By Living Room Realty, February 12, 2021
The Portland real estate market is currently seeing a record-low inventory. The supply of homes on the market significantly dropped in December of last year, and it’s predicted that the number won’t change. So here are a few things to know before you start your home search…
1. First and foremost, work with a realtor who has your best interests at heart! Now is the time that you’ll really need the guidance and support of a real estate professional. If you think about it, the fewer homes available, the more competitive it is as a home buyer. Pick a realtor who’s going to really stick out for you and fight for the home you want!
2. Get ahead of the game with a pre-approval—If you are planning to finance your purchase through a mortgage loan, get pre-approved before you start searching for a home! If a seller receives an offer from an unapproved buyer and another offer from a pre-approved buyer, whom do you think they’ll opt for?
3. Get your bags packed and be ready to move as soon as you send in an offer. I wish I was joking but due to the limited inventory and rapid pace homes are selling, I’d recommend that you start packing up and preparing NOW instead of LATER.
4. Don’t give up. Your dream home is waiting for you, it’s just a matter of time. When our market experiences a supply and demand issue, it can be easy to get disheartened after sending in multiple offers on a home. This is another reason why having an expert realtor by your side will be a huge advantage!
Happy and safe house-hunting my friends. For all of your real estate needs or questions, don’t hesitate to reach out! I’m always happy to help.
