Is one of your New Year's resolutions for 2016 to put your home up for sale? If it isn't, then maybe it should be.
We're not ones to pressure people into doing things that may not be right for them. However, if selling your home this year is at all on your radar of possible "to do" items, then let's chat about some things you might consider to help you make that decision.
In other words, let's see if we can answer this question: "Should I sell my home this year?"
Here are three reasons why it might be time.
Historically Low Inventory
When you think about how many buyers are currently searching for and purchasing homes, and how many homes those buyers have to choose from, the numbers are bleak. Looking back at December, inventory was at just a 1.2-month supply. This means that if no new homes were to come on the market, all homes for sale would have been sold and gone within just a hair over a 1-month period. That's just downright depressing news for a buyer; for a seller, it's fantastic news.
So what does this level of historically low inventory mean if you're thinking of selling your home?
Rising home prices.
Rising home prices is simply a function of supply and demand. When supply is low and demand is high, prices move upward simply because buyers are willing to pay more for that high demand item.
Portland area home prices are forecasted to continue that upward climb. There will continue to be some leveling off as we see more homeowners put their homes up for sale, and as interest rates increase, but the general trajectory for Portland area home prices will continue upward.
Rising Interest Rates
Conclusion: It's a Seller's Market
Still, that doesn't necessarily mean that you should sell your home this year. That's a highly personal decision that depends on a lot of factors outside of what actual market conditions look like for Portland area real estate.
So here's our answer to the question, "Should I sell my home this year?"
If it makes sense for you - personally and financially - to make the move, then objectively (i.e., using the best data available to us), it is indeed a great time to sell your home this year. As a homeowner looking to sell your home, you can leverage the Portland area's historically low inventory, rising home prices and the anticipated rise in interest rates to your advantage this year in a market where homeowners are often selling their homes in just a matter of days of hitting the market, with multiple offers from multiple buyers and final sales prices that are above the initial asking price.
Thinking of selling your home this year? Give us a call today, and we'll be happy to chat with you, with no obligation at all to work with us.