HERE'S YOUR WEEKLY LISTING REVIEW FOR

1032 E 11th Ave

Hi Cheri,

We had a broker tour last Thursday and got some feedback from other local agents. Most brokers thought it would sell between $450-$475K. Most commented on the bedroom size/layout of the home as the biggest issue. But in good news, I'm showing it to a potential buyer for the second time today. As well as presented you with the verbal offer of $460K.

Thoughts for the Week: Mortgage rates are holding in the mid 6s this week and nationally we are seeing a mix of softer pricing and stronger demand. Zillow reports that 53% of homes across the country have seen values pull back over the last year but only a small share of sellers are actually underwater which signals a market that is cooling but still stable. Mortgage applications continue to rise with purchase demand more than 30% higher than a year ago as more buyers adjust to current rates. In Washington there is growing discussion around assumable and portable mortgages to help ease the rate lock issue although any changes would take time to implement. Here in Spokane the residential and condo market remains steady with a median price just under $430,000 and about 4 months of supply. In our own business we saw an uptick in activity this weekend as 3 different buyers submitted offers and in every case the buyers asked for closing costs and the sellers covered them, often adding enough for the buyer to lower their interest rate.

– Haydn