By Living Room Realty, August 4, 2021
Hi, Readers!
We’re on the cusp of what I believe to be the best season – autumn. Coming off a hot hot hot summer, this one will be welcome for a few reasons. One big one is that the market is indicating a shift and is starting to feel a little more “normal.”* By that I mean we are seeing properties spending more time on market and price adjustments happening with increased frequency. The fatigued buyer base took a step back, meanwhile sellers took a step forward. I’m seeing more inventory on the Portland market than I have in months. Thank you Baby Jesus! It’ll be interesting to see what the inventory levels report for this month and next.
What’s this mean for the fall market? In short – it’s still going to be nuts. Every July we experience a noticeable market slowdown: vacations happen, families get ready for back to school and people don’t want to move in September — just too much going on. The watercooler talk around my brokerage’s table landed on most of us gearing up for a very busy fall and winter after a short respite. Interest rates continue to be incredible, and chances are there will be some leftover inventory with motivated sellers looking to unload their listing. That gives buyers opportunity to negotiate in price, since that’s most often what’s holding property from selling in the first place.
For you data wonks out there, HERE is a quick real-time look at the Portland market, and HERE is what the RMLS data shows. Reach out if you want to go over anything in greater detail. Here for you!
Till then, high fives,
*The market hasn’t been “normal” as long as I’ve been in real estate.
