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Real Estate Headlines Rarely Peg Your Micro-Market

Real Estate Headlines Rarely Peg Your Micro-Market

November 21, 2019 4:39 pm

The nation’s home prices rose 3.2% in July; equivalent to the gain we saw in June, according to the latest Case-Shiller Index Report. Portland home prices rose 2.5%, a slight increase from 2.4% in June. However, home sales are down 3.3% in Portland and time on market is up 22% year to date (August over August) according to RMLS data. Interest rates are dropping and talks of a recession are slowing real estate sales.  It can sound gloomy, and may seem like the market is shifting out there, but what is your reality?  Where do you live?  And, what can you buy?

While the national and local media vie for our attention with ear grabbing sensational headlines about the shift, what matters most is the micro-market that you live in – your neighborhood.

 

To fully understand the market you live in, or wish to purchase in, it is important to research the sales trends in the immediate, surrounding communities, specifically noting the number of properties currently on the market, as well as how many properties should sell in a month based on the trends of the past 6 months of sales. These numbers will tell you if you are still in a seller’s market, or if the tides have turned in your micro-market.  At a quick glance, it may seem that close-in Washington County continues to be a seller’s market, but we are beginning to see pockets where the inventory is growing.  As for the Northwest Hills and Multnomah County, these areas are seeing signs of a shift to a buyer’s market. However, modern homes and clearly motivated sellers are finding success here, and sales are still occurring at a decent pace.

It is important to remember that while sales may be slowing, and you may end up selling for less than your anticipated price, if you remain in the same market you should benefit on the purchase of your new home. However, if you sell in a community that has high inventory and many competing homes and then purchase in one of Portland’s hot neighborhoods with low inventory, you may face selling low and buying high. Conversely, if you move from a hot market to a slowing market, you could hit it out of the park.

Ultimately, a true real estate practitioner can put together the analysis necessary for buyers and sellers to evaluate their own community and any community that catches their attention.   At ELEETE, we use our market absorption analysis to guide our sellers in predicting how long it may take to sell their home and to evaluate how their home competes in the current market. If the market absorption rate indicates that only two homes are selling each month, we will work with our sellers to position their home to be one of the top four available properties in their market. This strategy will ensure success in the sale of their home in the first couple of months.

If you are looking to put together a strategic plan in the next year or coming years, contact your ELEETE agent today, and we will keep you informed with monthly competition alerts and send you individual customized absorption rates for both the home you plan to sell and the community you aspire to live in.

“

Lee, I really admire the way you do business and the joy you bring to everyone around you. My brother and I had great experience working with you and you’re definitely our go to agent when it comes to real estate for us and friends referrals too. We haven’t had any recently but we always keep you in mind! Thanks!

Ayman F. -

“

Nobody knows the Cedar Mill and Bauer Woods home market as well as Lee and his team. In a potentially tricky situation with a home that needed lots of updates and some other uncertainties, Lee and his team delivered a smooth sale in a timely manner. Megan was a tremendous help recommending updates and coordinating the entire home improvement process with multiple contractors. You would never get that level of service with a discount broker.

Lee was thoughtful in pricing and marketing strategy, and we were fortunate to land an attractive offer quickly with the right kind of buyer. Communication was clear and honest throughout the process.

I would gladly recommend Lee and his team.

Bill B. -

“

Megan did a great job on the “updating” and staging.  When the buyers are asking to buy some of the furniture  . . . you know it really made a big difference.

Really appreciate all you have done.

Jim + Deone

Jim & Deone J. -

“

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 -

“

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. -

“

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 -

“

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 -

“

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 -

“

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. -

“

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 -

“

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

Michael O. -

Contact Lee

Office

9200 SW Barnes Rd.
Portland, OR 97225

Phone

503-292-1500

Email

lee@leedavies.com

 

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