By Living Room Realty, July 1, 2021
Hi, Readers!
How glad are you to be on the other side of that heatwave madness? Zoinks! It seems like we may be edging toward a shift in this white-hot real estate market, too. We’re seeing more inventory come to the surface, and we’ve seen a 3% uptick in homes that have adjusted their listing prices, with more than 26% of the homes on the market decreasing their list price. This means sellers overshot their price and were counting on the inflated prices to hold steady. That also means things are shifting more in favor of buyers. Don’t get me wrong, it’s still very much a sellers market, but it’s nice to see a bit of a shift, albeit slight.
In the case of a recent closing I helped a buyer in Bridlemile on, we kept an eye on a property that at first seemed above my buyer Rebecca’s means — it was listed at her stretch price point. A week went
by, which in today’s market is eternity (most of the “good” stuff is gone the first weekend it’s on the market), and I called the agent to find out what happened. Turns out there was a big bidding war between two buyers that basically spooked each other away, and the house never went under contract. Then it sat – and the more time a home sits in today’s market sends a message to today’s buyers that something must be “wrong” with it. There is a clearly defined target for timing and pricing, that’s why listing in the right zone is critical. In the case of Rebecca, she was able to jump into action and wrap the house up under contract at a price she could afford. Now she’s putting down roots in her beautiful new mid century home.
Morale of the story? If you are on the hunt, look for the properties that have been on the market more than 10 days. Those are the properties that are likely on the verge of a price adjustment, and the more time on market, the more motivated the sellers will be. It also pays to look past funky paint and shag carpet… but we’ll save that for another story.
If you want to hear more about winning ways to make it happen in Portland real estate, give me a call. I’m here to help. 503 388 2788
Till then, high fives!
