This is the BUSY spring and summer selling season for real estate here in the Great Northwest. True to form, the stats say that sales are up this year over last….even though rates are also trending that direction (see Portland area market stats here). And inventory is down compared to last year at this time.
So what does that usually mean for home values in the Portland and surrounding market? In short: it’s still a sellers market.
Recently, homes have sold for tends of thousands over ask price (lets not forget the 2003- 2007 era). And even more recently, sales prices are starting to slowly stall out and plateau. So how do you set a true home value when things seem so topsy turvy? The long answer is coming another day and in another post. But for now, let’s look into the details on what affects your home’s value to help you determine the real value of your home. This is key if you want to capture this sellers market and list and sell your Portland home today.
- Market Appeal. The more people who are attracted to your home, the higher the odds are that your home will sell for TOP dollar (and maybe even over? Depends on your neighborhood). The same is true however, if you have made changes to your property that affect its mass appeal. For example, if you have “remodeled” your 3 bedroom and made it into a massive studio….the market appeal for your home just went DOWN, even though your location did not change and your square footage did not change.
- Location, Location, Location. Location. I think this is fairly self explanatory, however, if you want more details on why location matters to determine the value of your property, then think about the appeal of your location on the block your home sits on, or in the building your condo is located in, or on the side of the freeway that has less noise. Location ALWAYS matters.
- Timing. Just like in most things, timing is everything! Do you know what month Portland and the surrounding suburbs tend to see the highest price/square foot? Hm…. could it be behind us already? That’s a great question for our listing expert, Jaimy Beltran. But this time factor is also tied to location. If your home has market appeal with young families who have school age children, because it has enough bedrooms, a decent yard and is in a great school district, then you need to consider timing around school schedules. Don’t try to list and sell the week of spring break (as an example). Or, if your 1-level home features amazing views and yet is perched at the top of a steep hill, don’t forget to consider icy roads or summer road construction. Timing matters.
- Everything Else. The details are not lost on an appraiser. The fact you recently added a presidential roof or gutted and remodeled your 1960’s kitchen, or upgraded the plumbing on your 1920’s bungalow… these are the details that also affect your home value. Plus, things like curb appeal, cleanliness, show-readiness, ease of showings, smells (preferably a lack thereof), and even the marketing associated with your sale (see #1 above).
As you can see, many of these items are not easily determined by plugging some stats into a mathematical equation and spitting out the perfect dollar value (although we do our best to offer an “as accurate as possible” version of that here). Combining ALL of these items are what will give you the true market value of your home as it currently stands. Want to find out what that really is? Call Jaimy Beltran (503-502-3330, ext. 102), for a zero pressure consult and a full report of the current value of your Portland area home.
You can always swing by our real estate office located in Wilsonville Oregon too. We love it when you do!