Introducing Portland's Desperate Sellers Database

Posted on 07/1/08 10:51 AM

The Desperate Sellers Database tracks VACANT listings in the Portland real estate market that have languished for MORE THAN 100 DAYS and/or where sellers have slashed their asking price by at least 7%.

While this is no guarantee that the seller is actually desperate, this approach has proven to be the most efficient way to identify whether a seller is motivated to negotiate. Sort by price or square foot and find out which properties have seen the greatest price reductions in the shortest period of time or simply which properties have been on the market the longest. In either situation, you are more likely to encounter a seller who is willing to talk about price/terms.

For instance, this month’s look at the Desperate Sellers section for the Pearl District reveals almost 20 listings with double digit price drops, at least 5 listings where the price has been reduced around 10% within the last three months and more than 15 listings that originated back in 07 and are sitting on the market – vacant. The Database covers all price ranges. In the Southeast, for example, you’ll find a significant number of homes in the $300k category, where prices have dropped between $20k and $30k. Head over to the Northeast and move up into the $500-$600 category and you’ll notice that reductions between $50k and $75 have occurred more than just a handful of times. If you are not thinking of buying anytime soon, but just want to get a feel for the market, the Database also provides a good indication of what to expect for a given area.

The database is updated once a month and does NOT include new construction sales. Click here to access the Desperate Sellers Database.