The pandemic is forcing changes on all of us. The way we interact, the way we do business, even the way we buy and sell real estate is changing. Given the uncertainties caused by Covid-19 many buyers feel that now may present an opportunity to get a price reduction. According to the most recent NAR Flash Survey (a survey of real estate agents from across the country), agents were asked the following two questions:
1. “Have any of your sellers recently reduced their price to attract buyers?”
Their answer: 72% said their sellers have not lowered prices to attract buyers during this health crisis.
2. “Are home buyers expecting lower prices now?”
Their answer: 63% of agents said their buyers were looking for a price reduction of at least 5%.
What About Portland?
Looking at the numbers here in Portland Metro shows that in spite of the turmoil created by the pandemic we are still in a sellers market. In fact, sellers with accurately priced homes are often getting multiple offers. The number of home sales is defiantly lower than normal for this time of year, but so is the inventory level. The net result is that prices have remained relatively unchanged since the outbreak of Covid-19.
Portland Market Action Index
The Market Action Index (shown below) gives you a weekly snapshot of the market’s rate of sale versus inventory. In other words it give you a real time status update on current market conditions. If you’d to receive a weekly update by email … click the link to register: Send me the Market Action Index.
Moving Forward Together
We’re in uncharted territory with Covid-19. The medical facts about the virus change daily. Meanwhile, the media generates a constant stream of fear inducing headlines. This combination can be overwhelming. To stay grounded during these uncertain times, it serves us well to recall a line delivered by F.D.R during his inauguration speech in 1933 – “the only thing we have to fear is fear itself.” This phrase, at the height of the great depression, gave people hope and a new way to look at a world wide depression that had been going on for three years. Ultimately, this phrase served as one of the pillars that led to the rebuilding of the economy.
Our mission is to provide you with accurate timely information about the real estate market. We follow the best minds in the real estate and share that information with you as it becomes available. Armed with actionable information, you can set aside fear and actively plan for your future. To that end, we’re here for you. Let’s get together for an online meeting to review the market and how it relates to your situation. To be clear this isn’t a sales call — this is one of the ways that our team gives back in these challenging times. To schedule a chat, click the Let’s Talk link and schedule a time that works for you: Let’s Talk.
Like you, we’re counting the days till life returns to normal and we can once again go to Powell’s Books, our favorite restaurants, the beach, the mountains, and all the activities that make Portland an incredible place to live. In the meantime, we’re here for you … stay safe out there … James Bradley