Here’s why you need a Realtor on the ground who can tell you what’s ACTUALLY happening in your local real estate market.

Take a look at these headlines from different national news sources:

“In the housing market today, it feels like what goes up doesn’t have to come down.” (NBC News)

In Lake Oswego, we are seeing listing prices come down, sometimes by hundreds of thousands of dollars as affordability is being challenged by higher interest rates. The median sale price in September was $834,950 which was an 11% decrease from August’s median price of $935,000 and a 6% decrease from $885,000 in September of last year.

“…I think most people have written off the 2023 home buying season.” (Redfin CEO Glenn Kelman on foxbusiness.com)

If “most people” have written off the 2023 home buying season, how do you explain the 48 homes sold in Lake Oswego in September or the clients we just met with last week who are “ready to buy” in Lake Oswego, or the showings we are getting on listings in town?

“There’s this view out that that the housing market is overvalued but the lack of inventory is keeping those prices very sticky where they should be pulling back.” (Andy Walden, ICE vice president of Enterprise Research on CNBC).

Prices in Lake Oswego, especially in the $1.5 to $2 million and $3.5 to $4 million price range are losing some of their stickiness as I mentioned above. All those price ranges are currently considered buyers’ markets, with the $2.0 to $3.5 million as well as over $5 million price ranges falling into more of a balanced market scenario. Right now the only seller’s market is under $500K up to $1.5 million. These are clear indicators of the effect higher interest rates are having on affordability.

Now more than ever, you need the insight of an experienced hyper-local Realtor to help you make informed decisions when it comes to buying or selling your home. Internet searches cast a wide net; you need to drill down to what’s happening in the First Addition…to waterfront property…in Westlake and so on. Let me be that resource for you. Having lived and worked as a Realtor in Lake Oswego for over 35 years, I bring a depth of experience and market intelligence that helps you make informed decisions when it comes to buying or selling your home.

Phone: 503.939.9801

Email: kevin.costello@cascadehassonsir.com