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. 

How we helped Rebecca with her real estate transaction by listening to her needs

The whole experience exceeded my expectations. Our agent was so caring and she really listened to what we wanted. She always kept us informed of what was going on and kept checking in with me. The result was that we got the house that was exactly what we were looking for!

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!