The number of homes for sale is playing a big role in today’s housing market. And, if you’re considering whether or not to list your house, today’s limited supply is one of the biggest advantages you have right now. That’s because your house stands out more when the inventory is low, especially if it’s priced right. But the supply of homes for sale is growing. According to the latest data from Realtor.com, new listings (homeowners who just put their house up for sale) are trending up (see graph below):   This graph shows more homeowners are putting that ..read more

As we close out 2024, I wanted to share some key insights into the Portland Metro housing market, along with some context on what these trends mean historically and what we can expect heading into 2025. Comparing 2024 to 2023 through November, the average sale price has increased 2.1% from $598,800 to $611,600. In the same comparison, the median sale price has increased 2.3% from $533,000 to $545,000.  Comparing the first eleven months of 2024 to the same period in 2023, new listings (28,477) decreased 0.5%, pending sales (20,758) increased 2.9%, and closed sales (20,111) increased 2.9 ..read more

Another Reason to Be Thankful: Slightly Lower Home Prices and Mortgage Rates in Portland Metro Area As we approach the end of the year, the Portland real estate market brings some good news for homebuyers—both home prices and mortgage rates have seen a slight decline. Let’s take a closer look at what this means for your monthly mortgage payments. Current Market Trends Home Prices: The average sale price in the Portland metro area adjusted slightly from $617,200 in September 2024 to $604,200 in October Mortgage Rates: The average rate for a 30-year fixed mortgage is currently around 6.88%, down ..read more

Figuring out what to do with your house when you're ready to move can be a big decision. Should you sell it and use the money for your next adventure, or keep it as a rental to build long-term wealth? It's a question many homeowners face, and the answer isn't always straightforward. Whether you're curious about the potential income from renting or worried about the responsibilities of being a landlord, there’s a lot to consider. Let’s walk through some key questions to ask to help you make the best decision for your situation. Is Your House a Good Fit for Renting? Even if you're ..read more

Buyers face challenges in any market – and today’s is no different. With higher mortgage rates and rising prices, plus the limited supply of homes for sale, there’s a lot to consider. But, there's one way to avoid getting tripped up – and that’s leaning on a real estate agent for the best possible advice. An expert’s insights will help you avoid some of the most common mistakes homebuyers are making right now. Putting Off Pre-approval  As part of the homebuying process, a lender will look at your finances to figure out what ..read more

Before making the decision to buy a home, it's important to plan for all the costs you’ll be responsible for. While you're busy saving for the down payment, don't forget you’ll want to prep for closing costs too. Here’s some helpful information on what those costs are and how much you should budget for them. What Are Closing Costs? A recent article from Bankrate explains: “Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it ..read more

Portland Metro: Could We Be the Next Million-Dollar Market? Using AI to Verify the Numbers Realtor.com recently projected that several affordable cities across the West and Midwest could break the million-dollar median home price mark within the next decade. In 2023, the average sales price for a home in the Portland metro area was $598,000, raising the question: could we be on track to see Portland join this club by 2033? Using ChatGPT as a strategic thinking partner.  I uploaded 30 years of housing price appreciation data for the Portland metro area, I verified the math behind these pro ..read more

As we head toward the close of 2024, the Portland metro housing market is showing some key shifts that are worth paying attention to—whether you’re thinking of buying or selling. The most recent data for September 2024 highlights a trend where new listings are slowing down, but buyer activity, reflected in pending sales, remains strong compared to a year ago. Here’s a look at what’s happening now and how today’s market compares to historical trends. What’s Happening Now: September 2024 Data at a Glance New Listings Are Declining In September 2024, 2,589 new listings hit the market, a 4.6% decr ..read more

Homeowners across the U.S. are experiencing record-high equity, with the second quarter of 2024 showing the highest level of equity share since the 1950s. As the latest Realtor.com® report explains, homeowners now hold 72.7% of their home’s value as equity, an extraordinary development driven by rising home prices and slower mortgage debt growth. But how does this national trend reflect the housing market here in the Portland metro area? Let’s break down what this means for homeowners and potential buyers in our region, using both the national data and local insights. Equity Reaches New Height ..read more

Should you buy a home now or wait? This is a question many Portland metro area residents are asking as the housing market continues to evolve. While your decision will depend on several factors, there are a few key reasons why buying now could set you up for long-term success in this market. Why Buying Now Makes Sense in the Portland Metro Area 1. Building Equity Starts Right Away   As soon as you purchase a home, the most common experience is you start gaining equity. In the Portland metro area, where home prices have seen steady appreciation over the past decade, even a more mode ..read more