Tag: portland oregon real estate market update

Portland Oregon Real Estate Market Update for October 2024

Posted on by Lily Ray Wyss

What we discuss:

 

How the current market is full of opportunities for homebuyers.

How timing is everything for sellers right now in the real estate market.

What we can expect from the Real Estate Market this winter.

 

Welp. Interest rates did not see the drop we were hoping for.

We saw a temporary decrease as news hit about a rate drop but then saw rates increase just a week later and continue to fluctuate.

Due to this news, we saw a brief increase in buyer and seller activity.

For home buyers:

In general, we are seeing a lot of opportunities for homebuyers active in the market right now.
While rate fluctuation is making affordability tough, for those buyers willing to act, we are getting some pretty great deals.

Just last week we got some first-time homebuyers under contract on a home in the ideal SE Portland location everyone seemingly wants and we only had to compete with one other offer to secure our client this really cool home with an awesome backyard for well under $600k.

For home sellers:

This market has also been volatile for those looking to sell their home. We actually saw a pretty significant decrease in sold home activity last month, down 13% with just 1,702 homes closing. And inventory of homes shot up to 3.5 months. Meaning homes just are not getting the demand they have had in previous markets.

For future home sellers, the biggest topic we will be discussing right now is timing. Deciding WHEN to list your home will be a big conversation. With the election less than a week away and the holidays fast approaching many are going to choose to pause the sale of their property unless they have an urgent need to sell.

Homebuyers you should take note of this as well. If you see a drastic decrease in new listings this week you can blame the election. And know that while we will see things hopefully pick up again, we will see activity trickle the closer we get to Christmas.

Looking ahead for everyone:

BUT it’s important to note for everyone, whether you are buying or selling, that the market will typically re-energize come January.

Many folks will have selling and or buying a home on their 2025 vision board and often won’t wait till Spring to make those dreams a reality.

And if you are someone who is looking to make a move sooner than later know that the market does not completely shut down this time of year. For home sellers, there are still home buyers out there looking for homes right now, and often they are the most serious. And for home buyers, this market can give you a bunch of advantages while other buyers are distracted by being festive.

Want to discuss your options to make a move before the year is over? Or want to talk about your 2025 home buying and or selling goals? I am here for it all. Reach out and let’s chat.

Let’s connect further, follow me on Instagram HERE.

Portland Oregon Real Estate Market Update for August 2024

Posted on by Lily Ray Wyss

Okay, let’s get into it.

INTEREST RATES. Yes, they are still predicted to lower next month. But nothing is promised and not many people are predicting them to lower drastically.

But we have seen them lower some already. I have seen some clients get interest rates below 6% already which is really promising.

And we are already seeing the effects of this in the current market.

While last month was fairly slow, new listings (2,905), pending sales (2,191), and sold homes (2,075) were all down slightly, we are seeing a good boost in market activity already this month. And August is typically slower.

With rates already seeing some relief it has motivated a lot of buyers.

We will see what happens in the rate market but either way it looks like we are going to have an active fall.

What does this mean for you?

As a future home seller, if your home is properly prepped (I will give you a detailed list of what to do don’t worry), priced right (I will give you coaching on this too), and properly marketed (I handle this entirely) you should expect great results.

Buyer motivation is already high but will only increase if we do see an improvement in rates. Which means more buyers through your front door and a higher possibility of multiple offers in the first weekend.

As a future home buyer, know that lower rates will mean higher affordability for you which is amazing, but it will also mean the same for other buyers. So we could see higher competition from other buyers (multiple offer situations, leading to higher prices and more competitive terms being needed on offers).

Due to this, I have actually had some buyers get motivated to buy NOW while the competition is lower, and these clients have had success getting really great deals on amazing homes.

But don’t stress if you have not found your right home yet, or are not ready just yet to get started on your home search, even if things do get a bit wild in the market, we have the right strategies and tools that you can use to still be successful in any market.

Want to discuss your plans to sell and/or buy this fall or beyond? I would love to chat.

Just have a question? I am here for that too. Reply to this email or you can find my contact information below.

Portland Market Update Mid-July 2024

Posted on by Erin Middleton

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

 

Hi I’m Erin Middleton licensed real estate broker with Living Room Realty here to tell you what you need to know about the Portland Market  for mid July 2024.

 

Inventory continues to rise in general… following trends from previous years that sees inventory rise from January through Summer. However we didn’t see the Spring dip we’ve seen in years prior and have continued to stay high in the mid-2s, meaning we have about 2 and a half months of inventory, likely as a result of high interest rates that don’t seem to be going anywhere and Sellers who have unrealistic expectations for the home’s sale price. More on that in a minute. 

 

Market Activity


Activity across the board is down. New Listings, Pending Sales, and Closed Sales in June have all decreased year-over-year as well as month-over-month. This coupled with the higher inventory and high interest rates means we have a very different market than we’ve had in years prior. But as one smart colleague said earlier this year, it’s a tale of two markets. Thanks Kim Parmon!

 

While high interest rates are “the captain” of this year’s real estate market, Buyers that can afford the payments are still driving multiple offer situations on well-priced, good-looking, and well-located listings. 

 

But on the flip side, unrealistic Sellers who have been sold tales of “everything sells” or “we can start high and come down later in price” are seeing their not-so-desirable listings sit –  thus pushing up inventory as new listings come to market.

Let’s Look At The Numbers

But even though inventory is up and interest rates hover around 7%, prices are still on the rise!! Comparing 2024 to 2023 through June, the average Sales Price increased 2% from $595,000 to $607,000. And the median price is up 2.3% from $530,000to $542,000. These numbers position us just shy of the market peak reached in May and June of 2022

 

What Should You Do?


So, here are my tips for Buyers & Sellers in this HOT Summer market:

 

Buyers – look at the outliers. What’s sitting? What’s been picked over and provides you with an opportunity for a deal? Go get it!

 

And Sellers – in order to not be one of the aforementioned “sitting not selling” listings, make your house look its best, price it well, and it will sell.

 

Make A Move

I hope this information has been helpful. If you’re ready to make a move, call us today. We’d love to help you find your next Living Room.

 

“Is this a good time to buy a house?”

Posted on by Yomari Cruz-DeWeese

“Is it a good time to buy a house?”

People always wonder when is the best time to buy a house. Many considerations go into answering this question – for example: 

  • Are mortgage rates favorable? Are they likely to go up or down? 
  • Are house prices likely to go up or down in the area in the near future?
  • How much inventory is on the market in the area where I want to buy?
  • Is the real estate market cyclical in the area where I want to buy?

All of these questions are important, and you can find many discussions of each of these questions with a quick Google search. I’ve put some thoughts below from my perspective as a real estate agent in Portland. 

Where are mortgage rates likely to go?

Mortgage rates have improved since last year’s high of 7.9% (October 2023), and many people seem to think that they will continue falling slowly. Mortgage rates are generally influenced by the Federal Reserve, but also by rates of economic growth and inflation. Beginning in early 2022, with inflation concerns high, the Fed raised the benchmark federal funds rate (basically, the rate at which banks can borrow from each other), partially in an effort to curb inflation. This has contributed to rising mortgage rates. It’s hard for anyone to say exactly where mortgage rates will go in the future, because it depends both on how the economy in general does, and how the Federal Reserve reacts to concerns about inflation. 

It’s helpful to remember that the extremely low mortgage rates we’ve seen since the Great Recession are somewhat of a historical anomaly. In the mid 1990’s, the federal funds rate was around the same level as it is now. Beginning in mid-2000, and continuing after the 9/11 attacks, the Federal Reserve lowered the federal funds rate drastically, culminating in a low of 1% in March 2004, in an effort to boost the economy. As the economy sped back up after that point, partially due to rampant subprime mortgage lending, the Federal Reserve increased the federal funds rate back up to around where it is now, and then after the subprime mortgage bubble collapsed in late 2007, resulting in the “Great Recession,” the Federal Reserve took the unprecedented step of lowering the federal funds rate almost to zero, where it stayed until it gradually began to increase in 2015. 

When COVID hit, the Federal Reserve lowered the rate back down to zero, where it stayed until the Federal Reserve started increasing it in March 2022 in response to inflation concerns. This increase has leveled off at the current rate of 5.33%, and it is unknown where the Federal Reserve will go from here. All of this is really to say that where mortgage rates are going to go is difficult to predict even for financial geniuses. What’s less difficult to predict is the fact that we all need a roof over our heads. Also helpful in thinking about mortgage rates is that, if you get a mortgage, it’s going to stay the same unless you re-finance. So if mortgage rates go lower, you may have the option of taking advantage of those lower rates and re-financing later, and if they go higher, you are insulated from that increase because you already have a mortgage.

What about home prices? 

Home prices are influenced not only by what mortgage rates are doing, but also by the housing inventory levels in your area. It’s a supply and demand thing. Stated simply, if mortgage rates are high and inventory is high, prices may decrease; but prices trend higher when demand increases and supply decreases. The housing inventory in the Portland metropolitan area has recently increased slightly from historically low levels, but is still low. More inventory can mean less competition for houses resulting in a market is more neutral or buyer-friendly, but because people who already have mortgages locked in at the historically low rates of 2020-21 may not yet be incentivized to make a move unless we see further decreases, the inventory has remained low, and prices haven’t seen much decline. 

Is the Portland area real estate market cyclical? 

The short answer is yes. Like everything else, the real estate market tends to lull during the holidays, then begin to ramp back up heading into February. This is especially true in Portland, because people generally don’t like to move here in the rainy season. The Portland market generally reaches its peak around April to June, and stays at a higher volume until August, when it gradually tapers down over the next few months. In the summer, you’ll potentially have more competition but more options. In the winter, you will likely have less competition but fewer home options. I would like to note here that while having more choice and looking at pretty gardens is fun, inspecting basements during the rainy season in Portland is an advantage not many consider, and they should. 

So when should I buy?

While everything I explained above is important, at the end of the day the most important questions are very personal: why do YOU want to buy a house, and when does it make sense for YOU? If you currently have a great mortgage and would like to have a bigger house, maybe it’s not the best time financially, but maybe you have a growing family and you need the space. In that case, you need to decide how much it’s worth to you to get the right house for your family. If you are a cash buyer, now might be a great time to buy a house, because you won’t have so much competition, and you might get a great price on a very desirable house. If you’re looking to move out of a rental and into home ownership, and are financially flexible, it also might make sense to buy now. Because so much of it depends on each individual’s situation, consulting a buyer’s agent is key. 

A buyer’s agent can help educate you so you can make the best decision for you and your family. After speaking with a great agent, you should feel more empowered, because you will understand all of these factors better. If the first thing an agent tells you when you speak to them is that it’s a great time to buy a house, without knowing anything about you, you might want to ask them why it’s a great time for you to buy a house, or find another agent. 

 

If you are thinking about buying a house sometime in the future and are not sure whether to act now or wait for a little while, you can always take steps so you can make sure you’re ready when you feel the time is right. Check out my post about all the steps you can take now to be ready to put an offer on a house when it’s time! 

 

Portland Oregon Real Estate Market Update for June 2024

Posted on by Lily Ray Wyss

What we discuss:

Some normalcy and balance returning to the market.

An update on interest rates.

What both home buyers and home sellers can expect from the summer market.

Home prices during an election year.


Is the frenzy of the early Spring market over? It seems so.

The hottest of hot homes are still selling for over asking, but it seems that data and comparables have caught up to the epic price jumps we were seeing a few months ago.

Balancing the market some.

Though the data does show that we are still seeing activity increase across the board:

New listings are up 12% with 3,508 homes hitting the market.

Pending sales are marginally up by just 2% with 2,363 homes going under contract.

Sold homes are up 13% with 2,140 homes going to new homeowners.

Inventory of homes has stayed steady at 2.3 months (from 2.4 months in April).

What does this “new” market mean?

For home buyers, this means that while you will still deal with a seller’s market, especially if you are shopping in a hot area, there will be more homes sitting on the market and with those homes, the opportunity returns to ask for price reductions and credit asks.

And on the hot homes, while you may still deal with competition, it’s likely not the 10+ offers of the Spring market but a normal 3-4.

For home sellers, this means that demand for your home will typically still be great, it is just more important than ever that you price your home well.

Interest rates are still high and buyers are not just as frenzied as they were in the Spring. So your likelihood of sitting on the market and not getting multiple offers is higher if you don’t price accordingly and prep your home correctly.

On the note of interest rates, it is still predicted that we will only see one significant decrease in rates this year.

In terms of what you can expect for the summer, we should see activity remain high throughout July and then slow down as it historically does in August.

But no worries if you are someone who is thinking of selling around that time or plan to buy in August, those who are serious in the market will still be making real estate moves, and things do always pick up in September.

Speaking of August, August 17th is now the new date that changes will be implemented across the real estate industry for those who belong to the National Association of Realtors (which all Portland area agents do). The main changes are that buyers will need to enter into a contract with their agent prior to seeing homes, and buyers’ agent commissions can no longer be displayed on the MLS, but counter to what has been stated in some places, as of now, sellers are still able to offer compensation to the buyer’s agent.

This will certainly still bring changes to our industry, as an experienced realtor of 7 years, I believe many of them will be positive but if you have any questions or concerns and would like to discuss them I would be happy to talk.

Have questions or want to discuss your next move? I would love to chat. You can find my contact informatin below.

Beaumont-Wilshire Charmer

Posted on by Martin Cross

You’ll just love this beautiful 1938, 4 bedroom 3 bath home is loaded with charming, vintage details, many of which are newer, but crafted to match the era of the home. On the main level you have a large, light filled living room with gorgeous period fireplace with gas insert, updated kitchen and bath that were both redone to uphold the wonderful vintage styling of the home and two bedrooms, both with access to the backyard deck and delightful backyard. 

The upper level features the fantastic primary suite with hardwood floors, vaulted ceilings, built ins, skylights and bathroom.

The lower level has access from the main floor or outside which lends to the potential for a lower level ADU. Warm and inviting family or media room, 4th bedroom with egress, laundry facilities and lots of storage. 

The home sits on an oversized 75 x 100 lot which may offer room to build. Comes with an enormous three-car garage with attached garden shed, a lovely fenced backyard with both deck and patio, a rose garden and mature trees. 

Recent updates include, new south side Marvin infinity double hung, lowE2 efficient windows with transferable warranty, new electrical service and panels for both the home (200 amp) and garage (100 amp), attic insulation and new backyard fencing.

The sweet neighborhood is quiet and full of lovely neighbors. It’s situated between the Albert Arts district and up and coming 42nd Ave. And just a short distance from Fremont St and all that has to offer. Plus it’s just short walk to the infamous Kennedy School, Common Grounds and New Seasons grocery. 

Save Thousands: Perform Your Own Inspections When Buying a Home

Posted on by Lily Ray Wyss

Here is how you can potentially save your self thousands of dollars:

Buying a home is a significant milestone and financial commitment in anyone’s life. Whether you’re a first-time homebuyer or seasoned investor, one of the crucial steps in the process is the home inspection. In the Portland Oregon Real Estate Market, it’s typical for buyers to arrange and pay for their own inspections. However, there are scenarios where sellers might provide pre-listing inspections or share reports from previous transactions. While this might seem convenient, it’s not always in the buyer’s best interest to skip their own inspections.

Here Is Why You Should Perform Your Own Inspections:

Quality Varies Among Inspectors

I have a list of amazing inspectors I recommend to my client. However, not all inspectors are created equal, and there can be significant differences in the quality of inspection reports. A report from a trusted inspector can provide invaluable insights into the condition of the property, and potentially uncovering issues that might not be immediately apparent.

Human Error is Possible

Even the best inspectors are human and can miss things. By conducting your own inspection, you increase the likelihood of catching any overlooked issues. Multiple sets of eyes on a property can reveal different perspectives and insights that contribute to a more comprehensive understanding of the homes condition.

Financial and Peace of Mind Benefits

Investing in a home inspection typically costs between $800 to $1,000, depending on the size of the home and type of property. While this might seem like an additional expense, it is a crucial investment that can save you thousands of dollars in potential repair costs down the line. Knowing the true condition of the property also provides peace of mind, allowing you to make informed decisions about your purchase.

The Importance of Due Diligence

Buying a home involves substantial financial commitment, and skipping or relying solely on seller-provided inspections can be risky. Sellers may not disclose all issues, and even well-intentioned pre-listing inspections might not capture everything. Conducting your own inspections ensures that you have a thorough understanding of the property’s condition and empowers you during negotiations.

Conclusion

To summarize, while there might be occasional circumstances where sellers provide comprehensive inspections, or the rare case where you may need to “waive” inspections to secure a home that has already been pre-inspected. In general, performing your own inspections will always be your best bet. Remember, buying a home is a significant milestone, and investing in professional inspections is a small price to pay for the long-term security and peace of mind it provides.

If you’re considering buying a home in Portland or want to learn more about the home buying process, I’m here to help. Let’s connect and discuss how I can assist you in navigating through the complexities of real estate transactions. Together, we can ensure that you are motivated, educated, and empowered to make the best decisions for your future home purchase. Contact me to schedule a consultation and take the first step towards owning your dream home.

Portland Oregon Real Estate Market Update for May 2024

Posted on by Lily Ray Wyss

What we discuss:

The importance of an expert buyers agent in this new real estate market landscape.

The opportunities in the Portland Real Estate Market for home sellers.

New predictions for interest rates.

The heat of this market seems to continue as we head into the summer!! 

Activity in the Portland Metro market continues its upward trend with heightened activity across the board.

And it shows in the numbers:
 
New listings were up 28% with 3,120 homes hitting the market. (Whoohoo more options for home buyers!) 

Pending sales were up 8% with 2,313 homes going under contract. 

And sold homes were up 19% with 1,883 going to new homeowners.  

Inventory of homes actually saw a slight increase from 2.3 months to 2.4 months. Meaning if no new homes were to hit the market, based on demand, we would run out of homes in about 2 and a half months. 

The average sales price has remained steady at $604,000, showing that with demand remaining so high for housing in the Portland market, even with high interest rates, prices have remained stable. 

Speaking of interest rates, we have seen them fluctuate slightly in the last few weeks, both up and down, and as discussed last month, it is projected that rates will not see any drastic decrease anytime soon. The most we can likely hope for is one to maaaybe two decreases by the end of the year. Womp womp. 

While activity is up and energy is high in our market it’s important to note, especially for you home sellers, that not every home is performing the same in this market, the average days on market in the Portland Metro Area is 83 days (I will just brag quickly that the average days on market for a Living Room Realty listing is 5 days. Our high-level marketing strategies, level of experience, and industry-wide reputation really pay off for our clients).  So while we are seeing a lot of homes go pending in a weekend (like the ones we list at Living Room) not all homes are getting those results. With that in mind, it is important that you do everything necessary to prep your home well and work with the right listing team to present your home in the best light. 

Speaking of days on market, for home buyers, it is good to note that days on market are not a great determinant of whether a home will have competition or not. Yesterday I handed keys over to some buyers who wrote an offer on a home that got 4 offers even though the home was listed for 24 days and had a failed transaction prior. Luckily we employed high-level strategies to win them the home and as of yesterday they are now homeowners for the first time!

Also yesterday I wrote an offer for a family on a home that had been sitting for over a 100 days and suddenly two other offers came in. 

So while this doesn’t happen in every case, just keep in mind that sometimes, just because a home is sitting does not mean you won’t have to compete against other home buyers. 

If you are curious to learn more about the current market and hear some more anecdotes, watch the video above! 

Looking to make a move in 2024? I am here for you. While this market is seeing heightened activity overall, different areas/price points/types of homes have their own unique market conditions, so its essential that we talk one-on-one about what you can expect based on your own needs. 

You can find my contact info in my bio below. I look forward to talking with you and co-creating your custom strategy to achieve your dreams. 

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.

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 Oregon Real Estate Market Update for April 2024

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.

Listings are UP UP UP!!!

We are finally seeing a huge increase in listings to the market with 2,425 homes hitting the market last month, a 16% bump.

While high rates have maintained, buyer demand has been strong over the last month or so (and seem to only be increasing) and sellers are finally following suit.

Pending sales increased by 22% with 2,138 homes going under contract.

And sold homes saw an increase of 23% with 1,578 homes going to new homeowners.

Inventory went DOWN to 2.3 months which shows that even with the big boost of new listings buyer demand is so intense that the inventory is being quickly absorbed.

While we are finally seeing this new activity show in the data I will say that the new bump in activity has increased even more in the last two weeks.

At certain price points clients are seeing a huge jump in the amount of homes available to them.

BUT we are also seeing a major increase in buyer competition.

I helped one client write an offer on a home last weekend that got 15 offers and went for almost $200k over the asking price.

This was the coolest house in the hottest neighborhood but shows that we are re-entering a true hot seller’s market.

On new homes to the market that are getting a lot of activity, you can expect that they will likely sell for $50k+ over asking at this point.

But as a homebuyer don’t let this worry you too much.

This is where strategy will come into play for us.

If you want the cool home in the hot area we will just want to make sure that we are shopping well below your top budget so we have room to offer up.

And if you don’t want to deal with bidding wars we can view the great homes that are still sitting on the market from the last market and or we can view homes in the areas that are still amazing, but don’t have hoards of buyers circling them.

Also, we can talk about which homes draw a lot of attention and which ones don’t. People tend to be really drawn to homes with extra living spaces, fresh upgrades, character homes, etc. So if you are also attracted to those style of homes be ready to compete. We can also talk about how you can add those things into a home later so you don’t have to deal with that competition and can be the one to gain the equity from those upgrades.

In terms of interest rate predictions, unfortunately I don’t have the best news here. It is no longer predicted that we will see rates lower 2-3 times this year as originally predicted. Now it is said that we should only see 1-2 rate drops and that they won’t happen until late in the year.

For home sellers, this is your market. If you have been on the sidelines waiting to sell your home, now is your best chance to enter the market.

As mentioned above, buyers are out shopping and they are ready to buy.

Not every home is selling for over asking, in the first weekend, but the ones that are priced right, marketed well (things I help you with), and prepped properly, are.

If you want your house to sell with multiple offers, well over asking, with strong terms, and for it to sell quickly, listing your home in the next few months may give you the highest chance of that.

Whether buying or selling, or both, strategy and education are going to be huge in order to be successful in this new market. But luckily I am here to help you with it all.

If you want to talk about your options and your future move I am here for you. You can find my contact information below.

Portland Market Update Early-April 2024

Posted on by Living Room Realty

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.

 

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 February 2024

Posted on by Lily Ray Wyss

Spring isn’t on its way… it is fully here. At least within the world of real estate. 

New listings went up by a whopping 89% last month. 

With pending sales trailing behind with an increase of 14%. 

Sold home activity decreased by 15%. Though that is more exemplarily of the market we are coming out of as sold home data, by its nature, always lags. 

We did see home inventory go up to 3.2 months which is great news for home buyers who have been waiting to see more options hit the market! 

Here is what I am seeing in the market and hearing from other realtors: 

It’s HOT out here. 

One realtor in my office mentioned a listing her clients wrote an offer on that got 7 offers and she estimates that the home went pending at at least $50,000 over asking. 

Another realtor mentioned 30+ parties coming through her listing. 

Not every listing is getting this level of activity but it does show that we are heading in the right direction towards a hot market. 

Here’s how you can make the most out of this new market as a future home seller: 

Price is going to be key.

As the market heats up, it will be tempting to list your home at your ideal dream price. But while things are getting competitive on the buyer side, not every listing is getting intense action. 
 
It is really key that we price your home at a price that works for you, but also entice buyers and gets the most amount of people through your door. 

We want your house to be the one that gets 30+ showings. 

We will also implement a high-level strategy for marketing (this is where I come in) and a strategy to properly prep your home so it shines. 

Here is how you can be successful as a buyer in this new market: 

Preparation, education, and strategy will be key. 

If you are reading this email you are already doing great when it comes to the preparation and education portion. 

Having a high level of knowledge about market trends will be extremely helpful. 

And the same thing goes when it comes to preparation. Getting your finances in order with a lender before shopping will be needed in this fast-paced market. 

And then strategy. As we enter a market where you may write an offer on multiple homes before getting an accepted offer, it’s important that we set expectations of this new market reality and that we are being super strategic about what homes we look at and how we write our offers. 

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 submarkets, so it’s important that we talk one-on-one about what you can expect based on your own needs. 

Contact me below and let’s co-create your custom home buying and or selling strategy.

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 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.

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.