Frustrated Buyers in a “Buyer’s Market”
by Roxann Mike
The term “Buyer’s Market” is thrown around often in the current Real Estate Market. In theory, buyers currently have the perfect set of circumstances; historically low interest rates, motivated sellers and hungry real estate agents vying for their business. So, why do I have frustrated buyers? It seems in certain micro markets in the Portland Metropolitan area there is a problem with low inventory. I have buyers waiting, with pre-approval letters in hand, for a house to pop up in their coveted neighborhood of choice. When the home does hit the market, in some cases, we are suddenly faced with a multiple offer situation.
Is this an indication of a shift in the market? Only time will tell. What I do know is that a smart consumer knows the market. If you are not currently receiving instant email alerts of complete listings that match your specific home search criteria or the latest market data on your targeted community, you can’t possibly compete in these areas. The educated consumer has knowledge and we all know knowledge is power. For home sellers, this information is just as powerful. You will know if you are in one of these micro markets by watching the activity around you and can position your home accordingly. If you are currently not in the market to buy or sell, you still can keep abreast on current market conditions with a monthly Metro Market Report. Know your market!
If you are currently not receiving any of these reports, but would like to…please let me know! And don’t worry about my frustrated buyers…it’s my job to make sure we find them what they are looking for and I am working tenaciously to that end.
Roxann can be reached at [email protected] or (503) 360-8969