By Lydia Hallay, June 21, 2023
By Lydia Hallay, June 21, 2023
Hi buds! I’m Lydia Hallay with Working Magic Group at Living Room Realty – here to tell you what you need to know about the Portland real estate market for the late of June, 2023.
The official start of summer was this week, and the Rose City is in full bloom. Since the end of May, we’ve seen a 7 percent increase in lockbox activity on listed properties in Oregon- a sign that more folks are out there shopping- even though interest rates are roughly twice what they were last June.
The good news for buyers is, inventory is up and you’ve got more to choose from! Compared to this time last month, there are about 200 more properties on the market; and more are on the way. Working Magic Group, the two broker team I’m part of, has five new properties coming to market in the next couple of weeks; and we’re seeing that spike in activity across Living Room offices.
But if you want to compete, you’ll need to be ready to rumble.
Buyers, it takes time to get finances in order for a purchase. No matter your price point- in this market, desirable homes in great neighborhoods are moving fast. Days on market have steadily decreased – from an average of 84 in early May, to 70 this week. Of the three properties Working Magic listed over the last two weeks- two went pending after a weekend of opens- and one went pending before the opens even happened.
Putting your lender/realtor team in place before you fall in love means you’re less likely to be heartbroken when a home that lists Thursday is pending before you have a chance to get prequalified or get inside. Establishing a relationship with a realtor before you start scrolling (or visiting open houses) means you’ll know who to text when your dream home hits your feed. If you’re looking for lender connections, we’ve got you covered!
Historically, it’s not unusual to see buyer and seller activity start to decline as summer days get sluggish. Who wants to shop for or sell a house when you could be at the river?
Most brokers I’ve spoken to seem to be in agreement that this year, we’re about a month or two behind where we usually are in terms of market voracity. Things are just getting started!
If you’re thinking of selling this summer- it’s not too late! But if you want to maximize your sales price- you’re going to need to dial in your listing. Homes with on trend updates, curb appeal, staging, and a strong marketing push- move faster (and, often over asking price).
Whether you’re looking to buy or thinking of selling, call me today! I’d love to help you find your next Living Room.