New real estate firm opens office in Newberg
Windermere Real Estate's Hillsboro location opened a satellite office in Newberg in early August as local residents Bradley Mulliner and Adam Johnson wanted to open a branch in their hometown.
"We both do residential real estate, I don't do commercial," Mulliner said. "We serve all aspects: land, new construction, buyers, sellers, listing agent, buyer's agent. Adam is a licensed general contractor and he also does new construction and builds houses. So we both do vacant lots from start to finish."
Business, for the most part, has been good.
"The market is actually leveling out a little bit, but we have seen an increase of listings, but we are still in a very tight market," Mulliner said. "So, we are still in a sellers' market. Inventory is increasing. That is due to the new construction that is hitting the market. Specifically here in town, we are seeing new developments being built (and) that has increased our inventory."
In July, Yamhill County reported the average price of a single-family home was $350,000. Today, the average price of homes are $382,000, according to Muliner's data, and the price has increased 7.9 percent since 2017.
When the market was tight, offers for a home would come in higher than the asking price and within a few days of hitting the market.
"It still happens, but not as rapid -- this is because of the availability increases," Mulliner said. "It will level out a little bit. Still, if it is a highly desirable style of home, you could get a higher offer price."
Mulliner said he feels buyers are still running into inventory problems. Yamhill County has seen a 2.8 percent supply of homes on the market, which is the most it has been seen in the past year. As the inventory increases it will be easier for buyers to find a home and it is recommended that buyers get pre-approved before searching for a home.
"Getting that pre-approval just makes that part of the transaction run smoother … the sellers will just not entertain an offer if they are not pre-approved," Mulliner said.
"There is still heavy competition and it always helps to write a letter to the seller about yourself to make it feel a bit more personal … just to talk about yourself and what you love or don't love about the house."
It's recommended that buyers do their homework and know what a house should sell for.
"You are never going to get 100 percent of what you are looking for and you are going to have to be flexible of what you're going to give up," Mulliner said. "Be flexible in what you are looking for and open your options. It may not be a ranch style house, it may have to be a two-story house. Don't be picky and look at everything."
Newly constructed homes are primarily responsible for the increase in the market as they are often built on smaller lots, with compact driveways and tiny yards.
"People are buying the newer homes, because the buyers do not have that many options," Mulliner said. "With the infrastructure that is being designed by the city planning department to get more houses on a smaller footprint, they have to be built on smaller lots. … They are being sold because that is what is available."