This is what the experts have to say about the future of real estate.
In today’s discussion, I’ll delve into the future of the housing market, exploring three significant predictions made by experts in the field. These insights shed light on what to expect in the coming years, offering valuable information for both homebuyers and sellers. So, let’s get started and uncover the key factors that will shape the housing landscape. Here are the three key predictions regarding the housing market.
1. Continued appreciation in housing values without a looming market crash. This expectation is based on the persistent shortage of housing inventory, particularly in the Portland metro area, where construction isn’t keeping pace. The housing market is likely to experience a healthy appreciation rate, typically defined as 3% to 4%, compared to the double-digit increases witnessed in recent years.
2. A population influx into the area remains steady. People are relocating for various reasons, including lifestyle and employment opportunities, with predictions of a substantial population growth in the Portland metro area over the next decade. As more people move in, the demand for housing will continue to rise, contributing to ongoing appreciation.
3. Interest rates will remain relatively high. While the specific rates are uncertain, they are unlikely to drop to the low levels seen in the past decade, such as the 3% to 4% range. Interest rates might fluctuate between the sixes and sevens. It’s essential to prepare for this reality as we navigate the challenges and management of housing appreciation.
If you have any questions about the housing market, feel free to call or email me. I’m always happy to help.