Inventory A Factor
A low supply of available homes continues to drive prices higher. That’s because a market inventory of between three and six months is considered a ‘normal’ housing backlog. For more than two years, our regional home supply has been below three months.
Wilsonville Homes By The Numbers
These new numbers reveal home prices around Wilsonville are up 6.3% over the past year. The average home sale market time for our area is now 30 days. The average selling price so far this year is $431,400, with the most recent Wilsonville area monthly average home sale price coming in at $434,600.
Selling? If you’ve considered the sale of your Wilsonville area home, taking advantage of our present ‘seller’s market’ could be a smart move. Contact our WilsonvilleHomes.com sponsor, Wilsonville’s own Certified Realty using the form below for a free consultation, or call 503-682-1083.
TMREI: Too Much Real Estate Information Sometimes absorbing the sea of Wilsonville real estate information seems more like drinking from a fire hydrant. Yet, out of all the seemingly helpful real estate data bandied about, there is one especially helpful number, which when understood,can provide near-magical clarity to both Wilsonville homebuyers and homesellers.
What Is It?
What is this ‘magic’ number and what does it represent? Simply put, it’s the current figure for housing inventory, typically expressed in months of projected home supply.
Housing inventory is also sometimes known as home inventory or housing backlog. Why is this number so important? Once you understand the single figure that defines our current supply of local available Wilsonville area homes for sale, you have an instant ‘snapshot’ on whether you’re in a buyer’s market, seller’s market, or more of a balanced real estate market. Armed with that information, you’re far more ready to do battle in the real estate trenches and more likely to avoid some usual minefields.
Normal Home Supply
Among real estate experts, a ‘normal’ range for home supply in parts of Oregon is frequently cited as somewhere between three to six months. For example, if the home supply figure is three, then hypothetically our market would be ‘out of homes’ in three months, provided no new homes were placed for sale. In other words, if our regional home inventory figure is within three to six months, we’re typically experiencing a normal market, meaning one not far from a balance of supply and demand, also called equilibrium. In a way, it’s kind of like an absorption rate for how fast supply is used up.
Your Mileage May Vary It’s helpful to understand that home inventory figures are more of an average for a region. In Oregon, major real estate regions include Portland, Bend, Eugene, Salem and the Oregon Coast. So Wilsonville homesellers and homebuyers are likely to use the Portland area figure as the bellwether for housing backlog. If your home is located in Keizer, you’re likely to see the Salem inventory figure as the closest approximation of local home supply. It’s also likely that your specific area could be somewhat different altogether, based on a variety of hyper-local factors affecting both demand and supply. That said, home inventory is a convenient ‘thumbnail’ sketch to help assess what kind of market you’re in.
What’s The Practical Impact of Housing Inventory? Consider real estate and inventory like a pipeline. If more flows through it, the product is plentiful and therefore the cheaper it is to buy. So with a lower, dwindling home supply and the spigot turned down, the reverse is true. That’s when the local real estate environment favors sellers, because there are more buyers and it’s considered a ‘seller’s market.’ In that case, expect a short market time and an environment where homesellers receive multiple offers, often at or above listing price. If the supply of homes is higher, it’s considered a ‘buyer’s market.’ This means you can expect a longer market time, with homesellers seeing few, if any offers…and frequently for less than the asking price.
It’s routinely a good idea for buyers to get a ‘heads up’ before making an offer to determine how ‘hot’ or ‘cold’ the market is. Otherwise, if you ‘lowball’ a just-listed home in a seller’s market, you may be lucky to even get a counteroffer instead of an outright rejection by sellers experiencing lots of calls and showings on their property. Coming in with an offer that’s too low sometimes causes offended sellers to refuse to seriously consider a possible follow up offer.
What’s the Big Deal About Wilsonville Housing Inventory? One reason Wilsonville housing inventory is so important is because it helps buyers and sellers to better manage expectations. Most buyers are interested in how long it may take to find the ‘right’ house. Inventory affects this. Alternatively, most sellers are interested in how long it may take to find a qualified buyer. Inventory affects this, too.
That’s because a high home inventory tends to slow down the market time and low inventory frequently provides a ‘jump start’ to activity. One way sellers can help to avoid an excessively long market time is to review comparable local home sales information provided by their Realtor to ensure proper, market pricing.
Another reason housing inventory is crucial is because it can significantly impact so many other important factors. In other words, inventory is a ‘driver’ for market time, selling price, appraisal results, lendability and more.
Okay, So Inventory Is Important. What Does It Look Like?
The above image provides a good example of fluctuating home inventory. As greater Wilsonville’s real estate market bounced back from the severe market downturn of the Great Recession, home inventory reduced from more than 20 months of housing supply to less than three.
Contact the Experts Thinking about selling your Wilsonville area property? Know the market before diving in! Contact Certified Realty with your questions and for a free consultation on what your property could sell for today using the contact form below or call (800) 637-1950.
Significant Shift One significant change found in this new report is a nearly 25% increase in our regional inventory of homes for sale. This is likely in part due to the more than 11% annual increase in home prices both in Wilsonville and the greater Portland area.
Selling Your Wilsonville Home?
Thinking about selling your Wilsonville area property in this still strong seller’s market? Contact our sponsor, Wilsonville’s very own Certified Realty using the convenient contact form below for a free report on what your property could sell for today.
Wilsonville Area Home Scarcity Continues
Just-released figures from the Regional Multiple Listing Service on our Wilsonville area housing market reveal continued scarcity of local homes for sale, with competition among buyers continuing to push prices up.
Greater Wilsonville By The Numbers Here are the most recent key Wilsonville area real estate statistics. As a side note, neighboring communities like Tualatin and Tigard are included in these greater Wilsonville market statistics.
Latest Wilsonville Real Estate Market Takeaways Greater Wilsonville Home Prices Annual home price change +11.4%
Greater Wilsonville Average Market Time Average market time 30 days
Greater Wilsonville Home Sales Volume Monthly change in number of greater Wilsonville area home sales +8.7% Annual change in number of greater Wilsonville area home sales +6.1%
Regional Home Inventory As seen in the above table, our regional supply of homes is about half of what is considered to be the ‘low end’ of a normal backlog of properties. A ‘normal’ real estate market is typically 3 to 6 months of home supply.
Regional Home Price Chart The above home price chart shows a clear upward home price trajectory for the greater Portland metro region over the past four years. Wilsonville’s most recent annual home price increase of 11.4% is indicative of this regional real estate appreciation.
Contact Our Sponsor Thinking about selling your Wilsonville home during this strong seller’s market? Home prices are up and buyers could be competing for your property right now. Contact Certified Realty using the convenient contact form below for a free home valuation today.
While real estate can seem complicated, there is a logical progression helpful to selling an Oregon home and it’s truly as simple as 1-2-3. The process between buyers and sellers is routinely described as a kind of dance, so let the waltzing begin.
Fundamentals There are plenty of related tasks associated with any real estate transaction, yet the key process that gets homesellers a workable offer can be simplified to three primary steps. Then, once a mutually accepted offer is in hand, the phase to close the sale begins. But the fundamentally crucial elements start long before that.
This process looks simple and in a way, it is. So let’s break it down.
The Home-Selling Waltz, Step by Step
First, it’s helpful to realize that buyers generally behave in somewhat predictable phases. This means they routinely go to Step 1 before Step 2 or Step 3. There is very little skipping around. For example, it’s uncommon for a buyer to start at Step 2, or leave out any steps. You’ll soon understand why.
Step 1. Online Activity Recent statistics show that more than 92% of homebuyers search online for their next home, often before they even contact a Realtor. And though 90% of homebuyers hire a real estate professional, they frequently continue their search online, while their agent matches properties to fit their needs.
Even Batman Doesn’t Have This In His Utility Belt Homesellers have a helpful tool in their utility belt, since online buyer activity can be monitored to evaluate buyer response, or lack of it. That valuable tool is a daily report on buyer activity for your specific property.
As a result, your Realtor can provide you with regular updates on buyer Internet activity on your home from a variety of sources. Some of these key sources include Realtor.com and the local multiple listing service. This data gauges if your property’s popularity is really ramping up, falling fast or simply ‘meh.’
Realtors who subscribe to these proprietary services can easily track your home’s online popularity and determine overall buyer response with various tools to monitor Internet buyer activity.
Step 2. Showing Activity The jump from online home searching to touring inside homes is a significant one. Since agents commit considerable time and effort and are usually paid only after a buyer purchases a home, this typically means touring buyers have also been pre-qualified by a lender. In other words, we’re now in the realm of a qualified home purchaser, who is ready, willing and able to buy. Research shows that the typical home buyer searches for 10 weeks and views 10 homes.
Step 3. Offer Activity The final leg in this three step journey is when an offer is written and submitted for the seller’s consideration. By writing an offer, this step also helps to confirm that the property is likely priced within a reasonably market-friendly range. For example, wildly over-priced homes don’t usually get much more than ‘low-ball’ offers, if any.
The End of the Beginning There is still plenty to do after Step 3, but an acceptable offer places the process into the remaining phases of a real estate transaction. These can include things like escrow, home inspection(s), a preliminary title report, appraisal, loan documents and closing.
Thinking about Selling? Call (503) 682-1083, or email Certified Realty for a free consultation on what your property could sell for in today’s market.
Thinking about selling your Wilsonville home? Prices are still up and right now could be your best opportunity! Contact our sponsor, Wilsonville’s very own Certified Realty using the convenient form below for a FREE report on what your property could sell for in today’s market.
Wilsonville’s real estate market is more competitive than in years past and it’s now a bit akin to a footrace.
But it’s not just Wilsonville. For example, in the greater Portland metro area that includes Clackamas, Multnomah, Washington and Yamhill counties, there is now 3.4 months of home inventory. That’s close to half the supply of what many consider to be a ‘balanced’ housing backlog of 6 months.
As a result of this ‘seller’s market,’ home buyers throughout Wilsonville and beyond are competing for fewer available homes. So if you’ll be buying a home anytime soon, ensure your offer is most competitive. One way is to hire a Realtor when both buying and selling. Curious about why this is important? Then read on.
What To Do While most home buyers need to sell their current property in order to buy another home, to be taken seriously by home sellers in this ‘seller’s market,’ it’s crucial to have at least a pending sale on your current property before making an offer. As a result of this competitive market environment, it can make a difference to have a Realtor represent you when both buying and selling. You’re about to see one example why.
Transparency To convince a homeseller that your offer is the best, a key factor is transparency. That’s because if you’re buying a home, there are likely to be other buyers also interested in the same property. Put yourself in a seller’s shoes. Before taking their property off the market, most sellers want assurance that an offer is likely to actually ‘close.’ As a result, they frequently expect a certain amount of credible information to determine the likelihood of success.
What Not To Do Recently some ‘for sale by owner’ sellers were also purchasers. But they seriously hurt their odds to purchase the house they wanted by not hiring a Realtor to sell their property. Why? Since these buyers were selling ‘by owner,’ no reliable information on their unlisted property’s sale was available for the Realtor representing the seller of the house they wanted, to confirm their ‘pending sale’ status. Did they really have a ‘pending sale’ so they could proceed to purchase? Or was their ‘sale’ more of a handshake, riddled with contingencies? With no Realtor involved in a buyers’ sale transaction, it can be difficult to verify much at all.
These ‘for sale by owner’ buyers did one thing right, as they hired a Realtor to represent them in making an offer. But due in part to their alleged ‘pending sale’ not being managed by a Realtor to confirm the home inspection, appraisal, and buyer’s financing had been dealt with properly, along with what could have been unknown contingencies in their sale transaction, the ‘for sale by owner’ buyers’ offer was rejected.
Put Your Best Foot Forward Unlike those unsuccessful home buyers, you can put a good ending on your next transaction. The best solution when buying and selling a Wilsonville home? Be competitive and hire a local, expert Realtor. To speak with qualified and experienced Wilsonville Realtors to represent your best interests, contact our WilsonvilleHomes.com sponsor, Certified Realty at 503-682-1083 or use the convenient form below.
New figures from the Regional Multiple Listing Service known as RMLS reveal a recent uptick in Wilsonville’s regional home supply. Yet, despite a growth in the regional home supply, Wilsonville year-to-date home prices remain clearly in positive territory.
Regional Real Estate By The Numbers Our Portland metro home inventory remains relatively low. For comparison, Portland’s home supply is almost half that of the greater Salem area.
A housing backlog of just 3.4 months is generally considered by real estate experts as a ‘seller’s market.’
Wilsonville home prices are up 7.3% over the past year and sport an average selling price of $349,700.
Predictions on Wilsonville’s real estate market are difficult to make with accuracy. Take, for example, local weather forecasts. Even when armed with technology like detailed satellite images, plus wind, barometric and temperature data, weather forecasters can get it wrong…and that’s for predictions merely a week or two away!
Predicting Wilsonville’s Real Estate Trends Now imagine the difficulty in predicting real estate market activity a full year into the future. Along with seasonal influences, other challenges in real estate forecasting include changing interest and employment rates, ever-shifting home inventory levels, plus a myriad of lending regulations and the mysteries of the Federal Reserve’s monetary policy, just to name a few. Little wonder, then that some view real estate predictions as akin to flipping a coin or using a dart board.
Real Estate Forecasting: What Can Work Though not foolproof, one generally helpful tool for predicting future real estate trends can be past real estate trends. Major unpredictable shifts occasionally occur, but the key word here is occasionally.
For example, the Great Recession that hit Wilsonville and the entire country starting around 2007-2008 was our nation’s worst economic downturn since 1929. Thankfully we haven’t seen such financial meltdowns every year, or every decade, or even every half century. So aside from similar cataclysmic shifts, a certain degree of real estate predictability is possible.
Reasons For 2015 Wilsonville Real Estate Optimism Several factors are coming together to provide for an optimistic New Year in our area. As you’ll see, some factors are under federal control and others occur locally, but each has an impact on Wilsonville real estate. So if you’ve held off selling your Wilsonville area home, here are four of them that portend a good 2015:
1. Credit Scores Loosen Most homebuyers need a home loan, generally known as a mortgage. The good news is that mortgage credit is becoming more available as lenders loosen credit requirements.
3. Consumer Optimism Recent figures from the National Association of Realtors confirm homebuyers are now more optimistic. This includes our area. When it comes to single family homes, the ‘Confidence Index’ chart below shows most states now have a majority level of optimism in their region, including ours.
4. Home Inventory Remains Low Thanks in part to the reduced level of local new construction, home inventory in our region is still near historic lows. Our most recent survey shows we have 3.2 months of housing backlog. This suggests we have more buyers than sellers. As a result, Wilsonville homesellers can take advantage of what remains largely a ‘seller’s market’ heading into 2015.
The Bottom Line If you’ve held off selling your Wilsonville home because you were ‘under water,’ or concerned about the market being too low, now is a good time to consider re-evaluating.
Wilsonville’s real estate market has changed. Experts predict regional home price growth to continue at a steady, albeit slower pace through 2015, compared to the 7.2% price increase to date for 2014. As a result, some suggest a 3% annual increase in area home prices. Depending on a variety of factors, that may indeed end up being conservative on the low end. For Wilsonville, expect between 3% to 6% in 2015 home price appreciation.
Thinking about selling your Wilsonville home? Use the convenient form below to contact our sponsor, Wilsonville’s very own Certified Realty for a FREE report on what your property could sell for in today’s market.
As November winds down, recent information from the Regional Multiple Listing Service suggests one Wilsonville home sale will stand out as the most expensive for the month.
However, the property also features nearly 25 acres, along with Willamette River waterfront and a dock. So this sale includes considerably more than one home.
Located on SW Wilsonville Road, the house includes 1,500 square foot of living space, with 3 bedrooms and 2 bathrooms.
Also included are a red barn with 3 stalls, plus a tack room and hay storage. The final selling price for this property was $1.29 million dollars. Perhaps most interesting of all is that the market time was less than two weeks!
Thinking about selling your Wilsonville home? Wilsonville’s Certified Realty sells Wilsonville real estate in every price category. For a FREE report on what your property could sell for, contact Certified Realty using the convenient contact form below. Certified Realty is your WilsonvilleHomes.com sponsor and specializes in selling Wilsonville Homes.
Figures in a new study from Ticor Title Company suggest a stabilization of our Wilsonville real estate market. For now at least, gone are what have been strong changes in home price and market time around Wilsonville.
Thinking about selling your Wilsonville home, lot or acreage? For a FREE report on what your property could sell for in today’s market, contact our sponsor, Wilsonville’s own Certified Realty using the form below. Still family-owned and operated, Certified Realty is Oregon’s choice since 1950.
This new report reveals Wilsonville’s year-to-date home value appreciation is now 6.0%,trailing the greater Portland area average of 7.4%.
The average price of a Wilsonville home is now $334,800 and the average market time is now 60 days. This is relatively brief by historical standards and helped along by our still low regional home supply of a little more than 3 months.
Thinking about selling your Wilsonville home? With fewer sellers now competing for qualified buyers, you could sell your Wilsonville home and be in your next home by Christmas. Contact Wilsonville’s own Certified Realty using the form below for a FREE report on what your Wilsonville home could sell for in today’s market.
A very telling article was recently released in a national real estate journal. In just two images, it explains why the vast majority of home sellers work with a Realtor.
The infographic on the left shows the huge percentage of real estate sellers who hire a Realtor.
The infographic on the right explains why. Homesellers average a 25% higher selling price with a Realtor.
Thinking about selling your Wilsonville property? Don’t leave money on the table. Hire a local, experienced Realtor. Family-owned since 1950 and located right here in Wilsonville, Certified Realty sponsors WilsonvilleHomes.com.
Contact Certified Realty for a FREE report on what your Wilsonville real estate could sell for in today’s market using the convenient form below.