Portland
Oregon Real Estate - Live Green...Live Well!
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Patrick
Smith, MBA, AHWD
Eco Broker Certified
503-421-3824
Licensed in the State of Oregon
CONTACT PATRICK
4001
NE Halsey Street, Suite 100, Portland, Oregon,
97232
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When Portland Real Estate Does Not Sell When Portland Real Estate Does Not Sell
The number one, main reason why a home remains on the market is PRICE. There can be other problems as well such as the home’s condition or location and even overall market conditions but the major reason for the NO SALE sign is the Portland real estate is over priced. In fact, proper pricing will often overcome most all obstacles.
Fixer Uppers
Some people prefer to buy Portland real estate that needs some work if the price is right. Investors look at the property, evaluate the cost of bringing it up to speed and make an offer if they feel they can make a quick profit. These kinds of investors are looking to fix and flip. Others with limited budgets may see the fixer-upper as a way to get started with Portland real estate ownership. They may spend years working on improving the home, making improvements as they can afford it. So, a home’s poor condition will not prevent a sale if the price reflects the situation.
Surface Problems
Let’s say a home is in excellent condition but simply messy. The cat box needs changing, the dog dish is a mess, the dishes haven’t been put into the dishwasher and the beds are not made. Should these conditions affect the price of the home? No, but they do. Take two identical houses next door to each other and priced the same. The sparkling clean house will sell much faster than the messy house and the messy house will more than likely sell for a lower figure. This is true of Portland real estate as well as real estate nationwide.
Poor Marketing
When a home does not sell, the owners tend to think that the REALTOR didn’t do a good enough job of promoting the property. There is a difference among agents and brokers and some will promote a property more than others. However, the main and most important method of promoting Portland real estate for sale is listing it in the local MLS. Once a home is in the MLS it is shown in multiple locations online and that is generally where most buyers come from these days. A house that is priced well will often sell before the agent has had time for any local promotion and some houses sell before they get into the MLS, simply because the Price is Right.
What is the Right Price?
Here is where your agent’s expertise and diligence comes into play. A top agent will consider what similar Portland homes have sold for within the last 3 to 6 months and compare those homes condition, features and location with your home. If there are no comparable sales in the area, which is often the case with custom or one-of-a-kind properties, the agent may suggest that you obtain a formal appraisal.
Sales Strategies
A homeowner who must sell and sell quickly needs to price their Portland real estate at or slightly below market to ensure a quick sale. A different homeowner may want to sell but has time and wants to get the top market price. These homeowners will often price the home slightly above current market prices and expect interested buyers to offer a lower amount to start the negotiation. A rule of thumb is to price the home no more than 5% above the price you expect to sell the home for.
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