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 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, the past 3 weeks, trends have shifted 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.
For sellers, this is great news! As many of our clients are asking if they should wait until next spring to sell, based on the past few weeks, the answer is clearly “no”. Now is still a fantastic time as the inventory has dropped, rates have stabilized, and buyer confidence is still robust. It is our prediction that the second half of 2018 is going to be better than the first half of the year 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, start by having your ELEETE Broker team walk your property. Then set up the crucial second meeting at our office to review your Direct Home to Home Comparison Price Report, custom built and tailored for your specific property. Harnessing this data and our experienced advisor’s recommendations, you determine the best timing strategy for you and begin the home preparation process! Great preparation, accurate pricing, professional marketing, and expert counsel ensures that you will maximize your return.
