August 2023 Market Update
Happy Summer!
We are returning to a pre-pandemic cadence this summer, with August seemingly slowing down as everyone goes on vacation, although we are still battling low inventory in the market - this past July saw 69 closings in Portland while last year we had 95!
Low inventory is keeping prices up, with single family homes closing up to 109% above list price. Multifamily in Portland continues to feel the impact of rent control and higher interest rates, with the 3-4 unit segment and 5+ units closing below list price. The condo market remains strong, with lots of new construction options to choose from!
Here are this months tips and tricks for success in this market:
Use extra funds for appraisal gap coverage: With low demand driving prices higher, it’s important to give assurances to the sellers that you can close at the price at which you are offering.
Be open to off market opportunities: Off market can be a win/win for buyers and sellers. Sellers can set their “off market price” to ensure they are still getting a good value for their home while not doing all the work and experiencing the intrusion that comes with bringing a home to market while buyers face less competition and have more opportunities to get a home under contract.
Learn how to leverage your equity: If you have been in your home for a while, consider a conversation with a trusted resource on how to best leverage your equity for future financial stability.
Curious about the market or about your specific situation? We’re always happy to have a low pressure conversation about your unique situation and help you make a plan for success that works for you.
Recent Successes
Off market multis. We’ve had multiple buyers put incredible investment opportunities under contract, with no competition, both on and off market!
Under contract with a home to sell. Yet again, we have put buyers under contract with a home to sell. Preparation was key, as they put in work up front to ensure their home sold quickly and for top dollar.
Under contract in Greater Portland with no competition. Communication with the listing broker was key, as we learned a contract had fallen through before it was brought back to market, allowing us to get under contact at list price!
Daymark opportunities. Daymark is offering a summer incentive of $10k! Now that the building is fully complete, it's easy to see why so many owners love living there.