Multiple offer situations returning to the market.
Seller motivation returning to the Portland Real Estate Market.
New predictions for interest rates.
If you are wanting to talk more about your 2024 home selling or home buying plans I am here for you. While this market is seeing higher activity overall, different areas/price points/types of homes have their own unique micro markets, so it’s critical that we talk one on one about what you can expect based on your own needs.
You can find my contact information below. I look forward to talking with you!
How we are seeing higher real estate market activity across the board.
The benefits of this market for sellers.
How competition is high for buyers even though rates are still high.
The NAR settlement.
The Spring real estate market is in full swing and it shows in the numbers:
New listings were up 7% last month with 2,085 homes hitting the market.
Pending sales were up 16% with 1,742 homes going under contract.
Sold home activity was up 16% with 1,284 homes going to new homeowners.
Inventory of homes went back below 3.0 months down to 2.8 months.
The average sales price also did not move much with an average of $609,000.
Overall we have been trending back to a hot sellers market and that market is here.
Even with high interest rates (which unfortunately are predicted to stay at current levels through the summer) buyers are finding new motivation and are out there and ready to buy.
If you are a potential home seller this is great news.
When we take the proper steps to prep your home, stage it, market it and most importantly price it right (this is especially important with rates still being high) we have a higher likelihood of entering into a multiple offer situation than we have seen in the last year or so.
We should see buyer activity remain high through the rest of the Spring and early Summer but it will likely tapper off as we head further into the year. So time is of the essence to some degree if you are looking to take advantage of the current market.
If you are a home buyer or someone thinking of buying a home this year, competition certainly is back.
When we find a home you love, you can expect that you will likely be competing with at least one other buyer.
But don’t fret, we have a bunch of high level negotiation strategies we can use to help you compete and win.
Also, if you have seen the news lately, you have probably heard of the NAR (National Association of Realtors) Settlement regarding agent compensation and transparency. I talk a bit about it in the video above (I believe around minute 5) but if you have any questions and or want to talk about it in more detail I am here.
And as always, if you are wanting to talk more about your Spring home buying or selling plans I am here for you. While this market is seeing higher activity overall, different areas/price points/style of homes have their own unique micro markets, so its important that we talk one on one about what you can expect based on your own needs. You can find my contact information below.
Spring isn’t on its way… it is fully here. At least within the world of real estate.
New listings went up by a whopping 89% last month.
With pending sales trailing behind with an increase of 14%.
Sold home activity decreased by 15%. Though that is more exemplarily of the market we are coming out of as sold home data, by its nature, always lags.
We did see home inventory go up to 3.2 months which is great news for home buyers who have been waiting to see more options hit the market!
Here is what I am seeing in the market and hearing from other realtors:
It’s HOT out here.
One realtor in my office mentioned a listing her clients wrote an offer on that got 7 offers and she estimates that the home went pending at at least $50,000 over asking.
Another realtor mentioned 30+ parties coming through her listing.
Not every listing is getting this level of activity but it does show that we are heading in the right direction towards a hot market.
Here’s how you can make the most out of this new market as a future home seller:
Price is going to be key.
As the market heats up, it will be tempting to list your home at your ideal dream price. But while things are getting competitive on the buyer side, not every listing is getting intense action.
It is really key that we price your home at a price that works for you, but also entice buyers and gets the most amount of people through your door.
We want your house to be the one that gets 30+ showings.
We will also implement a high-level strategy for marketing (this is where I come in) and a strategy to properly prep your home so it shines.
Here is how you can be successful as a buyer in this new market:
Preparation, education, and strategy will be key.
If you are reading this email you are already doing great when it comes to the preparation and education portion.
Having a high level of knowledge about market trends will be extremely helpful.
And the same thing goes when it comes to preparation. Getting your finances in order with a lender before shopping will be needed in this fast-paced market.
And then strategy. As we enter a market where you may write an offer on multiple homes before getting an accepted offer, it’s important that we set expectations of this new market reality and that we are being super strategic about what homes we look at and how we write our offers.
If you want to talk more about your 2024 home buying or selling plans I am here for you. While this market is seeing higher activity overall, different areas/price points/style of homes have their own unique submarkets, so it’s important that we talk one-on-one about what you can expect based on your own needs.
Contact me below and let’s co-create your custom home buying and or selling strategy.
