July 2023 Market Update
Happy Summer!
We are seeing a welcome shift in the market! There seems to be *slightly* more inventory and a little less competition. While the numbers tell us we are still very much in a sellers market, anecdotally I am seeing more and more opportunities for buyers.
Here are this months tips and tricks for success in this market:
Consider a pre-listing inspection: Sellers who take the time and care up front are seeing better results. Have a well or septic. Consider a pre-listing water test and septic inspection. This greatly reduces due diligence time frames and encourages more confident offers in buyers.
Keep new construction front of mind: New construction opportunities continue to be great choices for my buyers. It avoids multiple offer situations, is move in ready, and there are even customization choices!
Consider an investment: A multifamily purchase gives you an opportunity to offset your mortgage costs and build financial stability for your future. Having done this myself, I can be a great resource for you.
Partner with the right lender: With the interest rate environment constantly changing, it is imperative to partner with a lender who can predict what's coming down constantly and available to help you understand your options (paying down your rate with points, exploring an ARM, etc.).
Curious about the market or about your specific situation? We’re always happy to have a low pressure conversation about your unique situation and help you make a plan for success that works for you.
Recent Successes
Under contract with home to sell. Our buyers put their best foot forward to beat out other offers, with a house to sell.
Under contract on the first try. Our buyers found their dream home and put it under contract on their first try! Thorough due diligence prior to submitting the offer and partnering with an excellent lender was key.
Downsizing buyer. Our buyer was looking to downsize, and missed out on the first opportunity with his condo. Excellent communication with the listing broker ensured when the first contract didn't go through, we were ready in the wings!
Daymark opportunities. Daymark is offering a summer incentive of $10k! Now that the building is fully complete, it's easy to see why so many owners love living there.
Event Reminder
Portland Women Investors
If you’re a female real estate investor (or interested in becoming one!), don’t forget to attend our next meetup, Wednesday, August 16th from 5-6:30pm at Cloudport. August will feature a guest speaker on hard money lending - one of our most asked about questions and a must attend event! Reach out to join our private Facebook group.