America's office market is facing a significant transformation due to rising debt and a shift to remote work, leading to high vacancy rates, particularly in older Class B buildings. Experts predict a wave of fire sales and conversions to residential housing, with a 357% increase in office-to-apartment conversions in 2024 compared to 2021. Major cities like New York, Washington DC, and Los Angeles are at the forefront of this trend, which could reshape urban landscapes and address the housing shortage amid declining demand for office space.

Interest rates are a hot topic as many navigate the real estate market, especially first-time homebuyers. Following a recent Federal Reserve rate cut, lower rates could enhance affordability but also increase competition. In Spokane, the median home price is around $430,000, and potential buyers may see reduced monthly payments if rates continue to drop. However, this could lead to more buyers entering the market, making it challenging to secure properties. Sellers may benefit from quicker sales, but they also face increased competition when purchasing their next home.