By Living Room Realty, September 28, 2022
What is going on in today’s market? Is now a good time to buy or sell?
Most real estate brokers are getting these types of questions on the daily these days.
As we move into Fall with mortgage rates bouncing around 6.5%, over twice what the average rate was 12 months ago, most folks think the days of over list multiple offers and 1 or 2 days before going pending are gone.
Not so fast my friend. Quality homes that are priced more on the conservative side are still seeing brisk movement and good sale prices. Case in point, a single story renovated ranch in Tigard recently went on the market on a Monday morning, had two offers over list in 24 hours and was pending by Tuesday evening.
This transaction went pending about 3 weeks ago and given all the market uncertainty currently the seller was very pleased with the result. Over list by about 10%, pending in less then 48 hours, no repairs and the appraisal came in on target.
In today’s market be sure and take a conservative approach when it comes to pricing, comps from over 8 months ago should be reviewed with a skeptical eye as they likely will give sellers a false sense of value when it comes to a reasonable list price.
The moral of the story is simple, be sure your agent is not being overly aggressive with your list price.
