Find out what’s happening in the Portland real estate market for mid-May 2024.
Hi, I’m Kim Parmon, listing specialist and Principal Broker with Living Room Realty here to tell you what you need to know about the Portland Metro market for mid May, 2023.
Upcoming Changes
You’ve likely heard that the way real estate commissions are structured will soon be changing. Starting in August of this year, buyer agent commissions will no longer be advertised as part of a house listing’s marketing.
This means that buyers and their agents will need to agree on a compensation structure before touring properties. In the event that a seller won’t agree to pay for the buyer’s agent’s commission, the buyer would be responsible for paying for their agent’s fee as well as their down payment and closing costs. Yikes!
I am a listing agent only, and yet I still believe that working with a quality buyer’s agent is the right move for EVERYONE in a real estate transaction. Why does working with a buyer’s agent matter anyway? We’ll get to that in a second.
The Market
Despite higher mortgage interest rates sticking around longer than expected, we are still in a strong seller’s market where competition over good homes is normal. At Living Room this week the average days on market for homes was less than a week across the board!
Remember, selling your home, period, is not the goal: I can offer you $5 for your house it right now. Do you want to sell for that price? Of course not! The goal is not AN offer, it’s THE BEST offer that works for you.
As a listing agent, I want to make sure my clients are not only choosing an offer with the best price and terms, but with the greatest chance of making it to closing with the least amount of stress. Which is EXACTLY why working with a buyers agent is so important.
The Value Of A Buyer’s Agent
A strong buyer’s agent understands the current market conditions and also will be able to help a buyer research a home and talk through potential concerns before even submitting an offer in the first place, reducing the risk of the buyer walking away due to cold feet. They can help make sure the buyer is sticking to their goals and plans, that their choice of home fits within their budget, and that the buyer is aware of a host of details that they aren’t thinking about when they’re excited because they just saw a cute home that they love.
As a listing agent, I’m listening for how buyers’ agents respond to disclosure items, how they ask questions, and I’m generally interviewing them to see how adept they are at navigating potential issues during the buyer’s many contingencies.
Having a strong partner helping guide a buyer through a complicated, stressful process full of pitfalls and liability makes the chances of success (for both the buyer & seller) significantly higher. As I always tell my clients, someone can offer you hundreds of thousands of dollars above your list price, but it’s all Monopoly money until they actually close. A great buyer’s agent’s job is to help their client navigate this process and smooth out the kinks. We may be on opposite sides of a transaction, but we have the same goal: to make it to closing!
Do you have questions about why working with a buyer’s agent may or may not be the right move for you? If so, reach out! We are fiduciaries whose job it is to help you figure out the best possible moves for YOU in this market.
Make A Move
If you’re ready to make a move, call us today, we would love to help you find your next Living Room.
