By Danni Duggan
Wow. Our market took off in April 2020, and it has not slowed down for a yellow light, potty break, or gas since. We may be riding on bald tires or even flats at this point, but that’s not stopping the market. Inventory remains low with approximately one month of inventory. For those shopping in the “sub-700K” price range, inventory is closer to just a couple of weeks, but it opens up a bit over 2 and 3 million. Curious what Portland’s residential real estate inventory has looked like historically? We’ve been pretty low for several years now, but not quite like this.
Homes are being snatched up as quickly as they are being listed. And everyone anecdotally knows of someone who missed out on a house that went for 50, 70, even 100 thousand dollars over asking price. Is this sustainable? Hardly. But it is our current reality. It is a reason why now, more than ever, a buyer needs to leverage their position by working with an Accredited Buyer Representative (ABR). As luck would have it, I am a designated ABR through the National Association of Realtors. I also work with two other colleagues who bring their A Game each and every day to ensure you get the right house at the right price at the right time.
For those buyers who think they might “wait this out.” My biggest caution is to look at what the average and median home prices have done in the past year. By waiting it out this past year, you’ll now likely pay approximately 15% more for the same house this year.
It is impossibly cliché to say “now is the time to list your home.” But I am saying it. Heck I am shouting it loud and clear. I have seen offers come through waiving both inspections and repairs, waiving appraisals, offering up to two months of free seller rent-back, and offering significantly above the listing price. I do not advocate that buyers waive all of their rights when writing offers, but that does not mean it is not happening. Buyers want homes, and homes are currently scarce. I would love to see inventory pick up as it usually does as we head toward June. And I would love to help you showcase your home in the best possible way to bring the most qualified and serious buyers through your front doors.
Buckle up and get ready for an active spring and summer market, Portland. And know that Dana, Bud, and I all stand ready to guide you through this transaction every step of the way.
We are Here to Help
Danni Duggan, Dana Smith, and Charles (Bud) Garrison, OR Brokers, Premiere Property Group, LLC
Danni: 503-719-2279 | danni@dannipdx.com
Dana: 503-805-0569 | dana@dannipdx.com
Charles (Bud): 503-679-1893 | bud@dannipdx.com
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