Pamplin Media Group – Roller Coaster Real Estate in Clackamas County

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Market Rise and Bust Cause Many Dramatic Changes for Home Buyers Since COVID-19 Spread

PHOTO FILE PMG: VERN WHYETAKE - Low supply and high prices are holding many young homebuyers out of the Portland real estate market, according to Lake Oswego realtor Judy Adler.REQUIRED PHOTO: RUTH ANN ALBRO - Ruth Ann Albro is an Oregon real estate broker with Premiere Property Group, LLC. Even with masks and social distancing, Clackamas County’s real estate market has surged since the outbreak of COVID-19, when house prices soared.

If you are one of the many in Clackamas County buying or selling a home, the renewed mandate from Aug.13 means you are back to wearing masks and social distancing when viewing or displaying homes and attending open houses. PICTURE COVERED BY: LISA BETTENDORF - Lisa Bettendor is Chief Broker for Premiere Property Group, LLC, Oregon.

The 2020 lockdown did hamper Clackamas County real estate activity at first, but in May, as the situation began to recover, the market got stronger and faster again.

“Inventory has consistently been selling much faster than it did before COVID,” said Jeff D. Weyren, president and managing chief broker of Premiere Property Group, LLC.

The market in the entire area of ​​the three counties was a seller’s market, with most properties being sold on demand with multiple bids.

“We have not only seen home buying for the first time, but we have also increased the number of families selling existing homes to get more spacious homes. Since then, these families have been looking for larger homes with additional rooms for home offices, Zoom rooms, and school rooms. most of the population worked from home and the children studied online, ”said Lisa Bettendorf, chief broker for Premiere Property Group, LLC in Clackamas, Oregon.REQUIRED PHOTO: Laurie Sonnenfeld - Laurie Sonnenfeld Head Broker Oregon, Laurie Sonnenfeld Realty, Homes with Character.REQUIRED PHOTO: JEFF VIREN  Jeff Weyren is the head broker for Premiere Property Group, LLC in Oregon.

As soon as one-off shows or meetings were required in empty homes, buyers viewed the queues of people waiting outside as a competition. With increased competition among buyers and a large number of sellers looking to get offers on the first weekend, agents show houses immediately. Potential home buyers are encouraged to make offers immediately before the seller makes another tempting offer.

Ruth Ann Albro, broker for Premiere Property Group, LLC., Said buyers willing to pay more than $ 600,000 could be more picky, but they were still more rushed this year, only with less competition.

“In the $ 400,000 to $ 600,000 range, these buyers experienced ‘customer fatigue’ over several months and 10+ offers to compete with,” Albro said. “I helped buyers write multiple offers, one at a time, knowing that deadlines are split by a day or two so they don’t miss out on what works for them.”

Many agents have heard the concerns of many buyers over whether the current Oregon market is a bubble and whether home values ​​will plummet. Sellers were satisfied with impressions and less time on the market.

Wiren does not foresee the looming foreclosure boom as we saw in 2008, as long as employment remains strong.

“This market is different from the market we had in 2008, when prices fell 30-40% or more in many areas of the Portland Underground,” he said.

Most Oregon property owners have a stake in their property and made a down payment to obtain a fixed-rate mortgage, Wiren said.

“As interest rates rise and the buyout moratorium is lifted, we are likely to see a moderate decline in demand and a slight increase in supply,” he said. “This will be a healthy adjustment for our market. If prices continue to rise at the current rate of increase, my young adult children will struggle to afford a humble home. This is true for many people, and at the current pace, in my opinion, the appreciation is not sustainable. Going back to normal will be a positive change. ”

Laurie Sonnenfeld, a general broker based in Clackamas and Multnomah counties based in Clackamas, said the market is “very hot,” with strong supply and demand for homes.

“Homes in Milwaukee, Gladstone, Oregon City, Lake Oswego and West Lynn sell very quickly, often in less than a week, if priced and presented attractively and if they have what buyers want,” Sonnenfeld said.

Brokers often see more than 10 offers, and sales prices may end up being 5-10% higher than or more than the offer price.

“Homes sell as well in remote areas as homes on parcels of land,” Sonnenfeld said.

Clackamas County had over 650 active listings, more than 1,300 pending listings, and over 720 properties that were closed for 30 days as of July 16, according to the Regional Multi-Listing Service. Home inventory fell to the lowest on record and to the median. house prices in May were $ 15,000 higher than in April.

“In my opinion, the days when 10 to 20 proposals were offered are in the past. Homes with the most correct price will still sell in the first week with one to three fantastic bids, ”Bettendorf said.

According to Bettendorf, buyers are simply tired of making a few offers and basically lose to the market. Shoppers have become more discerning over the past few months.

“We have seen several price cuts and a slight increase in market time over the past couple of weeks, but the market is still strong with limited stocks and low interest rates,” Sonnenfeld said.

“I hope and predict that the market will remain very strong in the coming months / years. I predict stocks will increase slightly in 2022 and buyers will welcome this change. I predict that the market will level out as stocks increase, and we will “not see a market crash, as some fear,” Bettendorf said.

Sonnenfeld said that as people leave the city center, for various reasons, Clackamas County is discovering more people who want what it has to offer; large plots, trees and rivers, great outdoor recreation and a wide variety of houses and neighborhoods.


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