In school we all learned the Theory of Supply and Demand. When the demand for an item is greater than the supply of that item, the price will rise.
The National Association of Realtors (NAR) recently reported that the inventory of homes for sale stands at a 4.8-month supply. (it's more like 3 months in the Portland region) This is significantly lower than the 6 months inventory necessary for a normal market. We are currently experienceing a seller's market.
Every month NAR reports on the amount of buyers that are actually out in the market looking for homes, or foot traffic. As seen in the graph below, buyer demand this year has significantly surpassed the levels reached in 2014.
Many buyers are being confronted with a very competitive market in which they must compete with other buyers for their dream home (if they even are able to find a home they wish to purchase).
Listing your house for sale now will allow you to capitalize on the shortage of homes for sale in the market, which will translate into a better pricing situation.
Many homeowners underestimate the amount of equity they currently have in their home. According to a recent Fannie Mae study, 37% of homeowners believe that they have more than 20% equity in their home. In reality 69% of homeowners actually do!
Many homeowners who are undervaluing their home equity may feel trapped in their current home, which may be contributing to the lack of inventory in the market.
If you are debating selling your home this year, let's get together to evaluate the equity you have in your home and the opportunities available in our market. Buyers are lining up for homes in Portland.
Windermere Top Producer
Fun With Real Estate
Current Portland Oregon Real Estate Information,
Highlights of Portland Oregon, House Ideas
Portland Oregon Homes
by Cary Perkins
Portland Real Estate, Portland Oregon Top Producer, Windermere Top Producer, Portland Realtor, Portland Homes for Sale
Windermere Top Producer Cary Perkin