Right now couldn’t be a better time to invest in a home in Spokane. In 2007, Spokane was one of only a few cities nationwide where the median price of a home increased in value. Contrary to many major markets, “Most of Spokane’s speculative builders dramatically reduced the number homes they will build in 2008,” said Robert Henry, President of R&D Construction and board member of the Spokane Home Builders Association.
The result of declining home starts means that at the current rate of market absorption (the rate at which new homes are currently selling), the current inventory of new homes will have been purchased by the first quarter of 2009. Production builders are likely to continue with far fewer home starts well into 2009. Many builders have dramatically reduced the pricing of homes that have been completed for several months.
Now is the time to find and negotiate great deals on new homes. Buyers who have a decent credit rating and are pre-approved are in excellent position to negotiate with motivated sellers.