Portland’s hot housing market is motivating buyers to be creative to get attention. They’re sending “love letters” to owners, hoping to tug on emotions and underscore their strong qualifications as the perfect match.
They’re offering to pay some of the sellers’ closing costs and donate to a charity in the sellers’ name.
And they’re willing to act fast, make concessions and pay more than the asking price, in cash if possible, to bypass the competition.
High demand and a rock-bottom supply of homes for sale — December and March had the lowest inventory ever reported in the 30-year history of the Regional Multiple Listing Service (RMLS) —have created a backlog of buyers, pent-up demand and escalating prices, say experts.
The frenzy is also fueled by buyers’ desire for flexible spaces in which to easily live, work, study, exercise and relax, and backyards decked out to replace vacation getaways.
They’re also wanting to take advantage of low mortgage interest rates.
In a race to see a residential property once it’s listed, potential buyers are canceling other obligations to be one of the first through the door.
Desirable locations and popular architectural styles, like midcentury modern, sometimes draw more people to open houses than can be safely accommodated, say real estate agents, who continue to practice safety protocols to reduce the risk of spreading the coronavirus.
A midcentury modern house in Northwest King’s Heights was listed at $1,595,000 on April 12. On the first full day on the market, 15 qualified buyers and their agents took turns touring the 0.27-acre property. The second day, nine more hopeful buyers saw it. On April 16, an offer was accepted. Terms have not yet been disclosed.
A midcentury modern house in Portland’s Hillsdale neighborhood also caused a storm of responses: Danielle Southern of Keller Williams Portland Premiere says she fielded hundreds of calls, text messages and emails after listing the property at 5031 S.W. Richardson Dr. on Wednesday, April 14.
The asking price: $829,000.
Southern says she received 77 requests for showings on the first day.
“The open house on Saturday had a line wrapped around the front gate, through the driveway and out to the street,” she adds.
It didn’t stop:
- She’s had back-to-back, paced-out showings, from 8 a.m. to 8 p.m. on Friday, Saturday and Sunday
- Out-of-state buyers booked last-minute flights from New York City, Seattle and San Francisco; home shoppers from British Columbia drove down on Sunday to see the house before the offer deadline
- There are six offers, each sent with love letters
- The best offers are $150,000 over asking with few, if any, contingencies such as wanting repairs except if a safety issue were found during an inspection (UPDATED)
“It’s clear that Portland is still an extremely desirable place to relocate to, and this property’s quiet Southwest neighborhood is clearly removed from the turmoil that has rocked much of the city,” Southern says.
The midcentury modern at 5031 S.W. Richardson Dr. in Portland’s Hillsdale neighborhood is for sale at $829,000.Sage Quigley/Keller Williams Realty Portland Premiere
The property has other features home shoppers seek: The 6,534-square-foot corner lot has living spaces, indoors and out, and recent updates to the handsome dwelling with stained cedar and dark painted siding cost more than $250,000.
There’s a new roof, plumbing, furnace and central air conditioning, says Southern.
The home was built in 1956 with a daylight lower level. Among the 2,260 square feet of living space is an open concept great room, media room, two fireplaces, four bedrooms — one is currently used as an office — plus three remodeled bathrooms.
The updated kitchen, with stainless-steel appliance, quartz counters and white cabinets, overlooks a courtyard.
See more homes for sale in the 97239 zip code
— Janet Eastman | 503-294-4072
jeastman@oregonian.com | @janeteastman
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Portland midcentury modern had 77 requests for showings on the first day it was for sale. Top offers are now - OregonLive
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