Despite Winter Chill, Market Still “Hot”
Despite what you may expect, this is an exceptional time to get your home on the market as there is so little competition, and such an incredible pent-up demand from buyers. There’s so little inventory, that being first to the market this year really puts you in the driver’s seat, as the seller can call the shots on who they want to sell to, the date they want to close, the date of possession, not to mention they can sell for a price that is pleasing. This winter has seen no decrease in buyers watching their desired neighborhood with hawk eyes, waiting for any new inventory to come on the market.
Thanks to Internet connectivity and the ability for our staff and agents to work remotely, business has not slowed down. Since the start of 2017, we’ve averaged a sale of nearly 1 home per day as a company. Our brokers have not lost momentum and have shown much professionalism through this crazy weather.
Several of our agents were out showing 8, 9, and 10 plus homes this past weekend– although it took a bit longer than usual to account for travel time between houses, our clients were ready to look and brave the ice. Another agent has already had 3 transactions since the last week of December, deftly checking weather reports and shifting her strategy to account for if a home is on flat streets or in the hills, and even scheduling an inspection mere hours before the last storm brought 12 inches of snow over night. There’s no question that buyers in need of a home were not letting the snow and ice stop them. What’s also remarkable is that our luxury listings have had more activity in the last 6 weeks during snowpocalypse conditions than they had in September, October, and November combined.
Previously, it was believed that 2017 would be a year of significant cooling in real estate markets nationally, as the cooling has already started in many markets. However, there seems to be a new glimpse of optimism that the national market will continue to perform well, not to mention our Northwest market. Portland (along with Denver and Seattle) is anticipating price appreciation of over 11% this year. Although the growth level will be at a slower pace than 2015 and 2016, 2017 should enjoy a significant growth potentially reaching another double-digit-growth year.
If you would like to learn more about this low-inventory market, whether you simply want to know your home’s value or how to proceed as a buyer, contact your ELEETE Real Estate agent today!