BlogBuyerThe 2020 Portland Area Surprise Market Takeaway!
The 2020 Portland Area Surprise Market Takeaway!
By Erika George & Kari McGee, November 20, 2020
Many of the surprises in 2020 have not been fun, to say the least. However, one surprise has delighted us: the success that our first-time homebuyer clients have found in spite of the strongest sellers’ market we’ve seen in our 15 years of real estate! We had multiple-offer success after success for these intrepid, can-do buyers as a result of several important factors:
The big, national cash investor companies halted operations in our area due to Covid-19 and related real estate market concerns. That meant our buyers didn’t have to compete against cash buyers with deep pockets. The absence of these cash investors finally leveled the playing field for first-time homebuyers who generally had only to compete with other financed buyers for the first time since 2013.
Historically low interest rates allowed for more buying power overall, and helped financially “young” buyers overcome hurdles to qualify for a home loan.
Our first-time homebuyers have benefited from our extensive experience in writing offers in a multiple-offer scenario. The sales price is just one of a handful of very important concessions a buyer can make when writing an offer: appraisal support, limitations on repair requests, and other secret-sauce tactics have proved to be very powerful for sellers who are comparing numerous offers.
There are many things we love about our job, but helping people purchase their first home will always be at the top of our list. It gives us so much joy to help folks put down roots, build community, and start to build financial stability for their lives. Our heartfelt congratulations go out to Neil & Caitlin, Sarah & Travis, Flo, Celise (and Kirk!), Hali & Lucas, Kath, Shannon, Jody & Kevin, and David & Mireille, all of whom purchased their first homes in crazy, stressful pandemic-ridden 2020!
Thinking about purchasing your first home? We’d be honored to help you beat the odds too!
Kari & Erika: HouseLovePDX
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Kari + Erika
Principal Broker | Broker-Esquire
The HouseLovePDXTeam fuses comprehensive real estate knowledge and legal expertise in the dynamic landscape of Portland, Oregon.
Realtor® Erika George brings to the table 20 years of experience as an attorney specializing in construction and contracts and is a 2020 Portland Monthly 5-Star Realtor®. Principal BrokerKari McGee is a nine-year Portland Monthly 5-Star Realtor® and has helped clients successfully navigate the evolving Portland real estate market since 2005. Erika and Kari are also certified iRep™ agents and can help you evaluate the new iBuyer instant-cash offer options in the greater Portland area. Regardless of the market or your particular circumstances, these highly skilled real estate agents will ensure that your goals become your reality. WHAT WE KNOW We know that real estate is not a one size fits all endeavor. It’s easy to find real estate data on the internet these days, but it’s what we do with the data that counts. HouseLovePDX provides a thoughtful and proactive analysis of current market data for every one of our clients: We know that small details can make a big difference. We consider factors you may not be aware of when buying a house, selling a condo, or planning an ADU. From open permits to missing credits on escrow statements, these issues can cost you money. Let us guide you through the real estate process, from big picture dreams about your future home to the nitty-gritty of contract negotiation. We know that your “why” often comes before your “how” in real estate. We take extra time with our clients to fully understand all the reasons why you want to make a move to, from or within the Portland area. We use this insight as the key to developing a comprehensive plan for you. Don’t be surprised if we start our meetings by delving deep into your real estate knowledge, your past experiences, your goals, and your dreams! WHAT WE LOVE It’s a privilege to help a client sell a beloved home and move on to the next chapter of life. We love seeing Portland, neighborhood by neighborhood, through the eyes of someone who is new to the area and full of excitement. As Northwest natives who grew up together (we’re cousins!), our love for Portland runs deep. And we adore the moment when a buyer walks into a house and we all know it’s the one: aka HouseLove! We would be honored to help guide you through your changing real estate needs in Portland Oregon. CONTACT
Erika George and Kari McGee
503.349.5449 | 971.322.6612