Autumn has arrived in Portland and the cooler temperatures are also extending to our local real estate market. Not to worry, I’m here to help you navigate it successfully. If you’re looking to buy or sell in the next 2 to 6 months, now is a great time to start forming your strategy, and I love to help with this kind of planning.
Overall, the local market has cooled off somewhat over the summer and into fall. We currently have the largest number of homes on the market since January of 2015. This is rather unusual, as we typically see a decrease in inventory going into fall and extending into winter. The present increase in available homes is largely due to houses either being overpriced or having unaddressed issues that make buyers uncomfortable.
Some homes are selling quickly and for top value, for full price or higher, depending on neighborhood, setting, pricing, condition, and how well the house is marketed and prepared for showing. But overall homes are selling at the slowest rate since January of 2015 and more than half the properties on the market are dropping their prices after going live. The average amount of time a home spends on the market is now up to 37 days.
But this isn’t a doom and gloom post. Well presented homes with strategic and accurate pricing, prep, and marketing are still capturing the interest of multiple buyers, bolstering the final selling price. For sellers it’s all about finding the perfect strategy for your home, your neighborhood, staging and marketing to reach the right buyers.
Buying? If you’re considering buying (and maybe took the summer off due to competition), now is a great time to start looking again. We have more inventory than we’ve had in years, there are fewer competing buyers, and prices are not going up as quickly and some prices have come down. Let’s find the ideal home for you before the end of the year!
I’m always available to pull the most recent market data and chat with you about your real estate goals. It’s truly no trouble at all. I love learning about your specific objectives and helping you achieve them. Please consider me at your service for anything related to your home!