During the fourth quarter, our super-hot seller’s market will transition into more of a neutral market. However, our market is still in great shape overall.
What can you expect from our Portland Metro/Southwest Washington market during the fourth quarter? There are several trends you’ll want to watch out for.
First, the average number of days homes spend on the market will increase. This means if you’re listing your house, you probably won’t be able to sell it as quickly.
We should also see inventory increase. During October 1 and 2 of this year, there were 169 expired listings (properties that hit the market but didn’t sell) in the Portland Metro area. During the same two-day period in 2017, there were 63 expired listings. And in 2016, there were just 48. Why the increase? People are overpricing their properties.
Next, price appreciation will slow down. However, since real estate is micro-local, certain areas and certain price points will see some nice appreciation.
You should also expect the Federal Reserve to raise interest rates. They’re scheduled to meet two more times this year, so you can bet that they’ll raise rates so they can then take them back down and spur growth.
Lastly, there will be fewer home sales compared to the fourth quarter of 2017.
Overall, you’ll see our super-hot seller’s market shift into more of a neutral market. In some areas, we might even see a buyer’s market emerge. The good news is, our market is still great and our economy is still growing.
As always, if you have any other questions about our market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d be happy to help you.