How To Find A Great House In A Low Inventory Market

Dated: 03/03/2018

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Recently we’ve been hearing about the Spokane, Washington-area real estate market’s struggle with low inventory and, consequently, how ripe conditions are for sellers.

But what about the buyers? Is it possible to find a decent home for a reasonable price around Spokane, Washington?

While it might not feel like it to some frustrated buyers, finding a great home is absolutely possible in today’s market. It may just take a little extra effort.

There are three main ways to find a great house in a low-inventory market like Washington.

Sitting ducks

First, look more closely at the properties in Spokane Realtor MLS multiple-listing service that have been sitting. Those that have been rejected by the buying public may have spent 100 days or more on the market.

Chances are, these properties were priced too high from the start. The sellers don’t receive any offers, so they drop the price. Then, when buyers are searching for “new” listings, they don’t pick up on the lowered price or even notice these “old” listings.

Go low

Buyers who are up to the challenge of doing some work on their new home should consider targeting properties priced 20 percent below their total budget, with the intention of putting money into the right renovations to make it their dream home.

For example, if a buyer can afford a $350000 home, they should consider looking at a $250,000 fixer-upper. The key is learning to see what the home could be, instead of what it is now. That $100,000 can often go much further in terms of renovations than it would toward buying a move-in ready home.

Get the inside scoop

Key Real Estate Brokers team of Real estate professionals in the Spokane, Washington area have an exclusive window into what the industry calls “coming soon” listings. These are homes that are not yet on the national portals or even visible to the public on a broker’s website. Key Real Estate Brokers team of Real estate professionals will often have between 10 and 21 days advance notice before the coming soon listings go live to the general public.

Buyers should ask their real estate agent to set up alerts when properties in their target locations and budget range hit the “coming soon” market. With early access, they may be able to get the jump on other buyers shopping for the same type of home.

Low inventory doesn’t have to be a barrier for Spokane,Washington’s would-be home buyers. By thinking a little outside the box and expanding your search criteria, it is possible to find the right home at the right price.

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Noah Ullah | Key Real Estate Brokers

We are committed to assisting you through your real estate experience with patience and open frequent communication. Our goal is to help you fulfill your dream of buying or selling your home in a per....

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