Welcome to the Portland Real Estate Podcast, where we discuss the latest news and trends in the Portland real estate market. In today's episode, we cover a range of topics including the latest price trends, affordability, and inventory levels in the market. We also break down the market by price segments, highlighting the importance of understanding what's happening in your price range. With the market still super competitive in the under $750k price point, buyers need to be prepared to act quickly. We offer some tips on how to stand out in a highly competitive market. Additionally, we offer advice for both buyers and sellers, including keeping an eye on rates, having a strong pre-approval, and being open to negotiating.
Highlights:
1. Top News: Prices Vary by Price Point: Prices are dropping locally with a 4.5% decrease year over year, but it varies by price point. While the overall Portland real estate market is experiencing a slight dip in prices, the market still varies significantly by price point.
2. Affordability is Improving: For buyers looking to purchase a home, there is some good news. The recent dip in home prices and decreasing rates have led to an increase in affordability for many buyers.
3. Inventory is Competitive: The market is still super competitive in the under $750k price point, so buyers need to be prepared to act quickly. Makayla shares some tips on how buyers can stand out in a highly competitive market.
4. Portland Metro Market Report: Breaking Down Price Segments. Different price segments have different markets, so it's essential to know what's happening in your price range. Joe and Makayla break down the market by price segments in the Portland real estate market.
($400k to $600k, $700k to $1M, $1M to $1.5M, and $1.5M to $2M).
6. What Buyers and Sellers Should Do: Joe and Makayla offer advice for both buyers and sellers, including keeping an eye on rates, having a strong pre-approval, and being open to negotiating. These tips will help buyers and sellers navigate the current market with confidence.
Whether you're a first-time buyer or an experienced seller, our podcast has something for everyone. Tune in to learn about the Portland real estate market and how to navigate it with confidence.
Links
www.livportland.com/off-the-record/april2023marketupdate
www.vantagemortgagegroup.com/getrates
Thank you for listening to this episode of our April 2023 Portland Metro Real Estate Market podcast. Stay up to date on the latest trends and insights by subscribing to our podcast and following us on social media.
For more information about buying or selling in the Portland real estate market, please visit our website or contact us directly.
We appreciate your feedback, so please leave a review and let us know what topics you would like to hear more about.
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00;00;08;18 - 00;00;24;26
Joe
Welcome to off the Record Talking real Estate with Joe and Makayla. If you're interested in the Portland, Oregon real estate market and want to unvarnished inside scoop, you've come to the right place. Thanks for giving us a listen. Okay. Hi, Makayla. How are you?
00;00;24;26 - 00;00;27;00
Makayla
Hi. I'm good, thank you.
00;00;27;02 - 00;00;36;24
Joe
Good. This is the market update for April 20th, 2023. Welcome, everyone. Glad to have you guys on board. How's your week been, Makayla?
00;00;36;26 - 00;00;41;15
Makayla
It's been good. I feel like I can't believe it's already this late in the month. It's been flying by.
00;00;41;17 - 00;00;42;17
Joe
It's almost May.
00;00;42;20 - 00;00;43;29
Makayla
Yeah, it's nutty.
00;00;44;09 - 00;00;45;25
Joe
It feels like January, right?
00;00;46;01 - 00;00;49;00
Makayla
That's what I was going to say is I'm ready for the weather to get better.
00;00;49;16 - 00;01;04;20
Joe
You know, I'm kind of assimilating the weather with our real estate market. It's just still kind of gloomy, a little bit gloomy. And there's everyone's, you know, everyone's attitude is a little kind of, you know, when the weather's this way. Right.
00;01;04;23 - 00;01;06;13
Makayla
Rather just be at home on the couch.
00;01;06;21 - 00;01;11;28
Joe
Right. Exactly. I'm thinking that when the weather turns, our market is really going to pick up.
00;01;12;13 - 00;01;13;21
Makayla
I like that. How's your week.
00;01;13;21 - 00;01;36;08
Joe
Doing? Good. Doing good. Productive. We got a lot of good things going. We had a couple of closings this week, which is good. I'm so happy clients getting their home sold. And yeah, so things are good. We're staying busy. We're going to talk in this update about what's the top news going on in real estate today. And then we talk rates a little bit and then we're going to do a local look.
00;01;36;08 - 00;01;41;23
Joe
So locally, what are the numbers telling us right now? And I've got some interesting stuff. Don't peek.
00;01;42;01 - 00;01;43;23
Makayla
Okay.
00;01;43;25 - 00;02;07;04
Joe
I've got some interesting numbers breaking down what the market's been doing by price segment. So $400k to $600k, you know, what is that? That market segment look like? $700k to $1M. $1M to $1.5M and then $1.5 to $2 million. What are those different price points doing in our marketplace? So that'll be good. And then at the end, we always talk about what should you do?
00;02;07;05 - 00;02;35;07
Joe
I'm looking to buy, what should I do if I'm looking to sell? What's the advice? Top news for me right now. The top news is prices are dropping a little bit here locally. So overall year over year, we've seen a 4.5% decrease in prices. And, you know, I teased that a little bit about the different price points. It's a tale of different markets depending on what price point you're in.
00;02;35;07 - 00;03;09;00
Joe
But overall, home prices are down 4.5%. Nationally is not quite as severe. It's 0.5 to 1% down the East. The Midwest and the South are all flat to maybe slightly down. The west is where things have dropped, and that makes sense. We had the highest appreciation throughout the nation, so 4.5% drop in home prices. So if you're looking to buy, there's some good deals out there right now, although just from our conversations this week, I think it's still super competitive in the under $750k price points, right?
00;03;09;00 - 00;03;18;12
Makayla
Yeah, under eight. Even from what I've been seeing, I think things are a little bit more affordable for sure, but it's just so competitive. So if you see something that you like, you need a jump on it.
00;03;18;12 - 00;03;35;26
Joe
You need to be prepared to jump on it. Right, Right. Okay. So other top news, affordability is actually improving, which is good news, refreshing. And a lot of that is tied to rates. You know, and when you look at affordability, it's rates and pricing prices are coming down a little bit. Rates are coming down a little bit.
00;03;35;26 - 00;03;58;29
Joe
So, you know, we've got good news as far as affordability goes. And remember, you know, your rate really can impact your buying power big time. So making sure that your credit score is up, making sure that you have as large a down payment as you can afford, are all great things to trade, to be able to buy the home that you want and make it an affordable purchase for you.
00;03;58;29 - 00;04;08;04
Joe
So nationally, the West is still not as affordable as the rest of the country. And I give the national stuff a grain of salt. Right. Who cares what's happening. In Des Moines? Right?
00;04;08;04 - 00;04;21;16
Makayla
Right. Hey, my little brother lives in Des Moines and his house was built before the state of Oregon.
00;04;21;16 - 00;04;22;22
Joe
Before 1463.
00;04;22;22 - 00;04;26;06
Makayla
Right. And it was $50,000.
00;04;26;21 - 00;04;29;18
Joe
Currently $50,000?
00;04;29;18 - 00;04;30;23
Makayla
Yeah. Isn't that nuts?
00;04;30;23 - 00;04;47;16
Joe
Yeah. You know, I'm from the Midwest, but I had to poke you about des Moines. But I could have easily said South Bend, where I grew up for $300,000. You can buy a mansion in Indiana and South Bend right now. It's unbelievable.
00;04;47;17 - 00;04;49;23
Makayla
That's crazy. I can't imagine.
00;04;49;23 - 00;05;17;29
Joe
But then you got to live in South Bend, right? Yeah. So let's talk about where we all want to live, which is Portland. So we'll look at the local impact and what's going on here locally in a minute. But we're going to go ahead and visit the Vantage Mortgage live rates hotline. But if you go to VantageMortgage.com and click on their live rates button, you can punch in all your information and they will scour the Internet and get you the best rate for what you're looking to do.
00;05;17;29 - 00;05;35;24
Joe
And it is spectacular because not many lenders will do that anymore. Which I love that feature about what they do, how to get us in over a vintage mortgage. I highly recommend him and Mindy here at Union. But let's talk about where rates are at right now. So we're going to talk about conventional financing and FHA right now.
00;05;35;24 - 00;05;50;06
Joe
If you were to do a $500,000 purchase with 20% down, good credit, you're looking at about 6.5% for par, right? Not great. Not great. We were up over 7% earlier in the year and that was horrible.
00;05;50;06 - 00;05;51;16
Makayla
Yeah, it's hard to see in.
00;05;51;16 - 00;06;15;05
Joe
My 28 years of of working in the real estate industry. I remember when it was 11, 12, 13% and we always used to say anything below ten is great. But just looking at how it affects your affordability, how it affects your price, your ability to buy at a certain price point, it's just incredible, the difference between 7% and 6% in 5%.
00;06;15;05 - 00;06;34;12
Joe
So keep an eye on those rates with that being said, with a $7500 buy down and that buy down can be money that you pay or that you have the seller pay as a credit towards you at closing. But with $7500 buy down, you can get a conventional loan down to 5.9% right now, which is huge.
00;06;34;12 - 00;07;01;17
Joe
Half a point or more, can make a significant difference in your payment. So strategies to look for, but that's where we're at right now with conventional financing. The exciting segment of rates, Makayla, is FHA really? So right now rates are at 5.8% for PAR. Well, and remember, PAR is without getting any incentive from the lender or having to pay anything to the lender to get a better rate.
00;07;01;17 - 00;07;16;04
Joe
So that's just PAR. That's what they'll give you for applying and just moving forward without having to pay anything. So PAR right now at four, FHA is 5.8. But here's the exciting thing. With a $7500 buy down, you can get that down to 5.125.
00;07;16;06 - 00;07;24;00
Makayla
Wow. That's impressive. Yeah. And a huge difference in your monthly payment. I mean, what do you think that would be? $500 a month at least.
00;07;24;10 - 00;07;30;00
Joe
Maybe. You know, depending on the factors, but maybe even $400 or $500 in some cases.
00;07;30;09 - 00;07;31;13
Makayla
Yeah, that's a huge difference.
00;07;31;13 - 00;07;52;28
Joe
Yeah. So rates continue to be the driving force behind our housing market right now. Don't get me started on the Fed's I'm not a huge fan of what they're doing. I think they're trying to solve a problem that should be with very fine instruments. They're using a sledgehammer to go about it and it's just doesn't make any sense at all to me.
00;07;52;28 - 00;08;15;16
Joe
But they do what they got to do, I guess, right? So we may still see another quarter point or two increases here when the Fed meets here the next time around, we'll see what that means. Remember the Fed interest rate does not always correlate with mortgage rates. Two different animals right there. So just because the Fed raises doesn't always mean that you're going to see a big jump in mortgage rates.
00;08;15;17 - 00;08;27;26
Joe
Always good to reach out to your mortgage professional, see what you qualify for, see what opportunities there are to improve your rate. Okay. So let's take a look at what's going on locally because, you know.
00;08;28;25 - 00;08;29;18
Makayla
That's what matters.
00;08;29;18 - 00;08;38;03
Joe
That's what matters, right? Portland Metro, Hillsboro, West Side, East side. Let's talk about inventory. We still don't have any dang houses to sell.
00;08;39;20 - 00;09;03;05
Joe
1.6 is higher than it was last year. I think it was 0.9 in March last year and I think 1.6 months of inventory. I should probably explain 1.6 months Inventory is a measuring stick that the industry uses. And what that means is if we start putting new homes on the market at the current rate of sales, how long would it take for us to sell out of our current inventory?
00;09;03;05 - 00;09;05;21
Joe
And that would be 1.6 months, not very long.
00;09;05;25 - 00;09;06;12
Makayla
That's crazy.
00;09;06;12 - 00;09;17;17
Joe
4 to 5 to 6 months is considered healthy. A balanced market between buyers and sellers. We have not seen a balanced market for a very long time. So 1.6 months. I mean, what are you seeing right now?
00;09;17;22 - 00;09;27;29
Makayla
I'm seeing a little bit more inventory, but things are just going so quickly. So it's almost like, you know, everything's coming on on Thursday and it's offers are due on Sunday or Monday.
00;09;28;10 - 00;09;40;06
Joe
It seems like multiple offers were dying down a little bit earlier, like first quarter this year. We didn't see quite as many. On the listing side, we’re getting multiple offers right and left. And I know you're seeing them on the buying side.
00;09;40;06 - 00;09;46;28
Makayla
Yeah, right. I mean, we're just competing every week at this point. I'm just lucky to find a house and. Right. An offer.
00;09;46;28 - 00;10;09;21
Joe
It's extremely competitive right now. Being preapproved is a must. Yeah. I mean, you just have to be preapproved, right? The higher down payment you can put out there, that's also a plus. So current inventory, 1.6, new listings on the market year over year, meaning March of 22 versus March of this year. New listings are down 25%
00;10;11;22 - 00;10;16;04
Makayla
Right. Because it feels just as competitive now as it did than last year.
00;10;16;04 - 00;10;39;21
Joe
But so our inventory think about this, our inventory last March was like point nine, Now we're at 1.6 which, which you would think would mean, oh, we've got more homes to sell. But remember, it's a factor of available homes and the momentum of the market. So how many sales are happening? And so we've got 1.6, but we're having 25% fewer listings on the market.
00;10;39;21 - 00;10;53;18
Joe
So it's a real problem as far as just the balance that goes into things here. So you really need to have a seasoned professional like Makayla Treloar on your side
00;10;53;18 - 00;10;54;01
Makayla
Or Joe Reitzug
00;10;54;01 - 00;10;57;20
Joe
Say to help you navigate, Right. Yeah, it does matter.
00;10;57;20 - 00;11;22;01
Makayla
It does. And also knowing what you want going into it, obviously you're not going to know exactly what you want until you tour some homes, but spend a lot of time doing research if you can, and really identify your top three factors of know what's going to be the home for you versus not. And just I mean, don't even waste your time going to see ones at this point unless you think that they could be absolutely the one, because, yeah, it's competitive out there.
00;11;22;04 - 00;11;22;14
Makayla
Yeah.
00;11;22;16 - 00;11;55;27
Joe
And the good ones are the ones that go the fastest. Yeah, obviously. So closed sales are down 35%. Ouch. Yeah. 35% drop in our marketplace right now. And all of that is driven by two things, in my opinion. Interest rates sky rocketed,that's an affordability issue. But also consumer confidence, right? I mean, consumers are just constantly bombarded with all this negativity from the media about, you know, housing crash and this and that and the other.
00;11;55;27 - 00;12;19;19
Joe
If you look at it, we just talked about rates and FHA, which you can get an FHA loan for in the tri county area here for up to $670,000, I think it is at 5.1% with a little bit of a buy down that you can get help with from the seller. 5.1% which if you're a seller, there's never been a better time to sell your home than right now.
00;12;19;22 - 00;12;43;19
Joe
Sure. We're seeing a little bit of a dip in prices in certain areas, but we're also still seeing multiple offers. If you've got a quality home that you've taken care of, that you've regularly done maintenance on, you're going to do extremely well. So yeah, sales are down 35%, but there are opportunities out there. Median sale price is down 4.5 like we talked about
00;12;43;19 - 00;12;58;19
Joe
And that is us, Seattle and San Francisco are taking the biggest hit on that right now. A lot of the forecasters remember earlier this year, I remember talking to you about this where a lot of the media was talking about 15 to 20% drops. And that's just not going to happen. Right? It's just not going to happen.
00;12;58;19 - 00;13;12;02
Makayla
Well, don't you also have to think about what homes were going for last year? I mean, they were going for way over the asking price. So doesn't that kind of mess with the data when we're considering that we're down? Like are we really down or is this just a little healthier? That's probably a hard question.
00;13;12;08 - 00;13;30;14
Joe
It's a hard question because it's a segmented thing. Depends on the price point, depends on the marketplace. And we're going to talk in a second here I’m gonna talk about the biggest what are the areas in the Portland, the Portland area that are the most down right and what are the areas that are not down as much? It depends on the area, depends on the price point.
00;13;30;14 - 00;13;54;25
Joe
But like I mean, we just closed on a home not too long ago in the Tigard area that was listed for $925k, and I think it closed at $990k multiple offers, great home. They did an amazing job with it. But those things are still happening right now. It's kind of unique in that if there are any issues at all with the home to me and tell me if I'm wrong, it feels like buyers are just passing on that right now.
00;13;54;26 - 00;14;13;19
Makayla
Absolutely. We did a tour. We saw four homes yesterday and all of them were great, but two of them were immediate nos. And they I could tell they just needed a good cleaning and maybe some paint touch up, maybe a good refresh. But they were passed on because it was cluttered and dirty.
00;14;13;19 - 00;14;22;28
Joe
And what makes it paying the prices that they're paying right now, they want quality and premium. They expect that out of the home that they're going to purchase right now.
00;14;22;29 - 00;14;24;03
Makayla
Yeah. Yeah, I agree.
00;14;24;29 - 00;14;46;27
Joe
So let's talk about price points right now and what's going on in the marketplace. So I'm going to look at I'm going to give you some stats right now on the different price segments and where they're at as far as sales go. Right. So you can kind of understand the price point you're looking at or if you have a home that you know, the value is X, you can kind of know where they're at in the marketplace.
00;14;46;28 - 00;15;08;26
Joe
Well, let's look at that $400k to $600k right now, which is a year over year to me. So March of last year versus March this year. So we had $400k to $600k down 48% in sales. Right. There are just no homes in that price point available. Almost half of the sales have been cut. Does that surprise you that number?
00;15;08;26 - 00;15;16;21
Makayla
A little bit, but I'm feeling it. I had a buyer in that range since last July and we still haven't found anything because.
00;15;17;00 - 00;15;17;10
Joe
Yeah.
00;15;17;19 - 00;15;22;26
Makayla
I mean, what comes on just goes right off. And if you want anything specific, you got to wait a while.
00;15;23;12 - 00;15;24;25
Joe
Yeah, you really do.
00;15;24;27 - 00;15;28;03
Makayla
Which feels a little discouraging.
00;15;28;03 - 00;15;47;26
Joe
So it's interesting. You're to you guys are going to see a trend here so $700k to $1M, right. Is that's really the move up stage. I would say. You know, most people that have bought maybe a home or two homes, once you sell, you move up, get a bigger home or something that fits your lifestyle a little bit better.
00;15;47;26 - 00;16;13;27
Joe
A lot of times it's going to be a little bit more money. So that's kind of what we we talk about as being that move up buyer price point $700k, $600k to $1M right in there. Those homes are down 42% year over year. So $400k to $600k was down 48%. $600k to $1M is down 42%. Right. So not quite as much, but still very significant.
00;16;14;10 - 00;16;30;26
Joe
The next segment is $1M to $1.5M. I remember the first time I sold a home that was over $200,000. I was like, Oh my gosh, this is crazy. It was over on south southeast salmon in south east Portland. Yeah, Beautiful old home. Sold for $205k. And I just could not believe it. I was like, Oh my gosh, this is crazy.
00;16;31;22 - 00;16;36;07
Joe
And now some million dollar homes that are like, Yeah, nice house.
00;16;36;09 - 00;16;40;12
Makayla
Yeah, but not impressive. Well, not overly impressive.
00;16;40;12 - 00;16;48;05
Joe
Yeah, not overly impressive, but just meat, Potatoes. Yeah. At home. The neighborhood. Yeah. Not bad. Million bucks. Yeah, right.
00;16;48;24 - 00;16;50;01
Makayla
Which is tough.
00;16;50;03 - 00;17;10;08
Joe
Yeah. I remember visiting San Francisco years ago and thinking, you know, I wonder what that home's worth. That's an interesting little two bedroom, one bath buying million five. Yeah. You know, like in Berkeley or something like that, which is how we're getting here in Portland. But $1M to $1.5M down 36%, though not quite as much. It's gone 48%, 42%, 36%.
00;17;10;21 - 00;17;39;03
Joe
So this is what's kind of interesting to me is $1.5m to $2 million is only down 22% almost. You know, that's significant, but it's not nearly the 48%. And that's where you see the real difference in our market between interest rates, Right. So when the difference between $1.5m to $2 million home and that $400k to $600k is there not is interest rate impacted and that's difficult right now.
00;17;39;03 - 00;18;04;28
Joe
I guess my point would be extremely competitive in that $400k to $700k price point a $1.5M to $2M or more. If you're buying and selling in that price point, it's almost business as usual in a lot of ways. We're seeing more homes on the market in that in that segment as well. If that's if you're in that price point and we've got a lot of people in that price point here in Portland, more so than we've ever had, now's a good time.
00;18;04;29 - 00;18;24;09
Joe
Yeah, there's inventory. It's a little bit more of a balance marketplace. We will still see some competitive situations, but now's a great time to buy. So let's talk about some of the areas in Portland that are down The biggest and this is what we were talking about before with sales. This is based off of pendings, but pending are more of a now thing.
00;18;24;09 - 00;18;37;27
Joe
You know, sales are more of a 30 to 45, 60 days after the pending. So pendings might tell us a little bit more about what's happening in the current in the now so the biggest can you guess what the number one is I was surprised myself.
00;18;38;03 - 00;18;39;01
Makayla
Somewhere downtown.
00;18;39;12 - 00;19;01;03
Joe
North Portland is down 49% in pending sales right now. And that was such a hot market last year. Incredibly hot market last year. North Portland's down 49%, Columbia County 42% Scappoose, St Helens, Columbia City, the West Hills, West Portland is down 41%.
00;19;01;03 - 00;19;01;20
Makayla
Really?
00;19;01;24 - 00;19;21;26
Joe
Yeah. And then Hillsboro Forest Grove down 38%. So those are the four that are biggest hit right now. And it's interesting because North Portland I see is one of the places here in town that has been affordable over the years. That's where I started in real estate was selling in North Portland because that's where the affordability was.
00;19;21;26 - 00;19;42;06
Joe
And the increase in equity and value up there I think maybe outpaced things. And now it's starting to get corrected a little bit, but down almost 50% is nuts. So that's what we're seeing there. The smallest down northwest Washington County. So, Bethany, Cedar Mill, those areas are only down 13% right now.
00;19;42;09 - 00;19;43;03
Makayla
Wow, That's great.
00;19;43;06 - 00;19;49;14
Joe
Yeah, it is great. Southeast Portland, 20% and Lake Oswego, 21%. So kind of interesting, huh? Yeah.
00;19;50;02 - 00;19;52;08
Makayla
I like that you pulled the pendings.
00;19;52;16 - 00;20;21;13
Joe
Pending Give you more of a now. Yeah. Yeah. On that type of thing. All of this information will be posted at LivPortland.com/off-the-record/april2023marketupdate so you can go there and find a lot of the information that we've been talking about as well as our home buyer and home seller guides. If you're thinking about buying or selling right now and want to get a lot of great information for 100% free, go ahead and go there and download that.
00;20;21;13 - 00;20;28;05
Joe
So let's talk about buyers and sellers. What should they do right now? Makayla, if you're wanting to buy a home, what advice do you have?
00;20;28;27 - 00;20;54;13
Makayla
Be ready. I would make sure you're pre-approved. And like I said earlier, start searching online. Identify your top three pieces of criteria, whether that's, you know, location, square footage, school district, know what you want going into it. Get connected with a broker, real estate broker that you're comfortable with and who you know can be competitive in this market because there are going to be multiple offer situations on most properties and you should go in ready for a show.
00;20;54;21 - 00;21;05;03
Joe
It's so funny. You're more on the buyer's side. I'm more on the representing the seller side and from the seller side. I'm just always amazed at some of these offers that brokers write.
00;21;05;18 - 00;21;07;24
Makayla
We're getting creative. Well.
00;21;08;08 - 00;21;15;00
Joe
A lot are getting creative, but some of them just think I'm just going to do the same offer I've always done. And it's like, Oh.
00;21;15;12 - 00;21;16;07
Makayla
That doesn't work anymore.
00;21;16;07 - 00;21;44;06
Joe
So yeah, that doesn't work anymore. And there's also a lot of people just throwing offers out there without even calling the listing broker to talk about what the situation is, the interest level, all those type of things. So make sure you got an experienced broker, a savvy broker like Makayla, if you're on the buying side because it is competitive out there and every little bit of inside knowledge of experience absolutely helps.
00;21;44;06 - 00;21;46;12
Joe
So you really got to have a professional on your side.
00;21;46;29 - 00;22;04;08
Makayla
Yeah, and don't be afraid. This is kind of something I've been telling my buyers to submit an offer, even if you don't think you might be the winning offer because you can always be in a backup position. And I mean, a lot of times the first position offer might have financing issues or they just get cold feet. They decide that they don't even like the house.
00;22;04;26 - 00;22;14;20
Makayla
And I think with how hot everything is, people are pulling away just as scared sometimes. So being in a backup position can be really beneficial for you. You get bumped up and.
00;22;14;24 - 00;22;35;19
Joe
Absolutely from a seller perspective, what you should do right now. Well, I'm telling you right now, if you are in a position where you want to sell, need to sell, contact your trusted real estate professional right now to talk about getting your property in shape for the late spring summer market, the fall market, whatever is working, you know, whatever your timeline is.
00;22;35;19 - 00;23;01;05
Joe
But do what you need to do to get your home ready because like Makayla said earlier, buyers are choosy now, even on competitive ones and having your home dialed in so that you are at your absolute best is critical. Don't be afraid to get your home on the market because right now if you get everything set up, we're still seeing multiple offers and driving prices up on quality homes.
00;23;01;12 - 00;23;08;14
Joe
Really, the only ones that we're seeing issues with are ones that have inherent problems, you know, backing up to the train tracks.
00;23;08;23 - 00;23;09;09
Makayla
Oh, sure.
00;23;09;16 - 00;23;21;16
Joe
You can price it properly with that. That's not a big factor. If you don't make it one, you can figure that out. But the ones that are having problems are the ones that don't come to the market prepared.
00;23;21;21 - 00;23;28;05
Makayla
Ready? Yeah. Clear deferred maintenance needs a paint job or even just cleaning.
00;23;28;12 - 00;23;52;04
Joe
Lawns not mowed. Just you just need to be dialed in and that can be difficult. But contacting your real estate professional to have them come do a walk through with you, get that checklist going and get ready to to be market ready, which everyone has a different understanding of what market ready is. But in this marketplace, you have to come to the market completely dialed in to expect to do great things.
00;23;52;05 - 00;24;00;22
Joe
But the good news is you can do great things and reach your real estate goals from a selling perspective in this current marketplace, right?
00;24;00;26 - 00;24;14;18
Makayla
Yeah, absolutely. Okay. Can I throw you for a loop? Can I ask you a question? Oh, yes. So it's great for Sellers right now. Right. But what does that mean? If they want to sell and then buy in this local market when we know it's competitive on the other end of things, should they be.
00;24;14;25 - 00;24;15;27
Joe
Hitting me with the sell and buy question.
00;24;18;29 - 00;24;44;06
Joe
So, yeah, I cut you off. But yeah, that is an extra special one because yeah, you have to get your home ready. But then the timing of selling your home and being able to get into your next home without making a double move, that's a tricky one, right? That's one for another podcast, quite frankly. Yeah. Because we don't want to give away all our secrets right now, and this is just a market update.
00;24;44;06 - 00;25;02;28
Joe
But if you're looking at selling to buy, there are strategies, there's things you can do to avoid that second, that second move or having to move in between, that type of thing. And honestly, a lot of people are moving up into that $600k, $700k $800k or $1M million to that type of thing. That's all doable. Do not think for a moment that you cannot get that done.
00;25;02;28 - 00;25;16;16
Joe
It just takes some planning, some strategy, some understanding where you're at in the marketplace. And it's just putting a lot of things in place so that the dominoes fall the way that you want them to fall. But it's totally doable, right?
00;25;16;25 - 00;25;20;06
Makayla
I agree. It'll just take some extra planning and intricacy with.
00;25;20;15 - 00;25;21;03
Joe
Exactly.
00;25;21;06 - 00;25;23;05
Makayla
Your listing and your purchase as well
00;25;23;05 - 00;25;27;18
Joe
Well. Yep. But it's absolutely doable. All right. Well, I think that's it, Makayla, unless you've got anything else.
00;25;27;19 - 00;25;29;13
Makayla
No, I think that's all right.
00;25;29;13 - 00;25;44;10
Joe
The market update for April 20th, 2023, folks. Thank you, listener. We appreciate you. And look for our next update in May. And we've got lots of other podcasts coming your way with all sorts of great topics. So thanks for joining us.
00;25;44;18 - 00;25;46;02
Makayla
You know, we'll.
00;25;46;02 - 00;25;48;10
Joe
Be talking to you soon, too
00;25;49;17 - 00;26;03;29
Makayla
Thanks for joining us today. If you're interested in finding out more about Joe, myself or the live Portland team, you can go to live Portland dot com. Thanks for giving us a listen and see you next time on the Off the Record podcast.
