The Current State of the Real Estate Market
One thing we can always count on is change. And with the uncertainty of the Coronavirus and its effect on the world, economy, stock market and real estate, we are all here working and continuing to monitor this unprecedented issue as it changes from day to day.
We have been doing a lot of networking with industry insiders to get a sense of how the residential market is adjusting to a new reality as the pandemic spreads. An excerpt: “Unlike the Great Recession in 2008, the real estate market now offers a safer place for investors to park their money given the volatility of the stock market, the industry experts said, ‘I think people are seeing that real estate is a much better investment than the stock market,’ Larrance said.”
As of today, we are certain of a few things regarding our local real estate market:
#1 Inventory remains low.
#2 Interest rates are still low.
#3 People are still buying and selling.
#4 We are working with our clients differently.
#5 We are here for you.
Yes, inventory is still low and it is still a strong seller’s market. We will most likely see a dip in sales in the next couple months, but will rebound quickly when things stabilize and consumer confidence pops back up. Couple that with continued low interest rates, buyers are still buying and sellers are still selling.
We are changing the way we work with our clients; adding 3D virtual property tours for our listings, more Facetime showings, lots of hand sanitizer before and after showings, traveling in separate cars, social distancing and less overall in person time with our people. It is important that we exercise our social responsibility while still servicing our clients.
We are here. We are monitoring the situation. We are not on vacation; we are here working more than ever for you. Just know that you can rely on us and reach out if you have any questions or concerns.
Portland Metro Area Market Statistics
Get up to date information on Real Estate Sales, Trends and more throughout the metro area.
Is a recession around the corner? See our video to cut through the rhetoric and get information from the experts:
