BANK ON YOUR NEIGHBOR
Melissa is passionate about using seller financing to unlock financial freedom and redirect wealth away from financial institutions and back into our neighborhoods.
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.
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.
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.
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?
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.
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.
Monday, April 22, 2024
Isn’t every day Earth Day? We think so! The great thing about a day to celebrate the planet is that it gives us time and focus to decide how we can do better and perhaps either work on a project or make lasting changes. Here is a list of events around the Portland area to get out and participate in Earth Day activities and here are some great ideas for making your life more earth-friendly!
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Aryne, our lead Buyer’s Agent loves getting into challenging yoga poses, enjoying sports with her family, and hiking both in nature and around the city!
Dulcinea, our lead Seller’s Agent loves entertaining, traveling the world, art and design, and spending time with her family + pets!
Jen Barefield, our Operations Manager loves to throw pots on the wheel, spend time with her dogs and family, and loves to dig in the dirt in her amazing garden.
Isabelle Richard, our Team Assistant… SPECIAL SHOUTOUT to Isabelle who has been working with us since July 2021. Isabelle is an avid cook and loves to go for long city walks. We couldn’t have found a better team assistant. She is about to say good-bye to us and move into a new field as an assistant apparel buyer.
We will miss her dearly and are so happy for her and her new adventure! Go, Isabelle!
1000 Friends of Oregon breaks down how bill SB1537 can better support equitable housing policy. See more HERE.
Sellers want to know! Folks are coming out of the woodwork to call us and ask…”When should I list my home this year?” You might be wondering, why is this year different? Drum roll please… it’s a presidential election year. Some experts predict that the spring and summer will be great times to list, while the fall will be quieter than usual… Hmmm… less competition for sellers or a listing that sits? Reach out to us today to discuss this more! We are here to help.
