WHAT TO EXPECT FROM THE SPRING REAL ESTATE MARKET & EXCITING CITY UPDATES
As we approach spring, the Portland Metro real estate market continues to stabilize after a sharp decline in late 2022 thanks to rising interest rates and economic fears leading a massive number of potential buyers to leave the market. This sudden drop in activity has fueled a steady decline in home prices for the past six months.
Coupled with the holiday season, when things always tend to slow down, we’ve been experiencing a rare cold spell in the housing market but with spring comes an inevitable upswing! Home sales are once again starting to outpace supply and we are seeing modest bidding wars creep back into the picture.
What do you need to know as a buyer or seller right now?
According to a recent report from Fidelity National Title, price drops for on-market homes are slowing down and home prices have finally stabilized after a six month decline. That said, home inventory is still very low and we don’t see that significantly changing any time soon.
So, what all does this mean for you?
If you’re looking to buy a home, now is the time. As spring approaches, the house hunting market will only get busier and more competitive. With inventory expected to stay low all year and the housing price decline over, taking advantage of the pre-spring market is your best bet for getting the best possible deal. As we get further into 2023, we anticipate home prices will continue to rise and bidding wars will become more common.
If you’re thinking about selling your home, we advise you to capitalize on this current market. Several months ago, buyers were able to get substantial concessions from sellers, but those days are coming to an end. We’ve been in a handful of multiple offer situations in the past few months, and our data is telling us that this will continue into the spring. Like all transactional industries, the real estate market is in a constant state of change, so it’s imperative to capitalize when market conditions are favorable.
An Exciting New City Development
Ever heard of “The Ritz-Carlton Portland Residences”? This building has been in the works for many years in the heart of downtown Portland and it’s truly a one-of-a-kind project — a state-of-the-art condo/hotel building that will take your breath away. This mixed use space will consist of both personal residences and luxury hotel rooms, enabling the public to experience the unique lifestyle of its residents.
We were lucky enough to be invited to a special sneak-peek of the building, and let us tell you, it was enlightening. The building’s mission is aimed at turning Portland back into the desirable metropolitan city it once was. Obviously, a massive luxury structure alone won’t change the current state of Portland, but we were excited to see it looked like a hopeful start.
As a community, we’re all invested in seeing Portland return to the welcoming, beautiful, thriving city we remember, and getting people and businesses back into the city will be key. As housing professionals, we’re always curious about your opinions as well - let us know your thoughts on what it will take to restore Portland’s image.
How Are The New Year's Resolutions Coming?
This is your closing quarter one check-in — how are you doing on your new year’s resolutions? Have you kept the early-year momentum or are you starting to slow down a bit? If you’re anything like us, you’ve probably had great weeks where you feel unstoppable, and other weeks where it’s a struggle to accomplish what you hoped to. If that’s you, we have great news: that’s totally normal! Fluctuations in ability, motivation, and discipline happen to everyone, we’re here to remind you that your best is always enough.
Instead of seeing the tough days as failures; use them as motivation to keep going strong! Like anything else, making healthy habits is a journey, not an overnight transformation. It’s okay to lean into the ups and downs of it as long as you’re doing your best and not giving up. Take each day as it comes, and put your best foot forward in whatever you do.