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Portland Real Estate Market May 2024

May 1, 2024 by Jessica Berger and Tekela Fisher Leave a Comment

Navigating Portland’s Dynamic Market in 2024

It’s May which means it is time to look back on the previous month and analyze the real estate trends and market conditions. As we venture deeper into 2024, the Portland real estate market is showing signs of holding steady. While rates had started coming down, beacause of the positive jobs report and increased inflation, they went back up into the 7s again. This has again led to some uncertainty in the market. There are still buyers in the market, but the buyer pool is smaller than it typically is this time of year. We are still seeing appreciation month over month, up 2.3% from the previous month. Inventory still continues to be the main driving factor driving home prices upwards. If we do see rates stay down continuously, expect to see appreciation jump into the 5-6% range.

The Most and Least Expensive Homes Sold Last Month

The Portland real estate market is diverse, ranging from luxury to affordability. Last month’s sales highlight this range vividly.

An exemplar of luxury, the most expensive home sold last month in Portland was located in King Heights. This beautiful property has 6 bedrooms, 7 full bathrooms and 1 half bathroom. With over 8900 square feet this home sits on just under 1 acre. This home sold for a remarkable $4,558,000. There were 4 other homes that sold in Portland last month for over 2 million showcasing the strength of Portland’s high-end market.

Contrasting this luxury, the least expensive home sold offers a glimpse into the market’s affordability. Situated in SE Portland, this cottage has 3 bedrooms and 1 bathroom. The home also has just over 1100 sqft and sold for just $249,000. The home definitely needs a little bit of work, but if you are willing to do some sweat equity, this home was a great deal! There were multiple other homes that sold for under $250,000 but they were either condemned or tear-downs. There were however multiple cute homes in the $250-$300K range.

For Sellers: Seizing the Moment

While this spring market has not been as hot as markets in the past couple years we are still seeing multiple offers on homes that are priced well and showing well. This often means that the homes are fully or partially staged. The buyers that we are seeing in the market are very well qualified which leads to fewer sales falling apart. This is good news as sellers so if you are considering a sale. Now could be the perfect time.

For Buyers: Know your Strength

Inventory and interest rates have led to a less than ideal market for buyers this spring. Top economists were expecting rates to come down to ease affordability concerns but unfortunately they have held steady in the high 6% to low 7% range. With low inventory some homes are still seeing multiple offers so if you are looking in the 500-800 range and in the highly coveted neighborhoods, expect to be writing against other buyers. The good news is if you are open to doing some finishing work or painting, you can likely get a good deal and have the seller buy down your interest rate.

Tailored Advice and Guidance

Whether you’re looking to buy, sell, or simply explore your options in Portland’s real estate market, personalized advice is key. For strategies, market timing, affordability, or property valuation, feel free to reach out. Together, we can navigate the evolving landscape of Portland’s real estate market in 2024.

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Is buying before you sell the right move?

March 11, 2024 by Jessica Berger and Tekela Fisher Leave a Comment

For many homeowners, the prospect of selling their current home before purchasing a new one is daunting. This can be due to the uncertainties around finding the right home, timing mismatches, and general uncertainties involved. However, buying a new home before selling your existing property can offer a seamless transition, eliminating the need for temporary housing and ensuring a smooth one time move. With real estate becoming more competitive, its important to do everything you can to stand out from the crowd on both the buying and the selling side. Let’s explore various strategies and considerations for homeowners looking to buy before they sell, ensuring a stress-free and coordinated moving experience.

1. Bridge Loans

A bridge loan is a short-term financing option that allows homeowners to leverage the equity in their current home to finance the purchase of a new property. This loan essentially “bridges” the gap between the sale of your old home and the purchase of your new one. Bridge loans are ideal for those who need to move quickly, such as for a job relocation, and can’t wait to sell their current home. While bridge loans offer flexibility and speed, they also come with higher interest rates and costs, so it’s essential to consider your financial situation carefully.

2. Home Equity Lines of Credit (HELOC)

For homeowners with significant equity in their current home, a Home Equity Line of Credit (HELOC) can provide the funds needed to purchase a new home before selling. HELOCs typically offer lower interest rates than bridge loans and provide flexible access to funds. However, you’ll want to fully repay the HELOC with the sale of your home, so its important to compare your equity to what you’ll need for your next down payment.

3. Contingent Offers

Placing a contingent offer on a new home means your offer is conditional upon selling your current property. This strategy can provide peace of mind, ensuring you won’t be stuck with two mortgages. However, contingent offers are less attractive to sellers in a competitive market, as they carry more risk and uncertainty. It’s essential to work closely with a real estate agent to navigate this approach effectively.

4. Leveraging Technology and Real Estate Platforms

Several real estate platforms and services now cater to homeowners looking to buy before they sell, offering innovative solutions that streamline the process. Some services provide cash advances for new home purchases or offer to buy your current home outright, allowing you to move on your timeline. Researching and leveraging these options can significantly simplify your transition.

Regardless of the strategy you choose, careful planning and preparation are crucial. Start by assessing your financial situation, understanding the value of your current home, and exploring your new home’s market. Working with a knowledgeable real estate agent can provide you with the insights and support needed to navigate these options successfully.

wanting more ideas? Check out our handy guide with even more tips HERE

Portland Real Estate Market Feb 2024: Trends, Extremes, and Opportunities

February 1, 2024 by Jessica Berger and Tekela Fisher Leave a Comment

Navigating Portland’s Dynamic Market in 2024

It’s February which means it is time to look back on the previous month and analyze the real estate trends and market conditions. As we venture deeper into 2024, the Portland real estate market is showing signs of significant change. The last few months have seen a drop in interest rates, resulting in an increased influx of buyers. Although rates are higher than the lows of 2021, there’s an emerging acceptance of these figures as the new normal. Reflecting on 2023, a year marked by a downturn in real estate, it’s notable that the average home price still rose by 3.5%. With the recent increase in market activity, we’re anticipating an appreciation of over 5% in 2024, a projection in line with most economists’ expectations.

The Most and Least Expensive Homes Sold Last Month

The Portland real estate market is diverse, ranging from luxury to affordability. Last month’s sales highlight this range vividly.

An exemplar of luxury, the most expensive home sold last month in Portland was located in Dunthorpe. This stunning property, with 5 bedrooms and 4 bathrooms and 3 half bathrooms over 7450 square feet, sat on 1.1 Acres. This home sold for a remarkable $3,250,000 showcasing the strength of Portland’s high-end market.

Contrasting this luxury, the least expensive home sold offers a glimpse into the market’s affordability. Situated in NE Portland, this cottage with 1bedroom and 1 bathroom, and a total area of 640 sqft, sold for just $298,000. Despite its modesty, it was cute, move in ready and had a large yard, proving that the Portland market caters to a wide range of budgets.