I’m in receipt of the current market overview for Spokane and I’m liking what I’m seeing. As of 1/14/08 – sellers are getting 96.3% of asking price on average. Depending on the price range this can vary from a low of 89% in the $70,000 and below range to nearing 100% in the higher price ranges.
What does this mean? Sellers are getting closer to their asking price and the myth that sellers will take 10 & 20% below asking price is just not happening. Of cource, there are always exceptions – significantly overpriced properties, highly motivated sellers (short sales, job transfer, etc.) can sometimes yield lower than average return for the seller, but overall the outlook is good.
Before you make an offer on any property it’s extremely important to pull comparable sales and come up with a reasonable offering price, sometimes you’ll find out that asking price is a great deal, sometimes you’ll find it needs adjustment.
So just how long are homes sitting? On average 58 days according to this report. The upper price ranges (700-1 million) are experiencing 80+, but the mid 500k down through 70k are experiencing 45-58 days.
If you have any questions or would like a copy of the market overview – contact me.