Tag: 2024 Portland real estate market

Portland Market Update Mid-June 2024

Posted on by Jessica Ward

Find out what’s happening in the Portland real estate market for Mid-June 2024.

 

Hi, I’m Jessica Ward, licensed real estate agent in Oregon and Washington with Living Room Realty, here to tell you what you need to know about the market for mid-June 2024.

With summer fast approaching, kids enjoying their break from school, and temperatures on the rise, it’s the perfect time to explore the latest trends and changes in the housing market. Let’s dive into what’s happening in the real estate market this season.

 

Let’s Look At The Numbers

As of this week, the median list price in Portland sits at $695,000, which is pretty spot on with this time last year which was $699.000.

The market action index, which we use as a snapshot of supply, demand, and overall market competitiveness currently indicates a balanced market at 49. This figure closely mirrors last year’s market action index of 55, showing that the market is becoming MORE balanced for both buyers AND sellers.

In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is low enough to keep us in the Seller’s Market zone so watch for changes in the MAI. If the market heats up, prices are likely to resume an upward climb.

 

What About Interest Rates?

If you have been waiting for rates to fall, here’s what you need to know… the feds latest forecast, which came out this week, is for one rate cut before the end of the year. Which is down from a previous forecast of three. Inflation, despite having cooled in the past two months, remains persistently elevated. The officials’ rate-cut forecast reflects the individual estimates of 19 policymakers. The Fed said eight of the officials projected two rate cuts. Seven projected one cut. Four of the policymakers envisioned no cuts at all this year. So it will be interesting to see where we actually land by the end of 2024.

 

Make A Move

Living Room Realty is committed to connecting you with as much information to help you make an informed decision. If you’re ready to make a move, give us a call today. We’d love to help YOU find your next Living Room.

 

Portland Real Estate Market Update mid-Mid 2024

Posted on by Kim Parmon

Find out what’s happening in the Portland real estate market for mid-May 2024.

 

 

Hi, I’m Kim Parmon, listing specialist and Principal Broker with Living Room Realty here to tell you what you need to know about the Portland Metro market for mid May, 2023.

 

Upcoming Changes

You’ve likely heard that the way real estate commissions are structured will soon be changing.  Starting in August of this year, buyer agent commissions will no longer be advertised as part of a house listing’s marketing. 

This means that buyers and their agents will need to agree on a compensation structure before touring properties. In the event that a seller won’t agree to pay for the buyer’s agent’s commission, the buyer would be responsible for paying for their agent’s fee as well as their down payment and closing costs. Yikes! 

I am a listing agent only, and yet I still believe that working with a quality buyer’s agent is the right move for EVERYONE in a real estate transaction. Why does working with a buyer’s agent matter anyway? We’ll get to that in a second.

 

 

The Market

Despite higher mortgage interest rates sticking around longer than expected, we are still in a strong seller’s market where competition over good homes is normal. At Living Room this week the average days on market for homes was less than a week across the board! 

Remember, selling your home, period, is not the goal: I can offer you $5 for your house it right now.  Do you want to sell for that price?  Of course not!  The goal is not AN offer, it’s THE BEST offer that works for you. 

As a listing agent, I want to make sure my clients are not only choosing an offer with the best price and terms, but with the greatest chance of making it to closing with the least amount of stress. Which is EXACTLY why working with a buyers agent is so important.

 

The Value Of A Buyer’s Agent

A strong buyer’s agent understands the current market conditions and also will be able to help a buyer research a home and talk through potential concerns before even submitting an offer in the first place, reducing the risk of the buyer walking away due to cold feet.  They can help make sure the buyer is sticking to their goals and plans, that their choice of home fits within their budget, and that the buyer is aware of a host of details that they aren’t thinking about when they’re excited because they just saw a cute home that they love. 

As a listing agent, I’m listening for how buyers’ agents respond to disclosure items, how they ask questions, and I’m generally interviewing them to see how adept they are at navigating potential issues during the buyer’s many contingencies.  

Having a strong partner helping guide a buyer through a complicated, stressful process full of pitfalls and liability makes the chances of success (for both the buyer & seller) significantly higher.  As I always tell my clients, someone can offer you hundreds of thousands of dollars above your list price, but it’s all Monopoly money until they actually close.  A great buyer’s agent’s job is to help their client navigate this process and smooth out the kinks.  We may be on opposite sides of a transaction, but we have the same goal: to make it to closing!  

Do you have questions about why working with a buyer’s agent may or may not be the right move for you?  If so, reach out!  We are fiduciaries whose job it is to help you figure out the best possible moves for YOU in this market.  

 

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.

 

SPRING Portland Real Estate Market Update – In 90 Seconds

Posted on by Lily Ray Wyss

What we discuss:

Multiple offer situations returning to the market.

Seller motivation returning to the Portland Real Estate Market.

New predictions for interest rates.

If you are wanting to talk more about your 2024 home selling or home buying plans I am here for you. While this market is seeing higher activity overall, different areas/price points/types of homes have their own unique micro markets, so it’s critical that we talk one on one about what you can expect based on your own needs.

You can find my contact information below. I look forward to talking with you!

Portland Market Update Late-March 2024

Posted on by LeAnn Raschke

Find out what’s happening in the Portland real estate market for Late-March 2024.

 

Hi I’m LeAnn Raschke, a licensed OR & WA broker at Living Room Realty, here to tell you what you need to know about the market for late March 2024.

The Spring Market

With the re-emergence of the sun, the first day of Spring, and the cherry blossoms afoot, it’s hard not to notice Portlanders have a bit more pep in their step! Welcome to the spring real estate season, where the chill of winter thaws, and a new cycle of opportunity begins!

For Sellers, Spring is typically the ideal time to list your home. With longer days, warmer temperatures and gardens blooming, properties tend to show better, attracting more potential buyers.

With that, over the last 2.5 months, we’ve seen new listings slowly make their way to market. There has been an average of 72 new listings per week across the entire Portland Metro Market since the beginning of 2024.

Competition Returns

So, just as the Spring brings warmer weather, it also brings competition.

Buyers have now adjusted to the 6.5 – 7% interest rates, and they are awakening from their winter hibernation.

In our office, which holds the number one market share in Portland, we’re seeing multiple offers on new listings that are priced well and move-in ready.

Many lending experts are predicting that we won’t see rates fall much further through the end of the summer.

In this ramp up to a busy season, it’s crucial for buyers to act fast and for sellers to price their homes strategically.

Connect With Your Agent

Buyers, in this market, now more than ever, it is crucial to have a knowledgeable buyers agent on your team. We will help you navigate this wild time by providing up-to-date information on new market listings, getting you to the negotiating table with strategically strong offers and guiding you gently through to closing.

If the buzz of competition isn’t for you, this is a great time to schedule a strategy session with your agent to examine your home buying goals so you’re in a better position when you are ready to take flight.

 

Make A Move

Whether you’re buying, selling, or simply dreaming about your next move, give us a call today. We’d love to help you find your next Living Room.

 

A Real Estate Market Update in Less than 90 Seconds

Posted on by Lily Ray Wyss

What we discuss:

The Spring Real Estate Market already coming to town.

How home buyers can be set up for success in a hot market.

And what opportunities this new market will have for home sellers.

Want to co create your winning home buying and or home selling strategy together? Let’s chat. Reach out at the contact information below.

Portland Real Estate Market Update Late-January 2024

Posted on by Tracey Henkels

 

Hi, I’m Tracey Henkels, principal broker at Living Room Realty, here to tell you what you need to know about the Market for late January, 2024

I don’t know about you but I’m having major de jevu!

 

2008 All Over Again?

The last few years the real estate market has felt shockingly akin to the days of the subprime mortgage crisis of 2008. Let’s look back at the stats for the Portland Metro area to see just how similar the numbers are:  In 2021, before interest rates started rising, the number of closed transactions was 35,182 – compared to only 20,941 transactions in 2023 when interest rates hit a high of 8%. 


That’s over a 40% decrease within a 3-year timeframe and nearly IDENTICAL to the contraction we saw when shit hit the fan in 2008. 


Ok, check this out: In 2006 there were 32,403 transactions closed. By 2008, it dropped drastically to 19,132. Again, a 40% decrease over 3 years.  

 

What About Interest Rates?

The good news: this year is going to be a GORGEOUS time to make a move! All signs are pointing towards interest rates continuing to drop throughout 2024 and into 2025. Many are predicting that rates could even drop below 6% by the end of this year!  

With that in mind, let’s do a quick recap of the concept of supply and demand. 

As real estate agents, we don’t set the price – in fact, the seller doesn’t even really determine the price. It is based on the “demand” in the market, driven by the volume of buyers. And “supply” which is simply the available homes for sale. With so many buyers AND sellers waiting…and waiting and waiting some more…, we are soon going to have the largest pool of buyers in U.S. history! With very little inventory to show (or sell) unless sellers finally get off the fence. 

So what does that mean for you? 

Whether you’re a buyer or seller, the longer you wait, the more competitive it’s going to be, as the inventory of homes remains low, but the demand continues to rise along with the prices. Waiting to try and time the market until interest rates drop to 5.5 – 6% may sound like a good option, but my advice to both buyers and sellers would be to get in the game now before the flood gates open. 

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. 

 

Real Estate Market Forecast for 2024

Posted on by Lily Ray Wyss

No one knows for certain what 2024 has in store in the world of real estate. But in the video above we discuss a few widely predicted trends.

Here are a few highlights:

Interest rates are already trending downwards (whoohoo).

With this we are already showing higher motivation from home buyers which will continue to increase.

Hopefully, this means we will also see higher motivation from home sellers (as sellers notice the higher demand from buyers). Leading to more homes and more options to the market.

Meaning we can predict an active Portland Oregon Real Estate Market for most of 2024. We could potentially see the market slow down in the second half of the year, if we follow trends from past election years.

Want to discuss your potential home buying or home selling needs for 2024? I would love to connect. Reach out and we can set up a time.

You can contact me below or reach me at lily@lilyrayres.com.