April 2013 Portland Market Action Report: A great time to sell!
The Oregonian reports this months that Portland home sellers are throwing out their to-do lists and selling their homes as-is, in response to low inventory and rising home prices. Meanwhile, Portland real estate agents are having to look high and low for properties that meet their buyers’ needs.
There’s no doubt that April was a fantastic month for Portland real estate buyers, sellers and real estate agents. According to the latest Market Action report from the RMLS, 3,623 new listings came on the market in the Portland area in April. That’s more than in any single month since August 2010.
Even though the average sales price for a Portland home is up about 10% this year, buyers are not hesitating to grab homes as they come on the market. The RMLS reports that inventory has stabilized at 3.1 months, and that the number of days the average home will spend on the market is down to 91. We haven’t seen that kind of turnaround since July 2008.
All those new homes on the market and inventory still low means that sellers are accepting more offers than they were last month. Portland area real estate agents are also seeing more closed home sales, with 2,125 closings in April this year, more than in the last month and in the same month last year.
The Oregonian reports that this low inventory has Portland real estate agents making cold calls and knocking on doors to homes that aren’t actually on the market. These moves may demonstrate realtor creativity, but the Oregonian also notes that they may not always result in the best deal for the Portland home buyer.
“In a seller’s market where it’s not uncommon for homes to sell for much more than their asking price, homeowners might lose out on the benefit of the bidding that could come of a public listing on the Regional Multiple Listing Service, the Realtor-owned database of homes for sale.”
Proactive sellers are wise to first list their home with a Portland real estate agent who will represent the seller, using RMLS and other tools to bring multiple offers to the table.
And they should do it while the home buying surge is still in full swing. Low inventory is putting pressure on buyers now, but it won’t last as new sellers come on the market and bring down home prices. Home owners, whittle down your to-do list and get on the phone with your Portland real estate agent – before a buyers’ agent finds you!May 31, 2013