The red hot sizzling Portland Metro Real Estate market is showing a definitive relaxation as values have skyrocketed and buyers are starting to thin a little as they are priced out. But not all areas in our beautiful metro area have cooled their jets. Beaverton is still pretty crazy with values continuing to inch up and seemingly no shortage of buyers. Little ramblers from the 1960s and 70s that feature less than 1000 square feet in many cases are commanding middle 300s on price and that is pretty steep for entry level buyers.
More locally here in Clark County as I wrote last week, the craziness has for the most part subsided, but we are still experiencing increasing prices and buyers should not get too complacent. Sellers are a little easier to work with and that is refreshing. But buyers still need to act quickly when they find a house they really like.
Buyers should always remember that a well priced home will sell quickly, possibly with multiple offers. There are however those overpriced units I have referenced over the last few months and the market here in greater Vancouver is no longer supporting egregious overpricing. These are sellers that buyers can 'beat up' a bit. If a buyer is seeking some help with closing costs or just needs a sharper price, the overpriced house may be had for less. The seller may have it sit for a few weeks before considering a lower offer but at some point they will have to come to the market. The strategy of having the market come to them is waning as values are not increasing in annualized double digits any more. Buyers are well advised to have their agent run the numbers on homes that may be overpriced and make an offer accordingly.
I like this moderate, more healthy market. I think people on both sides of a real estate transaction make better decisions when neither side has a clear market advantage. I still feel that this Clark County, WA market in the sub-400k range favors sellers a bit, above 400k is pretty neutral.
Overall the real estate market is excellent.