I hope you are enjoying your week. The refreshing chill in the air hopefully will not last long as the reports indicate brighter days next week!
Despite the chill, I am loving these gorgeous days as I watch many of the buds in my large yard starting to appear. I am looking forward to getting into my garden soon so that I can prepare it for all those springtime plantings!
Market And Neighborhood Updates
There is never a crystal ball in terms of determining what the current and future trends are in the Real Estate market. It was announced at our Tuesday Broker's meeting that the number of sales within our office had increased compared to last January. Most of the Agents felt that within the market has become extremely busy and many were anticipating that this year should remain quite active.
Last week we saw many more preapproved buyers starting their search. There were also a number of homes in various price ranges hitting the market. The Portland area is still experiencing a shortage of homes for sale especially for those properties priced under $350,000. If you thinking of selling, now is a great time. There are many cases where you can rent your home back for awhile or perhaps consider moving into a temporary rental.
The interest rates have been rising and they are expected to increase up to 5% this year for the 30 year conventional loans. If you are a buyer who wants to take advantage of some of those great loan programs and lower interest rates, please know that it is not impossible to get into a home now. I try to be available for immediate tours as properties come onto the market in an effort to have any potential offers accepted before the bidding wars begin.
Out of the 209 new listings in the City Of Portland that hit the market from February 5th through the 12th, 28 are already sale pending. This does not include the suburbs or any condominiums that had become available for sale.
Now that we are further beyond the Holidays, the percentages of weekly price reductions in various areas are lower than in November and December where there was a weekly average of over 48% of sellers reducing their list prices...
The Market update from Lawyer's Title included the following percentages of seller's reducing their prices last week:
--West Linn led the way on the westside with 38% followed by Beaverton's 30%. Tigard and Lake Oswego showed 33%-35%
--Percentages of reductions on the eastside were at 19%-21% in Gresham, Clackamas and Fairview. Oregon City and Happy Valley had 28%. and the largest volume was in Troutdale with 31% of sellers reducing their list price.
The Current Shortages Of Homes For Sale Is Anticipated To Remain As We Continue To Attract New Buyers
The number of people moving into Portland continues to exceed the number of residents moving out of the area. The national lists of places to be for a variety of aspects like food, climate, sports and more has many times included Portland near the top! The West Coast in general has been a magnet for those wanting to escape the higher priced and less mild climates of the East Coast. California is another area where buyers are migrating from due to their expensive housing market.
Portland's New Housing Stock Is Getting "Miniaturized"
Building permits for those Accessory Dwelling Units (Granny Flats) are catching up with the number of permits for the single family homes.
The Fastest Selling Neighborhoods