PORTLAND, Ore. (KOIN) — The Portland area remains a competitive housing market as prices continue to soar.
According to Redfin, median selling price of a home in Portland is $549,000. On average, homes sell for 5% above the listing price and are pending just six days after hitting the market.
Meme Loggins, a real estate agent with Redfin, said the housing market is currently “really unpredictable.” She noticed homes staying on the market longer than a week and that’s unusual given the last six months. Around Memorial Day weekend, Loggins said some things started to slow down like open houses.
“Right now, we are kind of in a funky spot where we thought things would be blossoming into the summer season yet that’s not happening so much this year,” Loggins said. “It slowed down but the inventory hasn’t picked up either and it’s still a very tough market and the prices are continuing to soar which is really exhausting for a buyer.”
In this market, sellers are waiting for the right offer and people are not as quick to pull the trigger on a home.
“So instead of there being nothing on the market — one pops up and quick everyone runs at once — it’s more like it’s on the market, let’s go see this one and the one down the street. Now let’s make a decision and make a really good offer,” said Loggins.
Loggins said homes have recently been getting four to seven offers — seven to nine for popular ones. But she said buyers who can put together a strong offer now have a better chance of success.
“Now it seems a little more logical, a little bit better decisions being made. Maybe don’t go $150,000 over, maybe still to the $60-80,000 over and unfortunately that seems logical right now.”
Loggins has two pieces of advice: for sellers, don’t wait to get in the market because inventory is low; for buyers, be patient if you aren’t finding what you’re looking for that’s affordable.