The June Beacon Report is in. And the bottom line is that it’s now possible to win on the sell AND buy side. To give you the full story of what is really happening in the market, we have pulled information from three sources. One- the Beacon Report. This gives us information on the homes that closed in May. Two- the MLS. This gives us information on the homes that are currently on the market. Three- a look into what our clients are experiencing this month. Get the full picture on what’s happening in the market by scrolling down or watching this six minute video with our team leader, David Keyte — your time watching may be your best investment this month.
The Beacon Report is representing homes that CLOSED in May. To see the full picture, we need to look at the value based upon today’s current listings. Months of inventory came in at 1.3, which is a strong indication that the market is seeing a healthy spring influx of home listings.
To gather additional insight on today’s market, we went to the MLS and our team lead, David Keyte. “The number of price reductions seems higher because many of these listings have cut their price in small increments, many times.” Keyte explains that only a third of the listings are experiencing price reductions, but this is mainly because they were overpriced in the first place based upon the delayed Beacon Report data. “We’re seeing two camps in the market place. The appropriately priced homes are selling much quicker, and the homes that are priced high have experienced an average price reduction of almost 6% from their original price.” Keyte adds that this changing market “gives our buyers a little more time and a few more options” when writing offers.
Bend Relo Team Experience
Over the past two weeks, the Bend Relo team wrote 14 offers, and 8 of those were accepted. Keyte adds, “The situation ranges from multiple offers over asking price, one offer at listing price, and multiple deals as good as $50,000 under original asking price.” This means that there is opportunity on both sides of the market. According to Keyte, “The sellers who price and market right are getting multiple offers, while sellers who over-priced are getting offers under asking price with multiple contingencies.”
With mortgage rates stabilizing, savvy buyers are coming into the market to take advantage of the buying opportunities.
We are committed to ensuring that our clients are always in the know about market conditions. Our team recognizes that this market is constantly changing, and we put in the work to research all data sources prior to informing our clients. Interested in learning more about our selling and buying process? Get in touch for a free consultation today.
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