Portland Oregon Real Estate Market Update for August 2024

Okay, let’s get into it. 

INTEREST RATES. Yes, they are still predicted to lower next month. But nothing is promised and not many people are predicting them to lower drastically. 

But we have seen them lower some already. I have seen some clients get interest rates below 6% already which is really promising. 

And we are already seeing the effects of this in the current market. 

While last month was fairly slow, new listings (2,905), pending sales (2,191), and sold homes (2,075) were all down slightly, we are seeing a good boost in market activity already this month. And August is typically slower. 

With rates already seeing some relief it has motivated a lot of buyers. 

We will see what happens in the rate market but either way it looks like we are going to have an active fall. 

What does this mean for you? 

As a future home seller, if your home is properly prepped (I will give you a detailed list of what to do don’t worry), priced right (I will give you coaching on this too), and properly marketed (I handle this entirely) you should expect great results. 

Buyer motivation is already high but will only increase if we do see an improvement in rates. Which means more buyers through your front door and a higher possibility of multiple offers in the first weekend.

As a future home buyer, know that lower rates will mean higher affordability for you which is amazing, but it will also mean the same for other buyers. So we could see higher competition from other buyers (multiple offer situations, leading to higher prices and more competitive terms being needed on offers). 

Due to this, I have actually had some buyers get motivated to buy NOW while the competition is lower, and these clients have had success getting really great deals on amazing homes. 

But don’t stress if you have not found your right home yet, or are not ready just yet to get started on your home search, even if things do get a bit wild in the market, we have the right strategies and tools that you can use to still be successful in any market.

 Want to discuss your plans to sell and/or buy this fall or beyond? I would love to chat. 

Just have a question? I am here for that too. Reply to this email or you can find my contact information below.