Is Portland, Oregon metro area turning into a seller's market?

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Real Estate Agent

Yesterday, at our team meeting several agents talked about their growing buyers list.  Many of us actually had clients that were having trouble finding the RIGHT home.  We had quite a few FULL PRICE sales as well.  Could this be turning into a sellers market?  

We then examined several Portland metro areas where REO (bank owned) and Short sales represented the smallest percentage of active listings we have seen in 2 years!  

What does this mean?

For Buyers-  You need to start looking NOW.  If you are lucky enough to find the place you love (home or investment) then now is a good time to snap it up before the late spring/summer lookers join in the hunt**.  Chances are that prices will not go lower over the next six months.  You want to be "front of the line" buyers in this kind of market surge.  You have to get pre-approved so you can submit with your offer.  I have clients that want a classic, Portland craftsman home.  They found it.  It sold in 3 days (yes, you read that right..3 days!) and they were not ready to make a solid offer.  

For Sellers-  There are BUYERS for your home!  These buyers are getting loans.  The Portland metro market is active (especially for the under 400k crowd).  If you are thinking of listing your home it is best to do so by the middle of April*.  Most homes close in August.  To have your home close in August means you need to accept an offer by the end of June/beginning of July.  You will also want proper exposure time and be able to implement an agressive and thorough marketing plan to NET you the most.

What will happen after 6 months?

Most likely we will have a seasonal "cool down" that will slow sales, pricing and inventory.  And of course there is a small, litttle election in November.  This might be just the right time to make that move!

*If you are wondering what price to list at then give me a call.  Market values are my specialty with my real estate appraisal background.

**If a home has been on the market for over 6 months it still may be priced too high.  Feel free to give me a call and I help you make the RIGHT offer.

                

Posted by

Ian Heimbegner

Keller Williams Realty

503-780-9246

  

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