By Jessica LeDoux, May 30, 2024
Find out what’s happening in the Portland real estate market for late-May 2024.
Hi, I’m Jessica LeDoux, Broker with Living Room Realty, here to tell you what you need to know about the market for late May 2024.
Market Check-in
The Portland Metro area continues to be a strong seller’s market with low inventory and an increasing number of buyers entering the market. Rates still hanging out around 7% has been frustrating for just about everyone, sellers and buyers both.
Given months and months of low inventory and high interest rates, a lot of buyers are asking the question; “Is this the right time to buy?” For nearly twenty years, I’ve been working with buyers to navigate this and many other right / wrong questions like it. Where we tend to find clarity that helps them make stable, secure decisions is in asking more personally tailored questions.
Many buyers now see that waiting is no longer their best path. But without a good process & an understanding of the greater market, this can just feel like more pressure.
Asking The Right Questions
Rather than “Is it a good time to buy?”, we might ask; “Given recent trends and sales data, can we afford a home that provides some of our highest priorities?” Rather than “Is the market going to go up… or go down?” we might ask; “What’s the type of home that meets our needs so well, now and later, that we have a choice when considering selling or staying? Could we ride an up or down trend in our new neighborhood home?” These questions frame our whole searching and negotiating process in empowerment.
My Home Ownership Journey
Simply put, the right time to buy is when you are ready, despite what the market is currently doing. Let me share a bit about my entry into homeownership. In 1997, I bought my first house, and my dad thought we were crazy because home prices had soared. My husband’s friends had bought their first home only a couple of years before us for half the price for a similar home.
Despite my dad’s concerns and the news headlines saying the bubble was going to burst, we bought a wonderful home that established a financial foundation for my family. We sold that home five years later at a profit. Since then, we have bought and sold in vastly different markets, with one consistent focus: ‘to buy years.’
And sure, it would have been amazing to have bought it a couple of years earlier, but we couldn’t. My 21-year-old self didn’t understand this need to know what the market would do in the future. It seemed like a crazy expectation, so I instinctively focused on what I felt was a better question: ‘Where is the best house I can afford?’ Because we knew we wanted to be homeowners, and now was when we were ready.
Buying Years
You may be asking yourself, ‘What does buying years mean?’ The key is to focus on what matters to you when picking a home and, from there, balance your personal needs with your budget. It’s about focusing on the unchangeable aspects of the home and learning where to make concessions safely. This approach helps protect your investment because the longer you stay in your home, the more secure your investment becomes. If you can control the timing of your sale, versus having to move, you can safely watch the ups and downs that occur in every market and economy from your living room window.
The Portland market is dynamic, and having an experienced agent by your side to help you find your ‘right time’ and advocate for you is how you set yourself on the right path for your personal real estate journey.
Make A Move
If you’re ready to make a move, call us today. We would love to help you find your next Living Room.
Jessica LeDoux
Broker | OR
She/Her
JESSICA LEDOUX Licensed Broker Lead Buyers Agent Oregon is where Jessica’s heart lies. Born and raised in Portland, Jessica grew up in Concordia and bought her first home in North Portland in 1996...
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- T: 503-310-5816
- Jessica@livingroomre.com
