Selling Season Still Sizzling
Just a couple of months ago, all signs were showing that the most recent upsurge in the market may be leveling off. I discussed this in a previous newsletter, stating that the increasing interest rates, combined with seller’s desires to continually increase prices, would most likely lead to a slowdown in the coming 12 to 24 months. Homes here in Portland were no longer selling in the first week with multiple offers. Instead, they were sitting on the market, which then translated into increased inventory.
Surprisingly, within the past 2 weeks, trends have seemed to shift slightly in the opposite direction. With a sweeping surge in sales, much of the built-up inventory was wiped out, and once again, we are seeing multiple offers on 20% of the new inventory. It seems like every time, we begin to realize a trend, the market makes a swift change, and everything we thought we knew to be true about the market conditions goes out the window.
To be fair, some of this surge in sales is definitely dependent on price point, but for sellers in general, this is great news! Many of our clients are asking if they should wait until next spring to sell, but based on the past few weeks, the answer is clearly “no.” Now is still a fantastic time, as the inventory has dropped, and rates have stabilized for the time being. And while buyer confidence is not quite what it was a year ago, it too still seems to be holding strong.
It is our prediction that the second half of 2018 will still be a great time for sellers. We cannot project what rates will do in 2019, nor can we determine where consumer confidence will be, but what we can tell you is that based on the limited inventory, once again the demand is there.
To ensure success, let’s start by having an initial consultation to walk through your home. Then, we can schedule a follow up meeting at my office to review your Direct Home-to-Home Comparison Price Report; custom-built and tailored for your specific property. Harnessing this data, along with my recommendations for home preparation, you can determine the best timing strategy for you, and we begin the home preparation process! Great preparation, accurate pricing, professional marketing, and expert counsel ensures that you will maximize your return.