Spokane Real Estate Market Report

Keep your senses!

Thinking of buying a home in Spokane? Our July 2018 Spokane real estate market report provides essential insights into current trends, helping both buyers and sellers navigate the competitive housing landscape. With demand surpassing supply, Spokane remains a strong seller’s market, making it crucial for buyers to adopt smart strategies to secure a home.

Buyer Strategies

One of the most common tactics buyers are using is submitting offers above the list price. While this strategy can grab a seller’s attention, buyers should be cautious of overpaying. Overbidding, especially in a rapidly appreciating market, carries risks if property values stabilize or decline. Additionally, some buyers are waiving essential contingencies—such as home inspections and financing clauses—to strengthen their offers. However, skipping these protective measures can lead to major issues if hidden defects are discovered or financing falls through unexpectedly.

Seller’s Market Positioning

Sellers are leveraging high demand by adopting a firm stance, expecting buyers to accept homes “as is.” While strong market conditions give sellers an advantage, a cooperative approach ensures a smoother transaction and a positive experience for all parties. Striking a balance in negotiations can lead to successful deals that benefit both buyers and sellers.

Spokane’s Trends

Spokane’s real estate market continues to experience rising home prices, fueled by low inventory and multiple-offer situations. Buyers should be well-prepared by securing mortgage pre-approvals, working with experienced real estate agents, and understanding current market trends. A competitive edge can make the difference in securing the right home.

For sellers, now is an opportune time to list, as homes are selling quickly, often above asking price. However, pricing competitively and maintaining a well-presented home remain key to attracting serious buyers. Even in a seller’s market, overpriced or neglected properties may struggle to sell at top dollar.

In summary, the Spokane real estate market in July 2018 remains highly competitive, with low inventory driving prices upward. Whether buying or selling, staying informed, working with real estate professionals, and making well-researched decisions can lead to a smooth and successful transaction. If you’re looking to buy or sell a home in Spokane, now is the time to act. Contact a local real estate expert today to maximize your opportunities in this dynamic market.