Many Americans are chatting about the reasons why right now is the ideal time to buy new Portland real estate. We have already gone over the reasoning as to why now is the opportune time to purchase a home, but lets dive a little deeper into why selling your Portland home right now makes complete sense. We have compiled 5 reasons as to why right now is the best time to sell.
1.) Demand for All Oregon Real Estate Is Extremely High
Any real estate available is currently selling at the quickest pace since late 2009 when the market jumped due to the home buyer tax credit. The current Existing Home Sales Report by the National Association of Realtors (NAR) stated that monthly real estate sales have substantially increased 9.7% over the previous month from last year. Total homes and properties sold have been above year-ago levels for 22 consecutive months. Buyer traffic Is up to an unheard of 31 percent higher than one year ago and these Oregon real estate buyers are quite serious about purchasing.
2.) Supply Is Slowly Starting to Increase
The total property inventory this previous month rose 11.9% to a whopping 2.16 million homes for sale. This, as of right now, displays a 5.2-month inventory supply at our current rate of sale, compared with an extremely low 4.3 months in January. Most Portland real estate experts are expecting inventory to continually raise as negative equity slowly starts to escape most sellers homes. Bidding wars are occurring, and selling your home now may result in a higher price than originally thought.
3.) New Home Construction Is Coming Back With A Bang
During the previous few years, new homes were not a worry for competition when looking to sell your previously owned property. As the market starts recovering faster though, national builders such as David Weekly, D.R. Horton, Meritage Homes and KB Homes are making a drastic change to their building strategy. Although there are multiple differences that you must look into when comparing new versus pre-owned homes, this is still an upcoming threat to look at.
4.) Interest Rates Are Drastically Rising
Shown from Freddie Macs Primary Mortgage Market Survey, real estate interest rates for a traditional 30-year mortgage have increased to an unprecedented 3.98%, which ultimately represents a substantial rise of more than ½ point since January of this year. What is even scarier, is that even the experts in the field of mortgage rates are still expecting them to increase. For example, Polyana da Costa, senior mortgage analyst at Bankrate.com said: “Rates are unlikely to keep going up so quickly and should remain below 5%.” Whether you are looking to increase or downsize your current living situation, purchasing a home one year from now will be much greater than the rates you can receive at this moment.
5.) Its Time to Make the Move You Have Wanted To
Put down on paper the reasons why you would even think about moving and lets take a quick look at what is available for you right now. You have the ultimate power again to take back all of the control of your living situation by just letting us help you sell your house today. The time has officially come when you and your family can make the move, for the right price, and enjoy what truly matters in life, being with the ones you love. Oregon real estate is on the rise and this sellers market is just getting better. We have shown you statistics that state that the bidding war is just beginning and now is the best time to sell.
The Godfrey Real Estate Group specializes in listing and selling of Portland real estate. As a top rated Keller Williams Sunset Corridor team, we have closed on average 30+ transactions yearly when the typical agent only does 8-12. With aggressive marketing and sales techniques, the Godfrey Real Estate Group can provide you with a sale faster than most real estate agents. List your property with us today and enjoy the benefit of an easy transaction with multiple offers.
The Godfrey Real Estate Group
1915 NW Amberglen Parkway
Beaverton, OR 97006