What's going on with the Spokane Selling Market?
Hello everyone, Just wanted to give you an update on what is happening in the Spokane Market right now. There are alot of people talking about the goods and bads of the market right now, but many people are just repeating what they here and don't follow the market trends regularly. We have been watching the market for a long time and the trends can be seen and make sense so you can get a real idea of what is happening in the Spokane Real Estate Market for Home Sellers. People are reluctant to recognize the real market conditions in Spokane. Is it as bad as some say, probably not, but is is still the same, No.
What is happening is the first time home buyers are being squeezed out of homes they could afford and with all the 100% loans they were getting it made up for this, but now they are gone and the homes will start to pile on and that means the prices will come down as the competition increases. This coupled with the wannabe lenders who got in the business to make some easy money but not knowing what they were doing getting squeezed out fo the industry because now you have to have some experiance to get those loans done. It will go back to FHA loans and people with better credit so less loans with a multitude of loan officers means the better ones will stick around and the easy business will go away for the others.
As this happens the market will slowly correct itself. Home prices for entry level homes will come down and buyers will find good lenders and the process will heal itself. Over winter it will not be noticed as much as people think it is just a slow time of year, but look for the realization in the new year as inventory of homes start to pile up and the good realtors and lenders regain more of the market.