Saturday, November 14, 2015

Portland Home Values - October 2015

Hello Winter!  

Good news continues as we head into the holiday season. The average price of a Portland home is currently $353,000 - an increase of 6% this year, and a combined 29% over the past 3 years!

It also remains a seller's market with the supply of houses for sale at just 1.8 months of unsold inventory. A more buyer/seller market would have between 4 to 5 months. The number of homes placed up for sale this year has risen almost 9% from last year, but unfortunately hasn't kept up with demand.   

Click here for market information including your neighborhood. I’ll be sending this email periodically to a large group of clients and friends. Just let me know if you’d rather not get this.

What can we expect over the next few months?   

Well don't be fooled, the holiday season and wet winter months are mistakenly considered the worst time of year to buy or sell a house. In reality, these distraction-packed-months (November - February) carry benefits for determined buyers and sellers. Here are some things to think about:
  • Buying a home in the wet winter months can tell you a lot about what to expect from a property. Visit a house during a hard rain and you'll see for yourself. Drive by houses after a fresh snowfall and discover which are well insulated (snow on roof) and which are losing costly heat (no snow on roof). Tour a house on a very windy day and discover how drafty those old windows and doors can be.
  • A seller listing their home for sale in the wet winter months is committed to selling.  They understand what they're up against, and have decided to go for it in what is traditionally a stronger buyer's market. Buyer's who brave the wet winter months are also committed to their task. These buyer's typically "need" to find a home.
  • A buyer could join the "herd" of buyers who are active during the traditional "good weather" months - and this competition for properties can mean buyers pay more, lose out on good-value listings, and receive less attention from swamped real estate agents and mortgage help.
These wintry months can be a terrific time to be out home shopping. So, what do you get from sitting on the ice too long? ...Polaroids!

Hope this helps. 

Mortgage interest rates are about 4%.  Call Brent Schreiber with Consolidated Community Credit Union at 503-872-9455 if you think it’s time to refinance or buy. You’ll be happy with Brent’s experience and commitment to serving his clients.

Call me when it’s time to buy or sell a home. I’ll work hard for you!

Darin Provost, Broker
Portland Digs Real Estate