The market is back! Or is it? Really?
Home prices are up, there are buyers creating bidding wars over homes that have just hit the market. Houses are selling for way more than the list price, sometimes in days. Some times in hours.
So, this means the market is back, right?
Well maybe yes, maybe no. The market is still be bit off. Things have changed, but does that mean that the real estate market will hold strong and be healthy?
In the Vancouver, Washington market, our inventory is at it's lowest rate in 20 years. We have less than 2 months worth of inventory. That means if all of the houses on the market today sold, in 2 months there would be ZERO homes for sales.
In one of the most popular neighborhoods in Portland, Oregon, the Hawthorne District, homes sell with multiple offers within hours.
Fewer listings are coming on the market. People are now aging in place, not moving into retirement homes. Multi-generational families are living under the same roof. Baby-boomers are staying in the house they raised the kids in and adding a third bay to garage to store their toys. Millennial’s want to live in the city, no car, no house, no mortgage. What is it that will spark homeowners to move?