The real reasons the housing market is haywire right now

“One of the first things we do with first-time homebuyers is to ask them: ‘What have you heard about the current state of the real estate market?’” says Sarah Knight, a broker at Windermere Real Estate in Spokane, Washington. “We try not to discourage them, but we make it clear right up front that it’s competitive out there.”

Knight is working in one of the hottest housing markets in the country — Spokane was third in a December ranking of the housing markets positioned for growth in 2022 from Realtor.com. Even in a relatively small market like Spokane, a recent listing went up for $350,000, she says, and almost immediately received more than 35 offers. It sold for more than $450,000 soon after.

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