2013 has opened the door to a shifting real estate market in the Portland Metro area. Home prices started to stabilize toward the end of last year, and now we are reaping the benefits of that stabilization. We’re starting to see an appreciation in all areas, with even greater growth in some sought-after neighborhoods. Activity is at a record high, in part because of your low inventory. We ended the year with an average sales price of $275,000, which is 4.4% higher than 2011’s $263,300 average. Inventory at the end of the year was as low as we’ve seen since 2007, with only 3.6 months worth of inventory on the market.
What does this mean for a buyer?
It is still a buyers’ market because of low prices and low interest rates. That said, in certain “hot” neighborhoods, sellers have an advantage because inventory is so low. Buyers need to have their ducks in a row to compete in this market. When you find a property that’s right for you…jump! Desirable homes can sell in a weekend. And we’re seeing a resurgence of multiple offers with buyers competing for the same home. You can still get a lot of bang for your buck out there,you just have to be quick about it. The Fosnaugh Team works hard to keep our buyers informed and prepared so they can take advantage of great buys.
What does this mean for a seller?
Sellers in this market are at an advantage because of the low inventory. While prices are starting to tick up, and buyers are competing for homes, we are still reliant on appraisals coming in at the sales price. In this shifting market, appraisals haven’t caught up with activity. The Fosnaugh Team makes it a priority to attend every appraisal to support the sales price. We provide the appraiser information and our own comps to help our listings get top value. Inventory will increase as spring approaches, and if you are considering selling your house you may want to list it soon to avoid the additional competition.
There are advantages to both buyers and sellers right now, and The Fosnaugh Team is happy to advise you to make the most of your real estate deals.
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