By Gabrielle Enfield, April 3, 2024
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.
Gabrielle Enfield
Broker | OR
She/Her
Real estate can be a wild ride. It's important you find your wingperson.
At Working Magic Group, we understand the important decision of choosing an agent partner for buying or selling in Portland. It's a relationship for the long haul. The team's goal is to apply myriad experiences, both personally and professionally, to help guide client partners through a thoughtful, strategic, seamless and fun journey. Founded by top broker Gabrielle Enfield, Working Magic's goal is to bust down the stereotypes of who Realtors are and how they serve. We are full service brokers, in it for the long haul, and believe in the relationship imperative. We operate from a place of trust with people at the center. Without that, we can’t do our work. Need an understanding of where to start, when it comes to getting ready to sell? We'll put backgrounds in project management to work and let you know what needs to happen, complete with spreadsheets, if you're into it. We've got the magicians on speed dial to show up and get it done so you can hit the easy button. We treat each listing as a brand we're launching and create emotional and sensory experiences that stand out. Custom playlists, anyone? We've been told our open houses are the best in town. Looking to purchase a vacation property and need it to generate rental income? Expect sharp pencils to make sure the numbers make sense. We can even help with the interior design and advise how to set it up to make top dollar. Ready to downsize? We'll be with you on this important chapter and gently guide you to what stays and what goes. First-timer who needs a steady hand to help guide you through the real estate process? Mama Bear's got you covered, and we'll be sure to point out what you need to look for or stay away from. Moving to PDX and need a proxy to get to know Rose City? Gab's a Pac NW native, and even with all its growth and change, this place still gives her butterflies. Plus, her background in video production makes those remote FaceTime home tours a breeze. About Gabrielle Enfield, Founder, Working Magic at Living Room Realty: I grew up in Woodland, Washington, and live in the wooded hills of Bridlemile, where I'm raising my family. #boymom. Today I am the #1 agent at my brokerage - which is Portland's #1 real estate office - and consistently rank in the top 1% of more than 8,400 brokers in the Portland metro. I love what I do and it shows. Before real estate, my career spans two decades of expertise I'm fortunate enough to apply every day. These experiences range from being a TV news anchor (visual storyteller) to helping develop some of the world's beloved brands like Xbox and Dave's Killer Bread (strategy and engagement). I also helped launch Paul Allen's MoPop to a global stage; it combined two of my life loves: music + architecture. I was on the forefront of integrated media, crisis communications, digital productions and managed events and massive teams that delivered headline-making news. I was practically born to sell Real Estate: my Dad is a retired custom home designer and builder, my Uncle is an architect and my Grandpa was a Realtor and developer. I am an active listener, have a keen eye for "good bones", and solving my clients' real estate needs in a creative and often unexpected way brings me joy. In my spare time, I am raising my kiddos to be confident weirdos, championing my spouse Per who is an IP attorney at Nike, hitting the thrift store circuit as often as I can, and volunteering my time as a Broker Advisor at Living Room. In 2023 I launched Hi Buddy Hospitality Group, a burgeoning hostel and restaurant in NE Portland. I also am a member of Project Color Corps Portland Chapter, a national non-profit that collaborates with people to add color to their essential community spaces, creating beauty, belonging, and joy. Please give a call – I'd love to see what it would be like to partner with you. For a look inside my everyday life, be sure to follow along on Instagram. Let's Work Magic together. High fives!
- T: 503-388-2788
- gabrielle@livingroomre.com
