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.
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What type of real estate market are we in?
Spokane Real Estate Video Blog #02
Aaron Mallo video blogs about whether we in a sellers’ market, a buyers’ market, or a balanced market. The “Month’s supply” of homes guides us. 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.
When looking at whether it’s a buyer’s market, a seller’s market or a balanced market, one of the best indicators of who has the upper hand in negotiations and who dictates the tone of the market is the “Month’s supply of homes” or absorption rate of homes.
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Spokane Real Estate Market Update July 2008
Our Spokane real estate market according to the Spokane Association of Realtors
What the Spokane Association of Realtors says about Spokane Real Estate:
Closed residential sales reported in June are up 21% over May. There were 592 closed sales reported in June compared to 489 reported for May. The average sales price for June was $216,454 compared to $206,284 for last month. The median price for June was $193,000 compared to $183,000 for May.
Again, here is what the MLS data tells us….
When we look at the Spokane MLS Real Estate statistics, what are we really looking at?
Everything. Every property type. Every city within the MLS. Which is why I don’t like using the MLS stats. Nothing wrong with outside communities or property types, but I want to know about, analyze and discuss Spokane houses.
Spokane Real Estate Video Blog #04
Aaron Mallo video blogs about his opinion of the Spokane real estate market for July 2008.
See Also: Spokane Real Estate Video Blog list for all the Aaron Mallo Spokane Real Estate Video Blogs.
Read also: Spokane Real Estate statistics explanation
So, let’s look at Spokane houses (a subset of the Spokane Real Estate MLS data), as of July 9th, 2008:
(The footnote states: Includes sales data from Spokane, Spokane Valley, Millwood, Veradale, Liberty Lake, Medical Lake & Airway Heights on Single Family Houses on <= 1 acre.)
Is Now A Good Time To Buy A Home In Spokane?
Spokane Real Estate Video Blog #01
Aaron Mallo video blogs about what various Spokane real market conditions mean for both buyers and sellers, and why buyers should really be asking a different question - Is now a good time FOR ME to buy a home in Spokane. 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.
I met with a client last night, Jen, who is a first-time homebuyer, Jen graduated from Eastern Washington University about a year ago and has been working in her career for the last 12 months. We met last night to discuss her financing options, and to have a more in-depth conversation about housing needs and her housing wants.
The question came up, is now a good time to buy?
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