Seize the Advantage: Selling Your House in Spokane's Low Inventory Market

If you're contemplating selling your house in Spokane, it's crucial to understand the current dynamics of the local real estate market. Presently, there is a shortage of homes for sale, primarily due to fewer sellers listing their properties compared to the typical season.

Analyzing data from April since 2017, the only year with fewer homes listed was April 2020, when the housing market experienced a significant downturn due to the pandemic (highlighted in red in the graph below). In a usual year, approximately 500,000 sellers would add their homes to the market in April. However, this year saw fewer than 400,000 new listings (refer to the graph below).

Various factors contribute to this trend, but one significant factor is homeowners' hesitancy to move when their current mortgage rates are lower than the prevailing rates for their next home. This scenario, commonly known as "rate lock," is keeping inventory levels low.

According to a recent survey conducted by Realtor.com, 56% of individuals planning to sell in the next 12 months are waiting for rates to decrease before listing their homes. While this cautious approach may suit some sellers, it opens up opportunities for more motivated individuals to enter the market promptly.

If your current house no longer meets your needs and you are ready to make a move, don't miss this advantageous moment to stand out. With fewer sellers putting their homes up for sale, potential buyers will have limited options, significantly increasing the visibility of your property. By positioning your house correctly in terms of pricing, you can attract multiple offers as buyers compete for the limited supply of homes for sale.

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), highlights the continued historic low inventory levels, stating, "Inventory levels are still at historic lows... Consequently, multiple offers are returning on a good number of properties."

In conclusion, if you're prepared to sell your house in Spokane, take proactive steps to beat the competition before it enters the market. By doing so, your house will stand out and have a higher likelihood of receiving multiple offers. To navigate the selling process effectively, consider partnering with a seasoned real estate professional who can assist you in promptly getting your house on the market.