Planning to buy this fall? Here are 3 tips from a local realtor
SPOKANE, Wash. — As the season shifts, the real estate market is also changing. Sales have slowed down, but local prices continue to climb.
A new study ranks Spokane as the sixth most overvalued city in the country. Homes are selling 45-percent over past prices, but local agents say a welcome change could be coming.
“So many locals can look at a home and say, “Gosh, that was worth a third of what it’s worth now,” said Brian Zapotocky, a realtor in Washington and Idaho with Windermere Manito.
He says people are moving in who see Spokane as an affordable option. Although, people who’ve called the city home don’t see it that way.
He says out-of-state buyers feel that “prices here still are very affordable compared to where I came from and so this is a great place to buy.”
The Spokane Association of Realtors says sales were down more than four percent in July. However, prices haven’t dipped much.
The current median home price is more than $417,000. Last year, it was just $329,000. Zapotocky says the fall may bring some relief for buyers who’ve been overwhelmed with how fast homes were flying off the market. We’re still in a housing shortage, but he’s seeing more properties up for sale.
“The franticness of it has really died down,” he said. “There’s just more opportunities for you to get a home if you’re a buyer.”
He says if your home is highly valued, expect to see multiple offers and lots of competition still, but he says he’s also seeing people snag more deals this fall.
“There are homes out there right now that are having price reductions. There are homes that aren’t getting any bids on the first week in,” Zapotocky said. “I think there’s just going to be less competition and more listings which means potential better deals for buyers.”
Here’s what he says you should do if you’re thinking about buying this fall.
- Know your financial situation beforehand. Have all your deposits and loan information figured out.
- Work with an agent who can give you wisdom and advice in this market.
- Find ways to relax while searching. Make a plan to be in the market for the long haul, so you don’t get burned out and give up.
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