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Where's the Value of You're Home Headed?
Manage episode 156352693 series 1186134
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Looking to buy or sell a home in Spokane or Coeur d'Alene? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation to see what buyers will pay for your home in today's market. You may also call us at 509-467-HOME(4663) for a FREE home buying or selling consultation.
The most common question we get here in the Spokane and Coeur d'Alene areas is, "Has our market really recovered?" What they're really asking is how much their home is worth. Before jumping into the numbers, you should know the ways agents look at the market:
- Absorption rate: This measures the rate at which homes are selling. It looks at all the active homes on the market and the rate they're being sold at to come up with an inventory. A given market's inventory is the number of months it would take to sell all active homes if no new homes were to be put on the market. When supply is under 5 months, we're in a seller's market - when supply is over 7 months, the market is favorable to buyers.
- Mortgage applications: This tells agents how many serious buyers are out there. Professionals in the mortgage industry keep us updated on a weekly basis to let us know how many new applications they've received. This is how we get a general idea of the total number of buyers in the market.
So, what are we seeing in our area? Well, our absorption rate is currently at 3.9 months, which means we're in a market that's favorable to sellers. However, we've seen a decline in mortgage applications, so there are fewer buyers looking. This is all very normal, we typically see the market cool off as the summer comes to a close and the fall kicks into full gear. Overall, we have a pretty healthy market for buyers and sellers alike.
If you would like more detailed information on market conditions, or have real estate questions of any kind, don't hesitate to reach out to us. We would love give you a hand!
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