What we discuss:
Multiple offer situations returning to the market.
Seller motivation returning to the Portland Real Estate Market.
New predictions for interest rates.
Listings are UP UP UP!!!
We are finally seeing a huge increase in listings to the market with 2,425 homes hitting the market last month, a 16% bump.
While high rates have maintained, buyer demand has been strong over the last month or so (and seem to only be increasing) and sellers are finally following suit.
Pending sales increased by 22% with 2,138 homes going under contract.
And sold homes saw an increase of 23% with 1,578 homes going to new homeowners.
Inventory went DOWN to 2.3 months which shows that even with the big boost of new listings buyer demand is so intense that the inventory is being quickly absorbed.
While we are finally seeing this new activity show in the data I will say that the new bump in activity has increased even more in the last two weeks.
At certain price points clients are seeing a huge jump in the amount of homes available to them.
BUT we are also seeing a major increase in buyer competition.
I helped one client write an offer on a home last weekend that got 15 offers and went for almost $200k over the asking price.
This was the coolest house in the hottest neighborhood but shows that we are re-entering a true hot seller’s market.
On new homes to the market that are getting a lot of activity, you can expect that they will likely sell for $50k+ over asking at this point.
But as a homebuyer don’t let this worry you too much.
This is where strategy will come into play for us.
If you want the cool home in the hot area we will just want to make sure that we are shopping well below your top budget so we have room to offer up.
And if you don’t want to deal with bidding wars we can view the great homes that are still sitting on the market from the last market and or we can view homes in the areas that are still amazing, but don’t have hoards of buyers circling them.
Also, we can talk about which homes draw a lot of attention and which ones don’t. People tend to be really drawn to homes with extra living spaces, fresh upgrades, character homes, etc. So if you are also attracted to those style of homes be ready to compete. We can also talk about how you can add those things into a home later so you don’t have to deal with that competition and can be the one to gain the equity from those upgrades.
In terms of interest rate predictions, unfortunately I don’t have the best news here. It is no longer predicted that we will see rates lower 2-3 times this year as originally predicted. Now it is said that we should only see 1-2 rate drops and that they won’t happen until late in the year.
For home sellers, this is your market. If you have been on the sidelines waiting to sell your home, now is your best chance to enter the market.
As mentioned above, buyers are out shopping and they are ready to buy.
Not every home is selling for over asking, in the first weekend, but the ones that are priced right, marketed well (things I help you with), and prepped properly, are.
If you want your house to sell with multiple offers, well over asking, with strong terms, and for it to sell quickly, listing your home in the next few months may give you the highest chance of that.
Whether buying or selling, or both, strategy and education are going to be huge in order to be successful in this new market. But luckily I am here to help you with it all.
If you want to talk about your options and your future move I am here for you. You can find my contact information below.