September 2010 will go down in the record books as a rough month in Portland Real Estate. When comparing data from September 2009 to this September we had a decline in closing sales, pending sales and the number of new listings taken. With over 14,714 listings currently on the market, there are a lot of for sale signs hanging in Portland! Some of this can be attributed to back to school and changing of the seasons. Other reasons? It's just the market we are in.
So, Jen and Cindy keep saying its a good market. Really ladies?
YES. We repeat. YES, it is a good market. How, you ask?
If you are a buyer all of this means 3 things:
1. There are FOURTEEN THOUSAND properties to choose from
2. There is room to negotiate as owners of listings that are sitting on the market are feeling the pinch and may consider an offer they never thought they would. (We see it every week.)
3. Interest rates are still low. Super low.
It is a good time to be a buyer. Ask any of the buyers we have helped in September and October and they will tell you they feel like they got a fair to great price on the homes they have purchased. They have also gotten some great repairs done from sewer lines, oil tank decommissioning to windows included in the sales price.
If you are thinking about selling your home, houses that are priced 2-5% below market value and are in the correct condition are selling in the first 3 weeks. We just ran comps for a seller and found out that houses in his area are selling in 9-14days when priced well. Although his home is the nicest on the street it will be priced in the lower end of its price range with the hopes of selling in the first week.
The market stats are ugly. We know. However, buying and selling in an ugly market has its advantages. Maybe that is the sugar on top!
No comments:
Post a Comment