Our country and many other parts of the world spent May Day grieving the tragedy of the Boston Marathon. During this month, Texas has endured the devastating effects of fire and severe weather and Obama has spent the last few weeks avoiding yet another scandal. Through it all, Jesse Poll of Century 21 Wright & Associates, an expert concerned with real estate in the greater Portland, Oregon area, has necessarily conducted business as usual.
For the market in Portland, “business as usual” translates to our desperate need for more listings. There exists only three months of housing inventory in the current market. The decline in inventory has been relatively consistent. Lower price range properties have lacked quality inventory for the last three months or more and the problem has started to affect the higher price ranges.
The low inventory in the Portland area is a two way problem.
1. The situation encourages prospective buyers to buy as soon as possible and
2. It forces a limit on the number of possible transactions.
This situation is most definitely a Mayday! Mayday! with an SOS! thrown in for good measure. The most effective way to solve this situation is to involve us, the members of the Portland community. If you have considered selling your home in the last two to five years, help a professional like Jesse Poll come to the rescue, put your home on the market. Most real estate professionals are looking for a balance between homes on the market and prospective buyers. The first priority for a Portland real estate specialist is to create a win-win for both parties. Jesse will formulate and present simple, individualized plans that will maximize opportunities for successful transactions.
Rising prices encourage sellers to put their homes on the market intending to either trade up or downsize. The inventory is expected to improve as sellers get better prices on their homes. The limited inventory has brought the return of multiple offers and rising sales prices, but sellers are facing a Mayday! of their own.
In such a competitive market, multiple offers with deadlines are flooding in. Listing clients are forced to abandon their already busy lives, confront the pressure of close deadlines, and sift through numerous pages in each contract before they can decide which offer will be the best. Although this is a good problem to have when attempting to sell your home in the Portland area, it can be extremely overwhelming.
On the other end of this spectrum are the buyers. The more realistic appraised home values compared to the inflated values of the 2000s and record-low interest rates make a perfect time for new homebuyers; however, current buyers are facing extremely competitive circumstances and real estate professionals are scrambling to find suitable properties.
Look for Mayday! Mayday! Part II to find out exactly why our housing inventory is not growing.
In Mayday! Mayday! Part III Jesse will help us understand how to implement solutions in a community effort to solve this housing crisis.
Every week you can visit http//:www.greaterportlandhomesales.com to get the latest scoop and hard numbers on property values and changes in the market.
