If you’re thinking of selling your Portland, OR home this year, it helps to understand what is happening in the real estate market. 2020 has certainly been an interesting year because of COVID-19. But that doesn’t change the fact that you need to sell. You only need to know the best way to do it and what to expect during the coming year.
How Has the Portland Housing Market Been Impacted in 2020?
Portland’s residential real estate market had a great start to 2020. Overall, the number of contracts being signed increased by 14.4% from January to February. The number of closings increased almost as much, at 14.1%. We often see a slow start with the new year, but this year was very different. Buyers seemed more than ready to pounce when they found what they were looking for.
In early March, the WHO declared the Coronavirus a pandemic, which had a profound effect on the housing market. It appears that the virus has altered the mentality of would-be home buyers and sellers. It makes sense that we can expect to see a slowdown in the number of homes being sold on the market; at least until the worst of the pandemic is behind us.
The Impact of the Coronavirus on Real Estate in Portland
The Coronavirus has changed just about every aspect of our lives. It should come as no surprise that it would have a serious impact on the real estate market in Portland, Oregon. Many sellers are nervous about opening their homes up to strangers who might be carrying the virus. Around 1 in 4 home sellers have stopped having open houses. A lot of them have instituted new sanitation practices. They include having prospective buyers wash their hands, use hand sanitizer, and even remove their shoes or wear booties over them.
Buyers are also making changes. A lot of them have decided to put off looking for a house until the pandemic is behind us. Some are anxious about contracting the Coronavirus by going into strange homes. But the majority of them are suffering because of lost income. They may have had to dip into their savings in order to survive, which means they no longer have money for their down payment.
When Can We Expect to See a Change in the Portland Real Estate Market?
A lot of experts believe that we’re going to see the demand for housing remain low for a period of time. They think that once the economy is more stable, that demand will, in turn, increase. Once it does, a lot more buyers will have re-entered the market, and they’ll do so very quickly.
Experts are also saying that once the market does get back to normal, housing prices are likely to go up from what they were in 2019. But the question that is on everyone’s mind is this: When will things get back to normal?
Unfortunately, we don’t have an easy answer to that question. It’s still unknown when we can expect life as we knew it to return. This can spell disaster for someone who needs to sell their house quickly. A sale that might have taken only a few weeks or months in 2019, could end up taking a year or more. That’s bad news for a lot of homeowners; especially those who don’t have that kind of time.
Need to Sell Your House Now? Talk With an Investor
It can be tricky to sell your house at this time because of COVID-19 and the restrictions that are in place. A lot of homeowners may be OK with waiting until the pandemic is over. But there could be a lot of reasons why you need to see it as soon as possible. Perhaps you’re going through a divorce, lost your job, or you’re facing foreclosure. It may not be possible for you to wait until the pandemic has passed.
Selling to an investor gives you a way to get cash for your house in a very short period of time. Investors are always looking for houses, even during times like these. In most cases, you’ll find that the process of selling your home to an investor is quick, easy and painless.
Questions About the Portland Real Estate Market? We Can Help
At Better Off House Buyers, we are professional home buyers who are seeking to invest in homes just like yours. We have streamlined our process to make it as easy as possible and get cash in your hands quickly. The steps to sell are as follows:
· You’ll contact us and let us know that you would like us to take a look at your house. Make sure you give us all the information we need, especially about any repairs that might be required.
· We’ll set up a time to come and see the house, which should happen fairly quickly. We like to see houses in 48 hours or less if at all possible. Please note that we will come prepared with all the protective gear we need, including gloves and masks.
· If we like what we see, we’ll send you a written offer. You are not under any obligation to accept the offer. But we promise to make it a win-win for us both.
· If you like our offer, you’ll accept it and we’ll move forward with choosing a closing date. We’re not in a big rush, so you don’t have to close quickly if you don’t want to. We’ll pick a date and time that works well for you.
There are a lot of benefits to selling to an investor rather than putting your house on the market; especially during these troubling times. If you would like to talk with us about your house, we invite you to contact us today.