|At the end of 2021 the closed sales were down 52 sales (7.2%) from 20120. Our average closed sales price for 2021 comes in at $400,612 from $321,311 in 2020.
Inventory continues to be at record lows. We have seen this throughout 2021. At the end of 2021 inventory was 224 properties on the market in all of Spokane
county. This was less than a 2 week supply.
More cash buyers, some with family financing found that cash can get the offer but not necessarily with a discount as in previous years and more likely to still need to be the highest bid. Multiple offers were very common in every area during 2021. However at the end of the year it was more often seen on flipped homes. New flooring and cablinets can cover up other issues with electrical and in the crawl space so a home inspection is even more importat with these homes. Sellers have no need to contribute to Buyers closing costs and adding it onto the price was not working as offer prices are well over list already. Early in the year cash over appraisal was a thing. It is critical for Buyers have a strategy to increase the likelihood of their offer being successful. Properties on the South Hill and the updated properties create the most bidding frenzies within a couple of days of being on the market even during heavy snow and icy driving conditions..
Properties that are not in fabulous condition are attracting rehab buyers and investor buyers. To allay fears of a low appraisal many Buyers are using a form which states how much over a low appraisal the Buyer will agree to pay. The highest number here can beat out anything except an all cash deal. Escalation addendums are common although not all sellers will accept them.
With the new contract changes in March 2021( a mere 40 in total) Buyers will have an advantage if their lender will put their file through underwriting prior to making an offer + have funds to pay their own closing costs + the most agressivre Buyers have funds to pay someting over a low appraisal to both protect their earnest money and to have a greater chance of success.
Very few sellers are in a short sale position and are unable to pay off their lender when the home sells. Fewer bank owned properties are coming on the market.
Jeannette Karis, ABR,AHWD,CRS,ePro,GRI,MRP,SFR,SRES
- "The Real Estate Broker with the English accent!"
call/text 509-994-8246 // licensed in WA state
RE/MAX of Spokane, 12810 E Nora Ave Suite E, Spokane WA 99216, (each office independently owned & operated)