This is purely anecdotal based on what we are seeing at the end of the year. Almost on cue to what we saw last year, there was a definite upswing in activity with our clients last week. One of our longer days on market listings went pending over the weekend with multiple offers. We’ll close three more buyer-side transactions by year end (one closing today).
We’re preparing a few listing that will hit the market in January. They’re not ready to market yet but if someone asked today if they should list now or wait until after the New Year I’d say now if the property is ready. I think we’ll see a lot of new listings so getting out in front of those might be a good strategy. You won’t get an RMLS number starting with 8 but if you are accurately priced, you shouldn’t be sitting on the market!
The crystal ball is still a little cloudy on what ’08 will bring. I’ll take a snapshot of the poll results before the next Market Action comes out and we’ll see if feelings change. November’s should come out in the next day or so. I expect that we will see more closed transactions next year than this but appreciation will stay fairly flat. I was surprised to hear that right now, PMAR, the Portland Metropolitan Association of Realtors has an all time member high. I would have lost money on that one.