If you’ve been thinking about selling your home, the time is now.
The economic crash, followed by the housing crash earlier this decade has led to a shortage of new homes on the market to be sold. With the economy where it is people are looking to buy houses while the interest rates are still low (it’s looking like those rates will rise this year). So with a shortage of houses and an increase in people hoping to buy it’s a seller’s market.
The advantage of a seller’s market is a higher price for your home. Buyers are quick to put in an offer on a property they like to secure it. You could end up getting more than you expected for your home if a couple of interested parties get in a bidding war. Another pro of it being a sellers market is the seller can refuse offers asking for the seller to pay for inspections or the buyers closing costs. The sellers market also means an increase in your home equity, which is good for your financial health.
Nationally home prices are rising 7 percent per month according to a report by CoreLogic. The Federal Housing Finance Agency expects the trend to continue each quarter this year in Oregon. Most three bedroom, two bathroom houses are selling in the $225,000 to $250,000 range and most houses that meet those specifications don’t stay on the market more than a week or so.
In 2014, the average price for a home in Linn County was almost $179,000. Today that same home runs in the neighborhood of $258,00. During that same time houses in Benton County, which has historically seen homes sold for more than in Linn County because of Oregon State University, cost about $289,000 and today run about $391,000.
So, if you’ve been thinking about selling your place and it’s 3 bedroom, 2 bathroom around 2,000 square feet with a garage you could have it sold before the real estate agent even finishes getting the sign in the yard.
Owner | Principal Broker
Gregory Home Team – Keller Williams