It’s that magical time of year where most people are planning for trips and telling their clients the market is slowing down. Historically December is the slowest month for pending sales here in Portland but this has never been the case for my business. December is always a sprint from start to finish for two big reasons; Investors and first time buyers.
Here’s how it works: You have interest rates at the lowest point in years, a large inventory and people are ready to make deals. This is the perfect storm for qualified first time home buyers or investors. I wrote an offer on a home last week that had 8 other offers in the first week! [ps- that’s not slow!!!]. One of my listings has had 50 showings in the last two weeks!!! Take into account that rents are predicted to go up 10-15% this year and buying your own place or investing in a property that your renters’ are going to pay for looks like a great idea.
There is also a tangible sense in the air that this Spring will see a turnaround in inventory taking us back to more of a sellers market and our couple months of buyers market will be gone. I can’t see the future but I’ve got a hunch.
You might also notice that I’ve totally upgraded the new listings page with photo tours and links to the full listing info. Thanks to all my readers here at sellpdx.com – I’m starting to meet some of you guys and I hope I get to help many more of you as you buy and sell in 2008.