As Rick touched on in our last Spokesman article, the Wilsonville Real Estate Market is shifting. In 2016 sellers could expect their home to receive multiple offers in the first week. In 2017, many homes are taking much longer to find the right buyer. Rick expands below:
Recent months have seen a slight shift in the Wilsonville Real Estate market with inventory increasing, giving buyers more options. This change signals a move towards more balance between buyers and sellers, and as Rick Brainard explains, may require a change in expectations.
“The past couple years we’ve seen average-priced homes selling very quickly, often with multiple offers. But the power between buyers and sellers is beginning to even out.”
Average Wilsonville homes are currently experiencing more days on market prior to sale, and a growing percentage will have a price reduction before securing a buyer. “Sellers expecting the pace of 2016 with a quick sale at top dollar may be disappointed,” says Rick.
Excluding the bottom 25% of the market, which is still averaging only 17 days on market, Wilsonville homes with a median list price of $447,450 and above currently average close to two months before sale. “Prices are holding strong and the Market Action Index still suggests a strong seller’s market,” adds Rick, “but the increased days on market come as a surprise to some sellers.”
To avoid frustration, Rick suggests setting realistic expectations from the beginning. “A great, well-priced home may take awhile to sell and may involve some negotiating, but that doesn’t mean there’s anything wrong with the home or the market.”
Despite longer days before sale, Rick again stresses that the market is healthy and that home sales are strong. “We’re seeing buyers and sellers come out that were previously scared-off by the difficulty of finding a home to buy. And as long as you understand it may take a little longer, the process can still be rewarding instead of frustrating.”
Thinking about selling your home? Contact us! We would love to meet with you and answer any questions you might have.