It’s one thing to hear buzz about the real estate market heating up (it’s an exciting indicator for those looking to sell), but it should really prompt home owners to take a deeper look at their own property and then gauge the most strategic time for them to enter the marketplace.
Looking at the inventory trend (the number of homes on the market) over the last several years, we’re seeing a steady decline in quantity. Certain aspects remain predictable, like the obvious seasonal rhythm in Portland’s buying trend. And even a glance at these graphs confirms that it’s a definitely seller’s market. With fewer homes available, demand must be higher, right?
Yes and no. The clamor over “quality homes” is higher than ever. Well-presented properties with desirable traits can spark multiple-offer situations (bidding wars), pushing up the final selling price. But our region also possesses an educated buyer pool, savvy to artificial hype due to limited selection.
So we must gauge what makes your property special. If it’s your outdoor spaces, it can actually be beneficial to hold off until everything is in full-bloom for a TrueView photo/video shoot on a sunny day. Or if it will be possible to professionally stage your home in two months, the investment can be well worth the wait. Every seller’s situation is unique.
Inventory is down, absorption rate (the percentage of available homes that are being purchased) is up, but that’s certainly no reason to panic into selling. Also, this data shows the trend of the greater Portland market. The most valuable data for your situation can be gathered from your neighborhood market.
Now is the perfect time to partner with your favorite agent and formulate the best plan for your home!