The Reality of Buying in Today's Market
Market Alert: Still a Seller's Market
Despite inventory increases, Spokane remains heavily favored toward sellers. Two-thirds of Spokane County residents cannot afford the median home price of $434,700. Success requires strategy, preparation, and realistic expectations.
Let's be honest about what you're facing as a buyer in August 2025. While inventory has increased by 13.6% month-over-month (giving you more choices than we've seen in years), competition remains fierce for well-priced homes. The good news? With the right strategy and expert guidance, homeownership is absolutely achievable.
Here's what successful buyers are doing differently in today's market, and how you can position yourself for success in this challenging but not impossible environment.
Understanding Today's Challenges
Affordability Crisis
2/3 of residents can't afford median home
Explore all loan programs and consider different neighborhoods
Limited Inventory
Only 2.1 months supply available
Be prepared to act quickly on good properties
Bidding Competition
31% of homes sell above asking price
Get pre-approved and have escalation strategies
6 Winning Strategies for Spokane Buyers
Get Pre-Approved Early
With median prices at $411K and competition fierce, pre-approval shows sellers you're serious
Target Realistic Price Ranges
Focus on homes under $400K for best selection, or be prepared for premium pricing above
Act Fast on Good Properties
Homes still sell in 15-24 days on average - delay can mean missing out
Consider Seller Concessions
High mortgage rates mean sellers may help with closing costs
Explore All Neighborhoods
North Spokane and outer areas offer better affordability
Have Backup Plans
With 41% selling below asking, overpriced homes are available
What to Expect by Price Range
Understanding competition and availability by price range is crucial for setting realistic expectations. Here's the current landscape based on August 2025 market data:
Under $300K
$300K - $400K
$400K - $600K
$600K+
Current Market Dynamics: What You Need to Know
The Inventory Increase: Good News with Caveats
The 13.6% month-over-month inventory increase to 1,786 homes in Spokane city is the most significant development for buyers this year. However, this doesn't mean the market has suddenly turned in your favor. Here's what this really means:
- More choices, not less competition: You'll have more homes to choose from, but well-priced properties still receive multiple offers
- Quality matters more: With more inventory, buyers can be pickier about condition, location, and price
- Overpriced homes sit longer: 41% of homes sold below asking in July, indicating price resistance
Financing in the Current Environment
High mortgage rates are fundamentally changing buyer behavior and seller expectations. Many sellers are now offering closing cost assistance to help buyers overcome financing hurdles. This creates opportunities if you know how to negotiate.
Pro Tip: Leverage Seller Concessions
Ask sellers to contribute 2-3% toward closing costs or buy down your interest rate. With longer market times, many sellers are willing to negotiate these terms to secure a sale.
Neighborhood Strategy: Where to Focus Your Search
With median county prices at $434,700, strategic neighborhood selection is crucial. Consider these approaches:
- North Spokane: Best affordability, strong community development, excellent investment potential
- Spokane Valley: Family-friendly with good schools, moderate competition
- West Valley: Smaller market with close-knit community feel
- Emerging areas: Logan, Hillyard, and other revitalizing neighborhoods offer value
Timeline Expectations: How Long Does It Really Take?
Despite inventory increases, homes still sell in 15-24 days on average. For buyers, this means your house-hunting timeline should account for:
- Search phase: 2-8 weeks depending on criteria and responsiveness
- Offer to acceptance: Often same day for competitive properties
- Closing process: 30-45 days with current inspection and appraisal timelines
Making Competitive Offers That Work
With 31% of homes selling above asking price, your offer strategy needs to be sophisticated. Successful buyers in today's market are:
- Getting pre-approved by local lenders who understand Spokane's market
- Including escalation clauses with caps based on comparable sales
- Minimizing contingencies while protecting their interests
- Writing personal letters to help differentiate their offers
- Being flexible on closing dates to accommodate seller needs
Your Next Steps to Homeownership
30-Day Action Plan
Ready to Start Your Home Search?
Don't navigate this challenging market alone. With 8+ years of local experience and deep market knowledge, I'll help you find and secure your perfect home in today's competitive environment.
Joey has helped over 50 first-time buyers navigate Spokane's competitive market. His buyer-focused approach ensures you understand every step of the process and make informed decisions based on current market conditions.