The Lindley Team | 503.517.8641 (click to call)
As Portland mortgage lenders, we pride ourselves in staying up-to-date on the latest Portland mortgage and real estate statistics and trends to prepare as best as we can to help you realize your dream of owning your own home. We are always researching, evaluating and anticipating current to determine the best way to help our clients.
The Portland housing market saw housing prices appreciate by 10%-14% in 2016, while in 2017 the average appreciation was 8.9%. For 2018, analysts have forecasted that the Portland housing market will have an average appreciation of 4%-8%. During 2017, we also have seen the number of sales decrease from 2015-2016 to now being closer to the national average.
The forecast for the Portland housing market in 2018 shows that the market is going to cool. Don’t worry though, as this “cool” is a very relative term. Portland-area home prices saw some of the highest increases nationally in the last year, second only to Seattle. Even though the market is predicted to cool compared to previous years, it is still above national average and is going to be stable in the near future.
The forecast for 2018 is expected to be around 4%-8%, which will be down from the previous years, which saw huge growth! While this may scare you, it is important to look into what is expected to happen in 2018.
- Portland has been under-building for years, and that is one of the reasons why homes are in such demand and why the prices have been so high. Local builders are trying to keep up with the demand to meet the needs of the new wave of buyers.
- Portland will experience steady but slow population growth, that is above the national average in 2018. This means that Portland real estate will still be in demand as people continue moving to the city.
- Portland mortgage rates are at a historic low and at this point they are not forecasted to see a great increase.
Portland remains one of the fastest growing cities in the United States. With such consistent price jumps, the Portland market may not seem like a great buy for prospective buyers. However, it’s quite the opposite. The real estate market in Portland has consistently experienced above average upward trends for years. While the prices in Portland are not going to drop in 2018, prices are starting to slow which means the market is stabilizing and that now is the time to buy!
With such a competitive buyer’s market, it is a good idea to consult a Portland mortgage expert in order to ensure you are fully prepared and aware of what you are getting. The Tammi Lindley Team are Portland mortgage lenders who can assist you with reviewing your current financial situation and detailing all of your possible options!
Many experts are saying that the Portland housing market has switched from a seller’s market to a buyer’s market, and now is the time to take advantage of the record low Portland mortgage rates and realize that 2018 could be the year your dream of owning a home becomes reality!
For more information or to get started today, contact the Tammi Lindley Team today!