Tag: Portland Market

Portland Market Update Mid-September 2024

Posted on by Kyle Gordon



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

 


Hi, I’m Kyle Gordon, professional Broker and amateur drummer with Living Room Realty here to tell you what you need to know about the market for mid September 2024.


Inventory & Stats

In the Portland-metro market, we currently have 3 Months Supply of Inventory, meaning that based on the current rate of sales, it would take 3 months to sell all the homes on the market.

This is an increase from July’s 2.8 months of supply. Historically, it’s normal to see an increase in this metric as we exit summer and enter fall, but it’s noteworthy that we have seen an increase in supply when compared to this time last year. 

Digging into this further, new listings have decreased 8.1% compared to last month, and decreased 8.7% compared to August of last year. This downward trend also continues when looking at closed sales numbers – currently down 5.7% from last month and 9.2% from last year.

However, it’s not all doom and gloom for sellers – both average and median home sale values are up compared to August of last year – 2.1 and 3.5% respectively.

 


So What Does This Mean?

The number of homes hitting the market in August were down year-over-year, the number of homes sold were also down, and existing homes on the market are sticking around a little longer.

However, when we ​​compare the first eight months of 2024 to the same period in 2023, new listings have actually increased 1.4%, while both pending and closed sales decreased slightly.

So for buyers, this means you likely have more choices. Both in homes to consider and in how you choose to structure your offers.

For sellers, this means you’ll want to consider taking extra steps to prepare your home ahead of listing so that it stands out to home shoppers in this slightly more balanced market.


Looking Ahead

Adding to this, many signs are pointing to a mortgage rate decrease in the months ahead, so it’ll be interesting to see if we have a typical, slightly sleepy fall, or if we see a rush of buyers entering the market due to the increased affordability of loans.  

My prediction is that we’ll see more buyers enter the market, but not a noticeable change in listing inventory, resulting in more competition amongst buyers.

So if you’re on the fence on whether you should jump into the home-buying pool now or later, it may benefit you to go ahead and start taking steps now, as it will take some time to get your ducks in a row. 

For all you potential sellers out there, similarly keep in mind that preparing your home to list takes time – sometimes as much as a few months depending on your to-do list. Start a conversation with a trusted broker early in your process and get expert advice on where your time and money will be best spent.

 

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. 

Portland Market Update Late-February 2024

Posted on by Bonnie Roseman

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

Hi, I’m Trish Sunderland, licensed broker in Oregon at Living Room Realty, here to tell you what you need to know about the Market for late February, 2024.

 

Hang In There

Right now in Portland we are seeing two different Markets existing simultaneously.

The first being older listings that have been sitting since last year, having price drops and languishing for a variety of reasons. We’re seeing this truth in the average days on market, which is currently registering at 118 days. This is the highest it’s been since this time in 2020.

Historically, February sees the longest days on Market as we transition from the lull of the holidays to the seasonal flurry of activity in the Springtime.

If you’re one of these sellers with a lengthy time on market, don’t lose hope. Hang in with me til the end where I’ll give you a few game changing tips to help refresh that listing to get it sold.

 

Buyer Tips

Buyers, let’s talk. The lengthy time on market doesn’t paint the whole picture here. Don’t get left behind thinking you have days or weeks to think about a property you may be interested in.
When we look at homes that have had an offer accepted since January 1, the number of days on market drops significantly to from 118 to 9 – NINE!

Which brings me to the second market we’re seeing. Get ready, don’t blink. That’s the advice for all you buyers out there, eager to snatch up that well manicured, instagram-able, no-repairs-needed home. The hot ones simply are not waiting around.

Sellers are looking for serious buyers they feel confident will get them to the finish line. When they see an offer come through conveying just that, you’re not always guaranteed a window to submit an offer. It’s like one of my favorite versatile sayings, “see something, say something.”

Did you just walk through an open house and feel you’re falling in love? Did you do a drive-by of a new listing that feels perfect? Tell your agent, get in there, write your offer. If you don’t, someone else certainly will.

 

Seller Tips

Alright, sellers, what does all of this mean for you? It means that if you want to get in on the best time of year to sell, i.e. the highest chance of multiple offers, highest bids, best terms, now is the time to be prepping your home to sell.

The peak of the Spring market will be here before we know it and often fades out by Summer. Portlanders looooove the sun and that’s when we historically see the selling season slow.

Last thing, I promised you tips to refresh your listing and get it sold. A few that have worked very well for my team.. A small change like new photos, fresh paint on the front door or adding a floor plan, can be simple, cost effective ways to catch the eyes of your home’s next owner!

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-September 2023

Posted on by Drew Burchette

Find out what’s happening in the Portland real estate market for Mid-September 2023.

Hello! I am Drew Burchette, Principal Broker at Living Room Realty and I’m here to tell you what you need to know about the market for Mid-September, 2023.


The Market

Labor day has come and gone and the kids are back in school. These events mark the reopening of the Portland real estate market and the home stretch before the winter holiday season. 

If you’ve participated in the Portland Real Estate market in the past year, I’ve got to give a tip of the hat. It has been a bit of a ride and I respect your intestinal fortitude for giving it a go. 

In the immortal words of Mathew McConaughey… NO, NOT THOSE WORDS. This quote from the Wolf of Wallstreet- “I don’t care if you are Warren Buffett or Jimmy Buffett (RIP) nobody knows if this thing is going to go up, down sideways or in ****ing circles.” 

The point is this: as a buyer or seller, it is difficult to impossible to time the market. Buyers: at this moment, you are treasured. Sellers: the market is hungry for your house. You are both in a great place to take advantage of these factors.


Timing The Market

Buyers- are you trying to time the market? I’m not going to wiz on your leg and tell you it is raining. Rates today are ****ing terrible and they’ve been that way for awhile.

On the bright side, agents in our market have been able to negotiate some amazing seller credits and repairs, which really hasn’t been a thing in the last several years. Additionally, multiple offers are not a foregone conclusion as they once were. 

If rates do come down, it will cut both ways. Yes, your monthly payment will be lower. But there is a ton of pent up demand in this market and we are likely to see a flood of buyers, causing more competition and ultimately higher sale prices.

My advice is this – marry your house (the sale price) and date your loan (interest rate %). With a little luck you can refi in the next few years.


Inventory

In spite of what I am about to say about inventory…it is a great time to be house hunting because there are actually houses to tour and some of them are pretty rad. 

Around this time last year there was a gravitational shift in our market because of rising interest rates, but this fell well short of adding a ton of inventory to the market. Inventory, measured in months, remains in the low 2’s. This is slightly higher than where we were this time in 2022 and is DOUBLE the 2021 inventory. 

Ask any buyer about inventory 2 years ago and they would unanimously say “there was nothing out there”. 

Double of nothing is still pretty low and is still considered a “seller’s market” by any measure. However, there is an interesting dynamic at play. When trying to get an offer accepted, it FEELS like a seller’s market. Once that offer is accepted it flips to a buyer’s market feel. 

As the buyer, you really put it out there in offer price and terms to get your offer accepted. The seller really NEEDS you to close because there is no backup offer or the backup offer is sh*t and the seller knows it. This tends to make the sellers begrudgingly flexible when you find issues in your inspection. 

Inventory remains low because step up buyers are disincentivized to sell/buy, builder permits for new construction are down and there are no distressed properties on the horizon. Portland has an inventory problem. 

 On the selling side…when do you list? Exactly when YOU are ready. Yes, we have settled back into more of a normal seasonal real estate cycle post covid. But with uncertainty in the market, mostly around rates and buyer engagement, the market of today is the market that we know.


Make A Move

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

 

Cost comparison: the long-term financial implications of higher interest rates

Posted on by Jessica LeDoux
Is investing in a home now financially favorable? Recently one of our favorite lenders, Steph Noble, sent around this helpful comparison:

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As always, buying longevity in your home is going to give you the most bang for your buck. When looking at the long-term trajectory of the market combined with today’s lower home prices and increased buyer opportunities, there is still a strong case to be made for purchasing now.