Portland Metro Area Housing Market, not for the Faint of Heart

Posted on by Angela Willner in Articles Comments Off on Portland Metro Area Housing Market, not for the Faint of Heart

According to the most current RMLS Market Watch Report for January 2016 the current Portland Metro area inventory is 1.6 months. This is a significant decrease from 2015 when the January inventory was 3.4. or the inventory of January 2014 which was 4.1.

But exactly what does this number mean for consumers in the housing market?  Low inventory creates competition which drives up prices creating a seller’s market.  Over the past several months we have seen media coverage reporting housing prices are on the rise and buyers are being outbid by the competition.  The Hawthorne Neighborhood in Portland even made national news being named one of the top neighborhoods in the nation due to the demand for housing.  Many agents have noted on social media and on real estate blogs that buyers are being outbid and homes are going for 10’s of thousands of dollars over asking price.  More than once recently I have heard experienced realtors comment, “the current housing market is not for the faint of heart.”

Knowing that inventory is low, competition is fierce, and rental prices on the rise what is a home buyer to do?  Now more than ever it is essential that you have a trusted real estate professional on your side.  Unlike the Portland Metro housing market of years past, a person hoping to buy a home will not simply write an offer and negotiate through the transaction. It is likely they may need to submit numerous offers before beating out the competition.

Considering buying a home, don’t shy away from home buying, but come to the market prepared.  First and foremost find a real estate professional you trust. Home buyers in this market need an advocate who will take the time to understand their needs.  Buyers will need an effective communicator who is organized and on top of this fast paced market. Because of the lack of inventory and fast paced movement of sales it is important that buyers have come to market ready.  Prior to home shopping have a pre-approval in hand from your lender, research your preferred location, research the schools, parks, or other elements of consideration prior to your move, and finally communicate these needs with real estate broker prior to heading out to search.  Homes are selling in days rather than weeks. There is no time to waste!

Another interesting question in this hot seller’s market is why is the inventory continuing to stay low?  If prices are high and demand is higher why aren’t more home owners placing their homes on the market? Simply put, where will these home sellers go?  It is likely if their home has been cleaned and prepped for sale and it is priced right it will sell in a matter of days. Then what?  The seller now becomes the buyer and has to brave this highly competitive market.  This keeps home owners leery and hesitant.

Home owners who are considering selling, now is the time.  You will benefit from the current market prices and lack of competition.  Sellers currently have the upper hand in the market. Partner with your real estate professional when selling your home, let buyers know that the sale of your home is dependent upon you finding a replacement home, request a long closing period, or include a rent back option in your sales agreement. There are options out there to make a home sale less stressful in this market.

Inventory is the key. The Portland Metro Area housing market needs more homes for sale. If you have considered selling reach out to a real estate professional today for guidance.  Braving the buying market? It will be okay. Do your homework, arm yourself with a great broker, and buckle up for ride. Home ownership is worth it in the end.

The team at Willner Properties is here to help. Please feel free to email or call us anytime.


Latest Real Estate Market Report (October)

Posted on by Cody Willner in Real Estate Market Report Comments Off on Latest Real Estate Market Report (October)

Portland Real Estate Market Numbers (October)

Here is the latest real estate market report for the Portland Metro Area.

The numbers for September are very similar to that of August. We are starting to see the inventory climb just a little bit, which usually happens around this time of year. The 4.6 months of inventory is still a very low number. The time on market for listings went up just 5 days compared to August. The average sales price is essentially unchanged compared to August, too.

We have been seeing an influx of real estate investors over the past month. Many of them have “come off the fence” and realized that this is one of the best times they could buy an investment property. Interest rates continue to remain low, which makes it much more attractive for both buyers and investors.

If you have any questions about this report or any real estate topic, please don’t hesitate to contact us.


Forest Grove Listing – Fantastic Deal

Posted on by Cody Willner in Featured, Listings Comments Off on Forest Grove Listing – Fantastic Deal

This is a very nice listing that we have in Forest Grove for a great price. Very nice 4-bedroom, 2.1-bath home on quiet street that is close to park. High ceilings throughout, vaulted master, stainless steel appliances, and more. It’s a great floor plan and a must see! Call us today!


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Latest Real Estate Market Report (September)

Posted on by Cody Willner in Featured, Real Estate Market Report Comments Off on Latest Real Estate Market Report (September)

Portland Real Estate Market Numbers (September)

Here is the latest real estate market report for the Portland Metro Area.

As you can see from the report below, in August 2012, we had 2,311 closed sales, which was the highest we’ve seen since 2007. That’s a 28% increase from last August. This is great news for our local real estate market! Along with that, pending sales are up 9.1% from last year at this time and the listing inventory is down to 3.9 months. Sales prices are also up 2.7% compared to last August.

So what does these numbers and figures mean to buyers and sellers in our area? For sellers this is great news. Prices are rising, which means they’ll get more for their home than they could have a year ago. Inventory is low, which means the number of other active listings will only last 3.9 months at these current closed sales numbers. For buyers, the mortgage interest rates are still incredibly low! And although home prices are starting to climb back up, they are still at some of the lowest levels we’ve seen in the last decade. The only thing buyers need to realize that a home that they want might not be on the market for very long. If they see a property that catches their eyes, they need to strongly consider writing an offer on it sooner than later. Our team has had it happen on several occasions where the buyer wanted to wait a few days or even weeks before they decide to write an offer on a property they really wanted, only to have another buyer swoop in and write an offer that gets accepted by the seller. We understand that buying a home is a huge decision and that some thought needs to go into it, but don’t say we didn’t warn you if it gets an offer!

If you have any questions about this report or any real estate topic, please don’t hesitate to contact us.


Forest Grove Listing – Entertainer’s Delight

Posted on by Cody Willner in Listings Comments Off on Forest Grove Listing – Entertainer’s Delight

Here’s one of our great Forest Grove listings: Entertainers delight! Beautifully remodeled with 4 bedrooms, 2.1 bathrooms. Large, open rooms including bonus room with pool table (stays with home). All new wood work, slab granite, stainless steel appliances, new roof, furnace, and heat pump. Solar heated in-ground pool installed in 2008. RV Parking. All in very desirable Forest Gale Heights.


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April 2012 Portland Housing Market Infographic

Posted on by Cody Willner in Articles, Featured Comments Off on April 2012 Portland Housing Market Infographic

Want an easy way to understand the Portland housing market? Look no further than the infographic provided by RE/MAX Equity Group and RMLS.

April 2012 Portland Real Estate Market Infographic


Latest Market Report (November 2011)

Posted on by Cody Willner in Articles, Featured Comments Off on Latest Market Report (November 2011)

Here is the latest market report for the Portland Metro area.
NovemberPortlandRMLSNumbers
Washington County detailed statistics can be found here:
NovemberWashCountyMarketTrendsRMLS


We’re Updating Still

Posted on by Cody Willner in Articles, Featured Comments Off on We’re Updating Still

Sorry for the delay, but we’re updating the website. Getting things transferred over to the new site is taking longer than expected. Look for everything to be up, including ALL of our listings by 11/7. I hope to have a good search page up by then, too. For the time being, you can access the search page, but it does take you to realtor.com. You can also go to www.rmls.com (For Portland/Eugene) and www.wvmls.com (For Corvallis/Salem) for your search needs.

Thanks for understanding. If you have any questions, please call us at 503-495-3489 or email us.