What Sells Better: Vacant, Seller, or Tenant Occupied Homes? – 2019 Update

Any good real estate agent in Portland will tell you vacant homes sell best (staged or not), followed by seller occupied, and then in last place – tenant occupied homes. But the numbers are so drastic, especially from first to third place, it might surprise you. When you look at these numbers year over year it also gives key insight into the entire Portland real estate market as a whole.

Process used: I’m researching this element of the Portland real estate market using data from our local MLS, the RMLS, looking at sold homes from 6 months ago to the writing of this article 5/9/19. My target area is the city of Portland proper and the homes I’m using are residential detached properties (not condos or townhomes).

1. Vacant Homes Sell Best

In the last six months in the Portland real estate market, 2,796 vacant homes were listed for sale. Of those, 2,044 sold, or 73% of them. This means that 27% of vacant detached homes put up for sale, did not sell, they ended up as canceled or expired listings.

  • 73% Chance of Selling
  • 27% Chance of not Selling

2. Seller Occupied Homes Sell Second Best

In the last six months in the Portland real estate market, 2,208 seller occupied homes were listed for sale. Of those, 1,431 sold or 65% of them. This means that 35% of seller occupied detached homes put up for sale, did not sell, they ended up as canceled or expired listings.

  • 65% Chance of Selling
  • 35% Chance of not Selling

3. Tenant Occupied Homes Hardly Sell

In the last six months in the Portland real estate market, 170 tenant occupied homes were listed for sale. Of those, 88 sold, or 51% of them. This means that 49% of tenant occupied detached homes put up for sale, did not sell, they ended up as canceled or expired listings.

  • 51% Chance of Selling
  • 49% Chance of not Selling

Sell Home Vacant or Occupied, 2019 – 2017

201920182017
Vacant Homes 73% Sold – 78% Sold – 83% Sold
Seller Occupied Homes 65% Sold – 71% Sold – 75% Sold
Tenant Occupied Homes 51% Sold – 52% Sold – 63% Sold

As you can see the numbers have dropped across the board the last three years because the Portland real estate market is cooling and isn’t a seller’s market only anymore. Some homes in some neighborhoods are having a tough time selling (and others are not). For more information on what’s happening now, read our recent Portland condo market report or our 2019 Portland real estate market forecast.

What else makes a home sell?

As you can see occupancy has a huge impact on whether or not your home will successfully sell once it hits the real estate market. This is but one of many factors we have analyzed, only one of many tools we use to ensure our client’s homes sell faster and for more money. If you want more hard data on what makes a home sell, read our in-depth article on the entire topic.

Experienced Opinions on Why Occupancy is so Potent

  1. Buyers agents are busy people and it is easier to schedule a tour of a vacant home than one that is occupied.
  2. Home buyers have an easier time visualizing living in an empty space than they do one that is occupied by another person’s personal choices in furnishings.
  3. Home buyers have an easier time determining the condition of a vacant property than an occupied one.
  4. The seller’s schedule and tenant’s schedule gets in the way of busy home buyers and their agents.

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May 10, 2019
AUTHOR

Stephen FitzMaurice

Stephen FitzMaurice, Realtor is a top 5% real estate agent in the U.S. and a top 1% agent in the Portland Metro. Principal Broker in Oregon, Managing Broker in Washington he has been licensed since 2003 for residential real estate sales in the Portland Metro area. Call him direct: 503-714-1111.

Pay less (4.5% commission max.) and get more with his top 1% listing team or buy your next home with his excellent top 1% buyer’s team. We work from Salem, Oregon to Vancouver, Washington and beyond. Check out our full services areas on the top menu.