By Chad Meier, October 15, 2020
As shelter-in-place orders were implemented earlier this year, many questioned what the shutdown would mean to the real estate market. Specifically, there was concern about home values. After years of rising home prices, would 2020 be the year this appreciation trend would come to a screeching halt? Even worse, would home values begin to depreciate?
Original forecasts modeled this uncertainty, and they ranged anywhere from home values gaining 3% (Zelman & Associates) to home values depreciating by more than 6% (CoreLogic).
However, as the year unfolded, it became clear that there would be little negative impact on the housing market. As Mark Fleming, Chief Economist at First American, recently revealed:
“The only major industry to display immunity to the economic impacts of the coronavirus is the housing market.”
Have prices continued to appreciate so far this year?
Last week, the Federal Housing Finance Agency (FHFA) released its latest Home Price Index. The report showed home prices actually rose 6.5% from the same time last year. FHFA also noted that price appreciation accelerated to record levels over the summer months:
“Between May & July 2020, national prices increased by over 2%, which represents the largest two-month price increase observed since the start of the index in 1991.”
What are the experts forecasting for home prices going forward?
Below is a graph of home price projections for the next year. Since the market has changed dramatically over the last few months, this graph shows forecasts that have been published since September 1st.
Bottom Line
The numbers show that home values have weathered the storm of the pandemic. If you want to know what your home is currently worth and how that may enable you to make a move this year, please reach out so we can discuss!
Chad Meier
Broker | OR
He/Him
Hello, I’m Chad: Licensed Real Estate Broker, native Oregonian, photography aficionado, lover of old houses, friend to all animals, and powered by analytical data.
As a member of the National, Oregon and Portland Metropolitan Associations of REALTORS®, I'm proud that my profession allows me to use the tools I've acquired over the past 20+ years (client advocacy, sales & marketing, conflict resolution, et al.) to help people on a daily basis. Bottom line… I love the work!
Through personal experience, I understand that buying or selling a home is more than just a business transaction; In fact, it can often be a life changing event! This is why I’m dedicated to providing exceptional service for my clients when it’s time for them to make their move.
On the listing side; I believe that every home, no matter how modest or grand, deserves to make the best possible first impression on a would-be buyer. This is why I’m aligned with our area's preeminent independent real estate brokerage (Living Room Realty) to offer every property the most compelling & relevant marketing available. It also means that I’ll never represent your home online with a smartphone picture ;^)
On the buying side; I personally work with every client - no handing you off to a junior team member of a team - to ensure that we work toward your goals together and don’t fall prey to some of the pitfalls that buyers can face in today's heavily weighted market. In short, I can help you win!
Above all else, I pledge to be a strong advocate for my client’s interests and promise to work relentlessly to help them achieve their real estate goals. After all, I believe that if you’re not left with an amazing experience, I haven’t done my job.
Speaking personally, I’ve been connected to this great city and its surrounding areas since childhood. Most recently, my family (wife Shawn, son Jakob, mother Glenna, and mutts Juno & Dizzy) have lived in the vibrant Sellwood-Moreland neighborhood for the past 14 years. When not at my desk or in the field helping clients, you’ll likely find me trying to capture a compelling scene behind my camera lens, playing basketball wherever I can find a pickup game, or combining these two passions by photographing my son’s high school basketball team in action (GO WARRIORS!). And on occasion, you may even find me at any number of our city's finer dining establishments, searching high and low for a bartender who knows the recipe for a perfect Roman Holiday ;^)
Whether you have a plan to buy or sell (or simply need to develop one), please feel free to contact me. I look forward to understanding your goals and helping you achieve them!
I can be reached at 503-709-9600 -or- Chad@PortlandHomeBase.com
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- T: 503-709-9600
- F: 503-961-8224
- dcmeier@gmail.com
F
503-961-8224