Each time I get a call from a new buyer or seller, the question that inevitably comes up is about the current housing inventory in Portland. What the caller is really trying to determine is whether we are in a buyer’s market or a seller’s market.
Right now, Portland is experiencing a buyer’s market because the amount of homes available for sale exceeds the number of buyers looking to purchase. The Market Action report, which is published by RMLS every month, shows that in February 2007, (our most current statistics at this writing), the number of new listings is up 18.9% when compared with the inventory in January-February 2006. However, the number of closed sales decreased by 7.9%.
February 2007 housing inventory is 5.2, which means that if no new buyers enter the market and no new sellers put their homes on the market, it will take 5.2 months to completely sell out of all homes available for sale now. If you compare this inventory to February 2006, when the rate was 2.7, (meaning we would sell out of homes in 2.7 months), it’s easy to see how many more homes are currently for sale versus the number of buyers looking to buy.
So, is it wise for sellers to list their homes for sale now? Due to outside circumstances such as job transfers, change in family status, or financial issues, many sellers don’t have a choice. But even in today’s market, if a seller lists their house at or slightly under market value, (within $5,000), the seller should get an offer on their home. What sellers should not expect in our current level of market activity is multiple offers within days of listing.
My fee-for-service packages allow sellers to save money on the listing side of real estate commissions. These savings, if passed along to buyers in the form of a lower sales price on the initial MLS listing, could get sellers a faster sale on their homes. You can see full details of all of my fee-for-service packages on my web site, www.PointClickandPack.com. I look forward to working with you towards a successful closing!