Multiple offers have started earlier than the last few years after slowing down through the holidays. When January 2nd hit, it felt like the buyers woke up and our agents were competing on half of the offers they wrote.
Over the last 5 years I have watched as the wave of multiple offers happened earlier and earlier every year since 2012. Back then I noticed multiple offers hitting in May and every year it seems to happen a month earlier than the year before. For January 2015 there were 4,996 homes for sale in the Portland Metro area while last month there were only 3,214. That’s a large decrease while we have an estimated 20,000 people moving here every year.
Why the rush this year? We think that the jump in interest rates has taken away the consumer’s confidence that rates will sit in the mid-3% forever, which was impossible but they sat in that range for quite a few years moving a little bit here and there.
With buyer’s coming out now, it will likely make for a very lively market over the next 7 months depending on what interest rates do.
Want help navigating this very interesting market? Call Jaimy at 503-502-3330