The data is just starting to catch up but these April numbers still mostly reflect March activity so are not showing us what we are experiencing right now, which is why the Covid-19 market stats tell a more contemporary story.
The one place the story really comes through is in the New Inventory graph, where you see the red line (which represents 2020) take a nosedive.
We have heard from a number of you with questions about the slowing market. Surprise! We are not experiencing a slow market, we are still showing and selling properties. So much has changed about the way we are showing property that we had one of our agents, Jesse Manis, put together a video to walk you through our Covid-19 protocols.
If you have additional questions about how we are showing property we would love to hear from you! And don't forget to subscribe to our YouTube channel so you never miss an update.
We thought it would be helpful to review what forbearance is. We like this definition from the team at Keep Home:
Forbearance is a form of loss mitigation. It’s a formal agreement between you and your loan servicer that temporarily reduces or suspends your mortgage payments during financial hardship. The key word here is temporarily. At the end of the agreement, you must negotiate a plan to catch up.
That last part, about negotiating a plan to catch up, is very important. When discussing forbearance with your lender, questions you want to ask include: how many months can I suspend my payments, how will suspended payments be accounted for at the end of the suspension period, how will interest be handled on suspended payments, what/if any impact will this suspension have on my credit score.
The National Association of Realtors offered this information for property owners trying to understand their options. If you have questions about your options or have stories to share about your experience seeking or being granted forbearance, please reach out and let us know!
As the latest market stats show, Real Estate activity is picking up and pending sales are currently right at or above the pre-COVID-19 numbers. The choke point is that new listings are still lagging, so the pent up demand we had pre-COVID is not yet abating. Sale fails are down, as are withdrawn and canceled listings, as folks get used to the "new normal.
You can view the information online or use this link to download the report. We will keep you posted as new data comes in and let us know if you have questions about any specific area and/or price range.
What kind of city do we want to live in when the swell of the pandemic recedes? We believe that Portland would not be Portland without the rich community of independent businesses we know and love. Each week we will let you know how you can support a couple of the businesses we feel are part of the fabric of Portland:
Nong's Khao Man Gai: The house that Nong, chicken, and rice built must remain standing! Nong's is one of our favorite spots to take visitors, and khao man gai is the dish we dream of when we need comfort. Consider contributing to Nong's GoFundMe Campaign, ordering takeout, and sending a note to your Senator pledging your support of a Restaurant Stabilization Fund!
Flower Bomb: Solara Schoeffler has been providing Portlanders with gorgeous flowers for twenty years! You may know her from her mobile floral truck at the corner of SE 28th and Stark. Last year, she settled into a storefront just up the road a few months ago. We love her work, and who doesn't love getting flowers? Get a gift card or send flowers to someone you love today!
This week’s numbers show some recovery in the below $500k range and outer suburbs. Since we are tracking weekly, the numbers can jump around a bit so for graphs explaining the general trending by price, see our “micro markets” video on our YouTube channel.
You can view the information below or use this link to download the report. We will keep you posted as new data comes in and let us know if you have questions about any specific area and/or price range.
The Love Portland Group | Cascade Hasson Sotheby's International Realty
Lee McKnight, Principal Broker | 1500 NE Irving, Suite 110 - Portland Oregon 97232
