Sellers’ House Party 2.0
Hello from the North Oregon Coast,
Holy Moly what a year this has been! Earlier this year, with the prices Sellers were experiencing, I forecasted that we would see more inventory move to market but that’s not what happened. Instead, the continued short supply has pushed pricing even higher. So far this year Clatsop Co. has seen 25% appreciation and Manzanita – what I see as the hottest market – is running 35%+ and might even tip into 40% appreciation before the year’s end.
Here’s an anecdotal story to illustrate: Buyer clients made an offer on a home in Manzanita listed for $880k, their offer is cash, no inspection contingencies, and escalates to more than $1.2m (a 28% premium) - and they were not the highest bidder.
When this year started a financed offer could still win in a multi offer situation. Now that is not the case as winning offers are generally cash, very often no inspections, and free occupancy is showing up more and more. To say this is an incredibly strong Seller’s market is a gross understatement – the real estate market here is a wealth builder for Sellers.
I think we will see more the of same next year, even with the rise in interest rates. As the shortage of supply will continue, there will still be lots of Buyers with ability and demand fueled by the new reality of ‘flexible work’ and renewed focus on quality of life.
Please don’t hesitate to reach out to me if I can be of assistance. I am always happy to do a no-cost, no-obligation market analysis so you can know the current value of your property.
