Are We in a Buyer’s Market or a Seller’s Market?
October 14, 2016
One of the most common questions people ask is if we are in a buyer’s or seller’s market. We have the answer for you today.
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Are Oregon and Washington in buyer’s or seller’s markets? How do our local real estate markets compare to what’s happening in the rest of the country?
When you look at Oregon and Washington, areas like Portland, Seattle, Salem, Olympia, and Tacoma are still in heavy seller’s markets. There just isn’t a lot of inventory out there for home buyers to purchase. The inventory levels in the Portland and Seattle markets are extremely low; in fact, these are some of the lowest inventory levels we have seen since the marketplace of 2005 and 2006.
How does that compare to the rest of the country? When you look at the news and national market statistics, you will see that many areas in the United States are starting to see the market come back. This is happening specifically in Arizona, some areas of California, and Nevada.
Those areas are even starting to see short sales again. People go underwater because what they owe on the property is less than what the market will bear. Inventory in these areas is also up quite a bit. In fact, I have a friend who sells real estate in Austin, Texas, and he says that properties will sit on the market for seven months before selling.
Ultimately, although we are still in a strong seller’s market, there are some indications from other markets in the United States that our seller’s market will end relatively soon. That said, the market won’t shift in the near future because inventory levels are still extremely low in Oregon and Washington.
If you have any other questions about our current market or about real estate in general, give me a call or send me an email. I would be happy to help you!