Right now, the market is great! We're very lucky here in Portland, as we're on a list of the 13 best places to move to! Last year, Portland and the surrounding areas gained about 7% in the real estate market, and prices are predicted to continue rising for at least the next three years. During their current ascent, average home sales have risen from $311,000 to $333,000.
Another thing we've noticed is that inventory has been quite low, it's currently only at 3.5 months! Homes that are priced well and in great condition are being snatched up incredibly fast, which has been very frustrating for some of the buyers we're working with. Despite the difficult conditions, buyers are still trying to submit lowball offers, and while that worked four or five years ago, no one is having much luck with conditions the way they are. Homes are disappearing before we have time to look at them and write a proper offer.
Sellers currently have the upper hand. The most important thing for them to decide is whether they want to get top dollar for their home by making some repairs or put it on the market right away and see what they can get for it. Either way, you should be able to get buyers to pay a fair price for your home. You need to ask yourself where you're looking to go after the move - do you want to upgrade or downsize? Here at Stellar, we have the experience and expertise to help you make your decision an informed one!
If you have any questions about the Portland area market, or if you would like our assistance in any way, please don't hesitate to give us a call or shoot us a quick email. We would love to hear from you!
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