SPOKANE, Wash. - During the recession it became increasingly difficult to take out a home loan. Now, here in Spokane, the real estate market is finally starting to pick back up thanks to low interest rates and high demand from new home buyers.
Marianne Guenther Bornhoft, a local realtor, said "It will be very interesting to see with loosening some credit issues for buyers in the past it's been pretty tight. We had such an issue a long time ago, the lending requirements were so tough, it's almost impossible for anyone unless you had a perfect credit score to buy something."
According to The Nation Association of Realtor's, total home sales last year were the highest they've been in five years and are expected to stay that way through this year as well. Right now the Obama administration is working to make more home loans available to buyers with lower credit scores. Realtor's we spoke with here in Spokane say this is already making a difference.
They say that within the last three to four weeks homes have been selling faster, leaving fewer left on the market. The realtor we spoke with said she personally listed her home last Saturday and by the next morning, she already had an offer. Nationally the average time a home spent up for sale in December was 73 days. Rob Higgins of The Association of Spokane Realtor's said "I would think it's an excellent time because the inventory is low and if you price your house right it should sell right away."
Marianne did tell KHQ that Real Estate is seasonal, when the weather gets better the market improves. We're also told the biggest factor in whether your home sells is where you price it, so, be sure to check comparable home prices in your area before you list it.