You could fry an egg on Portland's real estate market

There has been quite a bit of buzz about Portland's residential real estate market heating up. I can tell you first hand that the amount of buyers we are representing compared to available homes has had quite an impact on the urgency required during the home buying process. 

Proof you say? The Portland metro area now ranks number 5 nationally for housing vacancy rates. Upon compiling an On Numbers analysis, the Portland Business Journal reported that out of the 930,446 homes in the Portland area, 872,423 are occupied, totaling nearly 94 percent. San Jose is the nations leader with  a 5% vacancy rate.

RMLS - Oct. 2012 Reporting Period

According to the Regional Multiple Listing Service, "new listing held steady at 2,414, less than one percent off the pace of this time last year and 1.5% under listing activity. The spike in sales and flat listing activity has created a new low in months of inventory this year. The 7,981 active residential listings would be exhausted in just 3.8 months at the current rate of sales."

If you are a homeowner looking to sell, now is a great time to determine your home's value and put your home on the market. 

If you are a home buyer, here are some surefire ways to prevent frustration:

1. GET PRE-APPROVED! I cannot stress this enough. In today's climate you have to show that you have the ability to obtain financing before most sellers will even consider your offer.
2. Don't hesitate to move quickly when you find a home you love. Recently, homes are receiving offers within just a couple of hours of entering the market...that is if they have the chance to hit the market.
3. Your Realtor is the eyes and ears of the Portland real estate market. Make sure you are being represented by a full-time agent who has networking capabilities and a heightened sense of urgency. If you do not, you will find yourself missing out on the right opportunity. Treat this like it is one of the biggest moves a person can make - because it is!

Steve Roesch, Principal Broker

PDX  Home Group

Keller Williams Realty Professionals

503-318-6351

Steve@PDXHomeGroup.com