I have buyers in the market for a home in the west hills – preferably a NW Contemporary mid-century – we are looking for 2-3 bedrooms, 2 baths, open plan hopefully with a master on the main. If you have one, know of anyone with one, thinking of selling this year PLEASE drop me a line. I’ve got a great track record for selling great homes, fast and for the right price. This home was designed by Saul Zaik and recently given a beautiful remodel by Jessica Helgerson Design. Full disclosure, I did not sell this home but it is a lovely example of what I’m looking for.
2020 started with a bang! As some of you know I have a weekend house in Maupin, and I listed out there for the first time late last year. We closed on that, early January, having had multiple offers within 20 days of listing and sold for all cash. Not bad when most listings languish for 5 months or more.
That kind of set the tone for everything that came after mid January. In Portland a normal year starts slow, gaining momentum toward March where typically things go nuts for a few months (spring, sunshine, daffodils etc) before leveling out in June, July, going up again in August, September, maintaining through November before slipping into the dead of winter & Christmas. This year January is the new March and it’s shocking. That $350-$500,000 price range has shot off with some houses seeing 35 offers this last weekend. In the mid-range I, along with another agent in my office (separately) wrote offers on a house listed at $799,000 which had 5 offers and an accepted offer we think, in the range of $900,000. Neither of us had the winning bid. If this is January and this momentum keeps going we are going to see a few issues. The first is buyers should not look at houses near the top of their range as they may well be out-bid, outrageously. The second assumes lots of potential sellers feel that this is the year they should move (which I’m praying happens as we need more, more, MORE!). Appraisals may take longer to book and therefore closings will go from 30 days to 45. Last time this happened was after the crash in ’08 and appraisers moved away to better markets or simply moved to different jobs. We don’t have a lack of appraisers this time, but they can only look at what HAS happened in the market and when we start to move fast they take time to react and catch up. So planning ahead for longer closes may be a thing this year. Lastly, if competition maintains this momentum, plan on writing a few offers before you find yourself with an acceptance.
On that note, I just got an accepted offer on the ONE single family home in the Lincoln School district priced under $420,000 (and right now there are only 5 under $500,000) we were bidding against multiple offers and we won – PHEW!! We have had our inspections, found a few issues and next I’ll be negotiating for repairs, which will be interesting in this highly competitive market. I love this job because it encapsulates so many skill sets. Designer, psychologist, negotiator, researcher, closer and most important of all, ego, or a lack thereof. Ask my about my tattoo some time.
2020 here we go!!
I am both a Realtor and Interior Designer. I have transitioned from simply selling homes to selling what makes homes beautiful.
©Suze Riley 2013