May 15, 2026

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Rich Prasser and Mike Hogan (NMLS # 4538) in Washington are giving us an update on all things Real Estate and Mortgage. Join them as they chat about how global events are affecting mortgage rates, what sellers need to know about the crucial "14-day window," and why major life events should drive your housing decisions more than your current interest rate.

Welcome back to our monthly deep dive into the Spokane real estate and mortgage markets! For our April update, we visited Tamale Box in Spokane (highly recommend the chicken chili rojo and horchata!). While the food was a fantastic first, we sat down to talk about something we are very familiar with: the current state of housing and interest rates.

Here are the biggest takeaways for buyers and sellers this spring.

The Cost of Waiting: Home Prices are Climbing. We say it all the time: trying to perfectly “time” the market by waiting for interest rates or home prices to drop will often cost you more in the long run. The data proves it. To start the year on January 1st, the median sale price in Spokane was $388,000. By the end of April, that median price had climbed to $415,000 — and this is with interest rates remaining relatively unchanged.

We are officially in the Spring market, which historically brings housing appreciation and more market activity. Closed sales are up 5% year-over-year, and new pendings are up nearly 12%. Despite the noise in the news, real estate activity in Spokane has not slowed down.

Mortgage Rates & Global Impacts If you’re keeping an eye on interest rates, you’ve likely noticed they are hovering around 6% to 6.5%. One of the biggest external factors impacting rates right now is the conflict in the Middle East and its effect on oil prices. Despite a slight initial spike, mortgage rates have remained incredibly resilient. The good news? When oil prices eventually stabilize and come back down, we expect interest rates to follow suit, potentially dropping lower than they were prior to the conflict.

Navigating Inventory: A Market of Strategy. For buyers, there is a silver lining: active inventory is up 16% year-over-year. Currently, Spokane has about 3.5 to 4 months of housing supply.

However, buying right now requires strategy. Depending on the property, you might have room to negotiate on price or closing costs if a home has been sitting on the market for a while. But for “hot” homes priced right, expect multiple-offer situations where you will need to act fast.

Advice for Sellers: The 14-Day Window. For sellers, the market boils down to two things: Price and Condition. You can’t easily change your home’s location or layout, so if your house has been on the market for 7 to 14 days and you aren’t getting showings—or you’re getting showings but no offers—it’s time to re-evaluate your asking price or the condition of the home.

The “Golden Handcuffs” of 3% Interest Rates. Many homeowners feel trapped by the low 3% or 4% interest rates they secured a few years ago, hesitant to trade them for a 6.5% rate today. But ultimately, real estate decisions shouldn’t just be driven by rates; they are driven by life events. Whether you are getting married, having children, or downsizing, your lifestyle needs should dictate your move.

Upgrading your life—whether moving from a rental to your first home, or from a starter home to your forever home—will always come with a higher monthly payment. Just like upgrading from a $10,000 car to an $80,000 car, lifestyle changes require a budget adjustment.

Let’s Talk Strategy! Whether you are looking to buy, sell, or need help navigating your financing options, we are here to help you build a winning strategy.