During these uncertain times, we’d like to provide a little bit of consistency with a more frequent market update to keep you apprised of what’s happening in the Portland real estate market.
from Kathy MacNaughton
The number of pending sales are down approximately 35% from last month and listing inventory is up approximately 15%. With this said, on average, there has been the same number of weekly pending sales for each of the past 4 weeks so the market seems to have stabilized after a sudden large velocity decline in mid-March.
Sale prices of pending sales will not be known until these sales have closed but my educated hunch is that market values have dropped only 1% to 3% for homes priced under $700,000 and more than 1% to 3% for homes above $700,000. The good news is that we are not seeing significant market value declines.
The homes that are selling really well are in buttoned-up, move-in condition, so if you are thinking of selling this year let us advise and help you get your home ready for the market. I understand that for some homes, pre-list fix ups just aren’t feasible or even a good idea and I will expertly and compassionately formulate a selling plan that is the best for you.
Looking a couple of months ahead: My theory is the usual peak selling season which usually occurs in spring will shift to this summer through early fall.
Typically March 1st through May 30th (3 months) is the ideal time to list a home in greater Portland because in past years prices have peaked during these 3 months. I predict that for 2020, this peak period will simply move out and occur between June 1 through Sept. 30th (4 months versus 3 months for previous years.) It will be 1 month longer but total pending sales could end up being fairly equal to what they were last year.
Mathew Gardner, Windermere’s Chief Economist, is predicting a 2.5% increase in overall market values for 2020 though higher end home’s values will likely remain flat.
A GREAT TIME FOR VA BUYERS!
from Breylan Deal-Eriksen
Less buyer activity may mean it’s a good time to shop for a home if you’re planning to utilize a VA loan. We are not seeing as many multiple offer situations as 2020 had started out with, which means there’s a better chance that a seller would be open to a longer escrow period, or offers that historically have been harder to get accepted during a tight seller’s market.
VA loans are great loans, and provide an amazing opportunity to our Veterans to establish homeownership without a lot of upfront costs. In the recent past its been difficult for VA buyers to compete as the process can sometimes take a few more days than a typical conventional loan would, and there are more escape options in place for VA buyers in regards to financing. In the past two weeks, we have been able to get two different VA buyer offers accepted on wonderful homes without competing in multiple offers. Considering buying? We would love to help!
PREP YOUR HOME FOR SALE
If you are thinking about selling your home, now is a great time to take care of some exterior home maintenance items such as exterior painting, window cleaning, roof and gutter cleaning, pressure washing, and landscaping. We are pleased to offer you our Concierge Real Estate Services at this time and help to coordinate any exterior work that you need completed with our tried and trusted vendors.
Additionally, once the COVID-19 Stay at Home regulations have been relaxed, we would be happy to visit your home and make recommendations for interior improvements to prepare for selling your home while taking proper precautions to ensure everyone’s health and safety. We will advise you on what are the most cost effective repairs and improvements to ensure top market value and a timely sale.
Below is an example of one of the homes that Breylan listed on the market last week and received an offer within 24 hours. It’s a wonderful example of what pre-listing work our team can manage, and what a difference it can make to have your home in market ready condition. We worked with our seller and vendors to have the following items completed: interior and exterior painting, landscape clean-up, window cleaning inside and outside, interior deep cleaning, and professional staging.
HOW CAN YOU HELP OUR COMMUNITY?
While many of our local food banks, pantries, and meal services are not able to accept personal food donations at this time, they are still up and running to provide food and meals to our community members. Help is desperately needed and below are two local organizations that are accepting online cash donations.
OREGON FOOD BANK
Oregon Food Bank’s #EmergeStronger Challenge aims to raise $1,000,000 to supercharge Oregon Food Bank’s capacity in response to COVID-19. Your donation will help their network ensure that we not only survive this pandemic, but that — on the other side — everyone in our community has access to food, healthcare, housing and economic security. To end hunger for good.
MEALS ON WHEELS PEOPLE
With so many older adults in our community now confined to their homes, the demand for Meals On Wheels People’s service is skyrocketing. They have been able to meet the need up to this point; however, they are incurring additional expenses to meet this unprecedented need and are unclear what the future holds.
SOME OF OUR RECENT PENDING SALES
We are still closing transactions, listing homes and working with buyers while taking steps to reduce the spread of the virus. We even had 6 listings go on the market over the last month that now have accepted offers!
6311 N VANCOUVER AVENUE
PORTLAND, OR 97217
2 beds | 1 baths
1,535 sq. ft.
1809 NE KLICKITAT STREET
PORTLAND, OR 97212
3 beds | 2.1 baths
2,601 sq. ft.
2805 SW RUTLAND TERRACE
PORTLAND, OR 97205
4 beds | 2.1 baths
2,878 sq. ft.
2524 SE MARIPOSA COURT
HILLSBOROR, OR 97123
3 beds | 2 baths
1,316 sq. ft.
2748 NW QUIMBY STREET
PORTLAND, OR 97210
3 beds | 2 baths
1,545 sq. ft.
11670 SE AERIE CRESCENT ROAD
HAPPY VALLEY, OR 97086
4 beds | 2.1 baths
2,989 sq. ft.
We are here to help you with your real estate needs. More than ever, our Concierge Real Estate Services truly set us apart and define our commitment to you and your family.
Please continue to practice physical distancing, but keep in touch with me socially! Call me and let’s talk!