RMP vol. 3

Hello RMP Clients & Friends!

It’s time for me to share the second quarter stats from our Spokane market & I’ve got to say, I’m a little surprised by the numbers! We are still seeing an upward trend on both units sold and average sales price- which is great news for sellers, especially if it remains in that upward trajectory.
What I’m actually feeling though, is a completely different story. Since the first of July, there have been HUNDREDS of price reductions on listings, in the past five days alone we’ve seen 300 new listings come on market and 250 price reductions with inventory levels reaching over the 2-month mark for the first time in a long while. Let’s not be dramatic, 2 months of inventory is still fairly low, but what that means is that if NO NEW inventory came on market in the next couple of months, it would take 2.2 months (on average) for all the current listings to sell. To put this into perspective, during the craziness of 2021, our days on market hit less than 10(!) and to showcase the other side of the coin, in the lull years of 2010-2011, days on market were sitting at nearly a full year.
Technically speaking, we’re in a “balanced” market- meaning that both buyers and sellers can negotiate and neither have the upper hand.
Now that’s not to say that there aren’t some amazing homes that hit the market and are still commanding multiple offers- I’ve actually seen & been a part of this in the past month.
^{What does this actually mean for buyers & sellers?
_BUYERS;} This means putting your best foot forward ~ getting preapproved with a local lender, having those buyer consultation meetings, mapping out a game plan for when you do find that home that makes your heart sing! Remembering the 70-80% rule of thumb- (if a home fits your wants and needs by 70-80%, this is a good home for you to strongly consider). You should NEVER settle, but you should also understand that finding that unicorn home that checks every one of your 27 items will be extremely tough & possibly a losing battle. The key is managing expectations and understanding yourself enough to know when something works or doesn’t!
_^SELLERS; This means putting your best foot forward ~ getting ALL of those deferred maintenance items taken care of, having your realtor walk through your home to recommend any updating/remediation items, decluttering by at least 50% and cleaning like it’s your J.O.B. Buyers are excited to shop, but they are also extremely picky because they have so many options to choose from- make sure they can’t say no to your home by making it really shine BEFORE you go live.

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Now to switch gears before I go!

In my polling for the next client event, Lake Day has been the front runner by far! And I’m here for it~ I love me a good Lake Day! We have our Lake House BnB’d through the first weekend in August and then a few more guests the next couple of weekends before Labor Day so my thought is, if you’d like to come hang out at Loon with me and my boys, we’ll set up weekdays and have a schedule to come and play then! If this sounds like something you can (and want) to do, please message me back right away and pick your day to play~
Plan on bringing your spouses, kiddos or just yourself if you need some solo beach time away from the fam LOL

Don’t worry, you will not have to hang out with people you don’t know, unless you’re up for double-booking with some new friends.

August 6-9, 12-15, 20-23, 27-29 » 15 individual days available to pick from!
We have a beach, dock & can BBQ or have snacks & drinks. The house is cool to hang out in if we get too warm outside & we have an entire lawn to the side perfect for playing croquet! I know not everyone will be able to swing a mid-weekday trip to play, but everyone can use a mental health day full of sunshine & great conversation, so this is me telling you to play hooky! ;)

K, that’s all I’ve got for now ~ Until next time friends!

~Robyn