HERE'S YOUR WEEKLY LISTING REVIEW FOR

1215 S Ray St

Hi Misty,

The biggest challenge continues to be the overall pace of vacant land sales throughout the Spokane area. We are navigating a climate where buyers are highly hesitant to purchase raw dirt, heavily contrasting with the more active residential housing sector. Consequently, the typical timeline to close on a lot has stretched to 90 days or more across the county. Please rest assured that your listing is being broadcast effectively; we are simply waiting for the right buyer to enter a very sparse pool. In the meantime, my team is continually analyzing the local data and pivoting our promotional efforts to ensure your property remains competitive. I will reach out immediately when we catch wind of shifting momentum in the area.

This slower pace is the new normal in Spokane and isn't a reflection of your property. The market shift is primarily driven by higher mortgage rates, currently hovering around 6.0% to 6.11%. This drop in purchasing power means today's buyers are much more cautious, highly selective, and no longer willing to overbid or waive inspections.

Additionally, active inventory has increased to a 3-to-4-month supply (almost 1,700 active listings). With buyers having more options to choose from, the fear of missing out has disappeared. Consequently, the average time to sell a home in Spokane has increased from just two weeks to between 45 and 60 days or more. Achieving a successful sale today requires highly accurate pricing from day one and a healthy dose of patience.

– Haydn