Navigating the Portland Real Estate Market: September 2023 Update

Hello, fellow Portlandians and prospective home buyers and sellers! It’s Will here, bringing you the latest scoop on the Portland real estate market as we step into September 2023. Buckle up as we dive deep into the current trends, predictions, and some golden advice for both buyers and sellers in the vibrant Portland market. Don’t forget to hit that like and subscribe button for more real estate insights!

Current Market Dynamics

First things first, let’s talk numbers. The interest rates have been hovering around the mid to low-sevens, and while core inflation has ticked down slightly, the overall inflation has seen an uptick. The median sales price has decreased by about 2.7% compared to last year, and we are witnessing a competitive market in the $300,000 to $700,000 price range.

Predicting the Market’s Path

As we venture further into 2023, there are a few scenarios we might see unfolding in the Portland market:

  1. Interest Rates Decreasing: This would be a boon for buyers, potentially bringing about 5 million new buyers nationally. However, it could spur a demand-supply imbalance, pushing the prices up.
  2. Steady Interest Rates: If the rates remain unchanged, we might be looking at a stable market for the next 12 to 18 months, albeit with a persistent demand in the affordable first-time homebuyer range. This is the most likely scenario of the three.
  3. Interest Rates Increasing: Not the best news for buyers as affordability would take a hit. Sellers might have to get creative with offers to attract buyers. We may also see a slight decrease in pricing but not 20-30% drops.

Golden Advice for Buyers

If you are a first-time homebuyer eyeing properties in the $300,000 to $600,000 range, brace yourself for some competition. But hey, don’t lose heart; you might just snag some cool concessions from the sellers, including a 2-1 rate buy down or additional closing costs assistance.

Seller’s Corner

Sellers, it’s time to put on your aggressive hats when it comes to pricing. With fewer buyers in the market, you might want to keep a close eye on comparable listings to price your property competitively. And if you are selling a condo, patience is key as the days on the market have increased.

Let’s Connect

Got questions or need personalized advice? Feel free to reach out; I am here to guide you in your real estate journey in Portland. And before you go, do hit that like and subscribe button to stay updated with the latest in the Portland real estate world.

Chic 2-Story Downtown Loft w Views!

Urban Chic Downtown Loft 

1410 SW 11th Ave. #602, Portland, OR 97201

Offered at $400,000

 1 BEDROOM |  2 BATH | 959 Sq Ft
MLS #22377056 | HOA: $588/mo

Urban chic, 2-story loft with gorgeous city views and custom owner improvements! Soaring floor-to-ceiling SW-facing windows create drama & light. Remodeled gourmet kitchen with large island opens to elegant living and dining areas. Spacious lower-level bedroom suite has great nook for office, large walk-through closet with ample storage, and laundry. Full bath and wall A/C unit on both floors.  Rented parking provided by Seller for 1 year!

Great downtown location on trolley line, close to cultural district, PSU, Park Blocks greenspace, the Pearl District & more.  Near perfect Walkscore of 99!

HOA dues include hot water, sewer, trash and water

 

“Blue Steel” in SW Portland!

Congratulations to Michelle and Thomas who just closed on their first home!  They called us more than a year ago to help them find their starter home.   As it turns out, they weren’t quite ready, financially, to take the plunge.  We were able to put them in contact with a great lender, who helped them develop a “one year plan” in order to save up for closing costs and a down payment.  They were diligent and stuck to their plan.

 

One year later, they contacted us and let us know they were ready to buy.  We were able to narrow down on the homes and neighborhoods that made the most sense for them and were able to pounce when we spotted this create SW Portland condominium.   Great location and Great layout and it came with it’s own AWSOME fire place art, which we quickly dubbed “Blue Steel!”

 

Your path to ownership may not be instantaneous.  It make take some preparation and diligence.  If you are thinking about buying a home, we highly recommend that you reach out to us early so we can connect you with the right people and start giving you an idea of what to expect.  We promise it will be worth the wait!

Thinking Outside the Box

In this crazy market, with single family homes garnering hoards of offers, thinking outside the box might be a strategy to get you into a home.  Condos aren’t for everyone, but if it might be a fit for you, maybe step outside of your comfort zone and consider what condo living might be like.  Oftentimes, they are in very walkable areas with amenities nearby.  Not all condos are in big towers either.  Some are townhouses or cottages.  Leave the craziness behind and get cozy in a condo. If you would like some help narrowing down your search to areas you would like, or if you have a condo you’d like to sell. I’m happy to help.

Veronica Powell

503.936.3475

Veronica@LivingRoomRE.com