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, articles on Realtors themselves, and much more. Enjoy!

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...

buy a home in portland real estate market

10 Reasons to Buy a Home in Portland in 2020

March 13, 2020

Buying a home is a goal that’s easy to put off until “next year”. Here are ten reasons why this year, 2020, is the year to become a homeowner in Portland!  Real estate values have cooled, but not for long. Five years ago, we were seeing rapid, 7-8% annual gains in Portland home values as the market rebounded after the Great Recession. More recently, 2017-19 saw a period of limited growth, and some home values even dropped a bit in the midrange of the market. In these first couple months of 2020, we’re seeing a strong real estate market with good indicators of growth: a strong Portland economy, low unemployment, and high demand for homes. We predict the Portland real...

california and portland takeover

Is California Taking Over Portland? 2020 Update

March 6, 2020

Anyone who spends much time talking to newcomers in Portland (and as real estate agents, we do a lot of that), will notice one thing over and over: There are a lot of Californians coming here! Note the following recent trends:  Nearly 40,000 Californians move to Oregon every year (source: Oregon Employment Department) Every year, 20,000 Oregonians also move to California (Oregon Employment Department) 30-40% of Oregon’s incoming population over the past few years has been made up of Californians (Oregon Office of Economic Analysis) Should we pay attention to this? Yes, real estate market trends and population dynamics are closely linked. But the story is more complicated than how many Californians are coming here. In other words, Portland’s population...

school ratings change home value

School Ratings Impact Home Values: 2020 Update

February 21, 2020

A lot of things matter when it comes to the final sale price of a home – its size, location, age, even energy efficiency. But one major influence we’ve seen emerging in the real estate market over recent years is school ratings. In 2020, home buyers and sellers alike need to be aware of how the schools near their home are rated, and how that rating can affect home values both now and in the future. Why School Ratings, Why Now? As real estate agents, we have to know and respond to market forces, even as we try to combat misconceptions about what makes a school, home or neighborhood desirable or undesirable. It’s difficult in the case of schools because...