Ingo Winzer of Local Market Monitor has performed real estate analysis for more than 20 years and his predictions are, in my experience, better than those of financial media. In 2005, he warned that many housing markets were dangerously over-priced. He produces in depth research of inventory and absorption for multiple individual cities.
In his April, 2023, National Economic Outlook discussion, he says that the main question in 2023 is how far and how fast home prices will fall. He is certain that prices will be lower in many markets, though we will not know trailing first quarter numbers until May.
With regards to Spokane, he states that we were a high-flying market along with the likes of Salt Lake City, Boise and Bend. He expects values in Spokane to fall ten percent in the next 12 months. He predicts that growth markets in Florida and Texas will hold up better short term. But that values there will eventually go down. The decline in values will be delayed but not avoided. He expects values to adjust downwardly over multiple years.
Contact Deepak Malhotra if you need help with real estate investing. Even if you are not looking in Cheney, Medical Lake, Airway Heights, or the Spokane area, mentoring services or referrals can be provided.