Seller credits in the Portland area?

I just answered a question on a popular real estate site asking about the average amount of seller concessions for closing costs and repairs.  Here's what I wrote:

You've mixed two different things when you include repairs with closing costs.  A buyer's closing costs typically include some escrow & title fees, property taxes, and insurance.  Repair costs are the price of repairing something significant that's defective or problematic.  For example, if the sewer inspection finds a problem or if there's radon above actionable minimums.  The Portland area is very much a seller's market today.  The inventory of detached homes for sale in the entire 3-county metro area is down 28.1% from January 2015. We have only 1.8 months of inventory, which means if we continued to sell at the same rate and no new listings were added, in less than two months we would have sold everything.  When inventory is about six months, it's considered an even buyer-seller market.  What that means in terms of costs paid by the seller today is "not much", because any decent home has multiple offers, usually all over list price. In December 2015 I had a buyer write a $335,000 all-cash offer on a 2-BR 1100 SqFt home in NE Portland that was listed for $319,900.  The seller received 21 offers and sold for $400,000 all cash with no inspection contingency .   That's unusual but not unheard of.  So if you're a buyer, and the house is decent (not a fixer, or in a bad neighborhood, or wierd floor plan), expect to offer at least list, don't expect any seller credits for closing costs and repairs are certainly negotiable.  

Posted on February 9, 2016 at 5:32 pm
Dave Sutton | Category: Home Buying, Home Selling, Portland Real Estate | Tagged , , , , , , , , ,

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