The same offer that wins a house in one market gets you laughed at in another. Before you decide how to approach a property, it is worth knowing which kind of market you are standing in — and Spokane does not always match what the national news is saying.
The measure that matters
Months of inventory: how long it would take to sell every home currently listed at the current pace of sales. Roughly:
- Under about four months — a seller’s market
- Around four to six months — balanced
- Over about six months — a buyer’s market
These are rules of thumb, not laws, and they vary by price band and by neighbourhood. The under-$400,000 segment in Spokane can be fiercely competitive while higher price points sit. A single citywide number can mislead you. Ask us what is happening in your specific range and area — that is a question we answer every day.
In a hot market
Homes sell quickly, often above asking, sometimes with multiple offers in the first weekend.
What works: being genuinely ready — full pre-approval in hand, able to view and decide the same day. A clean offer. Fewer contingencies, if you can live with the risk. Sometimes flexibility on the closing date is worth more to a seller than money.
What does not: a lowball offer on a well-priced home. A long list of conditions. Taking the weekend to think about it.
The thing to watch in a hot market is yourself. Competition creates urgency, and urgency is where people overpay for houses they later regret. Decide your limit before you are emotionally attached, and hold it.
In a cold market
Homes sit. Price reductions appear. Sellers get nervous.
What works: patience and leverage. Days on market is your friend — a house listed 90 days ago has a motivated seller. Ask for repairs. Ask for closing-cost help. Negotiate hard on price. Keep your inspection contingency and use it.
What does not: assuming every house is negotiable by the same amount. A well-priced home in good condition still sells near asking even in a slow market. The deals are in the properties that have been overlooked, not across the board.
In a balanced market
Fundamentals matter most. Condition, location and accurate pricing drive what happens. Reasonable offers get reasonable counters. This is the easiest market to buy in and the least dramatic.
Why we would tell you if it were a bad time to buy
We do not list homes, so we have no inventory to move and no seller waiting on a sale. If the honest read on your situation is that you should wait six months, save more, or rent another year, we will say that. Agents whose income depends on transactions closing are not always well placed to give that advice, however decent they are.
If you want to know what your price range is actually doing in Spokane right now, call us at 509-795-0367.