Is this a good time to sell Spokane real estate? |
| Written by John Creighton | |||||
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There are three main types of real estate markets—a hot market (seller's market), a normal market, and a cold market (buyer's market). My experience selling Spokane, Washington real estate includes all three. If you are are considering selling a home in Spokane please talk to me to get the current information on the local Spokane economy and Spokane real estate market that can help you make a big decision like this. I follow the Spokane MLS statistics closely to be able to give my clients knowledgeable advice for selling Spokane real estate in any real estate market. Three types of real estate marketsWhat is a hot market, or seller's market?Hot markets are characteristically competitive markets for buyers, because there are an above average amount of buyers looking for homes in relation to the number of available homes on the market. A hot market is also referred to as a seller's market, because it is generally advantageous to sellers on the two major components of a real estate transaction: pricing and terms. It is important during a hot market to have an experienced listing agent on your side to navigate the many pitfalls of a fast moving negotiation for both price and terms. While homes in a hot market will often sell at their asking price or more if there are multiple buyers bidding up the property, getting the terms you want is a matter of first knowing what to ask for, and then setting up a plan to negotiate your requirements. What is a normal market?The media have a way of distorting the public perception of what a normal real estate market really is, particularly after a hot market has cooled. So it's important to have an experienced agent on your side that can clarify some of the common misconceptions. In a normal market, there are an average number of homes available (called supply) either from existing homes or new construction. There are also an average number of buyers, although this is tough to define, and is very localized. There is no homogenous "national housing market" because real estate market conditions have always varied greatly from state to state and from one metropolitan area to another. A normal market does not necessarily favor either the buyer or the seller. Sellers may not have multiple offers on their homes, but they may not be desperate to sell either. Buyers tend to me more cautious and willing to take some time doing their due diligence before making an offer. The opportunities for negotiation from both sides of the transaction are much higher in a normal market than in a hot market. As always, experience is key in making sure you have an expert negotiator on your side. What is a cold market, or buyer's market?A cold market is also referred to as a buyer's market for obvious reasons. The supply of homes on the market in a cold market greatly exceeds the number of buyers looking for real estate. These types of markets are rare—and they are usually very localized and seasonal. Houses may be on the market for extended periods of time in a real buyer's market. It can be a challenge to sell a property during this time, but that is exactly what an experienced agent can help you do. I have been through tough markets, and if you need to sell at a less than ideal time, or with time pressures, please contact me ASAP to learn how I can go to work marketing your home to its fullest potential. During any type of market, I will leave no stone unturned in getting your greatest investment—your home—the kind of exposure that will get your Washington real estate sold with the pricing and terms that meet your unique needs. I would love to update you on current market conditions here in the Washington real estate market.
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