A Buyer’s Market with No Buyers…

For me, this picture sums up Summer in Oregon: crystal clear blue sky with the backdrop of a breathtaking landscape. This shot was taken at Viento State Park in the Columbia River Gorge a few weeks ago; myself and a few friends were jumping off there on a down-winder to Hood River.

At times, in different seasons, the Pacific Northwest can be a tough place to live, but you could say that about just about anywhere in this country. I just got back from a few days in South Carolina, where the heat/humidity were sweltering; I’d gladly take 45 degrees and drizzly in January over that!

How does that play into the Portland Real Estate Market? Historically, August is an odd time around here and this year is no different, but there is a bit of a twist. Typically, the market is best described as “dead” as buyers are recreating in Bend or galivanting in Europe. This year there is a detectable amount of new buyer energy that has made its way into the market…it is subtle, but it is there. Rates have actually crept down a little in the past few weeks and inventory is at a 10-year high.

But just because there are a bunch of homes out there doesn't mean they are good. I would describe pricing as aspirational and seller expectations as delusional. Much of what is out there is pretty stale and it actually has me considering breaking my own rule of listing homes in August. I’ve got a few potential listings coming up that will certainly be injecting some new action into the market whether they go on in August or September.

At seminar a few weeks ago, I heard an interesting take on the market: “a buyer’s market with no buyers”. I partially agree with this…I would just add: they are there, but it takes something special to draw them out.