Portland Real Estate Will Slow in Fall 2016

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This year Portland home values grew faster than every other top metro area in the Case-Schiller index. You may be afraid to buy with all the news reports, articles, and talking heads excited about the crazy Portland real estate market.

If you want to buy a home in Portland, I have good news.
It is no longer crazy!

The Portland real estate market is seasonal. The hardest time to buy is March through May. It is slightly easier in June and July but not by much. Right now in August, it is actually a lot easy to buy. Inventory is up. Prices are stagnant or falling. A lot of this inventory will get cleared out by mid-Sept. and the start of the school year. Home sellers will either sell or give up by the end of the summer, perhaps try again next spring when the market is more in their favor. Sept. and Oct. are also great months to buy. Inventory will drop a bit starting in September, but there will still be plenty to choose from in Sept. and Oct. Nov. and Dec. are not the best times to buy simply because inventory is so low that you might not be able to find what you want. It is easy to purchase if you find something you like, but that is no sure thing in Nov. and Dec.

August through October is the best time of the year to buy in Portland, Oregon.

What happened in the last 12 months or so?

The crazy climb began last October. Real estate agents and market analysts noticed that homes in the Portland metro area jumped almost 11% in value year-over year, a figure you usually only see in super-hot metro areas like Denver and San Francisco.

We didn’t slow down. By May of this year, home prices had grown 12.5%. This real estate value leap has not only gained national media attention, it has helped put Portland on the map as a top destination, fueling the influx of new residents that is contributing to rising home values. About 30,000 new people are now moving to Portland each year, according to Metro.

With inventory hovering around 1 to 1.3 months this spring and summer, buyers were seeing a lot of competition for homes. By now, everyone has heard the stories: You put an offer in, and someone else puts in an offer right after you for $25,000 over the asking price — cash!

Those stories are not nearly as frequent right now in the high inventory August market.

Persistent buyers are getting what they’re looking for now, especially if they pick the right real estate agent. In this market, it pays to be connected, and real estate agents who have been here a while not only know the market trends, they also know the lenders, the title agents, and the inspectors, too — a level of trust that can grease the wheels of the process to your advantage.

Watching out for the inevitable bad, hurried home buying decision is another thing that an experienced real estate agent can do for you.

After 13 years in the Portland real estate market, I’ve watched the ups and downs and the seasonal market trends. It is always a good idea to save up that 20 percent down payment, you should also never, ever buy more home than you can afford. Ditto for buying a home you actually don’t like, just because it’s a steal in an up-and-coming neighborhood.

Home buyers in Portland can relax in August, Sept, and Oct. There is more inventory and homes will move slower. There are less multiple offer situations. This window will not last long. The market jumps back to life as early as mid-Jan. of the next year. If you want to buy in Portland, I highly suggest you consider getting started now.

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When my wife and I decided to sell our home we started to search for agents who work for less than the 6% standard commission. Slightly skeptical, I decided to call Stephen for a consultation. Stephen came very prepared with comp sales, marketing techniques, and several other items pertaining to the sale I never would have considered. We sold in six days.

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