Fall 2017 Portland housing update
Fall is upon us, and with it the end of the high season for real estate. However, if you're thinking you've missed your chance to sell your home, let me reassure you. This autumn actually presents a fantastic moment to sell. Here's why: First off, housing inventory is still incredibly low. As of August 2017 we were still firmly in a seller's market with only 2.0 months of inventory. In fact, according to data from the Census Bureau and the National Association of Realtors, inventory remains well below historic averages, and is 50% less than the peak in 2006. In addition, the recent slump in new construction coupled with typically larger lot sizes for existing homes means demand for existing homes will stay high in the near future. Second, while mortgage rates also remain very low, recent announcements by the Federal Reserve might cause them to finally start rising. This would make mortgages less affordable and might turn away a significant number of potential buyers. This is even more of a concern when you consider the continuing growth of home prices—6.9% in the last year alone. Third, contrary to conventional wisdom, fall is generally a great time to list your home.
Buyers in the fall are likely to be more serious because they have probably been searching for months without success.
Also, because fewer homes are listed in the fall, this means there's even less competition than we’ve seen due to the general low inventory.
So what do you get when you put all those things together? Well, if you were to list your home right now, chances are good that you would be able to sell it very easily and for a top price. On the other hand, if you decide to wait, the situation might not be as favorable because mortgage rates might rise or because new construction might pick up. That means the time to list your home is now.
If you would like a more precise estimate of what your home could sell for this fall, or if you have any other questions about the current Portland real estate situation, give me a call at 503.453.6580 or firstname.lastname@example.org.
I'm here to help.Have a great day,