Something will Give with Rising Rates and Prices... - Lee Davies - Eleete Real Estate : Lee Davies – Eleete Real Estate

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Something will Give with Rising Rates and Prices…

April 26, 2018 4:10 pm

While the housing inventory is still at historic lows in the Portland market, one thing that has finally changed this spring is rising interest rates. This is double trouble for buyers as homes are becoming increasingly more expensive at an alarming rate, with seemingly no end in sight.

We are coming into what will likely be another competitive spring, as multiple offers are the common place and each home sale is setting a new valuation record. Actual appreciation has slowed year-over-year from 10% down to 7% in the past 12 months. With that said, if inventory remains low, prices are still likely to rise as buyers compete for housing. Ultimately, it is the buyers who are willing to “give,” or in most cases, paying more to end up with the winning bid.

Due to increasing interest rates, purchasing power is shrinking for buyers. There are likely many sellers who will sense the leveling of prices as we may be near the end of another fabulous real estate cycle. When this happens, owners who are ready to downsize are looking to cash out during what may be the ideal time to sell.

Homeowners who are looking to make that change in the next year or two should be dipping their toes into the market now to keep a good eye on the activity. While it appears to be an excellent time to sell, finding a replacement home has never been more difficult. This puts a homeowner in a position of finding their next home prior to selling, or preparing to sit on the sidelines and rent until the right property comes along.

Ultimately, it is “crystal ball time” again and formulating the right strategy requires both luck and foresight. Whether you find the perfect home, or you feel your best move is to sell and then sit on the sidelines, there is one thing we can all be assured of – when the market bears both rising interest rates and prices, something has to change.

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Lee and his team of professionals have been my go to realtor for the past decade. I’ve both sold and bought homes through Eleete and in every occasion I get honest and detailed information, timely communication and most important, results!! The Eleete team know the area, do their homework and are well respected in the community. Moving is tough enough… the buying and selling part is made easy through Eleete!

Erik S -

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Eleete was very easy to work with and attentive. They had quite a few open houses which was very helpful to selling our home. All of Lee’s associates were helpful and knowledgeable. When called they would address any issues that we had. When the home was sold they were quick to get the inspection and the appraisal scheduled.

Patty D. -

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We are writing to express our pleasure with Lee Davies, President, Principal Broker of ELEETE Real Estate who represented us in our purchase of a single-family home. Lee and his team of professionals guided us through the entire process, from loan prequalification to searching for houses to making the offer and closing the deal. We credit Lee and his team with a smooth, stress-free home-buying experience. This was our third purchase of property, and never have we had such a pleasurable experience. Lee is savvy, personable and knows the market inside and out. We never could have gotten our dream home without him. To reiterate, we are nothing but pleased with Lee and his expertise and we recommend him to everyone who is interested in buying or selling a home.

Nore B -

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Lee and his organization are true experts in their geographic areas, They know the little details of the neighborhoods that make a difference when you are buying and selling. Lee’s firm is very well respected and that makes negotiations appropriately professional and swift. Lee is a true real estate icon in the area and that will ultimately be to your advantage as it was to me in both my buying and selling transactions with Lee.

Mel & Teresa -

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We have had three different transactions with Lee and we would highly recommend his company. Lee was very helpful on both sides of the transactions as buyers and sellers. He is very knowledgeable with market inventory and often has advanced notification of homes coming onto the market before they are listed which is a wonderful advantage for his clients. Additionally, Lee had a moving truck available for his users which was very convenient. From start to finish, our experience was very positive.

Patrice W -

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We enjoyed working with Lee and his staff. We listed the house with Lee in December, in a tough market. The house was priced correctly, the marketing was done professionally and the house sold within weeks. We had a closed transaction in January. We were pleased with the sales price and the efficiency of the process. The staff at Lee’s office were friendly, communicative and very professional. Thank you again Lee for a positive experience.

Bill T. -

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Lee and his team recently sold our Northwest Portland home. They were extremely professional, aggressive without being pushy and I never felt like they were focused on anything except the success of our experience. I absolutely feel like Lee and his team know this market better than any other agency and it showed in the guidance they provided. At the same time, when we made decisions in the process, they were able to follow those directions. I would highly recommend them to any potential home seller or buyer as a partner throughout this process.

Troy S. -

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Our house was on the market for 12 months, with no realistic offers. After handing it over to Lee Davies and his team, it took just 3 weeks to get an offer that met our expectations.

Christof & Victoria -

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We used Lee and his team and had a great experience. They are the ultimate professionals. Thank you.

Michael O. -

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Lee is easy to work with and really takes the time to understand your needs. His marketing materials are first class and showcases your home in the best possible way. If you are looking to buy or sell, I’d highly recommend Lee.

Barbara -

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I used Eleete to assist with helping me sell my home in the Cedar Mill area. Lee was very prepared and was easily able to develop a game plan during and shortly after our first visit. The entire team of Lee, Megan, Lauren, and Jeff were very quick to line up the needed companies and resources for the painting, staging, and minor repairs to the house. It would have been a struggle for me to find the right companies to work with so quickly and they had them onsite almost instantaneously. I was fortunate enough to receive an offer after about 2 weeks on the market and mainly due to the team having open houses both weekends after the listing. They again had companies at their fingertips and ready for the work to be done post inspection. I highly recommend Eleete if you want a professionally run team to assist you and provide expertise. I will definitely use them again in the future.

Justin W -

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I have had the pleasure of working with Lee and his team on 4 separate transactions. They are all extremely personable, professional, and very thorough. Bending over backwards to do everything they can to achieve our objectives – always. It’s no surprise that Lee’s Team were the top performers last year. It’s been a great pleasure working with them. I’m confident we’ll be working with Lee and his team for any future real estate transactions.

John M. - Portland