I hope this changing of the seasons finds you in good spirits. Just as the seasons reliably shift, so does the real estate market. I’ve been getting a lot of questions recently about what’s going on out there. You may have noticed homes sitting for longer, or more homes with price drops. The Portland area market has no doubt softened. However, with this, and lowered interest rates, we’ve seen a great chance for newcomers to step into home ownership. And step in, they have!
Are we in a bubble? That’s not the way I see it. Portland has gone from a nice mid-sized city to a real metropolitan player on the West Coast. I believe this is the new normal for us. Additionally, the real estate market isn’t tied to the stock market in the same way it was in 2008. So even if the greater economy dips, I see housing still holding strong.
Inventory is still quite low. We may now be seeing the limit on massive price growth in Portland, but as millennials continue to age into home ownership, we’ll continue to see a shortage of housing, especially with smaller and lower priced homes.
Homeownership is so much more than how much equity you hold in your house. It’s about community, stability, and long term, generational wealth. Embrace the value that’s there.
With love and gratitude, that’s my two cents,
Learn more about Shayna Denny and Polaris Realty NW.