New Construction Is Driving The Market
Business Services: BELTRAN PROPERTIES GROUP at eXp Realty
By Dennis McNabb, Staff Writer
As most of you know, the real estate market has shifted in the past year. Leading up to that shift — from about the time the pandemic started until late last fall — we were deeply entrenched in a seller’s market. Supply-chain issues kept new construction moving at a snail’s pace and inventory at record lows. Interest rates were also consistently low, resulting in houses sold in mere days for well over the asking price. The shift then, the inevitable adjustment towards a more balanced market, occurred over the past year as supply-chain issues were gradually resolved, and interest rates and inventory increased. The market “frenzy” that sellers enjoyed during the pandemic has calmed, but it’s been a difficult transition. Expectations needed adjusting, and concerns like price point and condition have once again become key components in moving a property. That’s not to say, however, that for motivated buyers and sellers, it’s not still an ideal time to delve into the market.
New Construction, Why now?
Well, first of all, the real estate market generally sees an ebb and flow that coincides with the seasons. As we move into fall and winter, things typically slow down. So, if you are interested in selling, now is the time to act. Secondly, interest rates have been steadily increasing. They have had a few dips here and there, but the general trend has been upward. Since higher interest rates mean less buying power, you’ll want to take action sooner rather than later. And finally, inventory is higher now than it has been since last November. For buyers, that provides leverage: it gives you a lot more opportunity to negotiate and make demands of your own. So, if you are looking to buy, now is the time to do it!
Interestingly, builders (of new construction) are currently driving the market. In order to attract buyers away from choosing existing homes in more mature neighborhoods, they are offering relatively generous incentive packages. For those looking to buy new, this is a terrific opportunity, but it’s imperative to find an agent who is well-versed in the particulars of working with builders, someone who can help you negotiate those incentives. Of course, the central component of any successful real estate transaction is always choosing the right agent.
Your agent is your advocate, your partner, in what may be the most significant purchase/sale you’ll ever make. As such, this person should not only understand you as an individual and what your specific needs and desires are, but they should also know the local market. They should be able to provide you with a proven track record of success. They should have an impeccable reputation and an established network of industry professionals who can help assist in the process of navigating such unique market conditions. In the Wilsonville area, the preeminent agent of choice is Jaimy Beltran.
Not only is Jaimy one of the elite (he has consistently ranked among the top agents of the greater Portland Metropolitan area for the last 10 years), he has also helped countless clients and non-clients alike by offering free advice every month in the very pages of this magazine. His genuine desire to help people find their dream homes is inspiring. Right now, Jaimy’s advice to sellers is to price appropriately. Price and preparation (handling deferred maintenance, staging, etc.) and getting your home “market ready” is the only way to move it quickly and to receive top dollar. For buyers, be prepared before you enter the fray. Educate yourself on all aspects of the market, including new construction and the available incentives. Also, make sure to visit your lender and get qualified. You can never be too prepared!
Regarding agents in the Wilsonville area, no one is better or more qualified than Jaimy Beltran with Beltran Properties at eXp Realty. He stands alone in his sincere commitment to his clients. He has the backing of an entire network of like-minded individuals who span the country as a whole (through eXp Realty), not to mention a fantastic group of local professionals whom he can employ to assist with your process: doing repairs, staging your home for selling, and more.
Don’t hesitate, folks! Current market conditions are likely as good as they’re going to get. Call Jaimy Beltran today at 503-502-3330 and let him help you capture that equity! Call Now 503.502.3330 or Visit us online at, https://www.beltranproperties.com/
