HERE'S YOUR WEEKLY LISTING REVIEW FOR

4108 E 34th Ave

Hi Cody,

We had 3 private showings along with an open house that welcomed three groups. Overall, buyer feedback has been positive, with many commenting that the home shows well, has been well maintained, and is priced fairly. One group at the open house stood out as a potential buyer after spending extra time touring the home and asking thoughtful questions. Some buyers did mention concerns about the interior finishes, the noticeable floor slope, the lack of a refrigerator, and the amount of yard work. One buyer also shared they would likely consider an offer closer to $399,000. While we have not received an offer yet, the steady showing activity and positive feedback are encouraging. We will continue maximizing the home's exposure, follow up with showing agents for additional feedback, monitor the market closely, and keep you updated on any new interest or developments.

On the broader economic side, June brought some encouraging news as inflation eased, with the Consumer Price Index (CPI) declining 0.4% from May, largely driven by a 5.7% drop in energy prices. While this is a positive step toward improving overall economic conditions, it has not yet translated into a meaningful increase in buyers' purchasing power. Mortgage rates continue to hover in the mid-to-upper 6% range, and higher borrowing costs are still limiting how much many buyers can comfortably afford each month. Nationally, existing home sales declined 2.4% in June, highlighting that affordability remains one of the biggest challenges facing today's buyers.

Here in the Spokane area, we're seeing those same affordability challenges reflected in buyer behavior. Inventory has grown substantially, with more than 3,600 active listings currently available across the MLS and nearly 1,500 new listings added in May alone. Buyers simply have more options than they have had in several years, allowing them to be much more selective and patient before making a decision. Instead of stretching their budgets, many are focusing on homes that offer the strongest overall value, balancing price, condition, location, and anticipated future repair or renovation costs.

– Haydn