What exactly does that mean? Well, when you go into a sporting goods store and look around for the amount and types of swimming pools and fans they are carrying at that moment in which you can buy…that’s the inventory and as we all know inventory of fans and swimming pools in the summer is very, very different than in the winter. Same goes with housing inventory. If you were to look up in RMLS or any other real estate listing service, the amount of a certain type of house listed and available on the market you’d better understand what we are trying to explain. As soon as a house is listed, it pretty much goes pending or sold as inventory is low.
As a buyer, you want a huge inventory. You want every kind of house in every neighborhood available to you and more importantly you want it in your price range. Unfortunately, as a seller, you don’t want this. As a seller, you want a small inventory so that your house can stand out and not be lost in a sea of competitors. Prices drop when that happens and you can’t sell your house for what you thought it was truly worth.
Buyer’s market and seller’s market? I’m sure you have heard that term here and there in your lifetime or during any real estate transaction. Summer is always a hot time to buy, but it’s also a hot time for people to sell. To get their home sold so they can relocate kids to new schools or not have to worry about rain while moving. It’s all about the Portland Housing Inventory and that usually dictates how quickly you can buy or sell your house.
If you want to know more about the market and Portland Housing Inventory, contact us today and we can get you started. Whether you are looking to cash out, buy a rental, list with a realtor…all your real estate needs can be solved here at PDX Renovations.