The Current Real Estate Landscape

We were preparing to write our usual monthly real estate market update, but that doesn’t seem very relevant now with all of the major changes that have happened in the last couple of weeks. Although there have been many changes including Oregon’s stay-at-home order which became official on March 23rd, real estate is considered an essential business in Oregon. In the last 10 days, our team has gotten a buyer’s offer accepted, put a listing back on the market and put it pending again, and listed a home and put it pending with a full price offer in two days just this last weekend. 

Real estate is still happening for the highly motivated buyers and sellers. Mortgage rates are great and have returned to where they were about a month ago (read more information on rates here). These rates are incentivizing buyers to move forward with their plans to purchase. The listing inventory is growing a little more each week and the most motivated of buyers are out looking, so there’s less competition on each home. 

Even though we continue to do business, we are taking precautions to protect our buyers and sellers. Buyers can go through the entire process virtually (if they choose) which is also safest for sellers. For more information on our virtual buying process (click here). Sellers also have a number of options including 3D tours, video walk throughs, special showing requirements, and screening requirements to minimize showings.