Three Reasons to Sell Your Home in 2013: Portland Market Action Report
As a homeowner, the toughest real estate question is always “When should I list my home for sale?” Depending on who you ask, the answer might depend on global economic factors or something as simple as the time of year.
Professional real estate agents rely on the Market Action Report published by the Regional Multiple Listing Service, and you should too. By looking at 2012, it’s clear that 2013 will outshine the past few years as the ideal time to list a property or home for sale in Portland. Here are three quick reasons why:
1. Home prices are up, but leveling off. The Market Action Report for December gives a picture of the whole year’s activity on home prices. We can see that last year, the median home sale price went from $216,000 in December 2011 to $247,000 in December 2012. That’s a 14.5% increase. Zillow also reports that Portland-area home values went up more this year than they have since 2007.
Will this growth last forever? Don’t count on it. The real estate market is definitely in recovery, but those who wait around might end up kicking themselves later when the market takes one of its cyclical downturns.
2. Inventory is low. As we explained last month, inventory – or the number of months it would take to run out of homes at the current rate of sales – is a good indicator of where the market is going. In 2012, the Portland real estate market saw a big drop in inventory – from 7.0 in January to 3.6 in December. Low year-end inventory is normal, but overall the numbers this year have been lower than in the last two years. That’s a good thing for home sellers. With inventory low, your home is more likely to get noticed, and buyers are aware that lowball offers are less likely to be accepted.
3. Time spent on market is down. Another useful metric that the RMLS Market Action Report keeps track of is the average amount of time in days that a Portland home spends on the market before being sold. In 2011, homes were taking an average of 143 days to sell. Last year, that number was down to 112, a 21.5% decrease. Lower average total market time is not only convenient for the seller, it also indicates that buyers are motivated and that homes are less likely to sit around getting moldy. On the other hand, sellers should be prepared for things to start happening quickly once they call their local Portland real estate agent and put their home on the market! Check out our incredible marketing package here.
There you have it, numerical evidence that 2013 could be the best year to come around in a long time for you to sell your Portland home. Check out our Portland RMLS Market Action Report to see for yourself.January 24, 2013