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ANOTHER “BUBBLE” EXTENSION THIS SPRING

ANOTHER “BUBBLE” EXTENSION THIS SPRING

January 31, 2020 5:10 pm

Once again, after a slower 3rd and 4th quarter in 2019, sales spring boarded in December and activity is brisk in January.

The activity is clearly driven by remarkably low interest rates, as low as 2.95% on 10-year loans, and 3.75% on 30-year loans. Another primary contributor is a stock market that continues to soar and make people cash rich on paper. When this will end, no one knows. Most of us in the real estate industry, along with the pundits on television, have been discussing the next dip in the economy for a couple of years, but it has yet to come.

In Portland, what is astonishing, is that after an apparent slowing of appreciation, if not even a total leveling off, it appears that this spring we will see prices rise again. With the recent drop in interest rates, combined with cash rich buyers, the remaining inventory from last summer has now been snatched up and suddenly we have a big supply issue at a time when demand is peaking.

Our phones are ringing as sellers are getting ready to list in 2020, but it is those who list now, who are likely to successfully capture the entire buyer market without competition. As we head into spring, inventory and competition will rise, and similar to the past few years, the market will likely be a bit slower in the 3rd quarter.

For buyers, although we had limited need for our advisory documents on how to compete in a multiple offer situation last summer, and there was finally some inventory to consider along with the power to negotiate, that was then, and this is now. It’s time to boot up and get your pre-approval letters, make sure your cash is liquid, and get out to see every home that hits the market as listings are sparse this time of the year. This tip is to ensure that when “the one” hits the market you are not only financially prepared, but you are confident in the price you will be willing to pay in a competitive situation.

All in all, this year once again appears to be like the last four years – solid. That said, we have all seen it before and know it can change on a dime. As of today, we have multiple geo-political events: Iran tension, impeachment hearings, and the election that could instantly change consumer sentiment. On the economic front, we have a stock market that is defying the odds and interest rates that are seemingly subsidized. If any of these factors change, our market will likely shift quickly to the benefit of buyers.

If you are considering a change in the coming year or two, now is always a good time to evaluate your real estate position and we at ELEETE would enjoy the opportunity to sit down with you and have an annual review.

“

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. -

“

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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