Monday, November 18, 2013

Hello Winter

Don’t be fooled, the holiday season and wet winter months are often considered the worst time of year to buy or sell a home.  In reality, these distraction-packed months – November to February – carry benefits for determined buyers and sellers.  

Click Here and read my summary to see how this can benefit you.  

In Summary:

The good news continues as we head into the holiday season.  Portland’s real estate market rebounded this year with an 18% rise in the number of homes sold, reduced market times to sell by almost 40%, and a 14% increase in the average sales price of a home.  These are high marks, and Portland is ranking very well among turnaround cities.  Nationally, home prices have risen about 10% this year. 

What can we expect in the next few months?  Rain.  Certainly, but also a great time for determined home buyers and sellers.  Here are some things to think about:
  • A seller listing their home for sale in the wet winter months is committed to selling.  They understand what they’re up against, and have decided to go for it in what is traditionally a stronger buyer’s market.  Buyer’s who brave the wet winter months are also committed to their task.  These buyer’s typically “need” to find a new home. 
  • A buyer could join the “herd” of buyers who are active during the traditional “good weather” months – and this competition for properties can mean buyers pay more, lose out on good-value listings, and receive less attention from swamped real estate agents and mortgage help.
  • Buying a home in the wet winter months can tell you a lot about what to expect from a property.  Visit a house during a hard rain and you’ll see for yourself.  Drive by houses after a fresh snowfall and discover which are well insulated (snow on roof) and which are losing costly heat (no snow on roof).  Tour a house on a very windy day and discover how drafty those old windows and doors can be.  Or spend some time in a house on a cold day and study how well it heats up everywhere, or not.
Almost everywhere, home sales through the year have been their best since 2006.  Lawrence Yun, Chief Economist for the National Association of Realtors has said a multiyear housing recovery is also likely.  “Steady job creation and household formation have been helping to unleash a pent-up demand in the housing market,” he said.  “A continued housing shortage will prime home prices even higher, by as much as an additional 13 percent in 2014.”

Mortgage interest rates are between 4.25% – 4.5%.

Hope your holidays are fantastic! 

Please call me when it’s time to buy or sell a home.  I’ll work hard for you.

Darin Provost, Broker
Vintage Real Estate