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 2018, now is a great time to start forming our strategy!
Overall, the local market has cooled off 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 buyers won't accept.
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 up to 37 days now.
But this isn't a doom and gloom post. Well presented homes at an attractive price point are still capturing the interest of multiple buyers, bolstering the final selling price. It's all about finding the perfect strategy for your home, your neighborhood, and staying ahead of the market.
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 inflated prices are coming down. Let's find the perfect 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!