Real Estate Update

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How IS the Market Doing?

By Annette Sievert

In good and not so great times, this

question persists. But nowadays there is a different connotation to it as what is happening just does not have a precedent. I have been through many ups and downs, but they were always market issues, be it housing or credit markets. Too much or too little inventory, credit bubble… those were a few of the things we had to deal with, but they were always explainable with logic, and sort of predictable.

No such thing this time. The reaction to the virus has been neither logical, nor predictable. A lot of people let fear control them, and the media hype certainly has not helped, breathlessly reporting numbers of infections and death that were never put in any context.

So how has our market here reacted? Not much. One thing we noticed was a lack of inventory at a time when there were lots of listings coming up, in early spring. Late March and April were quiet but houses still sold. Mid May we started to see more inventory coming up and judging from the current sales, we are in a delayed but full spring swing.

Properties are selling fast and often over asking. While there were sellers in April and beginning of May who insisted on masks and gloves, the trend is now to supply wipes and tolerate more normal showings, a decision that is wise, as it is rough for buyers to picture a cozy home for themselves when everybody is

pandemic clad.

As things start to relax my impression is that we will have simply a delayed, but highly active selling year. So, if you are in the market to buy, nothing has changed. Be well prepared, have your pre-approval letter of preferably a local lender handy, expect multiple offer situations and be decisive.

If you are selling, find the right price, listen when your broker gives you data and do not try to be smarter than the market. Overpricing is a bad strategy. Prepare your house well, ask to have it staged and professionally photographed. For out of town buyers who have a hard time being

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here, namely because of the lack of flights, 3D tours are a great way to virtually walk through the house. I have seen a lot more buyers coming in-person now, be it via car or flights. This trend will continue, and I firmly believe that at the latest by July things will get back to much more normalcy.

Corvallis always has had a special status. It pays off to buy here if you want stability.

Stay well,

Annette

Do you have a real estate question?

Ask Annette, at Coldwell Banker Valley Brokers in Corvallis 541-207-5551