Multiple offer situations returning to the market.
Seller motivation returning to the Portland Real Estate Market.
New predictions for interest rates.
If you are wanting to talk more about your 2024 home selling or home buying plans I am here for you. While this market is seeing higher activity overall, different areas/price points/types of homes have their own unique micro markets, so it’s critical that we talk one on one about what you can expect based on your own needs.
You can find my contact information below. I look forward to talking with you!
Multiple offer situations returning to the market.
Seller motivation returning to the Portland Real Estate Market.
New predictions for interest rates.
Listings are UP UP UP!!!
We are finally seeing a huge increase in listings to the market with 2,425 homes hitting the market last month, a 16% bump.
While high rates have maintained, buyer demand has been strong over the last month or so (and seem to only be increasing) and sellers are finally following suit.
Pending sales increased by 22% with 2,138 homes going under contract.
And sold homes saw an increase of 23% with 1,578 homes going to new homeowners.
Inventory went DOWN to 2.3 months which shows that even with the big boost of new listings buyer demand is so intense that the inventory is being quickly absorbed.
While we are finally seeing this new activity show in the data I will say that the new bump in activity has increased even more in the last two weeks.
At certain price points clients are seeing a huge jump in the amount of homes available to them.
BUT we are also seeing a major increase in buyer competition.
I helped one client write an offer on a home last weekend that got 15 offers and went for almost $200k over the asking price.
This was the coolest house in the hottest neighborhood but shows that we are re-entering a true hot seller’s market.
On new homes to the market that are getting a lot of activity, you can expect that they will likely sell for $50k+ over asking at this point.
But as a homebuyer don’t let this worry you too much.
This is where strategy will come into play for us.
If you want the cool home in the hot area we will just want to make sure that we are shopping well below your top budget so we have room to offer up.
And if you don’t want to deal with bidding wars we can view the great homes that are still sitting on the market from the last market and or we can view homes in the areas that are still amazing, but don’t have hoards of buyers circling them.
Also, we can talk about which homes draw a lot of attention and which ones don’t. People tend to be really drawn to homes with extra living spaces, fresh upgrades, character homes, etc. So if you are also attracted to those style of homes be ready to compete. We can also talk about how you can add those things into a home later so you don’t have to deal with that competition and can be the one to gain the equity from those upgrades.
In terms of interest rate predictions, unfortunately I don’t have the best news here. It is no longer predicted that we will see rates lower 2-3 times this year as originally predicted. Now it is said that we should only see 1-2 rate drops and that they won’t happen until late in the year.
For home sellers, this is your market. If you have been on the sidelines waiting to sell your home, now is your best chance to enter the market.
As mentioned above, buyers are out shopping and they are ready to buy.
Not every home is selling for over asking, in the first weekend, but the ones that are priced right, marketed well (things I help you with), and prepped properly, are.
If you want your house to sell with multiple offers, well over asking, with strong terms, and for it to sell quickly, listing your home in the next few months may give you the highest chance of that.
Whether buying or selling, or both, strategy and education are going to be huge in order to be successful in this new market. But luckily I am here to help you with it all.
If you want to talk about your options and your future move I am here for you. You can find my contact information below.
Buying a home in a competitive sellers market can seem intimidating. But with a good deal of preparation, education and the right real estate team to support you, you can be highly successful.
Here are 4 things you should do prior to shopping for homes:
⚫️ Meet with a lender ASAP.
Having an initial conversation with a lender about where you are financially, where you need to go and how to get there will save you so much time and headaches.
If you don’t have a go to lender, your realtor (aka me 🙋🏼♀️) can send you a few recommendations.
⚫️ Get really clear on your home wants and communicate them to who ever you may be buying with and with your real estate team.
This will also save you so much time as there is no sense in us looking at homes without a fireplace if a fireplace is a necessity to you.
⚫️ If you are starting the home buying process but don’t plan to buy for a while, look into opening a high yield savings account and put your downpayment funds and other expenses for the purchase in it.
That way you will have a specific place for saving up for your home purchase AND you will make great interest on the money adding to your funds to purchase.
⚫️ Connect with a realtor as soon as possible.
Even if you don’t plan to purchase a home for some time, the earlier you meet with a realtor the more time they have to educate you on the process.
I just met with a couple last week who don’t plan to buy till 2025 this had me excited as we have so much time to talk about the ins and outs of the home buying process, research the types of homes that could best meet there needs, and we can watch the market trends so they are clued into how homes in their area of interest are performing in the market.
If you are wanting to co-create your winning home buying strategy I am here for you. You can find my contact info below. I look forward to talking with you!
How we are seeing higher real estate market activity across the board.
The benefits of this market for sellers.
How competition is high for buyers even though rates are still high.
The NAR settlement.
The Spring real estate market is in full swing and it shows in the numbers:
New listings were up 7% last month with 2,085 homes hitting the market.
Pending sales were up 16% with 1,742 homes going under contract.
Sold home activity was up 16% with 1,284 homes going to new homeowners.
Inventory of homes went back below 3.0 months down to 2.8 months.
The average sales price also did not move much with an average of $609,000.
Overall we have been trending back to a hot sellers market and that market is here.
Even with high interest rates (which unfortunately are predicted to stay at current levels through the summer) buyers are finding new motivation and are out there and ready to buy.
If you are a potential home seller this is great news.
When we take the proper steps to prep your home, stage it, market it and most importantly price it right (this is especially important with rates still being high) we have a higher likelihood of entering into a multiple offer situation than we have seen in the last year or so.
We should see buyer activity remain high through the rest of the Spring and early Summer but it will likely tapper off as we head further into the year. So time is of the essence to some degree if you are looking to take advantage of the current market.
If you are a home buyer or someone thinking of buying a home this year, competition certainly is back.
When we find a home you love, you can expect that you will likely be competing with at least one other buyer.
But don’t fret, we have a bunch of high level negotiation strategies we can use to help you compete and win.
Also, if you have seen the news lately, you have probably heard of the NAR (National Association of Realtors) Settlement regarding agent compensation and transparency. I talk a bit about it in the video above (I believe around minute 5) but if you have any questions and or want to talk about it in more detail I am here.
And as always, if you are wanting to talk more about your Spring home buying or selling plans I am here for you. While this market is seeing higher activity overall, different areas/price points/style of homes have their own unique micro markets, so its important that we talk one on one about what you can expect based on your own needs. You can find my contact information below.
We teach you how to prepare financially, what to look for when shopping for a home, and the basics of a home buying transaction.
Have questions about the video or want to discuss your home buying plans in more detail? We would love to talk. You can find Lily’s contact information below. We look forward to helping make your home buying dreams come true!
Often when starting out the home buying process, especially with a first time home buyer, we give the process a lot of structure. And that is for good reason.
We ask home buyers to get as specific as possible with their home needs, how many bedrooms, bathrooms, whether the yard needs to be fenced or not. We ask them their ideal timeline and so many other important things.
This structure and clear path forward is important to having a stress free home buying experience.
BUT sometimes you have to be willing to have an open mind and be flexible.
Enter C and H’s home buying story.
When I first met with C & H we met very early on in their timeline which gave us plenty of time to start the education process and dial in what they were looking for in a home.
We discussed their ideal time to purchase a home and when we would plan to start the search more seriously. Which was a few months out.
But then… a few weeks later… we noticed the perfect home.
You know, the house that was priced well, super cute, well taken care of and in a great area. The home were you stand in it and go, why has no one else snatched this home up yet type home.
Luckily C & H had already started the home loan pre-approval process so we were able to act quickly, write an offer and secure them the property.
Everything went super smoothly and I was able to hand them over keys to their new home. We were sipping champagne in their new backyard after what felt like the most beautiful whirlwind of a home transaction.
The moral of the story is, it’s great to have a game plan for your home buying journey, but when the right home comes along, even if it feels “too soon” sometimes making the leap can be the best thing you ever did.
If you want to talk about your personalized home buying strategy and how we can work together please reach out. I would love to be sipping champagne with you in your backyard someday soon!
How home buyers can be set up for success in a hot market.
And what opportunities this new market will have for home sellers.
Is the Spring Real Estate Market already here?
It seems like it.
While the data in the graphic above shows low numbers for last month, things have shifted in the last week or two.
Interest rates have already started to go down and it seems like everyone is ready to go back to business as usual now that we all are pretty much recovered from the holiday madness.
With rates making their way down to the mid 6% range (most predict that they should stay in the 6% range and will not go much lower than 5.5% in 2024) many buyers have decided to re-enter or enter the market.
And we are starting to see potential sellers take notice and many are putting their homes on the market now versus waiting for the Spring.
While not everyone is waiting till Spring to make a move, if the activity over the last few weeks is any indicator, we should see a robust real estate market over the next year and certainly in the first half of the year. (We are a bit cautious about predicting high activity in the second half of the year due to the election coming up).
What does this mean if you are thinking of selling? In most cases, you can expect to have motivated buyers ready to buy your home.
However, it is important to note that with our current economy, many buyers are still hesitant when it comes to their spending, so making sure we prep your home well, market it correctly, and price it strategically will be critical.
A good deal of homes are already starting to get multiple offers in today’s market so we will do everything we can to make sure your house is one of those shiny listings everyone wants.
What does this shift in the market mean if you are a home buyer? We will want to be highly strategic in the offers we write and the type of homes we even look at.
If we toured homes in 2023 together the market will be noticeably different. Homes that sat on the market for weeks will now potentially sell in a weekend meaning you will have to make quicker decisions and likely compete with other buyers.
Don’t let this stress you out though. I helped a bunch of buyers (many were first-timers without a lot of cash to throw around) buy homes successfully in the height of the 2021-2022 market and we can do the same for you.
If you want to talk more about your 2024 home buying or selling plans I am here for you. While this market is seeing higher activity overall, different areas/price points/style of homes have their own unique sub-markets, so it’s important that we talk one-on-one about what you can expect based on your own needs.
Reach out and let’s make your real estate dreams come true.
No one knows for certain what 2024 has in store in the world of real estate. But in the video above we discuss a few widely predicted trends.
Here are a few highlights:
Interest rates are already trending downwards (whoohoo).
With this we are already showing higher motivation from home buyers which will continue to increase.
Hopefully, this means we will also see higher motivation from home sellers (as sellers notice the higher demand from buyers). Leading to more homes and more options to the market.
Meaning we can predict an active Portland Oregon Real Estate Market for most of 2024. We could potentially see the market slow down in the second half of the year, if we follow trends from past election years.
Want to discuss your potential home buying or home selling needs for 2024? I would love to connect. Reach out and we can set up a time.
You can contact me below or reach me at lily@lilyrayres.com.
All signs are pointing to a hot real estate market in 2024.
With lowering interest rates we are going to see a lot of buyers enter the real estate market. If you are someone who is looking to buy yourself, you will want to be prepared that you may have to compete when it comes to writing an offer on a home.
However, if you are someone who doesn’t have a ton of extra cash, know that you are not SOL. There are many strategies we can employ and tools you can utilize.
In the video above we discuss strategies you can use to have a competitive offer and ideally a winning offer to purchase a home.
Watch the video and then when you are ready, reach out and we can come up with your custom home buying strategy together.
You can contact me below or reach me at lily@lilyrayres.com.
Find out what’s happening in the Portland real estate market for Early-November 2023.
I’m Lily Wyss, licensed realtor with Living Room Realty, here to tell you what you need to know about the market for early December 2023.
Holiday Slump
We have officially hit our yearly holiday market slump in which people are busy getting their egg nog on, stringing up lights and attending copious holiday parties.
But if you are an active buyer in the market don’t fret. Homes are still being listed and you can find some really great opportunities.
Are you a home seller with your home still actively on the market? Don’t let this slow down scare you either. There are active buyers out in the market right now and they are the most serious and intentional people to work with who will take you from offer to the closing table.
What To Expect
What should we expect from the 2024 real estate market? While no one can predict economic conditions with much certainty in today’s world, most experts predict that we should see a robust Spring 2024 market with interest rates starting to drop as early as the beginning of the new year.
However, if you are hoping for the 2-4% interest rates of the 2021 peak market, I would not get that excited.
At a recent meeting here at Living Room, local economist Noah Blanton confirmed that we should see rates fall in the beginning half of the year to somewhere around the 6% range.
This is great news for both home buyers and home sellers as it should provide the boost to the Portland real estate market that we have all been hoping for.
Increased Competition
If this happens, as a future home seller you can likely expect home prices to rise again. At this very moment, the Median List Price for a home in Portland is around $687,000, which is still roughly $4,000 dollars more than the median list price at the peak of 2021.
If you are a home buyer we predict that you will see your home affordability rise with lowering rates but just know competition will grow again and you will be competing with other buyers to get into a home. It was recently reported that 66% of home buyers are holding off until interest rates fall (US News Reports). So when you enter the market, so will a lot of others.
Whether you are buying, selling or both preparation and education will be key to your success.
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.
Current real estate market conditions have made home affordability tough.
But with it always being my goal to provide well-rounded information about current real estate conditions so you can make empowered decisions, let’s talk about the opportunities in today’s market.
Home prices are generally lower:
Just yesterday I got a first-time home buyer under contract on a townhome. Looking at comparable properties, back in May a home with the exact same specs in the same community sold for over 30k more.
Oh, and we also got the buyer a closing credit paid by the seller to temporarily lower his interest rate.
Speaking of which…
Seller-paid closing credits:
On the majority of transactions I have helped buyers with this year, we have been successful in negotiating a large credit paid by the seller to cover a portion of the buyer’s closing costs and or temporarily buy down the buyer’s interest rate.
Contractor response time:
Right now booking inspections and contractor appointments in a timely manner has been highly dependable. With the market being generally slower, inspectors and other contractors have way better availability than super hot markets. This week we got two sets of buyers under contract and I was able to get their inspections scheduled for the next day in both cases.
This might seem like a small benefit, but getting to know the condition of the home you are buying the next day vs waiting a week is a huge stress reliever and allows us more time for fact-finding and negotiating.
Better negotiating power:
With homes sitting on the market for longer periods of time it’s made home sellers more willing to negotiate with home buyers on things like contract terms and repair needs.
You can hold on to your contingencies: In past real estate markets when things got super competitive for home buyers they became pressured to give up certain contingencies in order to win the home.
Look the best time for you to buy a home is when you are ready.
But if you are waiting to buy until interest rates drop, just know that so are 66% of other home buyers according to a US News Survey. So it could be worth us having a conversation about the opportunities in today’s market.
Either way, I am here for you. If you would like to discuss what it would look like to buy a home this winter or in 2024 I am here for you.
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4 bed | 2 bath | 2288 sq. ft. MLS# 23027270 | Taxes: $5,282.00 Lot Size: .19 Acre
