The dawn of 2024 brings fresh opportunities in Portland’s real estate realm. I’m Will, ready to guide you through the ebb and flow of our local market. Let’s cut through the noise and hone in on the essentials affecting your home buying and selling decisions this year.
Interest Rates’ Ripple Effect Cast your mind back to the 8% interest peak last October—a tremor that dampened demand. Fast forward to today, and we’re witnessing interest rates gently retreat to the high sixes, a move that’s reinvigorating the market pulse. This along with our normal seasonal changes is bringing back demand quickly.
Days on Market and Inventory Portland’s property scene is diverse; quick sales for some listings contrast starkly with others that sit longer, awaiting the right match. The days on market now stretch up to 60-75 days in certain submarkets, painting a vivid picture of buyer selectivity and market stratification. Thus, there are two markets with houses going quickly and the others sitting on the market for a longer time.
To Buy or Sell? Strategic Timing is Key
In this market, foresight is king. Buying a home? It’s a long-term play. Consider not just the immediate gratification but the potential for equity growth over 5 to 7 years. This horizon often marks the break-even point, positioning you to leverage your investment for future property pursuits.
Selling? The current climate offers a unique window. With less competition and a market still warm from buyer interest, listing now could place you at an advantage. Preparing your property early ensures you’re market-ready, poised to act when the season hits its stride.
Your first home purchase is a foundational step, one that paves the way to that dream house down the line. And while timing the market to perfection is a myth akin to capturing lightning in a bottle, understanding these cycles and preparing accordingly can place you leagues ahead.
Embark on Your Real Estate Voyage For an in-depth journey through Portland’s market, set sail with my full video here.
Whether charting a course for purchase or plotting the perfect sale, I’m on deck to help you navigate these waters. Reach out, and together, we’ll find your true north in Portland’s real estate landscape.