The Bethany Real Estate Market: Where It Stands Today

The Bethany Real Estate Market: Where It Stands Today

  • Dirk Hmura
  • 04/5/23

Buying a new home can be an overwhelming experience, especially when you do not know if the current market is in your favor. If you are considering Bethany houses for sale, it is crucial to understand the current situation. At one point during the past year, the market heavily favored sellers, but that has changed. This change and several other factors heavily impact how the Bethany real estate market stands today. This unincorporated suburb of Portland offers residents excellent options for housing and fabulous lifestyle opportunities. Here’s everything you need to know about the current real estate market.

It is a buyer’s market

Right now, in Bethany, the market favors the buyers. There are more houses on the market than there are buyers to purchase them. This means the buyer is more likely to make out better on the deal. Home buyers can exercise more caution and take their time when making that final decision before finalizing their purchase.

Additionally, with the market in favor of buyers, homes are sitting for slightly more extended periods than in previous months or even year over year. Despite this wait, homes are still selling, and Bethany is a great location to invest in property.

Sellers might have to work harder to compete with one another. Making the house more marketable is critical. They can do this through staging, depersonalizing, and making all essential repairs. The seller must ensure their home stands out among all the available properties.

For the buyers, considering days on the market is necessary. The longer a home has been listed, the greater their negotiating power becomes. They can ask for a lower price, more contingencies, seller concessions, or specific repairs. The buyer should take their time in this situation to ensure they are getting the best deal possible for them and that this is the home they truly want. With all the options available, finding the home of their dreams may take a little longer, but it will be worth the wait.

It is still a competitive market

Even though it is a buyer’s market, the Bethany real estate market is still slightly competitive. While the median number of days on the market has increased, it is still a relatively short period, meaning homes still have the potential to sell quickly. The average house will still generally sell for its list price, with several selling for over their list price. Additionally, many homes will receive multiple offers despite buyers’ options. The seller may not have to settle for an offer they do not like, as more than one buyer may put in an offer.

The seller may be willing to compromise

Because there is a more significant availability for houses on the market, buyers can be more selective and lay down some extra requirements. Instead of having just one contingency, they may have their offer accepted with multiple. Selling a home is more challenging but not impossible in a buyer’s market, which means a seller will do more to accommodate a potential buyer. The buyer may be able to negotiate more fees being paid by the seller at closing and have more repairs done to the house before agreeing to the final purchase.

While the buyer will not want to go over the top with requests, they influence how the transaction will proceed due to the current market standings. They should consult their real estate agent to create the best action plan before beginning negotiations with the seller. Additionally, having a professional real estate agent will be essential at this step as they are critical to the negotiations and are well-trained in completing them.

The market has cooled off since last year

Bethany homes have not sold as much this past fall as they did the previous year, as the market has cooled off a bit year over year. With the transition from a seller’s market to a buyer’s market currently, sales have dropped off some, with surplus inventory available for purchase. Also, properties are sitting on the market longer than the previous year. This leaves the power in the hands of the buyer, who can now be much more selective in the property they choose.

However, with the right marketing tools, including a reliable real estate agent, the seller can present their home in the best light to get a faster response. Taking the right steps will bring the most positive attention to their home, getting a quicker sale than the competing homes on the market.

It is an excellent location to invest in housing

Bethany is rated very highly as one of the best places to live in Oregon. It was previously ranked as the best suburb to live in and buy a house and the best place to raise a family. Because of this, it is a great place to invest in housing. It features some of the most beautiful neighborhoods and is next to Portland. This makes it an easy commute for those who work in the city but do not want to live amid the hustle and bustle. So, while the housing market in Bethany is not booming, it is still advisable to invest in property within the suburb because of its value, qualities, and proximity to Portland.

If you are interested in Bethany houses for sale, understanding the market is a must. Having a professional, devoted real estate agent by your side is essential. Trust Dirk Hmura to help you find your dream home. For the most reliable service in the Bethany area, reach out today.

*Header photo courtesy of Dirk Hmura

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