The Portland housing market is in full bloom. You have probably seen signs of this as For Sale signs pop up in your neighborhood one day and a Sale Pending sticker appears the next day. This is a sign of more things to come as we continue to see more people moving into Portland for quality of life choices and jobs. Our unemployment figures have been trending downward and we are now at 4.4%.
Supply and demand and low interest rates are pushing our prices upward. New listings in March 2017 outpaced March 2016, however pending sales and closed sales lagged behind just slightly in March 2017. The average price of homes being sold in the previous 12 months ending March 31, 2017 increased by 12% with the average sales price of $404,300. This figure will differ by neighborhood. With inventory in months at just 1.3 months, the 2017 Spring and Summer selling season will be brisk.
Once the house goes under contract, an appraisal is ordered by the lending institution. If the home received multiple offers that pushed the sales price over the listed price, the appraisal might come in low. At that time the sale could terminate, or the buyer and seller will need to renegotiate the terms of the sale that will be acceptable to the lender.
Buyers are paying top dollar for homes and expect properties to be in top condition. Sellers are wise to spend some time and money to make sure their home will attract the right buyer. A pre-inspection will inform a seller of the necessary repairs that a buyer might want done prior to closing. The seller can disclose what they know about their home and how they remediated any of the repairs.
Making the home ready to show from the moment the buyer first steps through the door will help a seller obtain top dollar in this market. Windows that sparkle, fresh paint and kitchens and bathrooms with recent updates will impress the buyer and reward the seller with a quick close.
Re/Max Equity Group