Tigard Real Estate Market Update

Real Estate Market Update
Tigard Real Estate Market Update
Your residential real estate market update for 97224 and 97223. I’m Anne Stewart. I’m a Principal Broker with eXp Realty, 20 years in the business, and I’m going to try to make this real estate market update not so dry and boring. So let’s get into it. Let’s start with the easy to digest statistics. So the first thing to understand is that we’re still in a sellers market. How do we know that we’re still in a sellers market? RMLS just came out with the inventory being at 0.9 months of inventory for the month of October heading into November. Well, that basically means we’re under a month’s worth of inventory. So in theory, if all houses sold, we would technically sell in less than a month.

Now, when we compare that to August, just a month before October, it was at 1.1 months of inventory. It’s actually a bit higher. And if you’re the month prior to that, in July, was one month. So we did see some cooling down as the summer wound down, and we all experienced it who were in the business. It wasn’t anything dramatic. It wasn’t like all of a sudden, we’re falling off a cliff. You feel it when you’re in the real estate market every day. And now we’re starting to see inventory even go lower, and we’re starting to see the market surge a little bit. But here’s the good news. If you’re a buyer and you’ve been sitting on the fence, waiting for the market to change, or you went through that manic market earlier this year and just tapped out for a while, the good news is we’re not competing with as many buyers.

So when a home comes on the real estate market, even though it might sell relatively quickly, in many cases, it’s not 10, 15, 20 offers like you might have heard or had experienced. We’re now seeing fewer offers to compete with, and these offers are not coming in giving away the farm. They’re not necessarily saying, “I will remove my home inspection contingency and waive all my rights,” like we were seeing earlier this year. So I highly recommend if you’re a buyer, take a look back into this, look into it. Not to mention over the last 60 days, we’ve seen some great things happening in finance. Well, first one being that the jumbo loan amount went up into the mid $600,000s.

So now borrowing power is so much greater without having to take the risk on of a higher interest rate. And interest rates are still very low, even though they’re talking about raising them over the next year. There’s nothing dramatic that’s going to happen over the next few months, that’s going to de be detrimental to your payment. So I highly recommend if you’re a buyer, jump back in, take a look, see if you can get a house under contract, and take advantage of these great interest rates. And if you’re a seller, your prices rose on average around 16% to 17% in just the last year, making our average sales price right around that $580,000 in the Portland Metro area. And in 97224 and 97223, average sales prices range right around that $580,000, $585,000. So you’re right in the average for the Portland Metro market price points.

Bill Conerly, who is a local economist, who I follow and read all his information that he puts out, he recently put out a great informational graph that talked about how builders are lacking lots to build, and we’re really low in construction. And so just the demand for even new construction is showing us that we’re probably going to be in a low inventory market for quite some time going into the new year, which usually indicates that prices are going to go up. Now, if you have any questions about your particular home, what prices are doing, how to get it ready, is now or later a good time to sell, reach out. We do this every day at a high level. We’d love to help and be of service to you. Never any obligation, but we’re here as your real estate resource.
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