By Living Room Realty, April 10, 2020
Some Real Estate is still deemed essential. For some buyers in need, COVID-19 may provide some relief to the competitive Portland Real Estate Market.
Let the advice be clear: for buyers and sellers that do not truly need to be out and about in the world, it’s best to stop real estate activity until conditions are safe once again.
Here are some of the situations people might find themselves in that make real estate activity essential:
- Significant Financial Burden such as job loss or reduction of income. Those who were already in the process of buying and selling a new home and are now carrying double mortgages.
- Divorce
- A Growing Family
- Downsizing or Death in the Family
REALTORS® are accustomed to guiding their clients to success through data that is at least 30 days old. COVID-19 has caused daily changes to the financial and real estate markets. It’s no longer enough to rely solely on information about the market that is quickly outdated.
At Living Room, brokers connect at least weekly and discuss the in-depth changes to the pace and cost of real estate. The information clearly points to a significant reduction of buyers in the market. Particularly at the higher pricing brackets. Therefore, sellers are typically accepting offers a bit faster than they were even a month ago. Where multiple offers, significantly over list price was routine, seller’s are pressured to price their property accurately and look for fewer or perhaps just one solid offer. When we do get that 30+ day old look back data, we’re likely to see days on the market rise and homes selling for much closer or below list price. This may be a bit of a pleasant surprise for those that have struggled to compete on homes this spring.
The one exception to less competition does seem to be in the first time home buyer price range where record-low interest rates have kept home-buying more affordable for those that have not been significantly impacted by the financial consequences of this pandemic.
You can stay safe and buy or sell a home right now.
If you find yourself falling into one of the essential categories listed above and you’re needing to buy or sell, please reach out to ask what success can look like and how to ensure your and your community safety while doing so.
-Virginia
