October 2023 Market Update
The shift is here.
In what feels like an almost overnight change, we have seen the shift in the market we have all been bracing for. This does not mean values are plummeting or people are losing equity in their homes. Instead, buyers are accepting that higher interest rates are here to stay. With that pressure, buyers are becoming pickier about their homes and are more content to stay put until the right home comes along. Sellers, on the other hand, need to work harder than ever to put their best foot forward to produce a top of market product to ensure they receive the most value for their home. While demand for homes remains high among active buyers, they want a strong correlation between top dollar and a move in ready product. A seller who lists their home at the top of their range without putting in the work to make it stand out will likely suffer from more days on market and not be in as strong of a negotiating position. Conversely, sellers who put the work in to make their home shine will still experience top dollar and a smooth under contract process. Now more than ever, the market will speak to tell you what your home is worth.
So what does this shift mean for both buyers and sellers? Opportunities abound. Remaining persistent and open to creative avenues will ensure the best outcome possible. Working with someone that can optimize your situation is key.
In Portland specifically, the multifamily market has cooled. We are seeing longer days on market (15+) and, in September, there were no closings over 5 units. I spoke last month of the cooling of the Portland condo market, with more and more options becoming available. Condo prices are up 13% (as compared to September 2022), but sellers should expect sales to take a little longer than they have the past few years. Portland single family remains strong!
If you would like more information on buying or selling, including a complimentary analysis of your property’s current value & action plan tailored to your unique situation, please reach out today!
Here are this months tips and tricks for success in this market:
Consider Concierge: We are excited to share our newest offering: Listing Concierge. This service offers immediate connections to necessary contractors, a pre-listing inspection, professional staging, additional marketing, and more!
Have a plan: Work with an agent who can help you put together a comprehensive plan. Sellers, know where you are going after closing so you can build in any requests for timing up front. Buyers, spend the time up front figuring out your non-negotiables and upper limits to ensure you don’t get in over your head.
Take a break: This is a marathon, not a sprint. At some point in the process, many buyers will feel the urge to be more competitive than their comfort level truly allows in an effort to be done with the home buying process. No home is worth being house poor over. Feeling tired from this process? Take the weekend off and trust that we are keeping an eye out and will make sure you don’t miss anything.
Recent Successes
Under contract in the first week. Our buyer came to us with a tight time frame for moving and we were able to get them under contract on their first try, within their first week of looking!
Under contact with multiple offers. Our seller went all out (pre-listing inspections, professional staging, etc.) to ensure their home went under contract in a multiple offer situation.
Under contract with a house to sell. Our buyers went under contract on the perfect property for them, with a house to sell!
First time home buyers. Our first time home buyers went under contract in a multiple offer situation, with an inspection contingency!