October 27, 2023: How is the market is doing?
Interest rates are sitting at around 7.825-8% and at around 7.75% if you buy points. As far as inventory goes, there were 973 homes that came on the market in the last 30 days and 785 homes that sold. Which meant that there were about 200 homes that really didn’t have any movement at all. Overall, there are about 1800 homes on the market and 720 of them are under $425,000 – which is quite a few for the Spokane area! Fun fact: about a year or two ago, there were about 30-40 homes in that price point. So, Chase’s takeaways are: home prices are still stable, there’s more opportunities to find a home that you like, and it’ll take a little longer to sell just because there are not as many buyers in the market.
If you are interested in learning more, reach out to Chase at 509-508-0461 or at email@example.com