Buyer’s Market? Seller’s Market? Help me understand!
There was a time not long ago (think 2020-2021), when houses were snapped up in a matter of hours. Frankly, sellers started to get a little cocky.
But just when it seemed no price was so high that multiple buyers wouldn’t crawl over hot, jagged glass — hardly taking the time to transfer their morning coffee into a travel mug — to drive by the property and put in an offer, sometimes sight unseen, the market stopped it’s frantic, upward trajectory, steadied itself, and…Calmed. The. Heck. Down!
Spokane currently has 5.5 months of housing inventory. That means if no one else in Spokane was allowed to put their home on the market as of today, at the current rate of sales, it would take 5.5 months to sell all the homes currently on the market.
That’s a big deal. That is what we call a Balanced Market, a healthy market, which makes for a realistic market for both buyers and sellers. That’s a good thing. We haven’t had a balanced market since 2017.
So, IF YOU ARE A BUYER…go ahead, take the time to put your morning coffee in a mug before heading out. Park the car and walk through the property. Open the closet doors. Check out the backyard.
BUT, if the house is a great deal and meets your criteria, you probably don’t want to take the time to vacation in Costa Rica (to see how they grow your morning coffee) before putting in an offer.
Sure, a balanced market means more inventory, and more inventory means fewer frantic multiple-offers situations and more room to negotiate. It means a bit more time to make sure that home meets your needs. It doesn’t mean you will be the only interested party.
IF YOU ARE A SELLER…you are no longer on 2020’s Easy Street. Strategy matters again. You are absolutely competing for buyers. Today’s buyers have considerably more inventory to choose from. They are going to care about getting a good deal and about deferred maintenance.
If a prospective buyer can choose between a living room painted a tired lime green and a living room painted a fresh, neutral color, you don’t want to be the guy trying to sell the lime-green science experiment.
If they can choose between a house that smells like last evening’s trout with a side of broccoli and one that smells like newly baked chocolate chip cookies…well, you get the point.
Team EvoReal prides itself on preparing our sellers to get top dollar. From our initial consultation and expert photography to our modern marketing techniques, we help you earn buyers’ attention with a house that is well presented, well marketed, and priced aggressively.
So, whether you are a buyer or a seller, this balanced market can work really well for you, and our highly skilled team is uniquely qualified to make that happen.
Let’s chat call our on duty agents anytime at 509-62-HOUSE. We would love to connect!
-Team EvoReal
