Weekly Report

6/4/2020

More time, more attention, best outcome.
Hey neighbor!

 

How are you doing? I hope you and your family have been well. It feels like it has been a long week. It has not been easy, but I’m gonna keep moving forward, I hope you are too. Let me know if there is anything I can help you with. Did my last week’s email spark any new ideas for projects? If only I have motivated but one person then I have done my job. Haha, I hope I motivated a few!

 

Have a good weekend. It looks like we may get a little spring storm. Rain this time of the year is always good. The last thing we need are any forest fires. What are you gonna do? What have you been up to? I’d love to hear it. I’ve been re-living a few fun activities I used to do. It’s been rejuvenating.

Hey, give me a call anytime, lunch is on me! 971-285-0847.

 

Best regards,

Evan Zener

Market Snapshot- First of the Month Review

The RMLS released May’s market stats. Active listings rose from April-May 2020 from 966-1,088, +122. Sales dropped from 694-604, -90 units. Looking back a year earlier in May 2019 there were 1,758 active listings and 1,033 units sold. Both up +200 from the previous month. So far the market has shown a similar pattern month to month, but with much less inventory and last month’s sales dropping off.
At the end of April I thought we would have a rush of sellers putting their properties on the market in May, and through the summer. The Real Estate market was and is still doing well considering everything and I had hoped the COVID dilemma would wind down faster, boosting us closer to last year’s numbers. Over the past few weeks, I’ve been reevaluating that thought. I underestimated how long the shutdowns would last and also how much our behavior long term could change. I’m optimistic. You have to be in this profession.

 

What have property values been doing?

Believe it or not, prices rose from March-April, with sellers in April getting on average 9% more than their asking price, up about 7% from March. Fast forward to May, that dropped with sellers receiving -2% less than their asking price (Multnomah County). Next week I’ll go over other counties and how they have done in comparison. From what I’ve seen they’ve responded similarly.

Where are things headed?

 

I’m not totally sure. We’ll see. I think the market is going to dip further with a possible price adjustment. I would imagine a good amount of people are going to put their homes on the market after this because they have to and fewer people will be out there with buying power, driving prices down. Could a lack of housing supply keep prices stable? New construction has certainly slowed (I need to find those numbers). Maybe that could counter.
I’m going to stay on it and keep you updated. I’ll be back next week. Take care.

Looking back 2 years at the Portland market
zoom to view larger
Next Housing Recession in 2020, Predicts Zillow- By Donna Fuscaldo, Investopedia

Here is an interesting article Updated Oct 2, 2019. Put out by a Donna Fuscaldo at Investopedia talking about how Zillow was predicting a market crash in 2020. They didn’t predict a pandemic, they were a little vaguer, stating the main culprit for the housing recession—monetary policy. And “This prediction is based on their own outlook combined with results from a survey of homeowner sentiment.” I bet they were just trying to get people scared so they would sell their houses after the busy season had just gone by. Why now is it at the top of Google? I don’t think Google’s search algorithms are as organic as they used to be.

View Article
Housing market faces its next crisis as May rent and mortgages come due-  By Renae Merle, The Washington Post

At least 3.8 million homeowners have sought mortgage relief and were not making their payments by the end of April, a 2,400% increase from early March, according to Black Knight, a mortgage technology and data provider. That number probably will increase drastically this week as the country’s unemployment rate hits levels unseen since the Great Recession, lenders and housing advocates say.

View Article
Thank you for taking the time to read my report
Hey, thanks for checking out this week’s Portland-Metro Market Report. Please let me know if there is anything I can do for you! Spring is here!

For more information, you can check out my website at www.strongedgerealty.com or give me a call anytime, lunch is on me!

Evan Zener, Licensed Realtor
(971)285-0847
Strong|Edge Team with eXp Realty LLC evan@strongedgerealty.com