Home Selling in Portland>Question Details

Aut Postius, Home Buyer in 78212

Is (close in) South East Portland a buyer's market?

Asked by Aut Postius, 78212 Mon Feb 22, 2010

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Greetings Aut Postius,

I wanted to chime in and encourage you that there are deals in every area of town simply because there are homes in every price range that are being sold at rock bottom prices due to the high numbers of short sales, REO's and pre-foreclosure status. In determining whether to proceed keep in mind that you are not subject to whether a market is a "buyer's market" by definition before you move forward. You set the perameters and are in the driver's seat. You make choices based on what you want to pay. You stick with it and don't get impatient. You will find what you will know is a good deal. Of course this will require that you choose an agent who is on the same page and not just trying to hurry you to decide.

If you desire to move into the area and would like to consult with me regarding the criteria of the home you desire I am happy to assist you in that endeavor. If you already have an agent just stick to your goal, set the realistic parameters for the search and don't give up. If time is a impeding factor you may have to adjust some of the criteria, such as enlarging the search radius, reducing some of the expectations regarding ammenities, or simply renting until the right place comes along. In any case, all the best to you!

June Lizotte, Principal Broker
Providing REAL Service
June Lizotte Real Estate
503-310-8032
june@junelizotte.com
http://www.junelizotte.com
Web Reference: http://www.junelizotte.com
0 votes Thank Flag Link Tue Feb 23, 2010
Although a Realtor is probably best suited to answer this, my take is that while Portland is generally a buyers market, the close in SE area is probably skewed more towards the sellers than any other area. Meaning, its LESS of a buyers market... but certainly still a buyers market. Probably below $350k purchase price is more difficult for buyers than above that number. The further above that price, the more leverage you are likely to have a buyer
Web Reference: http://www.pdxhomeloan.com
1 vote Thank Flag Link Tue Feb 23, 2010
We exited January with 6.2 Months Supply of Inventory (MSI) in SE Portland. This is a significant increase over December (4.6 msi), November (4.9 msi), and October (5.1 msi). I think the most common definition of "Buyers Market" is that there is more than a 6 months supply of inventory. At roughly six motnhs of inventory, I would describe SE Portland's market as having shifted from a "Seller's Market" to a "Balanced Market." That said, you'd be hard pressed to find many recent SE Portland sellers that believe they've been in a Sellers Market.

The most compelling reason to be a buyer is to take advantage of the high levels of affordability in our market which looks like has recently peaked.

The most compelling reason to sell into this market are the high levels of risk: PMI risk estimate of 86 suggests that therer is an 86% chance that market prices will be lower in Portland at the end of Q3 2011 than they were at the end of Q3 2009.
1 vote Thank Flag Link Mon Feb 22, 2010
Congratulations on getting multiple offers. I hope you didn't underprice the house. The close in neighborhoods are still in high demand, and houses that are in pristine condition are always popular. The buyer's markets are on the outskirts of Portland, not the close in or premium neighborhoods. Inventories in the close in neighborhoods are still low.
Web Reference: http://www.brianporter.com
0 votes Thank Flag Link Sun Mar 7, 2010
My wife and I just listed our home near Woodstock last Friday. By Monday, we had 4 offers in hand with a "late" offer on Tuesday. The house was in pristine condition, 2005 construction, and nicely staged, with a good floor plan and a big yard. We priced it aggressively hoping to close before the first-time buyer tax credit expires, but we didn't think we were being _that_ aggressive. Frankly, we were flabbergasted to see so much activity, and never expected to be under contract so quickly.

Now we just have to keep our fingers crossed that the FHA appraisal supports the buyer's loan...
0 votes Thank Flag Link Wed Mar 3, 2010
Hi there, Aut Postius


Yes, I would agree that I am seeing great deal's close in SE. I have several buyers looking specifically in the Sellwood and Clinton neighboods. Most of what I am seeing are properties that need sweat equity. Meaning they are fixer's. If you don't mind a little work you can get a great deal!

I would also say about SE, that these neighborhoods are in demand. If it's priced really well the homes seem to be selling quickly.
0 votes Thank Flag Link Mon Mar 1, 2010
AP: all good answers here. I think there are many good areas where well-priced, well-staged homes especially at the lower price points are receiving multiple offers or, at the very least, selling! This is continuing to be fueled by the "First-Time Buyer Tax Credit". Please feel free to visit http://www.fabulousportland.com or directly at http://bit.ly/Original1stTimeBuyerCredit for lots of info on the credit.
Janeese Jackson, Principal Broker
Real Estate Resource
503-709-0802
0 votes Thank Flag Link Tue Feb 23, 2010
Slight Buyers Market when we hit a 6 plus month supply. Overall though a Good home in Close in SE is still hard to find at a good price. Not a hot market by any means but still strides ahead of some of the suburbs. Should be a great time to get a fair buy and please understand that a 1% increase in the interest rates will cost you up to $100K on the price of the home in interest over time. Don't bargain shop too long. Get the rates, get the Tax Credit, get a good price...next stop.. financial success!

Best of luck and happy hunting Aut!

Regards;

Dirk Knudsen
Re\max Circle of Legends
Web Reference: http://www.theknudsens.com
0 votes Thank Flag Link Tue Feb 23, 2010
Price determines sellers or buyers market in close in SE. The higher the price, the slower the home sells. Low prices Sellwood, Ladd, ect, homes sell like lightening.

There is another way of looking at all of this. We are now years into the housing market decline. Most sellers are now aware they have to price their homes low and are doing so. Many are pricing their homes so low, they don't need to lower it further and it will sell at their price. As this recognition happens sellers enter into the market with much more knowledge and much less desperation making huge price reductions less frequent.
0 votes Thank Flag Link Mon Feb 22, 2010
Aut, close inside of 39th and westmoreland, Sellwood is hot under $350,000 I was in offers on 4 homes with 15 other offers and I had a listing with 4 offers all 20% down and one for cash at $20,000 over this fall. Location is going to comand the price but if you get above $400,000 even in Laurelhurst at that price point the market falls off. With rates down and the first time buyer and move up buyer tax credit coming to an end April 30th then we will see it the demand is still there and I think it will be because of the great locations close to shopping, stores and resturants and biking to downtown and work.

Tom Inglesby, Broker
RE/MAX Equity Group
ABR, CRS, Trade Ally of Energy Trust and Earth Advantage Broker
CDPE
503-319-9035
0 votes Thank Flag Link Mon Feb 22, 2010
Overall, yes. Buyers are mostly in the driver's seat, but that can vary by property type and price point. Also, the market during the last few months has been looking like it may be starting to stabilize. Prices, driven mostlyby foreclosures and short sales, have been falling somewhat, but the number of sales has been rising in most areas.
Web Reference: http://www.bybryson.com
0 votes Thank Flag Link Mon Feb 22, 2010
Technically you'd probably say yes, but it really depends on where you're looking. Really nice homes in the good neighborhoods are selling very quickly if they're priced well. I've seen a number of multiple offer situations recently. Having said that, I would say it's more of a balanced market rather than a buyers' or sellers' market.
0 votes Thank Flag Link Mon Feb 22, 2010
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