Tag: 2025 real estate

Portland Oregon Real Estate Market Update for February 2025

Posted on by Lily Ray Wyss

What we discuss: 

  •  Signs of a really strong Spring Real Estate Market.
  • The great opportunities this Spring Market will bring for home sellers.
  •  How home buyers can be successful even with the market heating up.

Recap of the last few weeks:

We may be having “fake Spring,” weather-wise, but the Portland Metro Spring Real Estate Market seems to already be in full swing.

 

While we saw multiple offer situations continue to happen throughout the fall and winter on the most sought-after homes, we now are seeing the average home get at least one offer in the first weekend and a higher probability of multiple offers.

 

Here’s what this means if you are a home seller:

 

A whole lot more opportunity than you have seen in years. We were already predicting a strong market this Spring due to pent-up demand from buyers and historical trends (Spring is always busy). But this year, we are already starting to see those predictions come to fruition, and it’s not even March.

 

If your home is well-prepped, priced strategically, and marketed well (I take care of this aspect), you can likely expect great results.

 

However, keep in mind that while buyer demand is higher, buyers are still dealing with high interest rates, so they will have big expectations when it comes to the quality and upkeep of a home.

 

But with the right plan in place (which I can help you create), the possibility of getting you multiple strong offers on your home is there.

Okay, now let’s discuss what you home buyers can expect:

 

If what I have said above freaks you out at all, take a deep breath. While the market has become more competitive again, with the right plan and expectations, we can find you an amazing home, and the process can be quite seamless.

 

In this market, it is just going to be ever important to be super clear on your budget and comfort level when viewing properties and writing offers.

 

We will also want to keep a close eye on the data of properties similar to the ones you are interested in. If we see a home that was listed in your budget, sell for outside of your budget we will know to avoid homes like this as to not waste your time and cause heartache.

 

It will also be helpful to collect this data as it can help us know where we can compete when it comes to offers. In a market like we have now, I often recommend looking at homes well below your budget ($10-50,000 under, depending on some factors). That way, you have room to offer up and are in an empowered position.

 

Buying a home in a hot market is not always simple, but it doesn’t have to be complicated or stressful.

 

If you are looking to make a move this Spring or beyond I would love to chat. Just have a question? I am here for that too. You can find my contact information below. Reach out.

Portland Oregon Real Estate Market Forecast for 2025 + 2024 Recap

Posted on by Lily Ray Wyss

2024 was a doozy of a year for real estate and 2025 doesn’t seem like it will be any different. This coming year will have many unpredictable factors, a new administration, possible tariffs, interest rate fluctuations, etc.. But let’s recap the year we had and do a little bit of forecasting for 2025 so you can go into the year prepped with the context of the past year and an inkling of what is to come.

2024 Recap: 

This is the worst year in real estate we have had in decades when it comes to the number of sales.

In 2024 we saw half of the sales we had in 2008 during the great recession.

If you were attempting or successfully bought or sold a home in 2024 and felt it was hard, your feelings were valid and you were not alone. Both locally and nationally it was a tough time for the world of real estate.

At a talk with a local economist, Noah Blanton, he noted that we have been in this down cycle for almost 3 years at this point so we are likely nearing the end and should see growth in the new year.

Based on the numbers he noted that locally we have been at the bottom of the growth cycle so likely we can only go up from here.

Some good news from this past year: All Oregon Counties saw positive migration growth including Multnomah County in 2024. Inbound migrations’ ability to match or surpass outbound migration has suffered the last few years due to pandemic-era trends. It is a great sign of what is to come that we are now seeing positive growth locally as this will stimulate demand.

 

2025 forecast of what to come: 

There are many variables that will come into play as we talk about what to expect in 2025 but here are some things we can predict:

 

Interest rates:

Originally it was said that we would see 4 interest rate drops next year, now it is said we should see 2 moderate interest rate drops in 2025. Keyword moderate. Likely we will not see any drastic drops in rates, but should see some stable fluctuation and some slight relief.

In the talk with Noah Blanton, he said “Interest rates will not be a straight up or down. We have a bumpy road ahead of us for the next 6 months”.

No matter what happens with rates we should likely see a more robust market this year relative to 2024.

There has been a lot of pent-up demand and as folks get more comfortable with 6-7% rates becoming the reality we will likely see activity return to our market.

We often see a fresh spurt in activity here in January as everyone returns from the holidays and gets serious about their goals and we should see activity stabilize as we head toward the Spring.

Spring is predicted to be busy.

 

For home buyers: 

If you don’t find your dream home this winter you will see a lot of new homes come to market as the flowers start to bloom.

Just know this will also bring a lot of competition from other buyers. Many buyers think Spring is the only time to buy so getting ahead of the busy market can be a good call and is a conversation I am having with a lot of clients.

Many of my clients are choosing to actively search now to avoid competition on homes and to get a good deal. And for many, we are getting them incredible deals. Closing costs credits to buy down their interest rates, competitive terms on repairs, and solid prices. This will be less available come Spring when you may have 3+ other buyers vying for the same house.

For home sellers:

This is your time to prep. If you are planning to sell your home come Spring your time to start listing preparation is now. The more time you have the better.

Some tasks you can start now while you are stuck in your home this winter anyway:

  • Declutter your home.

  • Pack away any items that are not used frequently.

  • Take care of small repairs.

  • Coordinate bids and schedule work with contractors while their schedules are less busy.

  • Start getting educated on the local real estate market and the micro-market you are selling in.

If this all sounds overwhelming no worries I will be here to help you every step of the way. When it comes to selling your home it’s never possible for us to meet too early.

 

If you are wanting to sell sooner than the Spring that is totally possible too. You will have less buyers available but the ones out there are serious. With the right prep we can get you amazing results. The winter market can be slow, but the homes that are prepped well and have the right marketing are still getting getting under contract quickly and in some cases are getting multiple offers.

Looking to make a move in 2025? I am here for you. Reach out HERE and we can set up a time to chat.