now that it is a balanced market and buyers have more choices, people are not willing to pay for these defects.
So what we’re finding is that homes on quiet streets in good condition with good floor plans, people are still willing to pay the top dollar for these properties.
However for the property on a busy street with bedrooms in the basement instead of above ground, or with choppy placement of rooms, prices will have to adjust.
In a balanced market, homes with incurable defects will sit on the market unless sellers price VERY aggressively to generate interest and get the home sold.
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