By Erika George & Kari McGee, October 6, 2020
If you’ve been reading our blogs from years past, you may recall us saying that September and October are some of the best months of the year to purchase home. Buyers often have leverage at this time of year when over-priced summer inventory can be found at great prices as sellers become more and more nervous about failing to sell. September & October tend to be awesome months to find sleeper properties!
Fall 2020
This year however, is a whole other ball game! While our spring selling season got off to a slow start due to Covid, Portland area buyers are definitely making up for lost time. It’s been a HOT summer real estate market and that trend is showing no signs of stopping as we settle in to fall. Buyers continue to value the home buying power of incredibly low interest rates, inventory remains painfully almost non-existent, and our September home buying stats are breaking records! So are there any buyer leverage opportunities out there right now? Yes, yes there are if you 1. pay attention and 2. get lucky!
Buyer Trends
Our very savvy first time home buyers Sarah and Travis definitely got lucky, but also were smart enough to know where to look. They had zoned in on the Hyland Hills neighborhood of Beaverton as their first choice neighborhood but given the high volume of traffic we experienced when touring the area homes for sale, it was clear that many other buyers had made the same decision! Thankfully, Sarah and Travis got lucky in that four new listings hit the market at the same time. Three of the homes were in remodeled, turn-key condition. This type of home has a huge buyer audience at the moment and we are in a strong trend of a lack of buyer interest in properties that need work – even cosmetic work.
It was clear to us that showing traffic for the pretty, remodeled homes was off the charts, but the fourth property was sitting quietly, patiently waiting for its new owners. It was the rare and elusive 2020 sleeper property!
The home was being sold as an estate sale: slightly frumpy, needing cosmetic updates, not professionally staged, and so easy to over look… But oh the exceptional quality of this home!
The park-like back yard, the third full bathroom (so rare for the price point), and the fabulous floor plan all contributed to a property that felt less like a “first time home buyer home” and more of an “almost forever home buyer home”! Sarah and Travis instinctively knew not to waste time in a bidding war for one of the remodeled properties and quickly wrote a strong offer on what is now their first home.
Nice work Sarah and Travis on snagging one of the elusive 2020 sleeper properties, with no competition!
If you’d like some guidance on how to look for those rare 2020 sleeper properties, we’d be happy to assist you! Give us a call.
Kari & Erika
971.322.6612
Erika & Kari
Broker-Esquire | Principal Broker | Seniors Real Estate Specialists | OR
Erika George and Kari McGee are the highly skilled HouseLove PDX team at Living Room Realty in Portland, OR.
As designated Seniors Real Estate Specialists (SRES®), Kari and Erika help Seniors and their families navigate aging in place, downsizing, multigenerational housing, senior community living options, and probate sales. These exceptional real estate agents will help you prepare for life’s transitions with compassion and expert guidance. Principal Broker Kari McGee is an 11-year Portland Monthly 5-Star Realtor® and has helped clients successfully navigate the evolving Portland real estate market for almost two decades. Realtor® Erika George brings to the table 20 years of experience as an attorney specializing in construction and contracts and has been a full-service real estate broker since 2013. These experienced real estate agents will help you prepare for life’s transitions with a customized plan designed for your specific goals. Erika and Kari's in-depth market knowledge and savvy data analysis will help you make educated, pro-active decisions that will reduce stress and provide better outcomes for your real estate needs. Given our foremost duty as a fiduciary, be assured that your best interests will always be at the very center of every decision we make together. And, as the great-granddaughters (they're cousins!) of a professional baker, don’t be surprised if your real estate transaction with Erika and Kari comes complete with pie, cookies, or the best homemade toffee in the world. 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 Team@HouseLovePDX.com www.houselovepdx.com- T: 503-349-5449
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- Team@HouseLovePDX.com
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503-961-8224