Navigating Today's Housing Market: A Guide for Seller in Vancouver / Portland OR

Thinking of selling your home? If your strategy is based on the frenzied market of a few years ago, it's time for a reset. The real estate landscape has shifted, and the numbers tell an important story. We're here to break down what's happening and how you can still achieve a successful sale.

From Frenzy to "Normal"

For the past few years, the housing market was a seller's dream. Record-low interest rates and intense buyer demand meant multiple offers, bidding wars, and homes consistently selling for well over their asking price. But that period was never going to last forever. The market needed to rebalance, and that's exactly what's happening now.

According to the latest data from Cotality, roughly 50% of homes on the market are selling for less than their asking price. While this might sound alarming, it's a return to a more typical, or "normal," market. In fact, if we look back to 2018–2019, about 50-55% of homes sold under asking was the norm. The intense period of 2021–2022, where only 25% sold under asking, was an anomaly. We're simply getting back to a more balanced market.

 Why This Matters for Your Sale 

In this new environment, your pricing strategy is more critical than ever. In the recent past, you could overprice a home and still get swarmed with offers. Today, buyers have more options, tighter budgets, and less urgency.

Your asking price can truly make or break your sale, especially in the first two weeks your home is on the market. This is when the most serious, motivated buyers are actively looking at new listings. Pricing your home incorrectly during this crucial period can cause your listing to go stale, leading to price cuts and lower offers down the line. To avoid this, it's essential to get it right from the start.

The Winning Formula for Today's Seller

While about half of all homes are selling under asking, the other half are selling at or above asking. So, what's their secret? They understand the current market and follow a strategic plan.

To set yourself up for success, focus on these three things:

1. Prep Your House: Before you list, make essential repairs and touch-ups. A home that looks great and is move-in ready has a much better chance of selling at or above the asking price.

2. Price Strategically from Day One: Don't rely on what other homes are listed for. Instead, work with a professional to see what comparable homes have actually sold for. This data-driven approach is key to setting an accurate and attractive price.

3. Stay Flexible: Be ready to negotiate. This doesn't always mean lowering your price. You can be flexible on other terms, such as repairs, closing costs, or other details. Today's serious buyers expect some give-and-take.

Don't fall behind in this market. The key to being one of the sellers who wins is to plan for the market we're in now, not the one from a few years ago.

The Bottom Line: We're Here to Help

You need a stand-out local agent who can help you navigate these shifts. We, Susan and Ken Rosengren, have the local expertise and a strategic approach to help you get your house noticed in those crucial first two weeks. We can help you understand what buyers in our area are paying right now and create a plan to get your home sold.

Ready to find out what your home is worth in today's market? Contact us today for a free, no-obligation consultation 360.609.0226