Things are looking up for anyone hoping to sell their home as the latest S & P report finds home prices nationally up 10.3-percent in the first quarter of this year.
It's a slower gain than the two previous quarters when prices rose more than 11-percent each, and home prices still remain about 18-percent below their peak in the summer of 2006. But there's a silver lining for buyers and sellers right now as realtors say prices are hot and inventory is low so houses are selling fast.
“In the last week we had about eight showings, so every day I'm getting the house ready, fixed up cleaned up, because people have been coming in and out.,” Laird Rasmussen said.
Rasmussen has already had two offers this week for his South Hill home, a five bedroom, three bath house with a yard, guest house and a lot of personality.
"Our retro 1939 door handles. Pretty good amount of storage here on the South Hill, we have a lot of storage here,” he said.
Right now there are roughly 2,500 homes on the market in Spokane. Realtors say demand is triumphing over actual inventory so when a home is priced well it's selling fast.
“If your pricing your home right, it will sell. So it will take that inventory down a little bit," Marianne Bornhoft with the Spokane Association of Realtors said.
Talk about fast. Jack Donahue put an offer on a house on Manito Boulevard the day it came on the market. He said he knew a good deal when he saw it.
“Inventory's been kind of tight, it's hard to find good quality listings,” he said.
Donahue was actually looking at one down the road.
“Beautiful, beautiful house, literally the park is across the street, it's nice. Seriously considered that one but someone snatched it up before we made an offer on it,” he said.
So what's the biggest headache right now? Just finding a home to make an offer, but the Spokane Association of Realtors reports more should come on the market as the weather heats up. While it's certainly a seller's market right now there's good news for buyers too as interest rates remain very low.