Chris Mack’s Real Estate Insider – August 2023
August Newsletter – advice for buyers and sellers in the current Portland condo market
As always, thanks for following along with these newsletters. About 50% of my real estate business is helping people buy and sell condos. This month, I’ll provide some advice for those planning to buy or sell a condo in the next three months.
If you’ll be selling a condo:
Currently, the number of active condo listings in Portland is the highest we’ve had since November 2020 (see graph below), so the most important thing to understand is that you’ll be dealing with a significant amount of competition from other sellers. You’ll also want to prepare yourself for a longer process: six months between listing and selling, sometimes longer, is not unusual. Lastly, when buyers have a lot of options to choose from, like they do today, it makes it important to find ways to stand out from the crowd, so you’ll want to consider pricing, staging, marketing, etc. carefully.
Understanding the above, there are still good buyers, including a decent number of cash buyers, who are looking for condos right now, and sales are happening.
If you’ll be buying a condo:
If you’re buying in the next three months, you’re on the other side of the equation with sellers and will have a lot of options to choose from. This is because there are condos that were listed during the spring and summer that haven’t sold yet, and these listings (many of them great units) accumulate on the market this time of year. Additionally, sellers who would like to sell this year typically become more motivated in the fall because they understand that if they don’t get a sale before the winter holidays, when things really slow down, they are likely looking at waiting until next spring.
As always, feel free to reach out to me anytime with thoughts or questions. I’m easy to reach at 503-951-5476. Email always works well, too. I’m at [email protected].
Thanks, and let’s talk soon,
On a personal note, here is a photo of me rappelling down Big Pink, which, at 536’, is the second tallest building in Oregon, on Saturday. Rappelling was part of a fundraiser my good friend Mike, who is a mortgage lender, organized. Money raised goes to a local non-profit called NW Battle Buddies, which pairs trained service dogs with veterans who are experiencing PTSD. Your adrenaline pumps a bit when you’re standing up on the ledge and first put your weight into your harness, but with the safety gear they have, you really can’t mess up, fall, etc. Overall, it’s a super smooth process. I did my best to take my time so I could enjoy the feeling/views