Real estate investors are cautious when acquiring properties in different parts of the country and this may be due to the 2008 crash. That event affected most Americans’ trust and confidence in the housing market. Nevertheless, the real estate market has recovered in many parts of the country and investors have slowly regained their confidence. One of the areas where the real estate market is actually heating up is Spokane Valley and properties are selling like hot cakes. Spokane Valley property management has also had a positive effect and has attracted numerous investors in the past few years.
The real estate market in Spokane has been struggling for many years to catch up with the rest of the country but the situation has changed in the last three years. The area is currently experiencing the highest performance since the crisis. However, it is worth noting that not all areas are doing well. There are some areas that have lagged and this is where properties are still a lucrative investment.
Marketing of Spokane Valley Real Estate
Spokane Valley property management firms embarked in strategic marketing campaigns which have improved the efficiency of filling vacant properties. For instance, the demand for properties is so high that property sellers are getting multiple offers. Investors aspiring to acquire properties in the area should be prepared to do some serious research. Real estate properties are relatively affordable compared to other parts of Washington and many people are now looking for homes to buy in the region. The number of buyers looking to purchase a property has increased in the past few years and the trend is expected to continue rising in the years to come.
Outlook for Spokane Real Estate
According to the Spokane Association of Realtors, the prices for a median home in the area has increased by about 15 percent and the figure is expected to continue rising. The real estate market in the region made a U-turn in 2011 and is expected to keep on rising in the next five years. This is due to investors’ confidence rising, which in turn has made them willing to acquire new properties in the area.
The younger demographic, who were initially discouraged by the recession have now started to regain confidence in the overall economy. Research shows that they are now looking to make their first home purchase. Employment rates have also increased in the area and more people can now afford to buy homes instead of renting. It is also worth noting that the local government has improved infrastructure in the region, making Spokane Valley a better place to live than in the last five years.
The area is also turning into a business hub and the demand for commercial properties is rising. Subsequently, this has made property management businesses in the area a booming business because the demand for rental properties is increasing year after year. Some local property managers say that cases of renters competing for listed properties are becoming common in the area, forcing owners to revise rental rates upwards after a very short period.
Cases of property owners being hesitant to list their property are also on the rise because they fear selling too early. Another sign that real estate in the region has revived and demand for properties is on the rise is the decline of distressed homes, a situation that was very common in the last five years. Reports show that the number of distressed properties in the area was less than 7.5 percent in mid-2016 compared to about 13 percent at the same time in 2015. Most of the properties in the area that were in bad shape have been sold to investors who have made fortunes from them after doing the necessary renovations.
Ease of Financing
The availability of affordable financing is another key factor that has made the real estate market in Spokane Valley experience rapid growth in the recent years. Unlike in the past when interest rates were too high and only a few people were able to finance; now the rates are at all-time lows and the majority of the working class in the region can manage financing their home.