A month ago the Portland real estate market was in its to-be-expected holiday slowdown. That lull tends to carry over into cold, wet January and February but this year? Not so! The weather might be cold but the market is hot – a couple months early! What does that look like? A few thoughts:
Buyers are at an all-time high with inventory at a nearly-all-time low (18 days). The buyers who lost fall bidding wars are back on the hunt alongside those entering the market for the first time alongside those who recently sold and need a new spot to call home. Plus, interest rates are on the rise and savvy buyers are trying to get a rate locked in as early as possible. They aren’t waiting for the tulips to bloom!
What does this mean for buyers? Don’t lose hope. A good realtor can help navigate this competitive market with honesty and pulling out all the stops to put together the strongest offer possible. Jamie recently helped two separate 2022 buyers enter into contract on homes with timely, savvy offers. And a good realtor won’t waste your time showing you homes that will end up selling over your budget.
What does this mean for sellers? We’re in a seller’s market with home values at all time highs. A well-prepared home will often garner multiple offers in a few days with the right presentation. For example, Matt just listed this 2 Bed 1 Bath home in Hillsdale (with an oversized attic with potential for more bedrooms) for $549,000. It received multiple offers over asking and went Pending in 5 days.
If you are ever curious to know your home’s value, don’t hesitate to reach out. We are happy to provide complimentary home evaluations.
Buckle up, the Portland market madness is starting early this year. And we are on standby to help make your home dreams come true. Call/text/email any time with any and all questions!