Inventory

I have been asked several times lately if it is still a 'Buyers Market'. In looking at the inventory listed in the latest 'Market Action Report' which is put out by RMLS, it still is. However, it is not as strong as it was at the first of the year. In January of 2009 we had 19 months of inventory. Now for the non-Realtor, here is a simple definition of 'inventory'. In January, with all of the listings that were on the market, it would have taken 19 months to sell them all if there wasn't a single new listing that hit the market. However, sales have sped up dramatically to the point where we've been hovering between 7 and 8 months of inventory for the last 3-4 months. That is great news!

So now comes into questions what is considered a buyers vs. sellers market. Traditionally 6 months worth of inventory is considered a neutral market. If you have more than 6 months it's a buyers market and if you have less than 6 months it's a sellers market. So now you see why I say it is still a bit of a buyers market.

Now, outside of the simple numbers, I have seen a few things. If you have a nice house that is in a decent area, well kept, and priced right, I've seen multiple offers inside of 30 days. If you are priced too high, or your house isn't in good condition, it will sit for ages. Unlike years past, buyers won't just buy anything anymore. They are getting more picky, but not unreasonably so. You just have to be placed right in the market, and you will sell your house!

As always, if you have any specific questions about your home I'm happy to answer them for you. Enjoy the Oregon rain, and avoid H1N1 and the stupid cold that is going around!