This market is hot, white hot. At least in the Portland Metro area. The housing market right now is so hot that in my local area, the Clackamas County, Portland-Oregon City area, we have made multiple offers and lost them all to offers that have been $30,000 -$40,000 over asking price. Here's an overview about the Portland real estate market.
Does this bring back memories of the housing bubble of 2005, 2006 and 2007? Yea, it does. And I am feeling uneasy about this. In fact, I may be the only Realtor in the area that is telling buyers NOT to buy and be careful of bidding wars on homes NOT worth their sold price. Yet, no one is listening.
Yes, I understand that when you need to buy you need to buy. But, does it feel like people are buying because they seem like they fear something is right around the corner?
I've been getting this feeling that everyone is waiting for this insane market to stop climbing and I am afraid for my clients I work with.
We have made 5 offers on 5 properties and each one we have made very strong offers and yet, we've lost them all to higher bids. My worry is, are they going to appraise out? If so, then where will this stop?
At another crash? Didn't we hear of predictions from the last time of another scenerio where we could get ourselves into this situation again if we don't learn from our past mistakes?
Well, I for one, will not contribute to the mess that is about to happen.
This simply is not what we signed up for as far as the Code of Ethics of being a responsible Realtor.
Anyone else experiencing this? And in what market?
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