Market updates are essential for both buyers and sellers to make informed decisions in the ever-changing real estate market.
If you’re looking for information on buyin or sellin, check out my website for lots of helpful information. Better yet, get in touch, and let’s discuss your real estate goals over coffee.
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Is it a Good Time to Buy?
Many buyers are looking to upgrade to bigger or nicer homes, making it a good time to join the constantly moving market in seeking your dream home.
A recent Inman survey showed that the top motivator for today’s homebuyers is the desire for more space or to upgrade their home. 🧑🧑🧒🧒 🏘️
Homeowners have likely built up significant equity, with an average home equity of $315,000. This equity can help make upgrading to a better home more affordable by lowering the amount you need to borrow.
What do you think of this list? What’s your motivation to buy? 🤨 🤩
Is it a Good Time to Sell?
High Buyer Demand: Many buyers are looking for more space or upgraded homes, making it a great time to sell your current property and meet this demand.
Homeowners have built up significant home equity, $315,000 on average today. Selling now allows you to capitalize on that equity and potentially secure a larger profit from your home sale.
Maximize your advantages: Partnering with a trusted agent ensures you take full advantage of today's seller-friendly market, guiding you through the process and maximizing your return.
How Hot is the Portland market?
Portland is very competitive. Many homes get multiple offers, some with waived contingencies.
The average homes sell for about 1% above list price and go pending in around 12 days.
Hot homes can sell for about 4% above list price and go pending in around 5 days.
Portland has a competitive score of 77.
Vancouver has a competitive score of 84.
Beaverton has a competitive score of 78.
Pacific Northwest Market Predictions 2024
Home Sellers Will Return to the Market in 2024
Sellers who stayed on the sidelines in 2023 will come back. Especially those who can’t avoid new jobs or want to move to a cheap place. Meredith Whitney, the analyst who predicted the 2008 financial crisis accurately, has forecasted that a "silver tsunami" of baby boomers looking to downsize will also add up to 30 million housing units.
Mortgage Interest Rates Will Stabilize by the 2nd Half of 2024
Mortgage rates hit 7.79% in October 2023, the highest level in 23 years. However, the rate dropped to 7.35% in November due to the softening labor market and slowing economy. Even the annual inflation rate went from 3.7% to 3.2%. We think the rates will remain above 6%, but they will stabilize in the second half.
Home Prices Will Continue to Rise
Home prices rose steadily in the top metros across Oregon YoY, reaching $482K in January 2024. Experts predict home prices will continue to rise until the low supply-high demand dynamic changes.
Local Fun October
Check out below to see where to find seasonal stuff to do this month.
Follow the Action
