Portland Oregon Real Estate Market Update for November 2024

Early sunsets are here and so is the Winter Real Estate Market.

Overall the last few weeks have been slow. However, this could be due more to the election than the typical slowdown we start to see this time of year. By the way, we will be discussing both what to expect from the winter market and the post-election market in today's update. 

What to Expect from the Winter Real Estate Market: 

For home buyers, you can expect fewer listings to come to market but to see a lot of home inventory sitting. This means a good deal of opportunity to snag a great home that is sitting due to other buyers being distracted by holiday plans. 

For home sellers, you may choose to wait to sell your home until the Spring when the market should pick up. But know if you plan to buy as well that it could be a good opportunity to buy now, utilizing tools like a HELOC or a Bridge Loan, making the most of this market as a buyer, and then sell in the Spring when the market should be more in your favor as a seller. 

What to Expect from the Post-Election Real Estate Market: 

While we cannot fully predict what will happen, especially given the administration taking office, here is what we can glean from past elections. 

After 7 out of the 8 last elections, we saw a rise in both home sales and home prices. (2008 was the only exception for obvious reasons). 

So if you are a home buyer, it is good to note that we could see a rise in home prices in the next year. This is especially true if we see a lowering in interest rates, which the next administration has said they plan to do. Though it is good to note that the president does not have direct control over interest rates (and the current Fed Chair publicly expressed that he will not play to the whims of the new president). 

Realistically there does seem to be a lot of pent-up demand, so whether rates shift or not (many experts say we should see them stick in the high 6’s most of the year 😌) we will likely see a competitive seller's market return come Spring. This does align with typical historic market trends year to year as well. 

This is great news for home sellers. If you are considering selling your house in the Spring and want to make the most of the market, you should start preparing now. 

Well really, whether you are planning on buying, selling (or both) starting your prep now will be key to your success. But no worries about figuring out what that plan will look like, I am here to help with all of it. You can contact me HERE.