Want to sell your home? Get a FREE home value report.
Want to buy a home? Search all homes for sale.
Today, we’re going to talk about the Portland metro real estate market after the first quarter of 2016.
The average price in our area is $360,000. Over the past few months we’ve seen an appreciation rate of 7%, which is extremely healthy. Those 10% and 15% appreciation rates are unsustainable in any market, so 7% is good news.
On the other hand, inventory is an issue for us right now. We have two months of inventory, which is not healthy at all. We need about 3 to 5 months of inventory at least for a more balanced market. What does this mean to you?
First of all, if you’re thinking of buying a home, make sure you get pre-approved right away. Know what you’re looking for, and know what areas you want to live in. Don’t get discouraged if you don’t get the first home you make an offer on. The property you are looking for will come up soon.
If you’re selling, you definitely have a good opportunity to sell. However, just because this is a seller’s market doesn’t mean you can go crazy and overprice your home. Your home still needs to be in great condition, you need to price it accurately, and you need a strategic marketing plan.
Finally, whether you’re buying or selling, work with a trusted real estate professional and a mortgage professional. There are many nuances in this market and you need a professional to keep track of everything that’s going on.
If you have any questions, give us a call or send us an email. We would be happy to help you!
The average price in our area is $360,000. Over the past few months we’ve seen an appreciation rate of 7%, which is extremely healthy. Those 10% and 15% appreciation rates are unsustainable in any market, so 7% is good news.
On the other hand, inventory is an issue for us right now. We have two months of inventory, which is not healthy at all. We need about 3 to 5 months of inventory at least for a more balanced market. What does this mean to you?
First of all, if you’re thinking of buying a home, make sure you get pre-approved right away. Know what you’re looking for, and know what areas you want to live in. Don’t get discouraged if you don’t get the first home you make an offer on. The property you are looking for will come up soon.
If you’re selling, you definitely have a good opportunity to sell. However, just because this is a seller’s market doesn’t mean you can go crazy and overprice your home. Your home still needs to be in great condition, you need to price it accurately, and you need a strategic marketing plan.
Finally, whether you’re buying or selling, work with a trusted real estate professional and a mortgage professional. There are many nuances in this market and you need a professional to keep track of everything that’s going on.
If you have any questions, give us a call or send us an email. We would be happy to help you!
No comments :
Post a Comment