Real Estate Predictions for 2017

Portland is one of the top markets in the country. Will that trend continue in 2017?

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

This past year was another great one for the Portland real estate market. Multiple sources have already predicted another hot year in 2017, and we’re excited to bring you some of the latest numbers and predictions that show us where we’re heading.

The National Association of Realtors predicts a 4% increase in home sales, with more than six million sales in Portland. That makes us one of the strongest markets in the nation. Freddie Mac predicts a 4.7% increase in sales, while Zillow predicts a 3.2% increase and CoreLogic predicts a 5% rise.

Our market is a national leader in growth, and the regional MLS reported that the average sale price in 2016 was over $400,000. That’s a record high for Portland, with prices expected to rise even more this year.

Along with Denver and Seattle, Portland is one of the top markets in the country for predicted growth in 2017. Zillow predicts a 7.5% increase in prices and Vero Forecast predicts an 11.1% increase.

"There is a tremendous demand for housing."

Low interest rates strengthened the market even further this past year. They hovered around 3.5% for the most part but slightly increased after the election and toward the end of 2016. The Mortgage Banker’s Association predicts that rates will rise in 2017, but not above 5%. That still puts us in the “historically low” range for interest rates.

Those are the predictions for our 2017 real estate market, but what are some of the factors that influence them?

For one, Portland is one of the top relocation markets in the country. That creates a tremendous demand for housing here. Inventory is already low and with the large influx of homebuyers, demand is at an all-time high. We will continue to remain one of the strongest real estate markets in the nation.

With rates and prices expected to rise this year, now is a good time to buy or sell while demand is high and interest rates are low. If you have any questions for us, don’t hesitate to give us a call or send us an email. We would love to hear from you.

5 Ways to Get Your Home Ready for Sale

There are five simple things you can do to your home to get it ready for sale.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

Here are five ways you can prepare your home for sale:

1. Clean & declutter. Remove any excess furniture and belongings that are on the countertops or shelving to make the interior space feel more open.

2. Depersonalize. Remove any photos or personal items that are specific to your family and lifestyle so that the new buyers can picture their family in that space.

"The way the home looks from the curb
is what draws buyers inside."

3. Do minor repairs. You don’t necessarily need to retile the bathroom or remodel the kitchen, but you do want to take care of other minor things, like making sure the doors and cabinets open and close correctly, patching up holes and nicks in the walls, or repainting the walls and trimming where needed.

4. Enhance curb appeal. Make sure that the exterior of the home and yard is clean and tidy. One thing that makes a big impact is adding bright and colorful flowers and pots. Remember, it’s the way the home looks from the curb that draws buyers inside.

5. Detach emotionally. Start to think of it as a house rather than your home. You want to visualize the new buyers moving in and yourself moving on to the next stage of your life.

If you have any questions or would like more information regarding this topic, please feel free to give me a call or send me an email. I look forward to helping you in any way I can.

The Advantages of Using a Local Lender

If you need financing, you should reach out to your Realtor in order to find
a local lender that can provide better service than a larger institution.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

Should you reach out to your Realtor in order to find a local lender? Yes. Real estate agents have access to many local lenders, credit unions, and mortgage companies.

Larger institutions can’t service your financing needs as well as mortgage companies. They usually offer limited products, whereas mortgage companies usually offer 15 products or more. You’ll also face a better chance of pre-approval with a mortgage company because they offer more loan products to choose from and are more flexible with down payments and credit scores.

The advantages of working with a preferred lender are numerous. Our preferred lenders have amazing customer service, they’re great to work with, and they’re always available after hours and on the weekends.

If you have any questions about our preferred lenders or what’s going on in the real estate market, please give me a call or send me an email. I look forward to hearing from you.