Key Market Indicators – January Recap 2021
Portland Metro Housing Update - Resale Only
The housing market is white-hot this winter in Portland. It’s the “same song, different year” for the local market: overall Sales Activity Intensity™ at extreme frenzy for each new listing, virtually sold out of inventory and what feels like multiple-offer everything for buyers. This demand is fueled in part by interest rates, which remain historically low. Homes priced up to $1 million are virtually sold out in Portland, and Sales Activity Intensity™ is predominantly at frenzy. 93 percent of sales activity occurs in this price range. Luxury activity locally is very strong above the $1 million price point.
Extreme Focus on Each New Listing
Average % of New Listings (Pending) in the First 30 Days
Unbelievable Interest Rates
Source: Mortgage News Daily
HOW TO WIN IN A MULTIPLE-OFFER SITUATION
When buyer demand is high and inventory is low, you may find yourself in a multiple-offer situation. While an all-cash offer can be enticing for a seller, it’s still possible to beat one with an offer that considers additional “plus” points for a seller. Being fully underwritten as well as offering more earnest money, a quick close, a pre-inspection and fewer contingencies can all boost your chances of coming out on top. Your John L. Scott broker associate can help craft a winning strategy to secure your dream home.
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