Tag: housing market

Top 5 Benefits of Owning a Home

Posted on by Jessica Ward

🏡 Top 5 Benefits of Owning a Home + Future Real Estate Trends in Oregon & Washington

If you’ve ever considered buying a home, you’ve likely wondered whether it’s really worth it. The good news: homeownership offers many advantages that can make it one of the best long-term investments you’ll ever make. In regions like Oregon and Washington—known for their strong economies, natural beauty, and growing communities—the outlook for homeowners is especially positive. Let’s break down the top five benefits and look ahead at what the next 10 years may hold for this market.

✅ 1. Build Equity & Wealth Over Time

Every mortgage payment increases your ownership stake. Instead of paying rent to a landlord, you’re building equity—your share of the home’s value. Over time, homes tend to appreciate, which grows your wealth.

✅ 2. Predictable Monthly Costs

Fixed-rate mortgages offer consistent monthly payments. That means no more surprise rent increases. Predictability gives you control over your finances and long-term planning.

✅ 3. Tax Benefits

Homeowners may deduct mortgage interest and property taxes, reducing taxable income. This makes homeownership more affordable at tax time. (Always consult a tax professional.)

✅ 4. Personal Freedom

When you own, you can truly make your house a home. Remodel the kitchen, plant fruit trees, or create a home office. Ownership gives you the freedom to live how you want—without a landlord’s restrictions.

✅ 5. Stability & Community Roots

Buying often leads to long-term residence. That means deeper neighborhood ties, better school planning, and a stronger sense of belonging. In the Pacific Northwest, where community connection matters, this is a major benefit.

🔮 Future Trends in Oregon & Washington Housing Markets

🏙️ Price History & 10-Year Market Outlook in Oregon & Washington

📉 Past 10 Years (2014–2024)

Over the last decade, home prices in the Pacific Northwest have seen remarkable growth:

  • Portland, OR: From 2014 to 2019, Portland’s median home price surged by 45%, and by 2024, homes were consistently listing around $550,000. According to Zillow, the median price hovered around $391,000 in 2018 and has continued to climb.

  • Seattle, WA: Seattle saw explosive growth with prices rising over 100% between 2012 and 2022. The median home price exceeded $900,000 at its peak in mid-2022 before cooling slightly to about $765,000 in 2024.

  • Vancouver, WA: Vancouver has benefited from Portland metro growth while offering slightly more affordable homes. The median home price in 2014 was around $230,000. By 2024, that figure had more than doubled to about $500,000, according to Redfin.

🔮 Next 10 Years (2024–2034)

Looking forward, market predictions point to continued—though slower—growth across the region:

  • Portland, OR: Realtor.com projects Portland could become a “million-dollar market” by 2033, with median prices reaching over $1,051,000. This is based on its historic 2014–2019 growth trajectory.

  • Seattle, WA: While Seattle has seen a short-term dip, Zillow forecasts a modest 1.5% increase over the next year. Long-term, steady tech sector growth and urban demand will likely keep Seattle among the nation’s top-valued markets.

  • Vancouver, WA: Growth here is expected to continue as Portland buyers seek affordability across the Columbia River. While specific 10-year projections are less publicized, the city’s strategic location, new development, and strong school districts suggest values will rise steadily.

Nationally, Fannie Mae predicts home prices will grow by about 3.8% in 2025, easing to 3.6% in 2026, with the West Coast expected to see slightly below-average appreciation due to already high price baselines.

🛠️ Policy & Development

Both states have introduced zoning reforms to fight housing shortages. Oregon now allows more multi-unit buildings in formerly single-family zones. Portland’s Residential Infill Project enables up to four units per lot, helping add “missing middle” housing.

These changes are expected to boost supply over the next decade, gradually easing pressure on buyers.

🌲 Why the Pacific Northwest is a Smart Buy

Oregon and Washington continue to attract new residents thanks to:

  • Expanding job markets in tech, healthcare, and green energy

  • Outdoor access to forests, coastline, and national parks

  • Top-rated schools and universities

  • Strong local food, art, and innovation cultures

These regional strengths support long-term property value, especially in high-demand areas like the Portland metro, Vancouver, Bend, Seattle, and Spokane.

📈 What to Expect in the Next 10 Years

Experts predict moderate appreciation, increased construction, and more accessible homeownership thanks to local and state housing policy changes. While the market may cool slightly in the short term, long-term trends remain positive—especially in desirable, high-growth areas.

🗝️ Final Thoughts

Buying a home is about more than just square footage—it’s about stability, freedom, and investing in your future. And in Oregon and Washington, that investment is looking strong. Whether you’re a first-time buyer or planning a move, the time to explore your options is now.

Want help creating a custom buying or selling strategy in this changing market?
Let’s connect! 

https://www.livingroomre.com/agents/jessicaward/

My 3 P’s for a Changing Market

Posted on by Robin Hakeman

As we head into a shifting market the conversations I’m having with my clients are taking on a new tone once again. Interest rates are up, buying power is down and some homes are staying on the market longer than 5 days (gasp!). Last summer the brokerage asked us if we could tell Buyers & Sellers one thing, what would it be?

My answer: be PREPARED, PATIENT & PERSEVERANT.

be PREPARED: 

It’s important to work with an agent who is keeping up with the changing market. Have a plan before you start shopping for homes or listing your home on the market. Get an pre-approval with current rates to fully understand your buying power. If you are gearing up to sell this summer, spend extra time discussing pricing strategy with your agent. Past sales data is a great starting place but understanding the nuances of the changing market is also extremely important right now. Take your agent’s advice on how to get your home ready for the market – buyers are soon going to have more choices & will not feel as rushed into selecting a home. Make sure your home stands out!

be PATIENT: 

Make sure to go over expectations with your agent before listing your home. In 2022, market time has decreased by 21% compared to 2021 however that is expected to change. Especially as we head into the summer months where things typically slow down a bit. If you are heading out to start home shopping, know that fewer listings may be coming on the market in July & August. Take your time if you can!

be PERSEVERANT: 

These next few months (maybe years) are going to look a lot different than what we are used to. If you find yourself with a home staying on the market longer than a weekend, it’s going to be ok. Have a plan and communicate with your agent regularly. Buyers who have been fighting the good fight, writing offer after offer may start to find some relief with less competition. If increased rates have lowered your buying power, talk to a lender about creative options that may work for you. Don’t give up!

See the full instagram post here!

The market keeps rolling

Posted on by Andy Meeks

Early fall market staying active

We’re about to begin Q4 of the 2021 housing market on Friday, and so I wanted to check-in to provide some brief commentary on what I’ve been seeing, what’s been working for my clients, and what I expect to happen in the coming months.

We came into this fall season with some unknowns in terms of the availability of new listings, mortgage rates, and where trends on pricing were headed. While we did see a slight, continued uptick in available inventory in August (see image below), we’ve had a solid September with a steady stream of new listings each week. We’re seeing many more occupied homes now than at any time since the start of COVID. With vaccinations fairly widespread in the Portland metro area, sellers seem to be more comfortable with having prospective buyers come through their house. I also think we’re seeing extra listings now as people may have put off listing their home with so many unknowns over the past 18 months.

Even with more listings coming online, I’ve also experienced a robust buyer pool that’s still out there competing pretty aggressively for homes. Demand continues to remain very strong for well-priced homes that are turn-key and don’t need an immediate influx of cash for updates and/or repairs. Houses with dated or worn finishes, though, seem to be an area where buyers can find a decent deal, as long as they have some cash to make those changes, or have a time horizon where they’re willing to wait on making those improvements into the future. In a related sense, I think that buyers have become a bit choosier and aren’t willing to be pushed beyond their comfort zones of budget and necessity. Sellers had a few months there where anything goes, but I think we’re starting to see some of that power swing back towards buyers (ever-so-slightly at this point).

I also see pent-up buyer demand remaining high through the fall as interest rates continue to remain in record low territory, thus giving buyers continued borrowing/buying power. Interest rates are starting to bump up a little bit in response to the Fed’s plan to taper their purchases of mortgage back (MBS) securities and Treasury bonds (to support markets and keep the economy afloat as it tries to recover from the effects of COVID), but we’re still in a good window for buyers having access to favorable terms. The next Fed meeting on November 3rd will determine if the ’taper’ of these purchases will begin in earnest in 2022, or if job growth and weaker-than-expected economic activity will force the Fed to hold the line and push off the (inevitable) taper date further into 2022/2023.

A typical year in the housing market has cyclical swings, with slower activity in mid-summer and around the holidays/end-of-year. 2020 was, of course, anything but normal. Once we got through the late April/early May 2020 nosedive from COVID shutdowns and layoffs, it was game-on all year long and straight into 2021 without a break. However, this July and August felt markedly slower, which makes sense as things slowly are getting back to a more ‘normal’ place. I expect that we’ll see more of a seasonal dip around the holidays this year, as well. But that doesn’t mean that there won’t be new listings and buyer activity. It just may be a bit slower and less active than we’ve experienced for most of this year.

Remember that when we discuss ‘the market’, it’s for a huge swath of the Portland metro area, across all housing types, price points, and conditions. Understanding ‘your market’ is an important distinction, and one that your agent can help you identify, clarify and refine as you are looking to buy or sell your home most effectively.

And it’s good to note that the process for buyers and sellers, in this anxious global environment of unknowns, can be a major stressor. And that’s totally understandable, as it’s hard to feel in control of much these days. However, choosing an agent who will walk side-by-side with as a fierce, knowledgable and patient advocates is an important choice. Selling and buying homes is an in-depth, detail-oriented and time-consuming process. Be prepared and choose your team of agents, lenders and contractors wisely. 

My business is 100% client-focused, and I want to make the process smooth, efficient and successful. I’m always available to learn how I can help you or someone you know make good things happen!

What’s Going On With The Housing Market?

Posted on by Andy Meeks

That’s a question that a lot of people are trying to answer, as we face unprecedented price increases due to historically low inventory, not just in Portland, but in markets across the United States. Not surprisingly, COVID’s effects are widespread and also somewhat subtle. This was the subject of a front page article in the New York Times late last week titled “Where Have All The Houses Gone”

Below is a chart with five representative housing markets showing inventory at or (far) below 50% of levels from one year ago. Last month, Portland was at 55% below the inventory levels from January 2020. Of course, this has huge impacts for both buyers and sellers. And while sellers are the beneficiaries of high prices, they also have to then find themselves replacement housing and come up against the same pressures that buyers are facing. It’s a tough cycle with no clear off-ramp in sight for the near future.

Source: New York Times (https://www.nytimes.com/2021/02/26/upshot/where-have-all-the-houses-gone.html)

This pull quote from the NYT article encapsulates the complexity of factors involved: “We’re all looking for a unified field theory for what’s going on,” said Mark Zandi, the chief economist at Moody’s Analytics. “We have all these disparate pieces of information. Everyone’s got their own telescope looking up into the sky, measuring different things. It’s hard to put it all together.”

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Here in Oregon, one of those people with their telescope to the sky is Josh Lehner from the Oregon Office of Economic Analysis

Josh writes frequently about all aspects of Oregon’s economic outlook, always supported by great research and with an accessible narrative.  I recently sat through one of his webinars about the housing market and I wanted to share some of his insights below. You can also subscribe to Josh’s free newsletter HERE

Josh is bullish on the housing market sustaining further growth, supported by a forecast of steady, low 30 year mortgage rates to continue to bolster buying power, but also shows some factors that will continue to stress inventory, such as a flat forecast for housing starts and the Millennial generation fully aging into the prime buying years of the 30s and 40s. One interesting note is the slide below showing how the number of people working from home will continue to steadily increase in the coming years. In short, we won’t be going back to our old ‘normal’ in terms of work arrangements and how we view our homes.

Speaking of old normals, it remains to be seen whether inventory will start its traditional annual increase as March begins…we can only hope it does.