Real Estate Predictions for 2017

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

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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.

What's Happening in the Portland Real Estate Market?

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Selling a home? Click here for a FREE Home Price Evaluation 
Call me at (503) 427-9233 for a FREE home buying or selling consultation

It's spring already, and the Portland real estate market is off to a hot start. We only have three months of inventory, and that is down from last month. We're seeing multiple offers and people are scrambling to win offers on good homes. 

Despite some arguments that Portland is caught in a seller's market, it's actually a pretty great time to buy a home. Interest rates are around 4%, and affordability is sky-high right now. Nobody is certain when interest rates will rise again, but just a 1% increase in rates could cost you thousands of dollars. For example, just a 1% increase in the mortgage interest rates on a $400,000 home could cost you an extra $85,000 over the life of the loan!

Although this is a tough market for buyers, now is an excellent time to buy a home. Your dollar will push you further than it ever has before. With this being said, it's also a good time to sell your home and move up into a nicer one. 

For more information, click here to check out the fantastic article in the Portland Monthly for April 2015.

If you have any other questions about the Portland real estate market, please don't hesitate to contact us!

How Can You Make the Most of the Portland Market?

There are many great Portland area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home,click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (503) 427-9233 for a FREE home buying or selling consultation to answer any of your real estate questions.
Today, Stellar Realty's principal broker is here to give us an update on the Portland market!

Right now, the market is great! We're very lucky here in Portland, as we're on a list of the 13 best places to move to! Last year, Portland and the surrounding areas gained about 7% in the real estate market, and prices are predicted to continue rising for at least the next three years. During their current ascent, average home sales have risen from $311,000 to $333,000.

Another thing we've noticed is that inventory has been quite low, it's currently only at 3.5 months! Homes that are priced well and in great condition are being snatched up incredibly fast, which has been very frustrating for some of the buyers we're working with. Despite the difficult conditions, buyers are still trying to submit lowball offers, and while that worked four or five years ago, no one is having much luck with conditions the way they are. Homes are disappearing before we have time to look at them and write a proper offer. 

Sellers currently have the upper hand. The most important thing for them to decide is whether they want to get top dollar for their home by making some repairs or put it on the market right away and see what they can get for it. Either way, you should be able to get buyers to pay a fair price for your home. You need to ask yourself where you're looking to go after the move - do you want to upgrade or downsize? Here at Stellar, we have the experience and expertise to help you make your decision an informed one! 

If you have any questions about the Portland area market, or if you would like our assistance in any way, please don't hesitate to give us a call or shoot us a quick email. We would love to hear from you! 

Portland Real Estate Market Update for Summer 2014

There are many great Portland area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (503) 427-9233 for a FREE home buying or selling consultation to answer any of your real estate questions.

Portland Real Estate Market Update for Summer 2014

There is so much going on in the Portland real estate market right now.It's been so crazy that we haven't had time to update you with a video in quite some time. We're back now and decided that now is a great time to catch you up to speed on what's going on in Portland real estate. 

We have been getting some panicky messages from sellers who have heard that the market has cooled off. That is not necessarily the case. According to the Case Shiller Home Price Index, while appreciation and home prices have slowed, they are still appreciating in value, both nationally and locally. We can't have 12% appreciation every single year, so this is not the end of the world.

Most economists realize that inventory plays a big part in this market trend. When we talk about "months of inventory" we are referring to how many months it would take to sell the current inventory assuming nothing new comes on the market. So, for example, if we have 6 months of inventory, that means we have the same number of homes coming off the market as there are going on it. In some of our local areas in Portland, the inventory we have is 45 days or less. This has forced buyers to back off of their home search for a while due to limited choice. This is having an effect on how fast our market is appreciating.

Right now is an amazing time to sell. We have just realized double digit appreciation in most of our local markets and interest rates continue to be at historic lows. Neither of these things may continue in the near future. New construction will start increasing as the economy grows, and we'll be competing with brand new homes and new properties on the market. If you want to figure out what your home is worth, we can give you an instant  valuation right here on our site, or you can give us a call and we can give you a free, no obligation detailed home valuation. 

Attention Buyers: Act Quickly to Capitalize on Low Interest Rates

There are many great Portland area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (503) 427-9233 for a FREE home buying or selling consultation to answer any of your real estate questions.

Attention Buyers: Act Quickly to Capitalize on Low Interest Rates

Prices have risen aggressively in the past year – some Portland areas have experienced as much a 15% increase! By looking at those numbers, the housing market may not have recovered as well as we think. Trulia, a well-respected resource for this subject, recently wrote an article about the housing recovery and broke it down into five very important factors:

1. Home prices have gone up substantially
2. Delinquency and foreclosure rates
3. Existing home sales
4. New construction starts
5. Employment rates for people between the ages 25-34

In addition, Trulia, Zillow and Forbes are all predicting rising interest rates as soon as the year ends. So, what does this mean for you as a buyer? You should get it in gear! Home prices will continue to rise and so are interest rates – the real estate experts are predicting that this won’t last much long.

As a seller, if you don’t like your values now, good things may happen if you wait. However do keep in mind that as interest rates rise, you could potentially lose buyers and as values go up, more and more people will sell their homes. This will increase your competition!
For more a more detailed look at these numbers, visit the main article here.

If you have any questions regarding our market or the surrounding area, please feel free to call or email us. Thanks and have a great day! 

Portland Market Update: What do the Recent Price Increases Mean for You?

There are many great Portland area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (503) 427-9233 for a FREE home buying or selling consultation to answer any of your real estate questions.

Before I started on today’s topic, I wanted to ask for a favor. If there is anything you would like me to discuss in a future video, please email us or better yet, comment on this post. We really appreciate and remain true to providing you with the best information.

We’ve been receiving many questions about the recently-realized price increases. However, they have tapered off in the past few weeks and remain unchanged. Currently, the median list price is sitting at $325,000 and the Market Action Index shows that we are still in a seller’s market. However it does suggest that we are creeping down to a more neutral market. Also, Portland’s average days on market is sitting at 131.

In mortgage news, last week’s job report was better than expected. However, mortgage bonds still remain unchanged. This is a pretty boring week in finance as we all wait to see what the Fed’s next move will be after their meeting on March 18th. They are expected to keep short-term rates at the same levels.

Mortgage rates are hovering at about 4.5% which makes it increasingly important to consult a mortgage advisor. Rates have the tendency to change multiple times over the course of a day and also every circumstance might not meet your individual goals. We thank Shelby Spencer over at Guild Mortgage, who is our preferred lender, for this information!

If this information interested you and you would like a report that is tailored to your specific situation, don’t hesitate to contact us. If you are also interested in buying or selling, ask us about our 59 day guarantee! Thanks and I look forward to reading your comments.