By Jenelle Etzel, May 25, 2023
Find out what’s happening in the Portland real estate market for Late-May 2023.
Hi, I’m Jenelle Etzel, owner of Living Room realty, here with your market update for the last week of May, 2023.
Anyone else out there in the market hearing Rob Base and D.J. E-Z Rock singing “It takes two to make a thing go right It takes two to make it out of sight?”
Why 2? Because here in our office we saw 2 dozen deals over the weekend come together. The average number of offers was 2 and we saw accepted offers averaging roughly 20,000 over asking price.
I asked one of our agent’s Atika Hagen, how many offers she wrote this weekend and she said 4 (record scratch) and of those 4 she was able to get 2 accepted.
The median list price for a home in Portland is currently $700,000 and the Market Action Index, which we use to gauge the temperature of the market, continues its steady rise since the beginning of the year, clocking in this week at 57, up from 55 last month. Portland has seen fairly steady pricing for the past year but if this trend continues we expect to see home prices rise.
Two Bits
So in the spirit of two here are two key takeaways in today’s market…
Sellers my two bits for you to make a thing go right is; invest in staging and prepping. Don’t get too cocky and miss your chance to stick the landing. Meet with an agent to talk over what you can do to maximize your opportunity in this hot market. Our average number of offers may be 2 but that’s an average between a handful of homes with only 1 offer and a smaller handful of homes that are dialed and styled receiving 2-7 offers! You want to be the home that buyers are competing over, giving you the best terms and the security of a back up offer if for some reason the initial offer falls through.
Buyers my 2 bits to make it out of sight for you is; write a good clean offer quick and straight out of the gate if you see something you like. We see a lot of uneasy sellers whose confidence isn’t as high as the market’s thus we are seeing sellers accept a bird in the hand without waiting for the two in the bush to come forward. Sometimes it’s easier to get motivated to act once you know there is competition, it validates your gut that it’s a great home, but that validation is gonna cost you once other buyers start competing with you and each other for that home.
If you are looking for a partner to make things go right and out of sight, call us today. We’d love to help you find your next Living Room.
Jenelle Etzel
President & Owner, Licensed Broker OR
She/Her
What does being lead singer and guitar player in a female punk band have in common with starting a real estate company in the middle of a recession? Not many people can answer that question...
Read More
- jenelle@livingroomre.com
