The statistics for the last month are out so we now get to break down the numbers. The market is continuing to slow down and steady throughout the entire Portland Metro. We are still seeing multiple offers in certain areas, but for the most part things are selling for around asking price after sitting on the market for a week or more. If you want the full break down, read below!
Overall, we saw our numbers drop slightly across the board. Less homes came on the market than in July, less homes sold, and the average sale price fell from $466K to $462K for the metro area. However, the average sales price is still up from last august, so we are still appreciating, just more slowly.
We see less and less inventory come onto the market every year, but the drop off happened sooner this year than it did in previous years. We usually expect a strong market through September with new listings dropping off for the holidays. I think a large reason that we are seeing less and less homes on the market is due to the huge inventory we had at the beginning of the year. The media has been speculating about a recession for quite some time and that spooked sellers into selling early on in the year.
There are still lots of people buying and selling homes so make sure you choose a professional that can help you easily navigate the changing market. Please leave us a comment or send us a message if you have any questions!
If you are thinking of buying, we would love to talk you through how these numbers specifically can affect you. If you think you might want to sell, we would love to come chat with you! If you want an instant home evaluation you can click here!
Having a home inspection is perhaps the most important piece to buying a home. As a buyer it can be very easy to look over the little flaws in a home while you are walking around falling in love with it. Check out this awesome video we made explaining why inspections are so important! If video isn’t your thing, read the transcript below.
No matter the type of home that you are buying, whether a 1920’s bungalow, a midcentury modern, or a brand new home, you need to have a home inspection. A couple of weeks ago we discussed the importance of property disclosures, and the inspection is your opportunity to really dig deep into any issues that the home might have.
With older homes we especially want to look into the electrical system and plumbing, the foundation and the overall structure. With new construction you want to make sure the builder didn’t cut any corners and that everything is functioning the way that you want it to.
Inspections are also your best opportunity to negotiate with the seller on repairs. Anything that is a safety concern, a major defect, or is no longer functioning properly is a fair thing to ask the sellers to fix. Alternatively, we could negotiate for closing costs or a price reduction. We will be sure to discuss all the details and what will work best for your specific needs once we get to that point.
Another important thing to remember is that not all inspectors, like Realtors, are equally skilled. It often happens that we will have buyers that enter into contract on a home that was only purchased by the sellers within the last couple of years and our inspector finds major defects that were certainly around longer than that time period. Make sure you work with someone you can count on, otherwise you might end up on the wrong end of the repair negotiations when you eventually decide to sell! We, of course have fantastic recommendations for you if you need them.
Do you want a list of the most common issues found with new construction homes? You can find that here. As always, don’t hesitate to reach out with any further questions you may have! See you next time.
What are they and are they important? Check out this quick video we did explaining everything you need to know about these disclosures! Don’t want to see the video? Jump below to read all about them.
First let’s start with what property disclosures are. The disclosures are a couple of pages with the information that the seller knows about the house. They have very basic things, like the type of heating in the home, down to common issues, like whether the roof has leaked. Typically you receive them in the first couple days after an offer has been accepted so you can get an idea of what to look for during an inspection.
While we want to trust whomever is filling the disclosures out, we still want to do our own due diligence on the property because people never know everything about their homes. You would be surprised how few people don’t realize they have a burgeoning pest or moisture problem. the disclosures should really just be thought about as additional information in your arsenal as you decide whether to move forward with your purchase or not.
Now, are they important? the short answer is , of course! You want to have as much information about the home as possible before you make the purchase. They should never replace having a full home inspection, but you will still get some valuable information out of them. If you come across something that is troubling in the disclosures we can ask for some clarifications, or we can walk away from the property without risking your earnest money.
Every home will be unique and if you have questions about a specific home, we would love to help!