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Brought to you by Lake Oswego's Ward Spears, Coldwell Banker Bain - LAKE OSWEGO REAL ESTATE INSIDER -

Oregon Regional Manager and Lake Oswego Managing Broker at Coldwell Banker Bain

Stable and predictable macro environments tend to be favorable to strong markets. In such a setting, buyers and sellers feel confident and plan for the future often with the use of 30 year mortgages. In the 3rd quarter of this year borrowing rates have increased nearly 30%, and were increasing even before the quarter began. A shift like this is bound to have an impact on market dynamics.

Sure enough, prices in the Portland metro area are off about 8% since peaking in May of this year. However, inventories have only risen modestly. In fact, between July and August the level actually dropped before increasing again. This is a major difference between our current situation and the housing crisis of 14 years ago when inventories were high and kept climbing. Most sellers at the time were selling because they had to, now most sellers are selling because they choose to. That contrast in motivations is a strong sign of underlying market strength.

Naturally, multiple offer scenarios are much less common. During most of the second quarter the average sale in Portland was 5% over list price, now the average is 3% under list price. The benefit of working with an agent who is comfortable in a variety of scenarios cannot be understated.

Coldwell Banker Bain

4200 Mercantile Dr Suite 700

LAKE OSWEGO

503-241-7325

www.coldwellbankerbain.com/lakeoswego

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