September 2023 Market Update
Hello Fall!
It has been a busy summer and we are gearing up for a strong fall in the real estate market. Despite the current interest rate environment, we had our best quarter ever, closing $11m+ in sales!!! None of our buyers waived contingencies, were reckless in their offers, or stepped outside of their comfort zone. Some were first time home buyers, some even bought and sold at the same time! We share this to say that, despite what you may hear, it is possible to buy and sell in this market in a responsible, thoughtful way that works for you and your financial goals.
The multifamily market feels as though it has truly settled down and become more stable; this does not mean it has dropped or that owners aren’t experiencing strong appreciation, just that it has become more balanced and even keeled (a nice change of pace!). Optimizing your asset is more important than ever - buildings that have been well maintained with good rents will continue to make excellent investments.
The condo market is also experiencing a settling, especially with new construction. We have a 44% increase in listings in the MLS for condos compared to last month.
The single family home market continues to remain strong. Homes that are taken care of and priced correctly are selling above list. Now more than ever, it is imperative to price your home accurately when bringing it to market.
If you would like more information on buying or selling, including a complimentary analysis of your property’s current value, please reach out today!
Here are this months tips and tricks for success in this market:
City of Portland has announced 2024 CPI: City of Portland has announced that the allowable CPI increase for 2024 for units covered by rent control is 2%. If you invest (or are considering investing) in Portland, reach out for my rent control guide. I’m here to be a resource on a complex topic.
Listen to a podcast: There are some great podcasts out there to help you stay in touch with the market. My personal favorites are Real Estate News for Investors (especially this episode) and For Real Estate (you can check out my appearance here!).
Consider an Adjustable Rate Mortgage: With historically high interest rates, ARMs can be a great option to minimize interest paid so more of your payment goes to principal, ultimately allowing for a better refinance process when rates drop. A perk? If you can afford the house now at a higher rate, it will only get better in the future!
Pre-listing inspections save time & money: As a seller, consider a pre-listing inspection. This helps buyers make more informed, competitive decisions, ultimately making it a smoother (and more profitable!) path to the closing table.
Recent Successes
Under contract on the first try. Our buyer found her dream home in South Portland and was able to put it under contract on the first try.
Repeat investor closed under list price. Our savvy investor identified a key opportunity and was able to negotiate an excellent deal that worked for all.
Under contract of market. Our sellers did not want to bring their home to market and were able to get it under contract in a multiple offer situation just through our Portside network.
Daymark opportunities. Daymark is offering an incredible incentive to the next 5 buyers that bring an offer! Reach out for details.