This weeks existing home sale report brings good news tempered somewhat by mixed signals. Let’s look at the good news first.
It is a sellers market believed to be inspired by low inventory. Limited supply has given Beaverton home sellers advantage over buyers simply because there isn’t much available for buyers to pick through. That does not give sellers unbridled power to jack prices sky high as bank appraisers and valuation guidelines are tempering this rapid run-up of perceived value. Prices can only naturally appreciate so fast and it appears that another real estate bubble may be in its nascent stages.
Would-be investors are to praise or blame for the current run-up of prices and run-down of inventory. When selling a Beaverton home the investor driven price structure can be profitable. Investors are also notorious for hanging sellers out to dry as well. Again we are seeing sellers hurt by typical investor purchase tactics. It’s always best to get professional Realtor’s assistance since these transactions involve typically large sums money not to mention the many technical ins & outs. It’s best to have a knowledgeable professional working for you looking out for your best interest.
The Mixed Signals
Median price is down and days on market have increased. Prices may have out-paced the demands ability to pay and or appraise or maybe both. Note asking price is flat, another tell tail prices went up too far too fast. Low inventory in combination with increased days on market suggests a troubled market. Short sales in Beaverton still happen but increased home values have made them less of a driving force in today’s market. We are actively helping buyers and sellers here in Beaverton Oregon accomplish their real estate goals. Call us when it’s time for you to buy or sell a home.