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  • Writer's pictureNick Briggs

Best Time to Buy a House in Spokane: A Seasonal Guide


Best time to buy a house in spokane

Embarking on the journey of buying a house in Spokane? Timing is everything! Whether you’re searching for your first home or investing in property, knowing the best time to make your move in Spokane can greatly influence the price and choices available to you. Let's break down the best times to buy a house in this vibrant city, guided by clear seasonal trends and crucial market statistics.


Spring: March & April - The Season of Abundance

Spring in Spokane marks the beginning of the home buying season. Historically, March and April are the prime months when the inventory of available homes starts to increase. This uptick in listings coincides with a surge in move-in ready properties, offering potential buyers like yourself a plethora of options. The diversity in listings not only boosts your chances of finding a home that fits your criteria but also positions you better in negotiations, given the fresh influx of properties.


Summer: June - August - The Competitive Peak

As temperatures rise, so does the competition in Spokane’s housing market. From June through August, the market is buzzing with activity. Families looking to move before the new school year begins contribute to a higher demand, making it a vigorous season for sellers and buyers alike. While the competition is stiffer, the advantage lies in the greater inventory levels compared to other seasons. For buyers ready to jump into bidding wars, this season offers the highest number of opportunities.


Autumn: September - November - The Time for Bargain Hunting

Autumn signals a shift as the market cools down with the weather. Sellers in Spokane during this period are often motivated to close deals before the holiday season and impending winter, making it an ideal time for buyers to negotiate better terms. The fall months can be the golden period for patient buyers looking for a favorable deal, as some sellers might be willing to lower prices to ensure a sale.


Winter: December - February - Lowest Prices, Least Competition

Winter might be the sleeper hit for house hunting in Spokane. With the market at its least active, buyers face less competition, which can translate to lower prices and more attentive service from real estate professionals. For those willing to brave the colder months, significant bargains can be found, especially since sellers during this time are often very motivated to negotiate and close deals quickly.


Conclusion:

While these trends offer a framework, remember that buying a house is a personal journey influenced by individual circumstances. It’s crucial to consult with local real estate experts who understand the nuances of the Spokane market. They can provide tailored advice and insights that align with your specific needs and timing. Happy house hunting in Spokane!


If you are looking to buy or sell your home soon in Spokane, WA, make sure to reach out to Nick Briggs today by clicking the contact button below. Nick will help you with his endless resources, great customer service, and expertise on the local Spokane Market.




Q&A:

Q: What makes spring a good time to buy a house in Spokane?

A: Spring sees a significant increase in listings, providing a wide selection of homes. This abundance means more options and potentially better deals as sellers are eager to attract early buyers.


Q: Is summer too competitive for buying a home in Spokane?

A: While summer can be competitive, it also offers the highest number of properties on the market, increasing your chances of finding the right home.


Q: Can I get a better deal on a house in Spokane during the autumn?

A: Yes, autumn is often a time when you can negotiate better deals. Sellers are motivated to close transactions before the winter months, which can lead to lower prices.


Q: Why might winter be the best time to buy a house in Spokane?

A: Winter offers the lowest prices and least competition. With fewer buyers in the market, sellers are more open to negotiations, leading to great bargains.


Q: What are the latest trends in the Spokane housing market?

A: As of December 2023, Spokane remains a seller’s market with median listing prices rising by 8.6% year-over-year, indicating strong market health.


Q: How does the sale-to-list price ratio affect my purchase in Spokane?

A: A high sale-to-list price ratio, like Spokane’s 99.4%, indicates that homes often sell close to their asking price, signaling a competitive market.


Q: What should I consider when buying a house in a seller’s market?

A: In a seller’s market, it's crucial to make quick decisions and strong offers. Also, getting pre-approved for a mortgage can make you a more attractive buyer.


Q: Are there any financial assistance programs for first-time homebuyers in Spokane?

A: Yes, Spokane offers various state and local assistance programs for first-time homebuyers, including down payment assistance and competitive mortgage rates.


Q: What is the median time homes stay on the market in Spokane?

A: The median days on market for homes in Spokane as of the last reported year is 59 days, slightly longer than previous years, offering buyers a bit more time to make decisions.


Q: How should I prepare for buying a home during Spokane’s peak real estate seasons?

A: Preparation should include securing financing, researching neighborhoods, and aligning with a knowledgeable local realtor who can swiftly navigate the competitive market.


Relevant Resources:

Spokane Association of Realtors: Spokane Realtor - A resource for finding certified real estate professionals and market news.

Washington State Housing Finance Commission: WSHFC - Information on first-time homebuyer programs in Washington state.

Zillow Research Spokane: Zillow Spokane - Current market trends and property values in Spokane.

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