By Andy Meeks, April 14, 2021
At this time last year, we were all figuring out how to use Zoom, frantically searching for toilet paper and yeast, and battling a lethal, unknown foe in the COVID-19 virus. It was dark times, and scary for so many reasons.
As all of that hit, I was in the middle of four different buyer-side transactions. And for those clients, the decision of whether to stick with buying a house as the global economy shut down and jobs were being lost everywhere was another layer of terrifying. Buying a house is never an easy process, but throw into the mix a generational battle like COVID, and the stakes were astronomically higher. All of them questioned whether it was the right decision for them, but to their great credit, they all stuck with the transactions and completed their purchases successfully.
In the past week, we reached a couple of the “houseaversaries” for those buyers, and I visited some of them to give a small gift and to check-in and say hello. Some I’ve seen frequently, and others not much at all. But it was so great to reconnect and hear how they fared over the year, how they settled into their homes, and how grateful they all were to have made the move when they did. Three of the four buyer clients were moving out of a apartment rental situation, and they can hardly imagine having had to go through months of lockdown in their smaller spaces with shared common elements, and no yard or outdoor space to stretch out and get fresh — and safe! — air to breathe.
And for all of them, it ended up being a very savvy financial decision, as property values have skyrocketed since last spring. None of them would have been able to purchase their homes at the prices they did this year. We’ve all read the stories about how challenging it is to be a buyer in Spring 2021 — a vastly different world than Spring 2020, to be sure.
But for these clients, they made the move just as it seemed like big leaps were the last thing to be doing.
The March 2021 market report was just released the other day and it’s staggering to see what’s happened to the year-over-year price appreciation in home values in the Portland market, as well as available inventory. Last spring at this time, we had 2.4 months of inventory — definitely seller’s market territory, but not bad. We’re now at 0.8 months of inventory — a 60% decrease, and entering extreme seller’s market territory. In addition, we’ve seen a 16.6% increase in the average sales price — from $461,600 to $538,200. And that’s just the average throughout the metro region. For the most desirable neighborhoods and homes, that increase is even greater.
Who knows what next year might bring, but being bold in the face of uncertainty can be a winning strategy in life and in any housing market.
Andy Meeks
Principal Broker | OR
My clients are always my top priority, and my singular focus is their success. This is the intention I set every day. My training and background as a licensed attorney helps me lead with a sharp attention to detail, a keen ear and focused voice, and an unwavering commitment to integrity, transparency and discretion...
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- T: 971-400-0195
- andy@livingroomre.com
