HERE'S YOUR WEEKLY LISTING REVIEW FOR

722 Panorama Dr

Hi Laurie & Dennis,

We did not have any private showings this week, but online activity and overall exposure remain steady. 1 similar property sold last week (142 Freedom Meadows Dr) it has existing improvements such as RV hookups, utilities (well, septic, power) and structures, showing continued demand for usable or “ready-to-go” land setups in the area. There were no new pendings last week, but there is 1 active pending within the last 30 days. We’ll continue monitoring buyer activity closely and will update you right away if we see any shifts, increased inquiries, or feedback worth noting.

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