Spring Selling Season: The Key Advantage of Selling Now!

Are you considering selling your house? Now may be the perfect time, as the supply of homes for sale is currently at a historic low. According to HousingWire, recent data shows that active listings fell to a new low for 2023, indicating a shortage of available homes on the market.   The National Association of Realtors (NAR) uses the months' supply of homes on the market as an indicator of inventory levels. In a balanced market, a six-month supply is typically considered ideal. However, the current supply is much lower than that, creating a sellers' market. As of February, total housing inventory was 980,000 units, the same as January, but up 15.3% from one year ago. Unsold inventory sits at a 2.6-month supply at the current sales pace, down 10.3% from January but up from 1.7 months in February 2022.   So, why does low inventory make it a good time to sell? With fewer homes available, there is less competition among sellers. This means your house is likely to receive more attention from buyers who are actively looking for a home this spring. In fact, it's even possible to receive multiple offers on your house due to the high demand and limited supply. Multiple offers can lead to a bidding war among buyers, giving you greater leverage to sell on your terms.     To maximize the opportunity for a bidding war, it's important to work with an expert real estate advisor who can provide guidance on pricing and marketing strategies. While it's still a strong sellers' market, it may not be as frenzied as it was in previous years. Today's buyers are focused on homes that are well-priced, move-in ready, and have curb appeal in desirable areas. Clare Trapasso, Executive News Editor at Realtor.com, explains that homes with the greatest appeal are still receiving multiple offers and selling for over the asking price in many parts of the country. This makes it crucial for sellers to make their homes as attractive as possible to appeal to as many buyers as possible.   In conclusion, if you've been waiting for the right time to sell your house, the current low inventory in the spring housing market can provide you with a significant advantage. It's recommended to reach out to a local real estate professional today to ensure that your house is ready to sell and to take advantage of the favorable market conditions.

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How Does Spokane Compare to Other Similar Cities?

  Today we review an article written by the Inlander, a local newspaper here in Spokane comparing the Spokane Metro area to other similarly sized metros and our surrounding major cities. How does Spokane stack up in these twenty different categories, let's find out! METRO POPULATION Ask anyone what being a Spokanite means, and you'll get as many different answers as there are people. But the numbers don't lie: We are whiter, poorer and less educated than many of our peer cities.     SOURCE: U.S. Census Bureau"> SOURCE: U.S. Census Bureau PERCENTAGE OF WHITE RESIDENTS AND FOREIGN-BORN RESIDENTS    SOURCE: U.S. Census Bureau"> SOURCE: U.S. Census Bureau PERCENTAGE OF RESIDENTS 25 AND OLDER WITH A COLLEGE DEGREE    SOURCE: U.S. Census Bureau"> SOURCE: U.S. Census Bureau PEOPLE PER SQUARE MILE    SOURCE: U.S. Census Bureau"> SOURCE: U.S. Census Bureau MEDIAN HOUSEHOLD INCOME    SOURCE: U.S. Census Bureau"> SOURCE: U.S. Census Bureau PERCENTAGE POPULATION CHANGE Everyone knows it: We're growing. In some ways, that's good. Our city is strengthened by new people, not to mention the taxes they pay. And while it's become more difficult to buy a house or afford rent, we avoided the biggest growth seen in Boise and, perhaps better, the recent shrinkage of Seattle and Portland.    SOURCE: U.S. Census Bureau"> SOURCE: U.S. Census Bureau PERCENTAGE CHANGE IN HOME VALUE Exactly zero people will be surprised to see that our home values outpaced nearly every other city in our list over the past five years, except Boise. But look at the last year and you'll see a cooldown of sorts, putting Spokane on par with all of our peer cities, except again for Boise, which saw its red-hot market go ice cold.     SOURCE: Federal Housing Finance Agency"> SOURCE: Federal Housing Finance Agency MEDIAN RENT FOR ONE-BEDROOM APARTMENT    SOURCE: Zillow"> SOURCE: Zillow ANNUAL DEATHS INVOLVING FENTANYL Overdose death data isn't reported the same across the country, with some jurisdictions still finalizing recent data, and others lumping fentanyl-involved deaths with those involving other opioids. In some cases, suspected overdose deaths aren't differentiated by drug at all. The data below is an annual estimation using the most recent data we could find (data for Durham-Chapel Hill was not available.)    SOURCES: Local health departments, medical examiners, health data websites"> SOURCES: Local health departments, medical examiners, health data websites CLOSEST SKI AREA TO CITY CENTER    "> TALLEST BUILDING It seems like every year a developer files plans with the city to build a new skyscraper downtown. (The barren lots on the edge of the University District are a popular spot for these.) But our tallest building was built more than 40 years ago. Of course, that doesn't count the fictional 78-story GNB Tower that was built in Spokane in the sitcom How I Met Your Mother.    "> PRICE OF A BUS TICKET Like every other transit agency, STA was hit hard by COVID. Yet transit officials say ridership has bounced back to 80 percent of pre-pandemic performance, and its City Line system is on pace to begin operating this summer. Still, the cost of a two-hour fare knocks on the upper range of fares. Unless, that is, you're under 18; then riding a bus in Spokane is free.     SOURCES: Local transit agencies"> SOURCES: Local transit agencies MAJOR POTENTIAL NATURAL DISASTERS    "> NUMBER OF MAJOR HOSPITALS (300 beds or more)    "> NUMBER OF UNIVERSITIES (more than 1,000 students)    "> CAR THEFTS REPORTED IN 2021    SOURCE: FBI"> SOURCE: FBI NUMBER OF COPS    ">     PEOPLE KILLED BY POLICE SINCE 2015    Source: Washington Post police shootings database"> Source: Washington Post police shootings database HOMICIDES IN 2021, INCLUDING PEOPLE KILLED BY POLICE    SOURCE: Police annual reports, news reports, health data"> SOURCE: Police annual reports, news reports, health data

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Think Twice Before Delaying Home Purchase in Hopes of Lower Prices

As the housing market shifts, with home prices having dipped since peaking last June, you may be pondering where it's headed. You might have heard about a looming price crash in the news or on social media, leading you to postpone buying a home in hopes of significant price drops. However, recent data suggests that home prices may have already hit their lowest point and are now on the rise. For example, Selma Hepp, Chief Economist at CoreLogic, reports that U.S. home prices increased by 0.8% in February, indicating that prices in most markets may have bottomed out. Black Knight's latest data also reflects a similar trend. The graph below compares home price trends in November to those in February:   So, is it wise to continue waiting for home prices to come down? Considering what the experts are saying, probably not. Data shows that prices are increasing in many parts of the country, rather than decreasing. Furthermore, the Home Price Expectation Survey projects that home prices will rise steadily and return to more typical levels of appreciation after 2023. To gain a comprehensive understanding of home values in your area, it's advisable to work with a local real estate professional who can provide you with up-to-date insights and expert advice.   If you've been holding off on buying a home in anticipation of lower prices, it may be worthwhile to reconsider. Collaborate with a real estate agent to stay informed about your local housing market and make informed decisions.

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