Portland’s months of inventory is the longest it’s been since 2014, making selling challenging. To sell fast, buyers need to plan carefully & adapt to market shifts.
Could the Portland housing market be turning against sellers? According to the latest data from our main database, there are currently 3.7 months of inventory available. This means that if no new homes were listed, all the current homes could sell in just under four months. We haven’t seen inventory this high since 2014. For most of the past year, we were at about 2 to 2.5 months of inventory.
A balanced market usually has around six months of inventory. Portland hasn’t seen this in over a decade, likely since the housing crash from 2008 to 2012. Low interest rates and a lack of new homes have kept our inventory low until now.
Interestingly, while inventory is rising, fewer buyers are qualifying for mortgages. This is due to high interest rates and increasing home prices. Buyers are becoming pickier than before. In the past, you could sell a home with minimal updates, but now buyers expect homes to be in excellent condition, priced fairly, and located well. If you’re not meeting these criteria, your home might sit on the market for a while.
“Portland buyers are pickier and are taking their time to find the right home. ”
What do home sellers need to do to compete in today’s market? Sellers need to realize that this is a competitive market. It’s like we’re in a price war and a beauty contest at the same time. Here are some tips to follow:
• Stage and price right. Make your home look appealing and set a competitive price. Think of your price as bait to draw in buyers. They’ll simply scroll past your listing if your home doesn’t catch their eye. Staging your home, making sure it smells inviting and pricing it reasonably will help attract interested buyers.
• Avoid frequent price drops. Many homes don’t sell because sellers keep lowering their prices. Successful homes are well-presented, smell good, and are priced fairly from the start.
• Consider the location. If your home has drawbacks, like being on a busy road or near power lines, it can hurt your home sale. Buyers want a complete package, so any location issues should be factored into your pricing.
What does this mean for us? Higher inventory levels don’t mean the end for sellers, but it does indicate that many homes are not being absorbed by the market. Buyers are selective, often passing on homes that don’t meet their criteria. Many buyers are active, vetted, and ready to purchase but are taking their time to find the right fit.
If you’re thinking about selling and want more personalized advice on how to prepare your home to attract serious buyers, don’t hesitate to contact us at (503) 804-1466 ** ** or Anne@SellingPortlandHomes.com. We can help you prepare your home to shine and ensure you’re positioned to capture the right buyer.
