Is It a Buyer or Seller Market in Portland Right Now?

By Tony Apa

Tony brings a wealth of experience and passion to his real estate career, consistently delivering exceptional service to his clients.

We get asked this question all the time: Is it a buyer market or a seller market right now? The honest answer is that it depends, and we know that sounds like a non-answer, but it’s actually the most accurate one we can give you. The Portland market isn’t one market. It’s dozens of micro-markets, and whether you’re in a strong position as a buyer or a seller comes down to three things.

Location is still everything. There’s an old saying in real estate, and it’s as true today as it’s ever been. If your house is sitting in aneighborhood that everybody wants, one that rarely has a home come up for sale, and where absorption rates are very quick, your house is going to sell. Even in 2010, those neighborhoods still moved.

A desirable location means it’s a seller’s market. A less desirable location means buyers have the upper hand. We get peoplerelocating in from all over the country, and it may be a buyer market where they’re coming from, whether that’s parts of Florida or Texas. But Portland is so neighborhood-specific and micro-specific that what’s true across town might not be true on your street.

Property type matters just as much as location. Take condos in downtown Portland right now. That’s been a buyer market for a while, and it’s especially pronounced right now with increased HOA dues and a massive amount of inventory. Courtney looked at one price point recently in a single zip code and found over 180 condos to choose from.

The condo market in Portland got hit very hard over the last four years. If you lived in downtown Portland, you were in a recession for four years. Even in Bethany, 97229, one of thehottest areas in all of Portland, where single-family homes are selling in a day, two days, or five days, condos in that same area are sitting for around 90 days. Part of the reason is that condos and homes in areas like Bethany and Washington County are competing withnew construction, which carries its own inventory and the pricing incentives that builders can offer.

The same logic applies to mobile homes, lots, farm properties, and rural acreage. Property type plays a significant role in how quickly something moves.

Price is the most important factor of all. We had a conversation at dinner recently with a friend whose property has been on the market for two years. Beautiful 40-acre property in Oregon, listed at $1.5 to $1.7 million. She was convinced it was priced perfectly. When we started asking more questions, like what comparable properties were actually selling for at that price, she started to realize maybe it wasn’t priced quite right after all.

The question we asked her was simple: if we listed your property today for a dollar, would it sell? Of course it would. So if it would sell at one dollar, but it won’t sell at your asking price, the issue is price. Every single time. If yourhome has been sitting and you can’t figure out why, the answer is almost always price. The market is telling you something, and the smartest move is to listen to it.

So is it the right time to buy or sell? It depends, and that really is the perfect answer. It depends on your location, your property type, and whether the price is right. We always want to make sure everyone knows that you can call us anytime for afree consultation to discuss your specific situation.

Whether you’re the seller or the buyer, whether you live on a rural or an urban property, we’re happy to sit down and help you figure out your next step. Reach out to us at 503-300-6224 or email us at tony@apaclarketeam.com. You can also visit apaclarketeam.com for more. We look forward to hearing from you.