“We must walk consciously only part way toward our goal, and then leap in the dark to our success.” — Henry David Thoreau
I recently hiked Dog Mountain on a gorgeous spring day. Despite its relatively short distance, the steep 2800 ft. elevation gain once again settled in my quads the next day as a reminder of the mountain. At about the 0.7 mile point, there is an infamous trail juncture sign: “DOG MT DIFFICULT to the right or MORE DIFFICULT to the left.” In other words…there is nothing easy about this journey but for me the lure of the top of the mountain is always strong.
So it is with Buyers in the Portland Real Estate Market…
This market can be ominous for buyers. Choosing between DIFFICULT and MORE DIFFICULT can be a reality. With an average sales price that has increased 5.3% in the past month and 14.8% this year, the need to “leap into the darkness of our success” can mean making offers 10-20% over list price, waiving repairs, waiving appraisal contingencies and offering free rent back to sellers to be the chosen one out of the multitudes. We have half the inventory of this time last year. The challenge is real but who ever said that climbing a mountain was going to be easy.
Tips from An Experienced “Climber”
Choose the Appropriate Trail and Get Familiar with It Before Your Hike: An experienced agent (trail guide) will educate you about the market and help you choose the route that will accomplish your goals.
Bring the Right Gear: Get pre-approved; be clear on your price range then tour homes that are priced 5-10% less expensive than your target price; realize that you may need to expand your options to achieve your goals (bring extra food and water).
When Feeling Fatigued Pause: Stepping back for a day or two when you are feeling overwhelmed or fatigued can offer clearer perspective and prevent burnout.
Visualize Yourself Accomplishing Your Goal!: See yourself holding the keys to your new home! Use your imagination as a tool to support your goal rather than hinder it by actively creating from the end.
The feelings that I experience when summiting a mountain or handing over the keys to a buyer are a natural high. It is an honor to witness the courage and tenacity of my clients on their journey. They inspire me.