Tag: portland oregon market update

Portland Real Estate Market Update Late-2024

Posted on by Jessica LeDoux

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



 

 

Hi, I’m Jessica LeDoux, Broker with Living Room Realty, here to tell you what you need to know about the market for late May 2024.

Market Check-in

The Portland Metro area continues to be a strong seller’s market with low inventory and an increasing number of buyers entering the market. Rates still hanging out around 7% has been frustrating for just about everyone, sellers and buyers both.

Given months and months of low inventory and high interest rates, a lot of buyers are asking the question; “Is this the right time to buy?” For nearly twenty years, I’ve been working with buyers to navigate this and many other right / wrong questions like it. Where we tend to find clarity that helps them make stable, secure decisions is in asking more personally tailored questions.

Many buyers now see that waiting is no longer their best path. But without a good process & an understanding of the greater market, this can just feel like more pressure.

Asking The Right Questions

Rather than “Is it a good time to buy?”, we might ask; “Given recent trends and sales data, can we afford a home that provides some of our highest priorities?” Rather than “Is the market going to go up… or go down?” we might ask; “What’s the type of home that meets our needs so well, now and later, that we have a choice when considering selling or staying? Could we ride an up or down trend in our new neighborhood home?” These questions frame our whole searching and negotiating process in empowerment.

My Home Ownership Journey

Simply put, the right time to buy is when you are ready, despite what the market is currently doing. Let me share a bit about my entry into homeownership. In 1997, I bought my first house, and my dad thought we were crazy because home prices had soared. My husband’s friends had bought their first home only a couple of years before us for half the price for a similar home.

Despite my dad’s concerns and the news headlines saying the bubble was going to burst, we bought a wonderful home that established a financial foundation for my family. We sold that home five years later at a profit. Since then, we have bought and sold in vastly different markets, with one consistent focus: ‘to buy years.’

And sure, it would have been amazing to have bought it a couple of years earlier, but we couldn’t. My 21-year-old self didn’t understand this need to know what the market would do in the future. It seemed like a crazy expectation, so I instinctively focused on what I felt was a better question: ‘Where is the best house I can afford?’ Because we knew we wanted to be homeowners, and now was when we were ready.

Buying Years

You may be asking yourself, ‘What does buying years mean?’ The key is to focus on what matters to you when picking a home and, from there, balance your personal needs with your budget. It’s about focusing on the unchangeable aspects of the home and learning where to make concessions safely. This approach helps protect your investment because the longer you stay in your home, the more secure your investment becomes. If you can control the timing of your sale, versus having to move, you can safely watch the ups and downs that occur in every market and economy from your living room window.

The Portland market is dynamic, and having an experienced agent by your side to help you find your ‘right time’ and advocate for you is how you set yourself on the right path for your personal real estate journey.

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 Mid-April 2024

Posted on by Jacob Weigel

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

 

Hi I’m Jacob Weigel with Living Room Realty. I’m here to tell you what you need to know about the market for Mid April 2024. 

 

Let’s Dive Into The Data

Anyone who’s familiar with the 12 seasons of Oregon (or allergies) knows that we are currently in the Pollening. And with all the itchy eyes & blooming flowers and trees comes the spring market, which is heating up – but there is a tale of two listings within this data. Pending sales are up 2.8% month over month, but this doesn’t tell the full story. 

 

Let me tell you about what I refer to as “depressed inventory.” New listings are up 16.3%, new pendings are up 22.7%, and closed sales are up 22.9%. HOWEVER, total market time went up? Are days on market and a rise in pending transactions mutually exclusive data points? Nope – they are not. 

 

Listings within living room realty are currently seeing an average of 3.5-4.5 offers per week, and averaging $20-$30 thousand over asking. 

 

Stand Out & Show Value 

While more inventory is coming on the market, a ton of listings that have been sitting for many weeks. This market is a price war and a beauty contest. If you are an active seller in this market, you need to make sure your asset looks good and shows VALUE. 

 

Last week the fed signaled that our current interest rate market is here to stay longer than investors previously thought. While the buying demand continues to stay strong, buyers are less and less willing to take on repairs without seller concessions. If you are a home seller – listing prep is EVERYTHING. 

 

 

Get Your Home Ready

Reach out to a professional like myself to consult around what the highest value adds are that can be done prior to going on the market. It’s never too early to be thinking about this. I have many clients who have consulted with me on design elements for up to one year prior to their desired launch date to market

 

Any of these additions to your property should be giving you greater than a dollar for dollar return. This is exactly what a good agent can  help build a plan around.

 

 

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 Oregon Real Estate Market Update for March 2024

Posted on by Lily Ray Wyss

What we discuss:

How we are seeing higher real estate market activity across the board.

The benefits of this market for sellers.

How competition is high for buyers even though rates are still high.

The NAR settlement.

The Spring real estate market is in full swing and it shows in the numbers:

New listings were up 7% last month with 2,085 homes hitting the market.

Pending sales were up 16% with 1,742 homes going under contract.

Sold home activity was up 16% with 1,284 homes going to new homeowners.

Inventory of homes went back below 3.0 months down to 2.8 months.

The average sales price also did not move much with an average of $609,000.

Overall we have been trending back to a hot sellers market and that market is here.

Even with high interest rates (which unfortunately are predicted to stay at current levels through the summer) buyers are finding new motivation and are out there and ready to buy.

If you are a potential home seller this is great news.

When we take the proper steps to prep your home, stage it, market it and most importantly price it right (this is especially important with rates still being high) we have a higher likelihood of entering into a multiple offer situation than we have seen in the last year or so.

We should see buyer activity remain high through the rest of the Spring and early Summer but it will likely tapper off as we head further into the year. So time is of the essence to some degree if you are looking to take advantage of the current market.

If you are a home buyer or someone thinking of buying a home this year, competition certainly is back.

When we find a home you love, you can expect that you will likely be competing with at least one other buyer.

But don’t fret, we have a bunch of high level negotiation strategies we can use to help you compete and win.

Also, if you have seen the news lately, you have probably heard of the NAR (National Association of Realtors) Settlement regarding agent compensation and transparency. I talk a bit about it in the video above (I believe around minute 5) but if you have any questions and or want to talk about it in more detail I am here.

And as always, if you are wanting to talk more about your Spring home buying or selling plans I am here for you. While this market is seeing higher activity overall, different areas/price points/style of homes have their own unique micro markets, so its important that we talk one on one about what you can expect based on your own needs. You can find my contact information below.

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.

 

Portland Oregon Real Estate Market Update for January 2024

Posted on by Lily Ray Wyss

What we discuss:

The Spring Real Estate Market already showing up.

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

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

Is the Spring Real Estate Market already here?

It seems like it.

While the data in the graphic above shows low numbers for last month, things have shifted in the last week or two.

Interest rates have already started to go down and it seems like everyone is ready to go back to business as usual now that we all are pretty much recovered from the holiday madness.

With rates making their way down to the mid 6% range (most predict that they should stay in the 6% range and will not go much lower than 5.5% in 2024) many buyers have decided to re-enter or enter the market.

And we are starting to see potential sellers take notice and many are putting their homes on the market now versus waiting for the Spring.

While not everyone is waiting till Spring to make a move, if the activity over the last few weeks is any indicator, we should see a robust real estate market over the next year and certainly in the first half of the year. (We are a bit cautious about predicting high activity in the second half of the year due to the election coming up).

What does this mean if you are thinking of selling? In most cases, you can expect to have motivated buyers ready to buy your home.

However, it is important to note that with our current economy, many buyers are still hesitant when it comes to their spending, so making sure we prep your home well, market it correctly, and price it strategically will be critical.

A good deal of homes are already starting to get multiple offers in today’s market so we will do everything we can to make sure your house is one of those shiny listings everyone wants.

What does this shift in the market mean if you are a home buyer? We will want to be highly strategic in the offers we write and the type of homes we even look at.

If we toured homes in 2023 together the market will be noticeably different. Homes that sat on the market for weeks will now potentially sell in a weekend meaning you will have to make quicker decisions and likely compete with other buyers.

Don’t let this stress you out though. I helped a bunch of buyers (many were first-timers without a lot of cash to throw around) buy homes successfully in the height of the 2021-2022 market and we can do the same for you.

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

Reach out and let’s make your real estate dreams come true.