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Portland's Leading Local News: Weather, Traffic, Sports and more | Portland, Oregon | KGW.com

Portland real estate market sees a slowdown

Real estate broker Michelle Maida would not call this a buyers' market but said sellers are feeling the pressure.

PORTLAND, Ore. — The Portland real estate market has been sizzling hot for years, but now it seems to be slowing down just a little.

Real estate broker Michelle Maida said the market typically slows down this time of year, but right now it is slower than usual. About 120 less homes sold in October of this year compared to last year, that’s a decrease of 5 percent. However, it is not just Portland, Seattle is feeling it too.

“It is a trend we're seeing nationally, it definitely is,” Maida explained.

Maida said prices are still going up, but so are interest rates which means home buyers cannot spend as much. The higher interest rates means people have less buying power. She also said sellers are not seeing multiple offers like they have in the past.

“It's a longer time on the market,” Maida said. “We see less multiple offers unless you have a $350,000 house that's totally done out you're probably not going to see a multiple offer in this market right now.”

Maida would not call this a buyers’ market, but said sellers are feeling the pressure.

"I call this more of a seller panicking market because they're not getting what their neighbors got nine months ago on their house,” Maida said. “But it's going to be ok, it's a cycle.”

She also said it will be interesting to see what happens in the spring. That is typically when the market picks back up. She is predicting it will be better, but not quite as hot of a market has it has been the past three years.