A Dose Of Reality in the Portland Metro Real Estate Market
It's time for buyers in the Portland Metro real estate market to realize that "the deal" may be . . . getting their offer accepted on a property they want to call home!
It is not a stable market.
It is not a buyers' market.
We are in a SELLERS' market . . . as much as that pains me to say it.
A stable market is 4-6 months of inventory
A buyers' market is over 6+ months on inventory
Anything under 4 months of inventory it's a seller's market
ABSORPTION RATE . . . And what that Means
If it will take 2.3 months before the current inventory is ABSORBED -- providing no new inventory is put on the market -- that's considered a SELLERS' MARKET boys and girls.
And it's been a sellers' market for quite some time in the Portland Metro real estate arena.
Are You Ready to Buy a Home in the Portland Metro Area?
- Do you have Earnest Money funds readily available? If you have to borrow earnest money from a family member, perhaps meeting your brother at a bar on Friday night to obtain the funds, then you may not be ready to buy a home in the Portland Metro area.
- Are you reasonable with what you can negotiate with the Sellers? If you think that going in $10,000 under list is a good strategy, you may not be ready to buy a home in the Portland Metro area.
- Looking in a HIGH DEMAND / LOW INVENTORY area? Then you need to be creative in your offer because you are up against STIFF competition.
I CAN NOT TELL A BUYER WHAT THEY SHOULD OFFER! Similarly, a listing agent CAN NOT tell a seller what price to place on the property.
Agents can, however, suggest / consult / advise, but in the end, our instructions come from our clients.
If a buyer is looking in a HIGH DEMAND / LOW INVENTORY area . . . they must be prepared to pull out the stops, pull up their big boy pants and put in an offer that will make sense.
Don't blame me if your offer isn't accepted.
Don't blame me if your offer is competing with others.
That's the market we're in.
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