October 3, 2019
Please refer to the date that this blog was written. This information is time sensitive and will change as things change in the market. I hear so many people saying that they are waiting for the real estate bubble to burst because they’ll buy when that happens. And, I see sellers holding tight because maybe, next spring, their home will be worth millions more. If you are a buyer,…buy! Those of us in the industry are not seeing a bubble to burst. If you are a seller, don’t wait until spring…sell now! Here’s why:
Many people want to move to Central Oregon! I am working with people that want to buy and haven’t found what they want, due to poor inventory. Yes, we have a housing shortage here! No, that doesn’t mean that you can price gouge because most people still need a loan to buy! Your home will have to appraise for at least the agreed upon price in order for them to purchase. These buyers are not looking just in the spring, it’s on their mind all the time…even the middle of the night. So, don’t wait until spring. If you do, you’ll have more competition for the buyers because for some odd reason, everyone thinks spring is the time to sell.
Why are there so many price reductions?
Price reductions are normal for this time of the year. We see them start in May when people put their homes up for sale in the earlier part of the year, at an over enthusiastic price. By fall, those sellers that wanted to test the market and got their agent to agree to take their over priced listing, are dropping prices to try and get some action. Buyers see this and then wonder, “What is wrong with that place?”
Is the market slowing?
Yes, the real estate market is slowing…and, it is still growing! Sale prices continue to rise every year and more people are building in Central Oregon, due to not finding what they want.
A few weeks ago, a lender sent out an email stating that, by the definition of recession, we had hit it, that day. It had everything to do with what was happening with the stock market. It was then explained, that it is possible to have a recession while the real estate market continues to grow. I’m attaching this link to an article from Edward Jones, which projects that our overall market will grow throughout 2020.
If you are a buyer, don’t hesitate, call me! There are so many folks watching our market that you’ll miss out if you pause.
If you are a seller, call me! Let’s talk about your plans!