2015 Spring Buying Season Starts Now in Portland

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Here is (in summary form) everything you need to know about the Portland real estate market in 2015. Best time of the year to sell, best time to buy!

The real estate season is a bit like Christmas – it seems to start a little earlier every year. Traditionally, homes sell the best in summer time. Buyers like summer weather for viewing homes and they have a little more time to dedicate to their home search.

But with inventory tightening up in the last couple of years, especially in Portland, buyers and sellers are getting smart and getting out there ahead of the summer sun. Inventory is low, homes are selling fast, and prices start increasing rapidly. Sellers can benefit by selling their home in the spring because the offers they do receive are more likely to be serious (or desperate) ones, and homes close faster than in the summer without the backlog of work in the offices of appraisers, real estate agents and lending officers.

New data by real estate website Redfin indicates that homes are actually selling for more in the late winter (think early spring) and spring than they do in the summer. According to Inman news, which covered the report,
“From 2010 to 2013, the average share of homes that sold above list price during January, February and March ranged from 11 to 13 percent.
That range ticked up to between 12 and 14 percent during April, May and June, and then slumped for the summer and fall.” That is typical nationwide. Prices increase the most in the spring months, starting as early as Janurary, with low inventory and a lot of buyers, then flatline at top prices in the summer, but homes take longer to sell (more inventory). Fall and early winter (think holidays) see small decreases in price, longer market times, and fewer buyers.

So what should you do to prepare your home to sell before spring is over, leaving you free to play in the beautiful Oregon summer?
Start by finding a Portland real estate agent to help you get to know the market in your Portland neighborhood. You’ll have the advantage over other sellers if your home is not only priced right for your market, but is ready to show with no glaring repair issues. With your real estate agent, go over the home-improvement options that would provide the biggest bang for your buck in terms of increasing your home value. Then, have your home professionally staged and photographed – trust me, it makes all the difference! Especially in early winter when the landscaping around your home may not look as stunning, what’s on the inside counts.

Home buyers, get to know your Realtor now and be the first to know when those spring homes come on the market. Be prepared to act fast! Have your loan pre-approved and keep your boots handy – home shopping this time of year might be a little more work than it is in the summer, but it’s definitely worth it to find a home before the peak of home prices in early summer.

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