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Moving On: Housing Options when Buying and Selling in Spokane’s Tight Real Estate Market

Posted by Holly McDowell on September 13, 2021
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Does the rapid increase in Spokane property values have you wondering if now is a good time to sell your home? One of the primary concerns I run into among clients and friends is this: If I sell, then where will I go with housing inventory so limited?  This is a valid and real concern!  The good news is, you have options. Let’s look at the housing options in Spokane that are available to you.

Option 1:  Occupancy After Close

This option allows you to stay in the home after closing. In a strong seller’s market, you have options and buyers will often allow you to stay in the home for a set period of time while you look for a new home.  The best part, you only move once! Be sure to switch your homeowner’s policy to a rental policy after closing with this option.

Option 2: AirBnB or VRBO (Vacation Rental by Owner)

This might be my favorite housing option in Spokane! There are over 280 short-term rental properties in Spokane, from the South Hill to South Perry District and across the highway to hip Browne’s Addition.  Bonus, these properties come fully furnished, and owners will often accept a reduced rate for monthly stays.  Pack your belongings and put them in storage.  Enjoy a staycation while searching for the perfect home and explore new neighborhoods. Head over to VRBO or AirBnB to check out the options and compare pricing.

Option 3: Stay with Family

Don’t laugh!  This may provide you with the motivation to find a new home as quickly as possible.  Just imagine how much easier holidays and birthdays will be with everyone under one roof.  

Option 4: Get a Bridge Loan

Bridge loans help homeowners purchase a new home while they wait for their current home to sell by using existing equity for the downpayment on a new home.  This gives you some extra time and peace of mind while you wait.  Interest rates on these types of loans can be a bit higher, be sure to contact your preferred lender for additional information. Head over to Investopedia to learn more about this short-term loan.

Having options is a beautiful thing.  Feel free to reach out via text, phone call, or email with any questions.  Changes don’t have to be stressful when partnering with the right professionals.

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