We know that you're reading the headlines about declining sales, longer listing times, and changes to lending requirements because you're asking us how all of those things are affecting us. Our answer: Not so much.
The Portland Real Estate market is not tracking exactly along with national news; we thought it would be helpful to share where we're seeing differences on the ground here in the Rose City.
Virtual Open Houses on the Rise: Yes. We are seeing these in Portland (we're doing them too), but buyers are typically using these as additional information rather than a replacement for seeing the home in-person unless they are out of town and not traveling.
Takes Longer to Sell: No. As we mentioned in our Micro-Markets video, only a few pockets in the Portland market have slowed, otherwise sales are brisk.
Lenders Raising Loan Requirements: No, the only loans that have been impacted are Jumbo loans. Otherwise, our lenders are not becoming more stringent.
Exterior-only Appraisals: No. This describes a scenario where the appraiser does not enter the property. We are not seeing an uptick in this practice as a result of the pandemic.
Delays in Closing: No. Our lenders have developed safe and efficient workarounds for verifications and completion of closing paperwork, so we have not seen a slow-down.
Coronavirus Addendums: Yes. These are not a hoax, they are legitimate and in place to protect everyone in the transaction in the event that one of the parties becomes ill.