Selling your Portland home in a sellers market can come with some big opportunities but also some huge frustrations. By now I’m sure you’ve heard reports of homes selling for way over asking price with generous terms and at the speed of lightning. However, you can’t believe all the hype about a hot real estate market. Do your research and separate the facts from the fiction.
Here are 3 myths about selling in a hot market and the facts behind the fiction:
Inventory Is Low So There Aren’t Many Opportunities In This Market To Succeed
When the vast majority of home sellers are also home buyers, the transition often starts with finding the next home first. Or at least looking online to find that dream space! But with everyone yelling that there is no inventory, how do you find that next home? First off, what is inventory? Inventory is the measure of homes on the market for 30+ days. When realtors say that there is 1 month of inventory, that means if we stopped taking new listings the buyer demand would absorb those existing listings in 30 days. But in a fast moving market, many homes never reach the inventory. They are absorbed very quickly. But that doesn’t mean there is no opportunity. There are still a few thousand homes hitting the market each month. You just have to be patient, be prepared and be ready to act realistically.
I Can’t Buy Without Selling First So I Can’t Compete In This Climate
While it’s true that contingencies are almost non existent in this current market, there are ways around the need for a contingency. Rent backs, long closings, tapping equity, short term rentals, investor capital, and selling with a subject to suitable replacement are all strategies that a seasoned agent can help you navigate to help you succeed in this market. It takes careful planning and lots of communication to find the right fit, but there are options for you out there if you are motivated to take advantage of the opportunities in this market.
The Market Is So Crazy I Can Get The Same Price With A Discounted Commission Company
Everyone wants to save money when selling their home. That’s true in any market. But the temptation in a hot market is to throw the listing up with an attitude that it’ll sell in a week so why not just list with the lowest priced option out there. I can tell you, after almost 2 decades of being in this industry, how you position a home in any market directly effects your bottom line. You can’t cut corners if you want top dollar. Professional photography, video, staging and proper pricing will position the home for the most eyeballs and the highest price. Period! A true full service professional will be able to guide you through the process effectively and with the highest ROI.
So What Should You Do?
Navigating this current market is complex and who you work with matters. Obviously we’d love the opportunity to earn your business but most importantly we want you to find representation that understands the nuances of the market and you are comfortable taking their advice. If you’re thinking about selling and sitting on the fence, give us a call! We can help you figure out if this is the right time for you. No obligation, no pushy sales. Just an honest assessment.