Anyone here live in Oregon?_____________________________
"A New Real Estate World’ In Oregon
The Oregonian has this update from that state. “Last year’s frenzied housing market has noticeably calmed this year, even if home prices don’t yet show it, many of the area’s top real estate agents say. ‘Last year, we were managing traffic; now we’re trying to create the traffic,’ said Kathy Hall, a longtime agent. ‘Now, it’s a whole different thing.’”
“The conflicting observations pose a conundrum: How can a softening market produce a rising median price? The answers from the panel of real estate agents: The latest price figures reflect sales closed in May but negotiated a month or more earlier.”
“Eventually, several of the agents projected, marketwide price figures should reflect a moderating rise, say, in the single-digit percentages, but almost certainly not flat or negative.”
“Supply is going up and sales are going down. Sellers put 5,620 new listings on the market in May, up 27.9 percent from the same month a year ago. But buyers that month consummated 3,054 sales, down 6.6 percent, from the previous May.”
“The real estate agents suggested suburban areas and the highest of high-end markets, such as multimillion-dollar properties on Oswego Lake, are feeling pricing pressure earlier than other places. State Economist Tom Potiowsky said the agents’ sentiments, in and of themselves, also amount to reasonable leading indicators.”
“‘I’ve heard the same stories from around the state,’ Potiowsky said.”
“Dave and Debbie Heidel decided to put their custom-built three-bedroom house on the market for $559,000 in late December, thinking it would sell in two or three months. After all, an appraisal in October determined it was worth $549,000, so it should have been worth more by year’s end, Dave Heidel said.”
“Six months and three price reductions later, they’re asking $499,000, and working with a new agent.”
“‘Last year, there was panic in their eyes,’ said (realtor) Bob Haskins. ‘They had to buy a house. Now, they’re more realistic. If it’s priced right, it’s gone,’ Haskins said. ‘But if you’re ambitious on the price, you’re delusional.’”
“Even some homeowners in desirable close-in neighborhoods are finding themselves in a new real estate world. Ron Martin put his 2,800-square-foot Laurelhurst Cottage on the market in March for $419,000. Martin figured he would get an offer in a few weeks, he said.”
“But the house is a little too close to transit for many. Cars sometimes pull up, then drive off without seeing the house’s great features, Martin said. ‘It’s just been amazing,’ Martin said. ‘Has it cooled off that much?’” " |
