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Tuesday, May 14, 2019
Spring is in the air in the Pacific Northwest as we start to see the cherry trees blossom, and many homeowners start thinking, is this the right time to sell? While the temperature outside has warmed up for a glimpse of spring sun to come, the overall market in Portland is cooling down. According to the data collected by Zillow, homes have steadily sold for more in the first half of May over any other time throughout the year. However, this market differs slightly as the overall population in the Portland Metro area has slowed over the last year. Putting your house up for sale sooner rather than later this Spring may prove beneficial as things are trending towards a buyer-friendly market with less cut-throat bidding wars.
While we will still see some increases in home values this year, the increase will be minimal. If you are debating on waiting it out another year or two, selling now will prove to be more profitable as we have seen some increases in the mortgage rates as well as increased inventory, especially in the higher priced homes. It's helpful to have a five-year plan if you are still unsure of whether you're ready to sell or not.
Millennials will prove to be the largest segment of buyers this year, according to a prediction from Realtor.com, at 45%. This is something to keep in mind when readying your house to list. When deciding to sell it's important to work with an agent that has a good pulse on the market and can help navigate some of the trickier parts of the sale, such as the right days and times to list as well as the proper price point to list it at from the start. As the market is shifting it is imperative not to misstep or you may find yourself losing money or staying put longer than anticipated.
If you are ready to sell or are unsure of what your best option is please feel free to reach out. We are happy to guide you with over 20 years of experience and intimate knowledge of the local market.