Rumor has it that more houses will be coming on the market in Lake Oswego and the Portland metro area in May. Time will tell if the rumor mill is correct.
I know we have some sellers who are waiting for Spring to list and since that is the real estate industry’s traditional “boom” time, we are inclined to think that buyers may find themselves with more options soon.
Who are those buyers? A surprising (or perhaps not so surprising) number are coming from Portland. Between July 2021 and July 2022, Multnomah County lost 10,000 residents, the biggest decline of any county in our state. It seems a combination of high taxes, high housing prices and increased homelessness has motivated the move for most, many of whom have fled across the border to Clark County in Washington, but many, who are not deterred by high housing costs, are moving to Lake Oswego.
Residential real estate isn’t the only market being sought out by Portlanders. The Willamette Week just called Kruse Way in Lake Oswego “Portland’s New Main Street,” as businesses are flocking to our city for many of the same reasons as residents.
So the demand is here. Now we just need the supply to match it. And as you can see, that supply has been lagging.
During times like these, it’s even more important to work with a hyper-local Realtor who is plugged into the local housing market and a network of professionals who often have an inside track to what may be coming on the market. Many times the national headlines don’t speak to what’s really happening in your neck of the woods.
For example, just this week the Oregonian reported that “even a drop in home prices hasn’t proved enough to lure buyers” into the housing market. If so, how do you explain a local Realtor who lost out in a bidding war involving 12 other buyers where the house sold for $50,000 over asking? The explanation is this—well-priced homes in desirable areas are in demand. I can’t think of a more desirable area than Lake Oswego so sellers should breathe easy and buyers should be working with a local Realtor whose expertise is Lake Oswego.
Having lived and worked as a top performing Realtor in Lake Oswego for over 30 years, I’d love to put my experience and connections to work helping you make your next move. Feel free to give me a call at 503.939.9801, email me at email@example.com and/or check out my website.