The 2019 Real Estate Market: What you need to know
The New Year is just around the corner, which means a fresh start for everyone (including those of us with vested interests in real estate trends). The current trends show that real estate in Portland, OR is on its way up thanks in part to a strong local economy, population growth, and low unemployment. This is a good time to get involved with real estate in the area, investing, or maybe even to start thinking about selling your house etc. With that in mind, here are a few things you should know about the 2019 real estate market in Portland.
Current Trends in Portland
The population in Portland is currently on the rise. This is creating a bit of a stir among those already trying to sell their homes this year (2018). With so many potential buyers, and so few houses to go around, housing prices should be fairly sturdy and profitable, right? Currently Portland is on the downhill slope of what looked like a promising year in real estate sales, and buyers are becoming much pickier as prices go up. Let’s face it, potential customers know when they have to shell out for a higher price on a property simply because of market trends. So your property will need to be as sale-ready as possible. For instance, homebuyers can be easily scared off by things like accent walls, personalized kitchens, or property damage. Try to make your property as much of a blank slate as possible by using neutral colors and fixing all damages. It’s never been more important to erase as many signs of previous occupancy before selling property in Portland than right now.
Projected Portland Housing Market Trends
The median investment properties in Portland are projected to cost just over $361,000 IN 2019, and be able to generate nearly $1700 in rental COST and over $2500 for Airbnb rental property. This is a cut above the rest when compared to most other cities across America, and shows a great deal of promise for the future. If you take a look at other popular real estate locations in Florida (such as Miami), the median can be nearly double that, and much less affordable. Quantity can outweigh quality here without sacrificing much in the way of quality at all. Portland has beautiful real estate plots available (as does much of the Sunshine State). You will find a noticeably better market in Portland, however; which means now is the time to invest or start selling or investing in Portland.
Try to avoid highballing
Now is not a good time to be experimenting and trying to see if you can get more for your home than it’s worth. Since there has been so much trouble selling homes this year, a trend that will likely carry over into part of next year, you should avoid highballing potential customers with your asking prices if you are looking to sell right away. Overpriced homes have a tendency to stay on the market longer and ultimately sell for less than homes that are priced correctly from the beginning. It will also be important to consider any price reductions you are willing to come down to early in the seller’s game as well. The amount of potential buyers out there who are viewing new listings while they shop around falls significantly after only a few weeks. A new, lower price can be just the thing you need to focus their attention back on your property.
Hire the Right Real Estate Agent
Hiring the right real estate agent is going to be the most important thing you can do during these shaky times. A good agent can guide you through the pitfalls of real estate that have a tendency to be very cumbersome to navigate by yourself. Keeping in mind these tips will help you to be successful when your opportunity comes. The Lombardo team will work tirelessly to help you get your house sold as quickly as possible, and to your satisfaction! Our agents are standing by to help you with anything you need! Call or click today!