It’s hard to miss the unmistakable emergence of pink starting to color the city from downtown and the banks of the Willamette to far-flung neighborhoods on both sides of the river this week! The cherry blossoms are here, and with them the lengthening daylight and promise of warmer weather – which is so suitable and oh-so-beckoning for Portland house-hunting! Our yards show life again, our basements will soon dry out (or at least, become less wet!) and that new roof or new hardscape plan can finally get done.
This year, the reliably brisk real estate season that starts when spring break ends and sometimes continues a breathless pace into early summer is further buffeted by the happy recent surprise of lower interest rates tempting more first-time buyers and up-sizers, as well as a growing population of 55+ among us (now more than a third of all Americans for the first time!) who are preparing for the downsizing, second-home searching, or relocating that often accompanies retirement. There is also the possibility of a greater influx of Californians driven by increased fire and water challenges heading our way.
The challenges for making a smooth move or transition happen right now are the lack of desirable inventory, and frankly, unreasonable outcome expectations on the part of many sellers. Lots of them bought during the decade plus of 10% or more year-over-year appreciation, and have not realized that 2022-2024 just did not do that. Sale fails are higher than normal. And let’s face it, repairs and improvement costs did go up!
The last nine months, our industry saw a big change in buyer representation requirements, and the focus has been understandably on making sure new buyer clients are properly educated about what we do, and how the homebuying process works. Hopefully by now, most of us have transitioned our repertoire and engagement strategies accordingly. With the days longer and the colors popping, it’s high time to do the same for our seller prospects and clients, who need realistic goals and as much help (read: encouragement and resources) with all the little things (paint, cleaning, repairs, small upgrades and yard services) that always help welcome buyers for the least investment. Just because the inventory is low doesn’t mean your tired-looking listing is going to attract multiple offers! Let’s help our clients and each other and not take the good tidings of interest rates and more retirees for granted.
