We hear this phrase often at our Better Off Home Buyers offices; many homeowners who want or need to sell their homes have contacted us because their properties have been so long on the MLS sale list.
“My Portland home has been 100 days on the MLS listing.” The time a house takes to be sold depends on several reasons, the seller’s experience, the listing sale price, the market’s demand, the property location, the year the house was built, etc.
During this time, we are facing the coronavirus epidemic. The Portland real estate market is suffering the consequences of the necessary restrictions to keep the population free from contagion.
Comparing the statistics to the period in May 2019. There is a drastic decrease in the possibility of selling a house fast in Portland. According to the RMLS, there are the market trends:
- Properties for sale decreased by 32.4%
- New sales contracts fell 34.2%
- Closing sales fell 16.4%
- Inventory is down 2.6%
- New Foreclosures rose 6.4%
To these statistics, we must add the distrust that some owners may have for fear of being infected with Covid-19 for receiving strangers in their homes.
However, the purchase of houses by investors has risen by 6.8%, according to the same reports.
Before the coronavirus pandemic was declared, the median time to sell a property on the Portland real estate market was 76 days. Now with job losses, social distancing, and the struggles with the virus in Oregon. We have seen that some properties listed on the MLS in November and December 2019 have been withdrawn from the market, and few remain on the list without any offers.
I Want To Know, Can I Still Sell Fast My Portland Home During The COVID-19 Crisis?
The quick answer to this question is “yes“. The real estate market will pick up in the coming months in Portland. We will see an increase in the statistics, but possibly at a slow pace.
The Sale home prices at the end of 2019 and so far in 2020 have decreased by 15%, undoubtedly attracting buyers. We will see more properties for sale soon, but it depends a lot on banks and lenders for the market to accelerate.
With people returning to work, we will see a slow but steady adjustment in the market trends. At Better Off Home Buyers, we believe home sales through the real estate market will be slightly faster than two months ago. But still, homeowners will see closing sales in no less than 120 days.
So Why Did You Answer “Yes” To The Previous Question?
We answered “Yes” to the previous question because despite the crisis caused by COVID-19, Better Off Home Buyers are still buying houses and closing deals quickly. Many of our home purchase transactions have lasted only seven days.
We have all the resources, knowledge, and professional team to assist anyone who wants to sell their home. We don’t need to wait for ideal conditions. Any time of the year is conducive to buying properties. Our work hasn’t shown a decrease during the coronavirus.
What Is The Difference Between Better Off Home Buyers And A Real Estate Agent When Buying Properties In Portland?
Like the real estate agent’s job, our job is carried out in the real estate market. However, our main function is to buy properties. Real estate agents represent buyers or sellers of a house and must be subject to the constant changes in the market.
Better Off Home Buyer’s activity is constant during the twelve months of the year, but the most significant difference we have with real estate agents is the closing time when we purchase a house.
The owners who sell their houses to us benefit because we buy them fast. Once they accept our offer, they don’t run the risk of canceled negotiations due to unqualified loan buyers. They (homeowners) receive their money immediately.
Below is a chart with the fundamental differences between real estate agents and Better Off Home Buyers. Please compare:
| Selling w/ An Agent | SOLD To Better Off House Buyers | |
| Commissions / Fees: | You, the seller, pay 6% on average | NONE |
| Who Pays Closing Costs?: | You, the seller, pay 2% on average | NONE – We pay all costs |
| Inspection & Financing Contingency*: | Yes, sales can fall through | NONE |
| Appraisal Needed: | Yes, the sale is often subject to appraisal | NONE – We make cash offers |
| Average Days Until Sold: | +/- 91 Days | IMMEDIATE CASH OFFER |
| Number of Showings: | It Depends | 1 (Just Us) |
| Closing Date: | 30-60 +/- days after accepting buyers offer | The Date Of YOUR CHOICE |
| Who Pays For Repairs?: | Negotiated During Inspection Period | NONE – We pay for all repairs |
A real estate agent is a professional who works on commission. They need to sell the properties as soon as possible, which is an average of 91 days. To satisfy potential buyers, they recommend Homeowners to adequate their properties in perfect condition. That means expenses for the seller. Real estate agents need to earn money, so they don’t hesitate to suggest that homeowners reduce the house sale price.
In a traditional home sale business, a buyer may be motivated. He or she may be attracted to the house that is for sale. But if he does not qualify for a mortgage loan, the business falls.
The opposite happens when you sell your house to Better Off Home Buyers; we buy houses as-is. We will present a written offer to the house owner based on our criteria. Also, we cover expenses, so you’ll receive your cash immediately.
You don’t need to wait 100 days or more to sell your home!
As a family business, we are pleased to work for our Portland community primarily. But we cover the entire State of Oregon and have clients in other states.
Contact us by filling out the form on this page or dialing our phone number directly.