By Josh Nusbaum, October 17, 2024
Find out what’s happening in the Portland real estate market for Mid-October 2024.
Hi, I’m Josh Nusbaum, licensed real estate broker with Living Room Realty. Here to tell you what you need to know about the Portland Market for Mid October, 2024.
Election Season
It’s a big week, friends – Halloween is just round the corner, we are eyeballs deep in full blow pumpkin spice season, and here in Oregon, ballots are hitting mailboxes this week, as in just 19-ish days (depending on when you’re watching this) we’ll be having local and federal elections.
It’s common to hear people talk about market uncertainty before an election. However, if we look at the data, we can see historical market trends that suggest the next few weeks might actually be a great time for real estate, especially if you’re a buyer.
A typical misconception is that elections cause the market to slow down. But data from the Department of Housing and Urban Development and the National Association of Realtors shows that home sales tend to increase following a presidential election. This has been the case after 9 of the last 11 elections. The only exceptions were in 1980 and 1988.
Home Prices
Nationally, home prices have risen after 7 of the last 8 elections. While this may be promising for sellers next year, it suggests that now is an ideal time to buy—before prices rise. Locally, prices are slightly lower compared to this time last year as well as last month, following the typical seasonal trend where prices dip in the fall.
Interest Rates
Additionally, interest rates have decreased before 8 of the last 11 elections, and this election season is no exception. Even if you’re hoping for a return to the 3% lows of 2020, today’s rates in the mid-6% range are still historically low. Some of you might remember when rates were 14% in 1984, or even 8% in 2000?
What Should You Do?
So what does all this mean? It means elections don’t tend to create instability or lags in real estate markets. It means that the upward trend in post-election home sales could mean more competition for buyers in December and into the new year. So, with inventory in Portland up compared to last month, historically low rates, seasonally low prices, and expectations for prices to rise post-election, now could be a great time to buy.
Make A Move
At Living Room Realty, we’re committed to providing the information you need to make informed decisions. If you’re ready to make a move, give us a call today. We’d love to help you find your next Living Room.
Josh Nusbaum
Broker | OR
He/Him
“When you ain't got nothing, you got nothing to lose” — from Like a Rolling Stone by Bob Dylan
There are over 48 recorded covers of this classic song. Evidently, I am not alone in appreciating the wisdom here. But I particularly like this one line because it implies the truth of the inverse, too: We want. We hold onto. We cling. Of course we do. We are human beings with dreams and desires.
You are likely reading this because you want to buy or sell a home. You want a particular outcome. Of course you do, you are building your financial future. You want stability, security. You want to create intergenerational wealth. You want a place to call home.
Creating a home is more than just buying a house. It’s more than architectural styles, paint colors, flooring and art. It’s about where you want to live, how you want to live. It’s physical, mental, emotional. It’s a big deal. In fact, for most of us, it's the biggest single financial decision we will ever make.
For some of us, as soon as we utter the desire, as soon as we give voice to the dream and begin to make it real, the fear sets in. So the question is not so much: how do you find the perfect 3 bed/2 bath mid-century ranch? The question becomes: how do you maximize your satisfaction while you minimize your anxiety? In other words, how do you go about getting what you want without totally losing your mind?
The answer is communication. A mentor (OK, a therapist) once told me, “Nothing ever gets better if you don't talk about it.” So I invite you to start talking. I love to listen. In the conversation that follows, I want to learn what your dreams and goals are. I want to really understand where you are coming from. I want to know what the challenges are so I can help you find solutions. As I get to know you, your dreams and your goals, I will become your unwavering advocate.
Now we are a team. You bring the fire that fuels your dreams and I—along with the collaborative support of 100+ Living Room Realty agents—will bring the experience and expertise. Together we can navigate the sometimes emotional world that is residential real estate. It's cool. I got you.
• • • • •
I have lived in Portland for over 45 years. I love exploring the city by e-bike with my wife, camping with my 2 boys and gigging with my band. Before coming to Living Room, I ran Waterknot, an outdoor adventure-themed greeting card company that focuses on connecting people to each other and to the wild places they love. In real estate, I help people connect to the neighborhoods, communities and new homes they love.
If that all sounds good, I’d love to talk with you to see if we’d be a good fit for each other.
- T: 971-469-3100
- josh@livingroomre.com
