Balance

Photo by Piret Ilver on Unsplash

Balance is all I want. Balance in life and work of course, but balance in the real estate market! A seller’s market is advertised as only a positive for home sellers, but there are still challenges. The statistics are starting to show that the market may be starting to even out. Balance in the real estate market would be several months of inventory, houses selling for list price on average, and stable interest rates.

Why isn’t a seller’s market all its cracked up to be? 1. Pressure on sellers to move fast in finding their next home 2. Offers contingent on another house sale (the typical sell/buy/move) are not seriously considered by sellers 3. Short/no inspection time for more buyers remorse 4. Quick buying decisions make for unhappy buyers who may move again soon without gaining much equity.

Why should we all be happy with a balanced market? 1. Long term planning for your next home 2. Time to look at houses and make thoughtful offers 3. Sellers have time to more out 4. Time for repairs and even getting contractor bids for home repairs.

I started working in real estate in 2008, heading into a strong buyer’s market. It was fun for the buyers to get a house for 20% under list price, just like it’s fun for sellers to get 20% more for their listing. Neither is sustainable and no Realtor should be happy about this unbalance in the market. I’m looking forward to having time, predictability, and options for my clients: sellers and buyers, and most often sellers and then buyers.

Statistics for the Portland Metro Area from RMLS