If you are selling property, understanding the dynamics of the market is critical in achieving success. For example, if a seller falls behind a market when home values are falling, they can end up chasing the market down. In nearly almost all cases home values are always falling faster than their price reductions.
In Portland today there are 224 single family homes for sale and during the last 30 days there have been only 28 sales. The competition is pretty intense!
In a market with rising home values, if a seller wants a price that’s ahead of the market, the market may go up enough to make that price attractive for buyers. Time can cure some mistakes and make people look smart. However, as we all know this has not been the case for several years. Although pricing has trended up slightly, the competition among those homes that actually do sell is fierce.
The median price in Portland for a single family home through November 2010 was $219,900 compared to $216,900 in 2009.
When it comes to the current real estate market, we have found that there is a short attention span amoung prosepctive buyers. Initial pricing continues to be important. The buying market has a short attention span. Pricing your home right the first time is critical.
The proper pricing attracts the most buyers and overpriced simply do not sell. The key is to generate offers – at least that way you are in the game.