HERE'S YOUR WEEKLY LISTING REVIEW FOR

4024 E 9th Ave

Hi Mel,

The property is officially off the market. Feedback from yesterday’s showing: The buyers say the kitchen is too small and they didn’t like the step-down sunken entry into the kitchen and living room. They did like the area but felt the price was about $20,000 too high.

Thoughts for the Week: Mortgage rates are sitting around 6.3% for a 30-year fixed this week, holding steady as we move deeper into fall. Nationally, the story continues to be one of cautious but active buyers — pending sales are up from last year, even as roughly 40% of listings are taking price reductions. There’s been a lot of chatter about the idea of a 50-year mortgage being introduced as a way to “solve” affordability, but as housing analyst Logan Mohtashami pointed out, extending loan terms that far doesn’t address the root problem. It just stimulates more demand and prevents the natural balance between wages and prices from returning. I share that perspective — when you do the math, a $500,000 loan at 6.3% over 30 years runs about $2,990 a month, while stretching that to 50 years drops it to around $2,750. That’s roughly $240 in savings, but banks would likely charge a higher rate for tying up their capital that long, shrinking the gap even more. Locally, Spokane’s residential and condo market is showing signs of renewed energy. Our team had the busiest weekend we’ve seen in months — we showed nearly 20 homes to four different buyers, our listings collectively saw about 25 showings, and there was a clear uptick in urgency from buyers. With a median price just under $430,000 and about four months of inventory, it feels like the market is waking back up heading into mid-November.

– Haydn