It should come as no surprise that 2020 and the Covid-19 pandemic threw real estate markets around the world for quite the loop. If you’re looking to make your move this year, it’s good to have some idea of how things have changed by reading these 5 Ways Selling a House in Portland has changed in 2021.
Supply and Demand
As things started to become complicated near the beginning of 2020, home buyers and sellers both rethought their situations and started to rein in their desire and motivation to make a move.
This provided owners an opportunity to make adjustments to their properties to place them in a prime position once the market began to recover, and also gave buyers a chance to maximize their savings while carefully considering what they wanted and needed from a new home. With the global pandemic more under control and a public growing in comfortability, both the supply and demand of homes rose quickly in the spring of 2021.
However, demand still generally outpaces supply, and this creates a perfect storm for sellers looking to press that advantage in negotiations. A key thing to remember as a seller is that if you need to find a replacement home, that will put you in the difficult position of a buyer while also selling a house.
Plan Your Open House
Despite the methods used to adapt to life during Covid, it’s responsible and considerate to take into account helping to create and reinforce safety measures when designing your showings and open houses.
This could mean foregoing the open houses in favor of private showings, or you could also hold an open house that limits the number of individuals in the home at one time.
Become familiar with any local county and state regulations or recommendations that could be in place, and do your best to implement a plan that does them justice.
Market Values Remain High
Tied to the issues with supply and demand, market values have and will likely continue to be quite high for the foreseeable future.
The main thing to remember when it comes to value is that you’re almost certainly going to have your home appraised at some point during the selling process. The appraised value of your home is not the same as the market value. Market value is the perceived price a buyer is willing to pay for the property.
So, if an appraisal comes back way under what you were expecting, don’t become dissuaded and think you absolutely must accept a low-ball offer despite the market conditions.
Buyers Are in a Hurry
There are a lot of both buyers and sellers out there who feel they can single-handedly manage the pressure that comes with buying or selling a house, and few would be correct.
Once negotiations are underway, you quickly begin to see people crack due to a personal attachment they develop when they finally find a home they feel best suits them. Add into that mix a pool of buyers who are well aware there is high competition right now, and you could find yourself dealing with some borderline panicked buyers.
If you feel uncomfortable or a buyer becomes belligerent during negotiations, do not hesitate to walk away.
Expect Fierce Bidding Wars
With the pressure on, it’s common to see multiple buyers attempting to outbid one another.
This could be great news for you, but you do not want to let things get out of control. If you accept a bid from a buyer that is rather astronomical, their mortgage lender may be unwilling to approve financing if the proposed price is leagues above the appraised value.
In other words, it’s in both you and the buyer’s best interest to not let bidding wars go too far.
Your Partner When Selling a House in Portland
If you’re planning on selling a house in Portland in 2021 and need guidance, contact us today at (503) 804-1466!