There are a couple of interesting changes this year that are making for an exciting year end in Portland. As foreclosures rise and bank owned properties are hitting the market many people with well maintained homes are holding off listing until Spring 2009. This is a change from last year when new listings dropped in December and January but were otherwise level. Now that buyers are back in the game after a few weeks on hold there is more competition for the homes close-in that show well and are priced well. I have been in multiple offer situations on 7 out of the last 8 offers I have written in the last month or so.
I’m predicting that bank owned properties will continue to rise and there will be fewer good homes to look at this winter. Come Spring there will be a glut of new listings and a couple months of lower sales histories [due to more distressed sales] which will make for interesting appraisals in Spring. If you have a nice home and are considering selling, this winter might be a great time to go on the market.