The Oregonian’s real estate section (see HERE for article) has noted what agents are seeing at the ground level: market times are rising while the housing inventory remains low. Market conditions are still beneficial for sellers, as the low housing supply and rising prices make for a strong sellers’ market. However, the apex of the buying frenzy may already be over; as the article observes, “where two years ago a home might have…attracted 7 or 8 offers, it might now get 2 or 3.”
This decreased competitiveness on the buying side may encourage certain sellers to list their homes. Sellers who also want to purchase in the Portland area may have been hesitant to put their homes on the market, fearing a quick sale on their home but no available houses to purchase upon their closing. While the low inventory and high prices still provide great conditions for these sellers, the reduced competition of the Portland market gives their purchase a softer landing.
In the last few months I’ve successfully helped several clients with this exact situation: selling their home and then immediately purchasing a new one in the Portland Metro Area. If you have any question on how these shifting market conditions impact your real estate situation, please don’t hesitate to reach out to me. I would love to assist!