We heard 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 in the MLS sale list.
A house for sale information reaches the MLS listing because a real estate agent is in charge of selling it. 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 of the house build, 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 possibilities of selling a house fast in Portland. According to the RMLS, this is the market trends:
- Properties for sale decreased by 32.4%
- New sales contracts fell 34.2%
- Closing sales fell 16.4%
- Inventory 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 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 for 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 We have seen that some properties listed on the MLS in November and December 2019, have been withdrawn from the market and few remain on the list without having any offer.
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“. Here in Portland the real estate market is going to pick up in the coming months. We will see an increase in the numbers of the statistics but possibly at a slow pace.
The Sale home prices at the end of 2019 and so far in 2020 has decreased by 15%, which undoubtedly attracts buyers. We will see more properties for sale soon but it depends a lot on banks and lenders for the market to get accelerated.
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 in a short time. Many of our home purchases transactions have lasted only 7 days.
We have all the resources, knowledge and a professional team to assist anyone who wants to sell their homes. We don’t need to wait for ideal conditions. Any time of the year is conducive to buy properties. Our work hasn’t shown a decrease during coronavirus.
What Is The Difference Between Better Off Home Buyers And A Real Estate Agent When Buying Properties In Portland?
Our Job, like the real estate agent’s 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 have to be subject to the constant changes of the market. .
The owners who sell their houses to us get benefits 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.
Let’s see below 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:||6% on average is paid by you, the seller||NONE|
|Who Pays Closing Costs?:||2% on average is paid by you, the seller||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 they can, which is an average of 91 days time period. In order 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 to homeowners to 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. Based on our criteria we will present a writing offer to the house owner. 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 that we are, we are pleased to work for our Portland community primarily. But we cover the entire State of Oregon and have clients in other states of the Country.
Contact us by filling out the form on this page or dial 503-212-9641