Tag: Portland real estate market update video

Portland Real Estate Market Update mid-Mid 2024

Posted on by Kim Parmon

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.

 

Portland Market Update Early-April 2024

Posted on by Gabrielle Enfield

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.

 

Portland Market Update Late-March 2024

Posted on by LeAnn Raschke

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.

 

A Real Estate Market Update in Less than 90 Seconds

Posted on by Lily Ray Wyss

What we discuss:

The Spring Real Estate Market already coming to town.

How home buyers can be set up for success in a hot market.

And what opportunities this new market will have for home sellers.

Want to co create your winning home buying and or home selling strategy together? Let’s chat. Reach out at the contact information below.