Portland Real Estate Market News

Portland Real Estate Market

Our local Portland real estate market is always changing. It takes a very busy real estate agent, top 1% in Portland, to keep a finger on its pulse. We write Portland housing market forecasts twice a year, an annual best month of the year to sell or buy a home article, population growth articles, Portland development articles, articles on real estate market trends, housing affordability, and much more. Enjoy!

Portland Real Estate Market Podcast

buyer portland real estate home

Buyer Traffic Up 42% after COVID19 63% Drop – Portland Real Estate Market Report

May 8, 2020

What happened: After home showings decreased a whopping -63% in March 2020 (versus March 2019 numbers), when the initial impact of COVID 19 hit the Portland real estate market, home buying traffic is bouncing back – and in significant numbers. April 2020 saw a 42% increase in home buyer traffic from those bottomed out March numbers. Now typically April buyer traffic increases over March every year, but certainly not by those drastic of numbers. Where are we now? We are still down about 31% from 2019 May traffic numbers, but this is no where near the 63% drop from expected March traffic – a huge improvement for the Portland real estate market. Also keep in mind that home tours are...

is zillow zestimate accurate

Is the Zillow Zestimate Accurate? 2020 Update

May 1, 2020

Anyone buying or selling a home in 2020 will frequently come across Zillow’s listing platform and the home-value estimation tool it uses: The Zestimate. Most take the Zestimate as a semi-accurate prediction of the home’s final sales price. But how often is that true? And what goes into creating the Zestimate? Off by $20,000 to $50,000 in most cases. Using Portland, Oregon as our subject for testing the Zillow Zestimate we look closely at the data. First we should note, Zillow has never claimed that the Zestimate is perfect. In fact, Zillow’s website clearly states that the Zestimate “is not an appraisal and it should be used as a starting point.” The disclaimer encourages buyers, sellers and the merely curious...

portland housing affordability

Portland Housing Affordability in 2020: More Homes Needed

April 20, 2020

Housing affordability is a big question facing presidential candidates as well as local decision-makers here in Portland, including those who are looking to buy or sell a home in the metro area. While some worry that the coronavirus or COVID 19 situation will crash the Portland real estate market, our current prediction is that it will not. Demand is still too high and our low inventory is about to get even lower. While we will see a major drop in overall real estate transactions, our real estate market will continue forward. For all the reasons why this is the case, or for the latest updates, check out our most current Portland real estate market news section. Taking a look at...

3d virtual tour real estate portland

3D Virtual Tours: The New Standard for Real Estate Sales Everywhere

April 17, 2020

Professional Photography became the Standard in the Last 10 Years I passed my exam and received my license to sell homes in Oregon in 2003. At the time, I was shocked how many real estate agents were still using their cell phones to take dark, blurry pictures of homes worth hundreds of thousands of dollars. At the time, our local MLS only let you display 8 photos of a home. This was just 17 years ago. Since being licensed our local MLS increased the photo count to 16, and then finally to 32 photos (where it is now). Similarly professional photography went from perhaps a 30% occurrence in 2003, to practically a 90% occurrence in 2020. Now almost every home...

portland real estate market spring

Portland Real Estate Market – Spring 2020, COVID 19 Update

April 13, 2020

COVID 19 has had a tremendous impact on the spring Portland real estate market. But the coronavirus neither sending housing prices down nor sending prices up. The great real estate balance of the number of available buyers vs. the number of available homes – is about the same, so prices are stable. What has happened is a massive drop in home buyers and a massive drop in available inventory (homes for sale). Enough time has passed that we now have the real estate market numbers to share with you. The market is changing weekly right now. See our most up-to-date Portland real estate market information here. 60% Drop in Home Buyers in Portland Late March 2020 saw the biggest drop...

mortgage deferral portland

1 Step to Mortgage Relief – Portland Homeowners vs. COVID 19

April 10, 2020

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on Friday, March 27, 2020. It extended unemployment benefits for all Americans, proposed “recovery rebates” for taxpayers, and provided a payroll tax credit for all small businesses. The CARES Act also put into place two key protections for homeowners with federally backed mortgages: First, no foreclosures will be allowed until May 17th, 2020. Second, mortgage holders may request up to one year of forbearance on their loan, meaning they can stop making payments temporarily if they have been impacted by the coronavirus or COVID19. Here in Portland, many homeowners will be relieved to know that losing their income due to coronavirus doesn’t mean they have to sell their home,...

portland real estate market showings

Home Showings Down 60% in March, 2020: Portland Real Estate Market

March 30, 2020

Okay I know this should come as no surprise, but a lot of home buyers are staying home. This means a number of things and one thing it doesn’t necessarily mean is a Portland Real Estate Market Crash. First, and most importantly, we also need to know how many fewer homes have hit the market. Boots on the ground, it feels like 20% less homes to 40%. Less homes are going live on the real estate market in Portland, but I won’t have the full data for about 2 more weeks when the RMLS puts out their monthly market report (sign up at the link). If there are 60% less homes for sale (it could be that drastic) and 60%...

portland condo market

Portland Condo Market: Affordable Choice for 2020 Home Buyers

March 27, 2020

Are you looking for a Portland home on a budget? Maybe it’s time to give condos a second look. Consider the following:  Condo buyers have more options. As of March 2020, there were 470 homes listed on the Portland real estate market for under 400K. In the same price range, there were 570 condos available. Visit Portlandhomesforsale.com for all condos and townhomes currently for sale in the Portland metro area. At the low end of Portland real estate values, condos rule. The top 38 cheapest homes currently listed for sale in Portland (not including manufactured or mobile homes) are condos. Currently the median list price for a Portland condo, according to Fidelity National Title, is just over $430,000. That’s usually...

virtual real estate agent services

Keep 100% Social Distancing & Buy or Sell a Home Today

March 19, 2020

The modern real estate industry has access to all the online, video, and 3D virtual tools needed to make sure every home buyer and seller can maintain complete social distancing when buying or selling a home. My top 1% real estate team in Oregon and Washington is fully equipped and ready to go! We can provide our clients with total social distancing during their home purchase or home sale from start to finish. The market is changing weekly right now. See our most up-to-date Portland real estate market information here. Steps to Selling or Buying with 100% Social Distancing Scroll down to schedule an appointment with our top 1% real estate agent team, or call us today at 503-714-1111 for...

coronavirus real estate portland

Coronavirus vs. Portland Real Estate Market

March 16, 2020

First, as a Portland local, I wish to express my deepest sympathies for everyone hurt by the virus, whether it be physically, financially, or mentally. Second for your safety and others, please follow the guidelines as outlined by the CDC and encourage everyone you know to do so. The market is changing weekly right now. See our most up-to-date Portland real estate market information here. Portland Real Estate Market Forces vs. COVID-19 1. The Great Real Estate Balance vs. Coronavirus Local real estate markets are most fundamentally determined by a VERY simple formula: How many able and willing buyers are there vs. how many homes are for sale? This is and will always be the fundamental question. The Coronavirus in...