Now that Spring Break, Winter weather and ‘tax time’ are largely behind us, the forecast for Oregon real estate is sunny, indeed. Here are five key reasons for an optimistic 2016 Oregon real estate forecast, which are explained further below:
1. Interest Rates Remain Very Low
2. Housing Inventory Is Very Low
3. Better Weather
4. The ‘School Change Shuffle’
5. Oregon Remains America’s Top-Rated ‘Inbound’ Destination
- Interest Rates Remain Very Low
Given continued historic low interest rates, homebuyers can simply purchase ‘more house’ at less cost. Given such a cheaper source of money, this opens up a greater number of homes to prospective homebuyers.
2. Housing Inventory Is Very Low
Compared to most home inventory ‘yardsticks,’ our current regional home supply is low. As a result, this fuels a faster ‘turnover’ of properties, as more buyers chase fewer homes. And as evidenced by our shorter than usual market times, this trend continues.
The roughly 2.4 million population of greater Portland currently has a 1.8 month ‘backlog’ of houses for sale. This is far below the usual 3 to 6 month inventory of homes. Greater Salem, with an estimated 400,000 population, currently has a 3.8 month home supply. Compared to historical trends, this is lower than usual.
3. Better Weather
While Oregon is well known for rain, we do have warm weather…and the time for that typically begins about now. Selling during good weather is more fun for buyers and sellers. Buyers are more in the mood, have more daylight and better weather. Sellers understand that homes frequently look better with flowers in bloom and lawns neatly trimmed.
4. The ‘School Change’ Shuffle
As homeowners change jobs, relocate and seek the best opportunities for their kids, expect buyers to ‘time’ their move in order to be in their next house before school starts, usually in September. This frequently means an existing home must be sold and a new one purchased in the coming five months.
5. Oregon Remains America’s Top-Rated Inbound Destination
Oregon is the most popular moving destination of 2015 with 69 percent of moves to and from the state being inbound. Oregon has continued to climb the ranks, increasing inbound migration by 10 percent over the past six years.
Selling Your Oregon Property This Year?
Selling during a ‘seller’s market’ is considered the ideal situation to maximize your home’s value. For a free consultation on your property’s current value, contact Oregon’s homeselling specialists at Certified Realty using the convenient contact form below. Certified Realty is Oregon’s choice since 1950!