How To Find A Great House In A Low Inventory Market

Dated: 03/03/2018

Views: 62

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.

Blog author image

STORY FORMED REALTY LLC | Matthew Bayley Broker Kelly Right Real Estate

Our lives are a story. Our past shapes our present. Our present plots the course of our future. The good and bad all mix to make us who we are. At Story Formed Realty, we view the process of buying....

Latest Blog Posts

Important Review The HOA Rules In Your Bonney Lake Community Before Finalizing Contract

Important: Review the HOA Rules in Your Bonney Lake Community Before Finalizing Contract Beyond the mortgage, maintenance and property taxes of a new home, you may not be aware that many

Read More

3 Broker Tips That Will Help You Sell Your Home In Bonney Lake Faster

3 Broker Tips That Will Help You Sell Your Home in Bonney Lake Faster From real estate agents to homebuyers, there are so many tips out there on how to sell your home that it can be

Read More

The Benefits Of Living In Seattles Cedar Park Neighborhood

Seattle's Cedar Park neighborhood is perhaps one of the best kept secret in Seattle real estate.  Homes for sale in  Cedar Park typically move fairly quickly due to their amenity rich

Read More

Find Your Perfect Home For Sale In Bonney Lake WA

 Find Your Perfect Home For Sale in Bonney Lake, WA.Featured Listing18007 92nd Street East Bonney Lake, WA.No renovation budget needed. Move-in ready “right-sized home.” Flexible floorplan

Read More