Here is the latest from the Spokane Association of Realtors.  As you can see below, our market is starting to warm up!  Spokane continues to be a stable place to live, work and play.  While we are seeing longer market times and fewer showings on listed properties, buyers are still buying homes.  I started to see a stronger spike in activity towards the end of April.  My biggest worry is that buyers will miss out on a great time to buy.  It seems like buyers are confused by mixed messages they are getting through the media.  The fact is that people have and will always buy homes.  Take a look at today's interest rates and tell me now is not a good time to buy.

 

According to Maria Burton at Windermere Mortgage Services today's rates look like this:

 

Conventional 30 year fixed 5.875%

FHA 30 year fixed 5.875

Conventional 15 year fixed 5.375%

 

These are fantastic rates!  While home prices have slid deep in some areas we are not seeing that kind of decline.  If you read below, the average sales price in Spokane has dropped only 2.7%.  This is a good thing for buyers and sellers!  Some buyers are afraid to buy now because they think the prices are going to drop further.  Well let me ask you this?  What if they don't - but the interest rates increase?  How much will the $10,000 you save with a price reduction cost you if you have to pay a higher interest rate?

 

Don't make your buying decision based on something you hear in the media.  Hitting the seller with a low offer and asking for closing costs to be paid is not going to get you the home.  Historically in Spokane ( since the dinosaurs ) there has been a 2 - 3% concession given by sellers.  Not 5%, not 10%, not 15%.

 

Our 2.7% price drop falls right in line with what we've seen here forever.  Talk to your Realtor, or call us and we can advise you.  Our local market is heating up and I don't want buyers to miss such a remarkable time to buy.  Buyers have prime buying conditions at their fingertips:  Great Rates, Good Inventory, and Seller who want to sell!