With stay-at-home orders starting to gradually lift throughout parts of the metro area, data indicates homebuyers are jumping back into the market. After many families put their plans on hold due to the COVID-19 pandemic, what we once called the busy spring real estate season is shifting into the summer. In 2020, summer is the new spring for real estate.
If you are thinking about selling your home in Portland, keeping an eye on the trends can greatly increase your chances of getting top dollar, no matter what the area. Here are three of the biggest trends:
Trend #1: Home Inventories are Low Low Low.
Home inventories are slowly creeping back up, but at 2.4 months, it is still a Seller’s Market in most price brackets. In the most sought after Portland neighborhoods and affordable price ranges, inventory is so low that homes are selling at above list price. The reality is, the good homes are getting multiple offers, and even homes on the market for a significant amount of time can get snatched up at any moment. If you are a buyer be mindful!
How can I take advantage as a seller?
First of all, don’t get greedy and do your homework. Instead, play up the advantages of your home. For instance, a home that is staged, and all repairs done upfront will receive buyers attention as most buyers are willing to pay top dollar for a home that is move-in ready. Don’t rush to the market thinking that any home will sell just because inventory is low. To compete, make sure your home is inspected and fixed up before it’s listed. Once you know there aren’t a lot of problems add a one-year warranty for the buyer that covers fixes such as the furnace or water heater. It’s inexpensive and may very well make the difference in how quickly and at what price you sell your home. But Be careful not to overprice. Even in a market that is fast paced, buyers can sniff out the over-priced listings.
Trend #2: Follow Showing Activity
So you prepared your home for sale and you’re working on a price that garners the demand you want without leaving money on the table. Following showing activity will allow you to confidently asses the probability of selling. After a 1 month dip in showings due to Covid-19 showings have been on the increase over the last 8 weeks. Showing levels are back to where they were prior to the start of the Pandemic.
How can I take advantage?
If you want to sell for top dollar follow Covid protocols, but do not restrict showings what so ever. The realtor community is doing its part to keep a safe environment for both buyers and sellers.
Also it’s time to consider a Hybrid Open House campaign. Using thoughtful ideas, we can restrict the flow of people in the house and yet maximize the eyeballs and increasing awareness. In a market where sellers might be tentative to allow open houses, this can be your advantage.
Trend #3: Google Searches are High High High
According to Google, search terms like Portland Homes For Sale are up nearly 40% over the past couple of months. We definitely have seen an increase in website activity on our site including more searches, more registrations and more service requests.
How can you take advantage?
Market your home with an agent that understands the importance of digital marketing and can position you with campaigns that fit your specific audience. We have campaigns that can target specific audiences on Google, Facebook, Instagram and YouTube. More exposure always means more money in your pockets.
If you want to sell your home, it helps to keep up with the housing trends and look at each one to see how you can take advantage of it.
Pic Credit: NBC News