August Market Update — Portland Metro Area
The August real estate market stats are out, and the Portland Metro Area continued to see slight price growth. New listings were down compared to last year, but homes took longer to sell.
What’s it mean for buyers?
It’s a tumultuous time out there, but there are great opportunities for patient and persistent buyers. Solid, well-priced homes are earning multiple offers, and buyers need a smart agent who can help them to pull out all of the stops to get their offer accepted. Buyers would be smart to try hard right now, before lower interest rates increase the buyer pool.
What’s it mean for sellers?
Homes continue to take longer to sell as we approach a more balanced market (compared to the last few years when historic inventory shortages have put sellers in the driver seat). Buyers have more to choose from, so sellers need to make sure their home is priced and marketed well to achieve the best result.
