The Portland Oregon real estate market is very different from a year ago. While entry-level homes (the good ones anyway) are still selling in a couple of days. Homes priced over $500k are often taking several weeks and sometimes more. Agents are not always reading the market correctly causing them to ‘reduce’ the asking price after a few weeks. Overpricing in a shifting market can result in a lower offer for Sellers. This is where an experienced agent makes a huge difference.
As for Buyers, now is a great time to become a homeowner. Interest rates are at or below 4% and prices are a bit soft. We are not having to pay full price in most situations and have little or no competition. We are also seeing a few clients choosing to buy in Vancouver, especially those who work from home. Relocation into Portland continues to be strong.
Portland landlords are also starting to exchange their rental properties using a 1031 tax differed strategy to properties in the suburbs or Vancouver. This movement is due to all the recent City of Portland Affordable Housing laws that many landlords are finding unacceptable.