Blog Market Update Portland Market Update Late-February 2024

Portland Market Update Late-February 2024

By Bonnie Roseman, February 23, 2024

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

Bonnie Roseman

Principal Broker | Earth Advantage | ADU Specialist | OR

She/Her

Hello, we’re so glad you’re here! Trish Sunderland, my assistant broker, and I are ready to answer all of your real estate questions and help you make a move when the time is right. We're looking forward to speaking with you soon! - Bonnie Since 1991, she's been delighted to assist clients in navigating the ever changing housing market: whether selling a first home or the family home, looking for a starter pad or a forever habitat, downsizing, resizing or buying and selling investment property. Having a symbiotic connection with your real estate agent is key and will help ensure a great experience. Bonnie enjoys consulting with potential clients to discover their wishes and goals, confirming the right client-agent match. Smooth transactions are the target; however, there can be unexpected bumps getting to the closing table. Bonnie excels at finding creative solutions to any mishegoss that pops up and she takes pride in an extremely low sale fail rate. A little more about Bonnie: born in Philly, raised in Berkeley, mom to an incredible young woman; her home is filled with both furry and scaly creatures, the daily driver is all electric, equality is the only pathway; she's embraced veganism for the earth, the animals and her health. Like credentials? Sweet, here you go:
  • At Home with Diversity Certificate
  • Earth Advantage Broker + ADU Specialist
  • Senior Real Estate Specialist SRES)
  • Certified Residential Specialist (CRS)
  • Five Star Professional Award (9 years)
  • Homelight Top Producer and Top Buyers' Agent
  • Nexdoor Neighborhood Favorite
  • Member of the National Association of Gay and Lesbian Real Estate Professionals (NAGLREP)
Saving the best for last, Bender, her little second chance rescue pup from SoCal is likely to tag along. He’s snuggly, pretty cute and has jumped paws first into the real estate industry. We love your referrals, and are honored every time you connect us with your people! With each person you send our way, we will make a small contribution to the Happy Planet program at Loop and Tie, as a token of our gratitude. You get to choose whether it goes to tree planting in Tanzania or removing plastic from the ocean or from rivers. Pretty cool, huh? We will take the BEST care of your folks and send a bit of good out into the world! #pet mama, #dog lover, #cat lover, #animal lover, #empty nester, #Leaf driver, #progressive, #SE Portland, #Hawthorne, #97214, #97215, #97202, #97232, #97201,#97206,#97210,#97211, #97212, #97217, #envronmentalist, #local
Read More
  • T: 503-515-5973
  • bonnie@livingroomre.com

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