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.
Find out what’s happening in the Portland real estate market for Early-April 2024.
Hi, I’m Gabrielle Enfield, Real Estate Magician at Working Magic Group and Oregon Broker for Living Room Realty, here to give you the scoop as we enter peak real estate season here in Portland, Oregon.
A Major Shakeup?
Headlines may make you think there’s commotion happening in the real estate world. In short, the National Association of Realtors is facing a Department of Justice settlement tied to buyer agent fees and how they’re communicated, as well as the agreements that need to be in place before a buyer can tour a home for sale with a licensed agent.
While it may sound like a shakeup, it’s really just putting a bold underline on what we – as licensed agents in the Northwest – have been doing all along, especially here at Living Room Realty.
It’s tied to client advocacy and what’s in their best interests, while clearly communicating the value we, as Realtor Fiduciaries, have in one of life’s biggest decision making moments. Right now, we are in a wait and see period, with regulatory changes expected in July. If you have questions or want to discuss your options and what this means for you, please reach out, we are here to help.
Buyers
Now, onto the really juicy stuff – what’s happening in our local real estate market?
At this week’s Living Room team meeting, our agents put gobs of homes under contract, representing mostly buyers. So if you were wondering if now’s the right time to hit the touring circuit – the answer’s a big old yes! Really, anytime you’re ready to enter the real estate market is a good time, it all just comes down to the strategic levers you and your agent can pull.
Here’s the deal…. if you run the numbers on a home that you could see yourself in for the next few years, and you can afford it now, you should probably make a play for it. Rates are expected to head below six percent sometime in the future. The minute they do, buyers are going to rush forward and create a very competitive landscape. This will likely push pricing further upward and in some cases further out of reach. You being the smarty pants you are, you’ll have the option to refinance on your rad house down the line.
Let’s Look At The Numbers
Right now, at Living Room, homes under contract averaged 2 offers, and went for roughly $15,000 over asking with an average pending price is $702,000 dollars
Across Portland Metro, the market action index is hovering around 47, still tipping in favor of sellers. Median days on market is 42. The median listing price for new listings is $675k – that’s about 40 grand more than this time last year.
Get Your Home On The Market
No matter the political or economic climate, real estate operates on a somewhat predictable cycle. If you’re thinking about selling, NOW is the time for action. It’s important to have your house on the market before the first week in July. After that, we Oregonians goof off and want to be settled before fall routines kick in.
An advocate like me will help you identify your punch-list to get your house ready for its close up. You’d be amazed what changing the front door color does for a place – my favorite is saffron yellow. 3 cheers for color!
Make A Move
Real estate is a lot, and takes practice, precision and market intelligence. If you’re feeling like you’re ready to make a move , call us today! We’d love to help you find your next Living Room.
Find out what’s happening in the Portland real estate market for Late-March 2024.
Hi I’m LeAnn Raschke, a licensed OR & WA broker at Living Room Realty, here to tell you what you need to know about the market for late March 2024.
The Spring Market
With the re-emergence of the sun, the first day of Spring, and the cherry blossoms afoot, it’s hard not to notice Portlanders have a bit more pep in their step! Welcome to the spring real estate season, where the chill of winter thaws, and a new cycle of opportunity begins!
For Sellers, Spring is typically the ideal time to list your home. With longer days, warmer temperatures and gardens blooming, properties tend to show better, attracting more potential buyers.
With that, over the last 2.5 months, we’ve seen new listings slowly make their way to market. There has been an average of 72 new listings per week across the entire Portland Metro Market since the beginning of 2024.
Competition Returns
So, just as the Spring brings warmer weather, it also brings competition.
Buyers have now adjusted to the 6.5 – 7% interest rates, and they are awakening from their winter hibernation.
In our office, which holds the number one market share in Portland, we’re seeing multiple offers on new listings that are priced well and move-in ready.
Many lending experts are predicting that we won’t see rates fall much further through the end of the summer.
In this ramp up to a busy season, it’s crucial for buyers to act fast and for sellers to price their homes strategically.
Connect With Your Agent
Buyers, in this market, now more than ever, it is crucial to have a knowledgeable buyers agent on your team. We will help you navigate this wild time by providing up-to-date information on new market listings, getting you to the negotiating table with strategically strong offers and guiding you gently through to closing.
If the buzz of competition isn’t for you, this is a great time to schedule a strategy session with your agent to examine your home buying goals so you’re in a better position when you are ready to take flight.
Make A Move
Whether you’re buying, selling, or simply dreaming about your next move, give us a call today. We’d love to help you find your next Living Room.
Spring isn’t on its way… it is fully here. At least within the world of real estate.
New listings went up by a whopping 89% last month.
With pending sales trailing behind with an increase of 14%.
Sold home activity decreased by 15%. Though that is more exemplarily of the market we are coming out of as sold home data, by its nature, always lags.
We did see home inventory go up to 3.2 months which is great news for home buyers who have been waiting to see more options hit the market!
Here is what I am seeing in the market and hearing from other realtors:
It’s HOT out here.
One realtor in my office mentioned a listing her clients wrote an offer on that got 7 offers and she estimates that the home went pending at at least $50,000 over asking.
Another realtor mentioned 30+ parties coming through her listing.
Not every listing is getting this level of activity but it does show that we are heading in the right direction towards a hot market.
Here’s how you can make the most out of this new market as a future home seller:
Price is going to be key.
As the market heats up, it will be tempting to list your home at your ideal dream price. But while things are getting competitive on the buyer side, not every listing is getting intense action.
It is really key that we price your home at a price that works for you, but also entice buyers and gets the most amount of people through your door.
We want your house to be the one that gets 30+ showings.
We will also implement a high-level strategy for marketing (this is where I come in) and a strategy to properly prep your home so it shines.
Here is how you can be successful as a buyer in this new market:
Preparation, education, and strategy will be key.
If you are reading this email you are already doing great when it comes to the preparation and education portion.
Having a high level of knowledge about market trends will be extremely helpful.
And the same thing goes when it comes to preparation. Getting your finances in order with a lender before shopping will be needed in this fast-paced market.
And then strategy. As we enter a market where you may write an offer on multiple homes before getting an accepted offer, it’s important that we set expectations of this new market reality and that we are being super strategic about what homes we look at and how we write our offers.
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 submarkets, so it’s important that we talk one-on-one about what you can expect based on your own needs.
Contact me below and let’s co-create your custom home buying and or selling strategy.
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
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.
Hi, I’m Tracey Henkels, principal broker at Living Room Realty, here to tell you what you need to know about the Market for late January, 2024
I don’t know about you but I’m having major de jevu!
2008 All Over Again?
The last few years the real estate market has felt shockingly akin to the days of the subprime mortgage crisis of 2008. Let’s look back at the stats for the Portland Metro area to see just how similar the numbers are: In 2021, before interest rates started rising, the number of closed transactions was 35,182 – compared to only 20,941 transactions in 2023 when interest rates hit a high of 8%.
That’s over a 40% decrease within a 3-year timeframe and nearly IDENTICAL to the contraction we saw when shit hit the fan in 2008.
Ok, check this out: In 2006 there were 32,403 transactions closed. By 2008, it dropped drastically to 19,132. Again, a 40% decrease over 3 years.
What About Interest Rates?
The good news: this year is going to be a GORGEOUS time to make a move! All signs are pointing towards interest rates continuing to drop throughout 2024 and into 2025. Many are predicting that rates could even drop below 6% by the end of this year!
With that in mind, let’s do a quick recap of the concept of supply and demand.
As real estate agents, we don’t set the price – in fact, the seller doesn’t even really determine the price. It is based on the “demand” in the market, driven by the volume of buyers. And “supply” which is simply the available homes for sale. With so many buyers AND sellers waiting…and waiting and waiting some more…, we are soon going to have the largest pool of buyers in U.S. history! With very little inventory to show (or sell) unless sellers finally get off the fence.
So what does that mean for you?
Whether you’re a buyer or seller, the longer you wait, the more competitive it’s going to be, as the inventory of homes remains low, but the demand continues to rise along with the prices. Waiting to try and time the market until interest rates drop to 5.5 – 6% may sound like a good option, but my advice to both buyers and sellers would be to get in the game now before the flood gates open.
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.
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.
