Portland Area Monthly Market Update - July 2021
Inventory of homes AND new homes to the market saw a slight increase with inventory going up to 0.8 months, and new homes increasing 8.2% from the month previously with 4,298 new homes to the market.
While the shift is nominal in a hot seller's market like this, it is showing buyers that a slight shift to the market in their favor is possible.
Meaning for those who have been attempting to buy and striking out, some relief could be on the way (we handed keys over to three sets of buyers this month so it's completely possible!), and it should also bring hope for those just starting out in the buying process.
Some may still ask, should you wait out the market some? While economists predict inventory should see a significant rise in the second half of the year, and current data is signifying that start... If your finances are in a row and you are ready to purchase, waiting shouldn't be necessary. While inventory of homes is set to rise, there are rumors that interest rates may start to do the same, and rising interest rates can really affect your buying power. Plus, home prices are predicted to continue to increase as well.
Pending sales actually saw a decrease last month of 4.9%, with 3,534 homes going under contract.
Yet, sold homes still saw a slight increase of 9.2% with 3,477 people becoming new homeowners.
What does this mean for potential home sellers? Time is of the essence to a degree. With new homes to the market seeing an increase that means more potential competition when you put your home on the market. With inventory still being drastically low and the average sales price remaining on the steady increase (average sales price increased 20% when looking year to year, with the current average being $562,700) you will most likely get an amazing price for your home, whether you sell it now or a year from now.
It's just you will most likely get fewer offers the longer you wait, and there will be different expectations during the transaction.
Where right now, you can sell and can often get away with doing very little repairs and contributing less to the transaction due to common multiple offer situations, that may not be the case if you sell down the line. Which can greatly affect your bottom line at the end of the transaction.
Also, as the market starts to shift it will become even more important to make sure you prep your home properly for sale, typically that means having me come in as early as possible to give you everything you need to get the home ready, and to start having conversations about market trends in your particular area
As mentioned above, it is critical for both buyers and sellers to have a clear and well-thought-out plan when making a move in this market.
If you would like to set up a consultation to discuss your home buying or selling needs contact us HERE.
