Should I Sell My House Now?

When you're considering selling your home, it's important to take the current housing market trends into consideration.

This is especially true in the current housing market. Considering the unsteadiness that has taken place in the real estate market over the last year, along with the possibility of a recession hitting our economy, it's understandable that most home owners are uncertain of the decision to list their home.

Will you get the best value for your home considering the current market conditions? Or would it be safer to wait until the market becomes more stable? How long will it take to sell my home?

These are normal questions to be asking yourself. However, if we take a deeper look at the current market, you can begin to see that conditions are actually looking quite optimistic for potential home sellers, especially for homeowners in the Portland market.

As things currently stand, mortgage rates are on the rise across the entire country, and Portland is no exception to this trend. With the uncertainty of the current market, many homeowners are also hesitant to list their home, which has led to a highly reduced inventory.

What does this mean for you as a potential seller? Your home will stand out in the current market, and this will also lead to a much higher value for your home than you would potentially receive if you were to list at a later date.

Along with this, the reduced inventory currently available to buyers means that homes put on the market now currently sell at a much faster rate than they did before. Where a certain sale would potentially take several months if it were put on the market a year ago, that same sale could easily be closed within just a few weeks now.

There are a few other key reasons why things are looking hopeful for Portland home sellers. Let's take a closer look at those now.

Housing Prices Are Starting To Recover

Although interest rates have led to housing prices decreasing over the last year, this trend looks to be on the verge of changing. Since March of this year, housing prices have started to demonstrate a net increase each month. The S&P Dow Jones Indices recently released a report indicating an overall recovery of fallen housing prices.

With this, it can be seen that the overall trend of housing prices decreasing most likely reached its bottom in March of this year. This is a very strong indicator of a renewed stability in the housing market. Other corporate giants have also reported similar findings, such as:

• Fannie Mae

• FHFA (Federal Housing Finance Agency)

• Zillow

Opinion of Long-Term Investing

Along with the strong performance that housing prices have displayed over the last couple months, the outlook on real estate investing still remains high. According to a recent poll performed by Gallup , the public opinion on real estate as a long-term investment remains strong, beating out other investments such as Gold and Stocks/Mutual Funds. The results are listed here:

• Real Estate (34%)

• Gold (26%)

• Stocks / Mutual Funds (18%)

• Savings Accounts / CDs (13%)

• Bonds (7%)

Benefits of Homeownership

Regardless of the trends that the current real estate market has been displaying, there are always going to be inherent financial and social benefits to owning a home, and these benefits will bring potential buyers in. These benefits include:

• Building Equity

• Having More Control Over Your Expenses

• Building Long-Term Savings

• Establishing Credit History

• Civic Participation

We're here to give you a clear view of the exciting market trends for potential home sellers in the Portland, Oregon area. If you have any questions or are thinking about selling your property in Portland or the nearby communities, don't hesitate to get in touch with our friendly team.