Sherwood Real Estate | The Hasson Company

Navigating through today's real estate market - 2008

Local Market Update...  You'll notice that our normal Monday Market Minute had been postponed this week.  With all the talk on bailouts and financial institutions, there was plenty already being said by the press.

In light of the fact that national strategies are still being worked out, we must keep in mind that there is and always will be local market conditions.  This is more than just a common phrase - there are many layers of truth behind it with very real statistics that back it up.

While week to week the market conditions here have been fairly consistent, this week is a good opportunity to talk about the market overall, with a special focus on some important facts. 

We'll pick up our local Monday Market Minute again next week.

Let's take a closer look...  There is a lot of national press about the market right now.  But for some, what we're hearing isn't entirely consistent with what's being experienced first hand. 

While many buyers and sellers are having tuff times, many buyers and sellers are also having great success.  This is a testament to changing market trends, how respective markets are very local and that there are always two sides to every story.  

Here's a few examples...

1.  Oregon has a far lower foreclosure rate compared to other states, providing more stability here. 

2.  Now is a great time for "first time" home buyers.

3.  This is also a great time for investors- Many are building strong wealth portfolios for their future through buying up some of today's real estate opportunities.

4.  Sellers who have a niche property, experience less competition which can have a potential advantage on the market - making it a great opportunity to sell or a buyer to purchase.

5.  When you buy and sell is relative.  Taxes are structured to accommodate the premise that when most people sell their home, they are also buying another one because they need a place to live.  There are financial incentives encouraging this timely reinvestment. 

So, market conditions asside, buying and selling in a relatively close period of time can level the playing field.  If you sell in a high market, you buy in a high market.  If you sell in a low market, you buy in a low market.  Overall, the housing market is relative and staying true to all housing trends, real estate values and sales go up over time.

Here's a few facts...

1.  With respect to the current concerns with the financial and housing market, the best thing buyers can do to "navigate through this" is to FIRST get pre-qualified before they even begin looking online or with a Realtor. 

The buyers who take the time to follow this very basic step, right out of the gate, getting their "pre-approval letter in hand", and aligning themselves with strong Realtor representation are having some of the most secure success right now. 

2.  In any case, what we still continue to hear is that now is a great time to buy...  Right now, buyers have a better chance to get what they want in a home - with more options in inventory and some extra time on their side, they can find their dream home and at a better value than if they wait. 

3. One thing remains constant - real estate sales go up over time.  We always have and always will repeat cycles.  This buyers market may be now, but it's not here to stay.  

4.  News of a down market is not new to 2007 & 2008 - there are several historical trends, and the housing market always rode out and improved in each case, look at the cycles in the 70's, 80's and 90's.  Now, in 2007 the press circled around "Down Market" headlines and many couldn't imagine it getting any worse if you remember... But yet 2007 home sales were the 5th best year in national history. 

5.  Another thing that will never change is the desire to live the American Dream... No matter what there will still be a need, desire and benefit to home ownership.  Life happens, people relocate, jobs change, we retire, and people always have a reason to need more or less space... There will always be opportunities to buy and sell a home.  No matter what, the show still must go on.

**While this is being written, we have recently sold/closed on many of our clients homes and several are currently under contract and pending.

Part of the solution... Simply learning or remembering to "focus" on the basic steps to successfully navigate through today's market.  It may be tuff times, but the process doesn't have to be hard.

1. Get pre-qualified and have your letter in hand first.

2. Align yourself with a Realtor that is"successful" in TODAYS market.  Look beyond the number of homes they may have listed.  What is their expiration and/or their sold rate?  Where will you potentially be when hiring them... On the market, in the market, off the market or through the market?

3. Remember homes are worth what a buyer is willing to pay which is what the market is going to bare - it is not necessarily going to be what you "need" to get out of your home.  However, as I showed you above - real estate is relitive when you're making good decisions.  Finding the right Realtor to consult with and negotiate for you is ever so important and a wise investment of your time. This is not the time to be doing it alone. 

4. When you've found a Realtor you trust, listen to them.  They know the market, they have the tips, tools and resources and their success rate is the proof.  If they say it's time to get your lawn green, lay bark, pull down the personal photos, nick-knacks, store the personal hygiene, make up your beds or put some furniture pieces in storage - do it.  It may take a little more work, but what matters is what works.

5. You will need to be "best of show" in appearance and value.  This means you need to look good and be priced good.  You need to outshine your competition all the way around... Keep in mind that when you come on the market, other homes are not far behind and the homes that are "sitting" will use you to measure their inevitable price decrease.  A good Realtor that specializes in the market will pay attention to proper pricing so you don't wind up chasing the market - Otherwise, this can be a very expensive lesson as you already can see.

**We can prepare for all of this and more through our strategic pricing and maketing system- You want a solution that will have you off the market without leaving money on the table right?  Then we should go over our local market reports and talk about some options in helping you sell, buy or both.

Respectfully,

Jason and Amber Gardner, Realtors - #1 in Sales, John L. Scott RE/Sherwood

Direct (971) 832-1234 | jasongardner@johnlscott.com | www.TheGardnerTeam.net

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The Gardner Team is the "#1 Top Office Producer" in real estate sales and marketing for John L. Scott Real Estate in Sherwood, Presidents Elite Award Winners and Diamond Platinum Members of the Multi-Million Dollar Club (the highest achievement from the Portland Metropolitan Association of Realtors) 

"The Gardner Team is proud to be the preferred real estate team of choice through integrity, commitment to their clients success, exceptional service and excellence in results for Sherwood Oregon and the surrounding areas since 2005... And, we appreciate your time, your trust and your referrals."