How’s the Oregon Real Estate Market in January 2024?
I’ve been seeing the lowest number of new listings, pending sales and closed sales year over year since 2008. All the transaction numbers have been negative compared to 2023. However, the Median Active/Pending/Sold prices have been up similar to 2023.
Typically the Oregon real estate market slows down significantly during the winter storms and power outage. We just had one of the worst snow wind storm knocking down probably thousands of trees.
So, January of 2024 was the slowest based on the RMLS lockbox access data by close to 50%.
Limited supply pushes up the overall home values, even during the high interest rate environment and lowest home affordability. The first-time home buyers are still buying because owning continues to save more money than renting in the Portland Metro Area.
Selling Tip
Generally speaking, before summer market is more active than after. The best time to list is when there are less homes for sale (when inventory is low). Less competing listings means more buyers will give attention to your listing. More buyer traffic equals more offers and higher purchase price. Basic supply demand rule, plus buyer’s emotion which is very unpredictable (this makes home valuation more difficult).
So, I’d recommend listing your home before the market heats up with more listings on the market. Timing of the lower mortgage rate period is impossible, but avoiding the high number of inventory is somewhat controllable as long as you plan ahead and be the first seller than the last seller.
Buying Tip
- Check out new homes: Home builders can buy down the mortgage rate on lots which can benefit the buyers. You’ll likely save hundreds of dollars compared to the same price resale home without the rate buy down. You may pay much more on the purchase price on new homes, but you don’t have to worry about home maintenance for the first several years. However, don’t skip home inspections even when you buy a brand new home.
Check out Things to know before buying a brand-new home - Negotiate home buying costs with seller: This is a good market to ask sellers for the rate buy down and buyer’s closing costs. Some sellers and sellers’ agents understand the challenges that many buyers are facing (worst affordability and high monthly payment), so they might be open to providing some credit to attract the buyers and to make deals.
- Keep looking: Sometimes, finding your dream home can take months, so stay on the market and watch everyday of the new listings and learn your target neighborhood market closely. When you are tuned into your target market, you’ll know when you see a good deal. Understanding the market could determine between winning or losing the house.
Our customer reviews
“We have worked with Shawn for many years with at least 7 property transactions. Shawn is very knowledgeable and a skill negotiator.”
We have worked with Shawn for many years with at least 7 property transactions. Shawn is very knowledgeable and a skill negotiator. He has high ethical standard and has always been a pleasure to work with.– from Google by Hung Tran, Seller
“Shawn Yu should be dubbed the ‘real estate investment therapist!’”
Shawn Yu should be dubbed the “real estate investment therapist!” He met with us over a year ago, listened carefully to our goals and dreams, ran some numbers and gave us advice on the direction he saw being the most financially sound for our real estate investments. He could have easily given us advice that would have benefitted him financially in the short-term but instead gave us a plan to better our financial investment goals for the long run and get us into our dream home.
We took the time to work toward achieving those goals and then he magically got us into our dream home as well. Shawn has a sense of calm and cool that in almost unheard of in today’s real estate market! He is always looking out for what is going to benefit his clients and is incredibly thoughtful in every move he makes.
During escrow, we were also very impressed by all of the communications from his team. Everyone was quick to respond and very helpful in finding answers to questions that came up.
We could not have been happier in working with the Shawn Yu team! Thank you all!!– from Yelp by Keely M., Buyer
Shawn Realty 