The summer homebuying season is expected to bring an uptick in new property listings in the Spokane area, but the increase in supply likely won’t be enough to ease ever-growing demand and surging rising prices, real estate experts say.
With battles for homes leading to a sharp increase in bidding wars in Spokane’s fiercely competitive real estate market, buyers are finding they need to be creative with the offer for the home of their dreams.
Except for only a few historical exceptions, the value of a standard home only increases over time. That's why longtime Realtor Rob Higgins always coaches those shopping for houses to buy as much home as they can afford so they can eventually take advantage of its value or equity.
As inventory of existing single-family properties in the Spokane area's competitive housing market has dipped to record-low levels, an increasing amount of buyers are considering the option to build their own homes.
A tight housing market has led to higher prices and more competition for available homes, a trend that has carried over to waterfront homes. But experts say there’s still a way for people to achieve their dream of having a lake home as long as they are willing to make a few concessions.