By Lily Ray Wyss, November 4, 2024
What we discuss:
How the current market is full of opportunities for homebuyers.
How timing is everything for sellers right now in the real estate market.
What we can expect from the Real Estate Market this winter.
Welp. Interest rates did not see the drop we were hoping for.
We saw a temporary decrease as news hit about a rate drop but then saw rates increase just a week later and continue to fluctuate.
Due to this news, we saw a brief increase in buyer and seller activity.
For home buyers:
In general, we are seeing a lot of opportunities for homebuyers active in the market right now.
While rate fluctuation is making affordability tough, for those buyers willing to act, we are getting some pretty great deals.
Just last week we got some first-time homebuyers under contract on a home in the ideal SE Portland location everyone seemingly wants and we only had to compete with one other offer to secure our client this really cool home with an awesome backyard for well under $600k.
For home sellers:
This market has also been volatile for those looking to sell their home. We actually saw a pretty significant decrease in sold home activity last month, down 13% with just 1,702 homes closing. And inventory of homes shot up to 3.5 months. Meaning homes just are not getting the demand they have had in previous markets.
For future home sellers, the biggest topic we will be discussing right now is timing. Deciding WHEN to list your home will be a big conversation. With the election less than a week away and the holidays fast approaching many are going to choose to pause the sale of their property unless they have an urgent need to sell.
Homebuyers you should take note of this as well. If you see a drastic decrease in new listings this week you can blame the election. And know that while we will see things hopefully pick up again, we will see activity trickle the closer we get to Christmas.
Looking ahead for everyone:
BUT it’s important to note for everyone, whether you are buying or selling, that the market will typically re-energize come January.
Many folks will have selling and or buying a home on their 2025 vision board and often won’t wait till Spring to make those dreams a reality.
And if you are someone who is looking to make a move sooner than later know that the market does not completely shut down this time of year. For home sellers, there are still home buyers out there looking for homes right now, and often they are the most serious. And for home buyers, this market can give you a bunch of advantages while other buyers are distracted by being festive.
Want to discuss your options to make a move before the year is over? Or want to talk about your 2025 home buying and or selling goals? I am here for it all. Reach out and let’s chat.
Let’s connect further, follow me on Instagram HERE.
Lily Ray Wyss
Broker | OR
She/Her
I love Portland. This city, and its surrounding areas, in my opinion, are the perfect place to call home. We have the amazing ability to put our toes in the ocean, snowboard, and visit some of the world's best breweries all in one day. Our food scene is extremely diverse and prolific. Want to see a show? Comedy, music, theater, etc all have growing, well-supported scenes here. I love selling homes in Portland and more importantly educating my clients and community on how amazing this city is and how you can own a piece of this beautiful state and call it home.
Follow me on Instagram to see my new finds and spotlights on the best places to eat, play, and be entertained in the area. And for information on buying/selling and current home market data. Follow at: @lilyrayresidential
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- T: 971-361-6114
- lily@lilyrayres.com
