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. She was seduced by the front porch of a 1920’s bungalow and as a young 20 year old there were so many factors she did not know to take into consideration when choosing her home. After 5 years of restoring the home, it was time to move and the seed had been planted – her love of restoring homes was born. It took a few more projects and years for her to make the choice to enter Real Estate. In 2006 she got her license and set out to empower people with information and encourage inquiry beyond the basic needs in a home, which was something she wished was provided to her when she bought her first home. As her Real Estate career developed she found joy in helping buyers the most, which led her to specialize in buyer representation.
Jessica loves helping buyers consider all angles, future needs, and possible roadblocks in a home. Her goal is to empower a buyer with choices and to consider the unchangeable elements of a home to better ensure many years of happiness in their new home. Buying right is the most important factor to protecting your investment and she takes this very seriously, which is why helping buyers eliminate homes in order to get to the right one is her top priority. She believes wholeheartedly in the power of investing in real estate. She brings this wealth of technical housing knowledge, intimate familiarity with the city, and investment experience to her counsel for homebuyers, but it is her commitment to buyer advocacy (and seeing the impact this has on people's lives) that most inspires her and has kept her engaged and in love with her job after all these years.
Jenessa V.
Licensed Buyer Team Operations Manager
jenessa@livingroomre.com
When I first joined our team in 2019 I had been feeling dispirited about real estate. I'd been a realtor for several years and had a strong desire to find increased meaning within an industry that didn't always reflect my values. The thing that kept me returning to real estate despite this was the zing of happiness I felt when I helped clients through the home-buying process and witnessed them on the other end having accomplished a dream or otherwise empowered. To me, the role of a realtor is one of stewardship. I am proud to be on this team because the level of informed honesty, ethical counsel, and all-around excellence we offer is truly unparalleled in this industry.
Working as the Operations Manager on our buyer team means I get to focus on all my favorite parts of the job. I'm hyper-attentive to detail and delight in tending to nuance; transparency and communication are critical. If you are at ease knowing the train is running smoothly and if I answer your questions (maybe even before you've thought of them), then I've done my job well. I'm an introspective person and I view my sensitivity as a strength. I enjoy listening and taking the time to thoughtfully respond so we can move through the home buying process with intention together. I think searching for a home is about identifying your fundamental values and assessing how the decision you make about where you live can best support the life you want to lead.
On the more personal side, when I'm not working I'm probably writing or thinking about language. Give me a stack of good books and I'm happy. I'm a creative thinker and a maker - I love great design and discovering new outlets for expression. I don't ever want to stop learning. Putting my hands in dirt is just about the most invigorating thing I can think of and my little garden is my sanctuary. I like to dance at home so free that it makes other people laugh. I love to sing. I freaking love my family.
Karim Alaeddine | Operations | Principal Broker Licensed in OR | karim@livingroomre.com
Kim Parmon | Lead Listing Agent | Principal Broker Licensed in Oregon | kim@livingroomre.com
Andee Zeigler | Licensed Listing Team Operations Manager | andee@livingroomre.com
Jenessa VanZutphen | Buyer Operations Manager | Licensed in Oregon | jenessa@livingroomre.com
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- T: 503-310-5816
- Jessica@livingroomre.com
