Portland Market Update Early-April 2024

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



Hi, I’m Gabrielle Enfield, Real Estate Magician at Working Magic Group and Oregon Broker for Living Room Realty, here to give you the scoop as we enter peak real estate season here in Portland, Oregon.

A Major Shakeup?

Headlines may make you think there’s commotion happening in the real estate world. In short, the National Association of Realtors is facing a Department of Justice settlement tied to buyer agent fees and how they’re communicated, as well as the agreements that need to be in place before a buyer can tour a home for sale with a licensed agent.

While it may sound like a shakeup, it’s really just putting a bold underline on what we – as licensed agents in the Northwest – have been doing all along, especially here at Living Room Realty.

It’s tied to client advocacy and what’s in their best interests, while clearly communicating the value we, as Realtor Fiduciaries, have in one of life’s biggest decision making moments. Right now, we are in a wait and see period, with regulatory changes expected in July. If you have questions or want to discuss your options and what this means for you, please reach out, we are here to help.

Buyers

Now, onto the really juicy stuff – what’s happening in our local real estate market?

At this week’s Living Room team meeting, our agents put gobs of homes under contract, representing mostly buyers. So if you were wondering if now’s the right time to hit the touring circuit – the answer’s a big old yes! Really, anytime you’re ready to enter the real estate market is a good time, it all just comes down to the strategic levers you and your agent can pull.

Here’s the deal…. if you run the numbers on a home that you could see yourself in for the next few years, and you can afford it now, you should probably make a play for it. Rates are expected to head below six percent sometime in the future. The minute they do, buyers are going to rush forward and create a very competitive landscape. This will likely push pricing further upward and in some cases further out of reach. You being the smarty pants you are, you’ll have the option to refinance on your rad house down the line.

Let’s Look At The Numbers

Right now, at Living Room, homes under contract averaged 2 offers, and went for roughly $15,000 over asking with an average pending price is $702,000 dollars

Across Portland Metro, the market action index is hovering around 47, still tipping in favor of sellers. Median days on market is 42. The median listing price for new listings is $675k – that’s about 40 grand more than this time last year.

Get Your Home On The Market

No matter the political or economic climate, real estate operates on a somewhat predictable cycle. If you’re thinking about selling, NOW is the time for action. It’s important to have your house on the market before the first week in July. After that, we Oregonians goof off and want to be settled before fall routines kick in.

An advocate like me will help you identify your punch-list to get your house ready for its close up. You’d be amazed what changing the front door color does for a place – my favorite is saffron yellow. 3 cheers for color!

 

Make A Move

Real estate is a lot, and takes practice, precision and market intelligence. If you’re feeling like you’re ready to make a move , call us today! We’d love to help you find your next Living Room.

 

A Creative Key Day – Social Distancing in Real Estate

Working as a REALTOR® is a very personal and intimate profession. We are constantly entering homes, meeting with our clients throughout a transaction and hosting open houses, where if we are lucky, a large number of people come into contact with us.

With the level of care that we take to be physically involved with our clients in their process of purchasing or selling a home it is no surprise that enforced social distancing regulations has brought forward opportunities for REALTORS® to think outside of the box of our typical practices!

Over the past few weeks I have been following closely the guidelines and suggestions from the National Association of REALTORS® and looking to leaders within Living Room Realty’s brokerage for how, as an industry, we should navigate our normative practices in the midst of COVID-19.

As a person who genuinely loves a challenge and even more loves being creative, I decided that I would come up with a way to physically see my client on key-day while having a light-hearted take on social distancing. Key-day is often the most joyous of days in the process of home buying and I wanted to make sure that I was taking the correct precautions to keep my client safe but also maintaining the “fun” in such a special day.

How did I achieve this mix of safety and fun you may ask?

In regards to safety I used gloves and Clorox wipes to give the keys, key-chain and a clear plastic gift box a good wipe down. I then sealed the box with fresh ribbon and sprayed the finished product with Lysol disinfectant spray.

In Regards to the fun; I then took the sanitized key box and attached it to a brand new cat toy wand so that when I was face to face (and at least six feet apart from my client) I could effectively and safely transfer the keys to his hands – touch free!

I could feel my smile going ear to ear as my client laughed with me and shared his entertainment of my methods. Not only did we still have fun on key-day we were able to do so safely.

I am a firm believer that using my resources of creativity during times like we are seeing today, will serve me in future transactions. Experiences like these promote innovation in our practices as REALTORS® and may even prompt more “fun” in the process for our clients!