Can we still expect multiple offers coming into our spring buying season? The easy answer is yes, but why is this continuing to be the case?
It all comes down to supply and demand. In early spring of last year, we had a number of buyers dropping out of the market because homes were seeing so many offers.
As a seller, the fact that this will continue to be a trend is actually good news since the market is still highly stacked in the favor of sellers. We haven’t had a traditional market of six months’ worth of supply in so long that I no longer believe that we can still define a traditional market that way. I now believe a traditional market is more like four months of supply.
New construction has still not caught up with demand. Our Portland Metro area is the second-leading relocation market in the country. This is another great piece of news for sellers, but not so much for buyers.
My advice to buyers is to look at homes that have been on the market for more than 30 days. Why? The seller almost certainly overpriced this home when they first put it on the market, and now they’re decreasing that price to bring it closer to its true market value. This presents you with a great opportunity as a buyer.
As for sellers, make your move now. List your home before competition increases when the spring market hits.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.