How to manage Spokane’s hot housing market

SPOKANE, Wash. — More people are moving to Spokane, and homes are harder to find. The Spokane Association of Realtors says there is currently only an 11-day supply of homes available in the market.

It is highly competitive, so buyers have to be prepared if they want to be successful finding their dream home.

“Homes like the one we’re in right now go in just a matter of days,” said Brian Zapotocky, a realtor with Windermere Manito.

READ: Spokane’s housing market: Too many buyers and not enough homes

Because of this, he says there are some key steps you can take if you are looking to buy in the area:

  1. Get your finances figured out beforehand. You cannot start looking at homes if you do not know what you can afford.
  2. Work with a local realtor who knows the market and works with buyers and sellers every day. Often times, local realtors know about homes before they hit the market, so you can get ahead.
  3. Be extra informed and educated about the market through self research.
  4. Talk with friends and family who have gone through the process before. Have people you can share your struggles with and are there to offer advice and support.
  5. Take a break if you are getting overwhelmed. It is okay to take a weekend off if it has been frustrating with how fast homes are selling.

Zapotocky says he is seeing buyers lose their first, second, third and even sometimes sixth offer they put in. He encourages you to stay flexible and open during the process. Try not to get attached to just one home.

He also says, even though the market is competitive, there is no better time to start planning to buy your first home. It will come with stress, but the payoff is great.

“It’s one of those life adventures, why wait for it? Get into it right away,” Zapotocky said. “Surround yourself with people who can help you with it because you don’t have to do it alone.”

While this is definitely a seller’s market, Zapotocky also suggests making sure you want to sell because once you do sell a home, it may be hard to find something new quickly if you plan to stay in Spokane.

RELATED: Washington first-time home buyers priced out of housing market

READ: Fewer people can afford a house in Spokane, keeping middle and low-income residents stuck renting