Now that we’re halfway through the year, I sat down with my daughter, Angela, to give you a look at what’s happening in our market.
Now that we’re over halfway through the year, it’s time for us to take a look at what’s going on in our market. Recently, I was joined by my daughter Angela, the team leader for Hatch Homes Group, to talk about why it is that Realtors are feeling a little bit uneasy about certain aspects of the market.
The number of days homes are spending on the market has risen a little bit, more listings have come on the market, and there have been more price reductions, as well. So why is all of this happening?
As Angela explained, it’s likely caused by an uptick in inventory. She also mentioned, though, that homes that aren’t priced correctly are the only ones really having a problem getting off the market. Homes that are priced right are moving as quickly as ever and with record-low inventory.
Buyers are more discerning, as well. Right now, buyers are less willing to settle for a property with problems. So, poorly-prepared homes are really struggling when it comes time for them to undergo inspections. For this reason, we’re experiencing a lot more terminations.
This is what makes it so important for sellers to meet with realtors; doing so can help them avoid termination.
With all of this considered, many people are wondering if we’re in a bubble. Well, we actually saw this same thing happen last year. According to Angela, there is cause to be optimistic.
Sellers who were trying to buy and sell at the same time are now finding themselves in a good position, as there is a little more inventory for them to choose from. The same can be said for buyers, as well.
In fact, this is a better opportunity than we’ve seen for buyers in a long time. It’s also a good opportunity for sellers to get the most out of the market. And, because so many people are attracted to the lifestyle, we’re continuing to see an influx of population here in Portland.
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.