What’s it going to take to get my home sold!?  After listing a home for sale in the Portland real estate market and not getting desired result sellers have two choices in order to produce an offer.  Improved the property or lower the price.  That’s it.

Is a property priced competitively?  Pretty simple to answer by gauging response after being listed in the Multiple Listing Service (RMLS in Portland).  A reasonable amount of traffic is having a showing 2+ times per week.  If houses are not receiving that then buyers are buying something else.   Quite frankly, they aren’t even seeing enough value online to warrant a tour.

Improving value can be lucrative and as simple or complex as sellers would like.  Simple means consulting a staging professional to give decorating tips or completely stage a home.  Vacant homes benefit significantly from this.

Let’s take a look at a current listing example in Hillsboro at 1234 Oleander Ln.  MLS #10066603

This particular home was done originally in white, interior and exterior.  Owners made several improvements to both color and finishes after consulting with Maureen Bray at Room Solutions, 503 246-1800

Warm neutral tones were used in the living room and family rooms.  An old fireplace insert was removed and the mantel repainted white.  New windows were installed, eliminating the single pane with storm aluminum frames.  Laminate flooring was replaced in the dining and family room.  Deck was refinished and home staged.

While sellers of this home were gung ho on remodeling and upgrading the home it’s probably fair to say that most homeowners are not that ambitious.  Look at the staging improvements alone.  Color and warmth were added to an otherwise blank canvas.  Buyers can see themselves living there and that’s the difference.  Sellers will recapture their improvement investment here and sell quicker.

Buyers are very superficial.  Change perception of value and you’ll get an offer!

Dave’s Commentary on the Portland Real Estate Market:

• Listed home inventory took a jump up to 10.8 month’s supply, balanced market is 6
• Sale volume decreased over June by 29%, slight increase in listings
• Foreclosures are easy to find and continue to be heavy competition for sellers

Overall home sales around Portland this summer are not as hot as you’d expect.  Typically we’d see steady volumes throughout the summer but this year May was the big seller and it’s been tapering off ever since.  Short sales are popular as ever with sellers but buyers and Realtors would certainly prefer not to deal with them at all.  Price has to be very aggressive in order to entice buyers to stick it out. 

Can tell you from experience that 90+% of short sale offers I write up do not make it to closing.  Buyers get frustrated with lack of seller’s bank response, seller files bankruptcy, seller’s bank forecloses in the middle of the deal, list goes on…

On a positive note, first-time buyer market is absolutely amazing at the moment!  Have you looked at FHA rates these days?  4.25%  Couple that with a foreclosure and you’ve got a recipe for long-term success.  It’s very close to the point where renters should wonder why they’re renting.  Mortgage payments are close to rent and long term owners will prosper.

Overall projection is for a continuation of a good buyer market.  Sellers, price aggressively.  It’ll save money in the long run!

Call us and find out more about the Portland real estate market. We have specific strategies to guide both buyers and sellers. Find YOUR HOME WORTH now.

To search for your home in anywhere in the Metro Portland area, use our FREE Exclusive Home Search tool. For more information about living in Portland and finding your dream home, call Dave at (503) 789-7633, Toll Free (877) 629-5825 or email.

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