Today we find ourselves still surrounded by much uncertainty. The coronavirus pandemic has wreaked havoc on local economies, jobs, unemployment rates, families, people’s health and peoples day to day life. As we move forward with a strong belief that this too shall pass we are, of course, unsure as to all that the future holds. There is no playbook for what we are all experiencing but we have great optimism for the Portland real estate market outlook!
Our optimism comes from closely monitoring market trends and listening to our buyers and sellers. While there has been an enormous surge is canceled listings throughout the Portland Metro area and a decrease in new pending sales, the market is still moving. Many of the areas strongest employers are still bringing new talent in. Over the last 30-days, we have seen a spike in canceled listings in almost all neighborhoods and a decrease in new pending transactions but the number of closed transactions has been consistent week over week. Prices are steady and properties are still selling. For neighborhood-specific insights, click here.
Home has taken on a whole new meaning and the importance of such is at an all-time high. We are safe at home! There seems to be an increasingly strong appreciation for homeownership across the country.
Our buyers are definitely asking us if now is a good time to buy or if they should wait until the dust settles? Our sellers are wondering if their properties are losing value. Current local indicators show that there is caution! People are moving forward with buying and selling at a bit slower pace which is understandable but it does not feel like we are in the midst of a crash, more of a pause. We love what the Chief Economist, Lawrence Yun of the National Association of Realtors said recently.
“The temporary softening of the real estate market will likely be followed by a strong rebound once the economic “quarantine” has been lifted, and it’s critical that supply is sufficient to meet pent-up demand.”
We are here and ready when you are!