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  4.    <title>Portland Real Estate Journal</title>
  5.    <description>Our mission at The Nick Shivers Team is to be your best resource for Portland Metro &amp; Southwest Washington real estate advice. Whether you are a buyer, seller, or investor, our team of professionals can answer any questions you might have about real estate. If you are looking to buy or sell a home, you can get all the information and the latest updates, tips, and tricks from The Nick Shivers Team, your professional Portland Metro &amp; Southwest Washington Real Estate Agents.</description>
  6.    <link>portlandrealestatejournal.com/</link>
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  8.    <pubDate>Thu, 08 Sep 2022 14:12:54 +0000</pubDate>
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  10.    <generator>Jekyll v3.9.0</generator>
  11.    
  12.      <item>
  13.        <title>Keeping the Right Perspective</title>
  14.        <description>&lt;iframe width=&quot;560&quot; height=&quot;315&quot; src=&quot;https://www.youtube.com/embed/f6qBxk7DG0M?rel=0&quot; frameborder=&quot;0&quot; allowfullscreen=&quot;&quot;&gt;&lt;/iframe&gt;
  15.  
  16. &lt;p style=&quot;text-align:center; font-style:italic;&quot;&gt;What our local housing market is doing and what it means for you.&lt;/p&gt;
  17.  
  18. &lt;p&gt;Our housing market is changing. Everyone wants to know if home values will decrease, and the constant doomsday headlines are doing nothing to ease people’s concerns. You need to remember to keep the right perspective. Those headlines focus on national numbers, but you are affected by your local housing market. I want to show you what’s happening in the Portland Metro area to give you the proper perspective.&lt;/p&gt;
  19.  
  20. &lt;p&gt;We’ve already seen some decrease in home values. However, &lt;strong&gt;appreciation is up by around 35% to 44% since 2020.&lt;/strong&gt; This is local! Southwest Oregon down to Willamette Valley has experienced a lot of appreciation, so the market is still strong.&lt;/p&gt;
  21.  
  22. &lt;p&gt;&lt;a href=&quot;https://twitter.com/home/?status=You need to keep the proper perspective.%20portlandrealestatejournal.com/keeping-the-right-perspective.html%20via%40&quot; target=&quot;_blank&quot; class=&quot;pullquote&quot;&gt;“You need to keep the proper perspective.”&lt;/a&gt;&lt;/p&gt;
  23.  
  24. &lt;p&gt;To understand if home values will drop, we have to look at supply and demand. Fewer homes are hitting the market this year, and those that do are sitting on the market significantly longer. Year over year, 4% fewer homes were listed, and inventory went from 14 days’ worth to almost 70. Prices adjust to meet the level of supply, so they will slowly decrease if the supply remains high.&lt;/p&gt;
  25.  
  26. &lt;p&gt;Another factor to consider is interest rates. Over the month of August, we’ve seen rates increase at the start, fall in the middle, and rise again toward the end. Also, the buyer pool shrunk because of the fluctuation. This will affect the volume of home sales. Fannie Mae predicted a 16.2% drop in home sales this year from last year. Those numbers will most likely continue to fall as we head into the fourth quarter.&lt;/p&gt;
  27.  
  28. &lt;p&gt;If you are thinking about selling your house, &lt;strong&gt;don’t wait until next spring.&lt;/strong&gt; Pricing doesn’t bounce back that quickly, but don’t worry about losing money if you sell now! Your area is up at least 30% in appreciation since the pandemic hit. Historically, it would have taken us around 10 years to reach those numbers, and we did it in two. It’s all about perspective. &lt;/p&gt;
  29.  
  30. &lt;p&gt;If you have any questions, you are welcome to call or email me. I’m here to help. &lt;/p&gt;
  31. </description>
  32.        <pubDate>Fri, 02 Sep 2022 00:00:00 +0000</pubDate>
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  35.        
  36.        <category>Real Estate</category>
  37.        
  38.        <category>Market Update</category>
  39.        
  40.        
  41.      </item>
  42.    
  43.      <item>
  44.        <title>The Market Is Normalizing, Not Crashing </title>
  45.        <description>&lt;iframe width=&quot;560&quot; height=&quot;315&quot; src=&quot;https://www.youtube.com/embed/ZqureCcO6yE?rel=0&quot; frameborder=&quot;0&quot; allowfullscreen=&quot;&quot;&gt;&lt;/iframe&gt;
  46.  
  47. &lt;p style=&quot;text-align:center; font-style:italic;&quot;&gt;Why I don’t believe you have to worry about forbearance rates or a crash. &lt;/p&gt;
  48.  
  49. &lt;p&gt;Should you be worried about the number of foreclosures? A lot of headlines are saying you should be, but we have no reason to panic! The last time our market truly had to worry about mass foreclosures was in 2008 when the housing market crashed, and we aren’t anywhere near that sort of market. &lt;strong&gt;The housing market today is completely different,&lt;/strong&gt; and I say that for three reasons. &lt;/p&gt;
  50.  
  51. &lt;p&gt;First, since prices have increased so much recently, people have more equity. This will give homeowners a cushion if they have to go into forbearance. Second, lending requirements are significantly different. Back then, just about anyone could get a loan, but now things are much more secure. &lt;/p&gt;
  52.  
  53. &lt;p&gt;Third, supply and demand are evening out. Yes, demand has decreased recently because of rising interest rates, but it is still outweighing inventory. On top of that, millennials are the biggest buying population since the baby boomer generation. &lt;/p&gt;
  54.  
  55. &lt;p&gt;I do not believe we will see a crash again like in 2008, mainly because the data doesn’t line up. &lt;strong&gt;Overall, our market is just normalizing, not crashing,&lt;/strong&gt; so you can stop worrying about the foreclosure headlines. If you have any concerns or questions about the housing market, I’m always just a phone call or email away! I hope to hear from you.&lt;/p&gt;
  56. </description>
  57.        <pubDate>Mon, 22 Aug 2022 00:00:00 +0000</pubDate>
  58.        <link>portlandrealestatejournal.com/the-market-is-normalizing-not-crashing.html</link>
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  60.        
  61.        <category>Real Estate</category>
  62.        
  63.        <category>Market Update</category>
  64.        
  65.        
  66.      </item>
  67.    
  68.      <item>
  69.        <title>Were My Market Predictions Correct?</title>
  70.        <description>&lt;iframe width=&quot;560&quot; height=&quot;315&quot; src=&quot;https://www.youtube.com/embed/0OeljjFDpD0?rel=0&quot; frameborder=&quot;0&quot; allowfullscreen=&quot;&quot;&gt;&lt;/iframe&gt;
  71.  
  72. &lt;p style=&quot;text-align:center; font-style:italic;&quot;&gt;Let’s find out if I was right about my predictions for this year’s market.&lt;/p&gt;
  73.  
  74. &lt;p&gt;At the beginning of the year, I made some predictions about what would happen to the real estate market in 2022. Today I want to look back on those predictions to see whether I was right, wrong, or somewhere in the middle.&lt;/p&gt;
  75.  
  76. &lt;p&gt;&lt;strong&gt;1. ❌ There will be more home sales in 2022.&lt;/strong&gt; I was dead wrong on this one. For the first six months of the year, home sales only dropped by 1% compared to last year. However, we will see fewer home sales in the third and fourth quarters of 2022. Keep in mind that 2021 was a historic year for home sales, so don’t let fewer sales this year scare you.&lt;/p&gt;
  77.  
  78. &lt;p&gt;&lt;strong&gt;2. ✅ Interest rates will rise.&lt;/strong&gt; This prediction was correct, but there was no way for me to know that interest rates would almost double by this point in the year. Rates were around 3% at the end of 2021, but they’re now fluctuating between 5.75% and 6.25%. This has reduced affordability, which has shrunk the buyer pool.&lt;/p&gt;
  79.  
  80. &lt;p&gt;&lt;a href=&quot;https://twitter.com/home/?status= Interest rates have doubled since this time last year. %20portlandrealestatejournal.com/were-my-market-predictions-correct.html%20via%40&quot; target=&quot;_blank&quot; class=&quot;pullquote&quot;&gt;“ Interest rates have doubled since this time last year. ”&lt;/a&gt;&lt;/p&gt;
  81.  
  82. &lt;p&gt;&lt;strong&gt;3. ✅/❌ Inflation will rise, and more people will invest in hard assets.&lt;/strong&gt; I was somewhat correct here. Inflation is around 9%, but more people didn’t invest in real estate. Rising interest rates caused fewer investors to buy and hold properties, though we are still seeing many cash offers.&lt;/p&gt;
  83.  
  84. &lt;p&gt;&lt;strong&gt;4. ✅Foreclosures will not increase in 2022.&lt;/strong&gt; I was on the money with this prediction. Unlike in the crash of 2008, today’s lending requirements are very strict, meaning that fewer people have had to resort to foreclosures. Plus, there are fewer homes on the market in general.&lt;/p&gt;
  85.  
  86. &lt;p&gt;Now here’s my mid-year prediction: The end of 2022 will bring normalization to the market. Millennials ages 20 to 34 are the largest pool of potential homebuyers since the baby boomers, which is good for sellers. Though supply has fluctuated, it’s still low overall. These factors will bring people back into the market, causing things to even out a little.&lt;/p&gt;
  87.  
  88. &lt;p&gt;If you have any questions about what’s happening in the market or what we can expect for the future, don’t hesitate to give me a call or send me an email. I’d love to hear from you.&lt;/p&gt;
  89. </description>
  90.        <pubDate>Thu, 11 Aug 2022 00:00:00 +0000</pubDate>
  91.        <link>portlandrealestatejournal.com/were-my-market-predictions-correct.html</link>
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  93.        
  94.        <category>Market Update</category>
  95.        
  96.        <category>Real Estate</category>
  97.        
  98.        
  99.      </item>
  100.    
  101.      <item>
  102.        <title>What the Latest Numbers Mean for You</title>
  103.        <description>&lt;iframe width=&quot;560&quot; height=&quot;315&quot; src=&quot;https://www.youtube.com/embed/ffY2vbKTLB8?rel=0&quot; frameborder=&quot;0&quot; allowfullscreen=&quot;&quot;&gt;&lt;/iframe&gt;
  104.  
  105. &lt;p style=&quot;text-align:center; font-style:italic;&quot;&gt;Here’s what you need to know about the latest housing numbers.&lt;/p&gt;
  106.  
  107. &lt;p&gt;What’s happening in our real estate market? Today I want to share the latest numbers and explain what they mean for you. First, &lt;strong&gt;I’ll compare the numbers from July 2022 to July 2021.&lt;/strong&gt; &lt;/p&gt;
  108.  
  109. &lt;p&gt;&lt;strong&gt;Portland Metro&lt;/strong&gt;&lt;/p&gt;
  110.  
  111. &lt;ul&gt;
  112.  &lt;li&gt;Active listings: Down 5%&lt;/li&gt;
  113.  &lt;li&gt;Pending listings: Down 14%&lt;/li&gt;
  114.  &lt;li&gt;Sold listings: Down 11%&lt;/li&gt;
  115. &lt;/ul&gt;
  116.  
  117. &lt;p&gt;&lt;strong&gt;Clark County&lt;/strong&gt;&lt;/p&gt;
  118.  
  119. &lt;ul&gt;
  120.  &lt;li&gt;Active listings: Down 2%&lt;/li&gt;
  121.  &lt;li&gt;Pending listings: Down 13%&lt;/li&gt;
  122.  &lt;li&gt;Sold listings: Down 11%&lt;/li&gt;
  123. &lt;/ul&gt;
  124.  
  125. &lt;p&gt;Things have definitely changed&lt;strong&gt;.&lt;/strong&gt; Many experts predicted that our market would slow down due to rising interest rates, and we can definitely see that in these numbers. &lt;strong&gt;So how has our market fared month over month?&lt;/strong&gt;&lt;/p&gt;
  126.  
  127. &lt;p&gt;&lt;strong&gt;Portland Metro&lt;/strong&gt;&lt;/p&gt;
  128.  
  129. &lt;ul&gt;
  130.  &lt;li&gt;Active listings: Down 13%&lt;/li&gt;
  131.  &lt;li&gt;Pending listings: Down 23%&lt;/li&gt;
  132.  &lt;li&gt;Sold listings: Down 43%&lt;/li&gt;
  133. &lt;/ul&gt;
  134.  
  135. &lt;p&gt;You may look at those numbers and think that our market is crashing, but it’s important to remember that our pandemic market was a bit of an anomaly. Instead, &lt;strong&gt;let’s compare our current numbers to our last “normal” market, which was in 2019.&lt;/strong&gt;&lt;/p&gt;
  136.  
  137. &lt;p&gt;&lt;strong&gt;Portland Metro&lt;/strong&gt;&lt;/p&gt;
  138.  
  139. &lt;ul&gt;
  140.  &lt;li&gt;Active listings: Down 9%&lt;/li&gt;
  141.  &lt;li&gt;Pending listings: Down 2%&lt;/li&gt;
  142.  &lt;li&gt;Sold listings: Up 7%&lt;/li&gt;
  143. &lt;/ul&gt;
  144.  
  145. &lt;p&gt;As you can see, these numbers are much less concerning. In fact, sold listings are up. I’m not telling you that our market is going back to the crazy-fast pace we saw in 2021. Instead, it looks like our market is returning to where it was before the pandemic, which is still fantastic. &lt;/p&gt;
  146.  
  147. &lt;p&gt;I don’t believe you have to worry about a crash. Inventory is increasing, but it’s still historically low. Millennials are still entering the market as first-time buyers, and there still aren’t enough homes to meet demand. As long as this remains the case, home prices will stay high. &lt;/p&gt;
  148.  
  149. &lt;p&gt;If you have questions about today’s topic or anything else, please call or email me. I am always willing to help! &lt;/p&gt;
  150. </description>
  151.        <pubDate>Tue, 26 Jul 2022 18:21:36 +0000</pubDate>
  152.        <link>portlandrealestatejournal.com/what-the-latest-numbers-mean-for-you.html</link>
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  154.        
  155.        <category>Market Update</category>
  156.        
  157.        <category>Real Estate</category>
  158.        
  159.        
  160.      </item>
  161.    
  162.      <item>
  163.        <title>Are We Headed Towards a Normal Market?</title>
  164.        <description>&lt;iframe width=&quot;560&quot; height=&quot;315&quot; src=&quot;https://www.youtube.com/embed/_FaMfkXI-UY?rel=0&quot; frameborder=&quot;0&quot; allowfullscreen=&quot;&quot;&gt;&lt;/iframe&gt;
  165.  
  166. &lt;p style=&quot;text-align:center; font-style:italic;&quot;&gt;What’s the difference between a market crash, shift, and normalization?&lt;/p&gt;
  167.  
  168. &lt;p&gt;Today we will talk about what a market crash, shift, and normalization mean. Let’s take a closer look at these three and discuss them one by one.&lt;/p&gt;
  169.  
  170. &lt;p&gt;To define a crash, let’s compare our current market conditions to the 2008-2009 housing bubble. Home values are historically high for both, but lending requirements and inventory levels are significantly different. More down payment and better credit scores are now required to purchase a house. &lt;/p&gt;
  171.  
  172. &lt;p&gt;A shift, on the other hand, can be defined as moving towards depreciation, longer days on the market and less offers. &lt;strong&gt;I do believe we have a shift in the making but home values currently have been staying flat not increasing or decreasing.&lt;/strong&gt;&lt;/p&gt;
  173.  
  174. &lt;p&gt;As for a normalizing market, let’s compare 2022 to 2019. Active listings went down year over year and pending sales went up. &lt;strong&gt;The market is starting to normalize but continues to be strong.&lt;/strong&gt; We are still seeing multiple offers. &lt;/p&gt;
  175.  
  176. &lt;p&gt;Nothing too drastic is going to happen soon but it’s important to keep yourself informed on the latest real estate updates. For any of your real estate concerns, don’t hesitate to call or email me. I’m always happy to help!&lt;/p&gt;
  177. </description>
  178.        <pubDate>Thu, 16 Jun 2022 11:55:00 +0000</pubDate>
  179.        <link>portlandrealestatejournal.com/are-we-headed-towards-a-normal-market.html</link>
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  181.        
  182.        <category>Market Update</category>
  183.        
  184.        
  185.      </item>
  186.    
  187.      <item>
  188.        <title>Will a Recession Cause Our Market To Crash?</title>
  189.        <description>&lt;iframe width=&quot;560&quot; height=&quot;315&quot; src=&quot;https://www.youtube.com/embed/sBMMDXUAvvA?rel=0&quot; frameborder=&quot;0&quot; allowfullscreen=&quot;&quot;&gt;&lt;/iframe&gt;
  190.  
  191. &lt;p style=&quot;text-align:center; font-style:italic;&quot;&gt;Here’s what usually happens to real estate enduring a recession. &lt;/p&gt;
  192.  
  193. &lt;p&gt;There’s a lot of fear in the news right now about a potential recession. According to Bloomberg, 68% of investors believe we’ll be in a recession by 2024. Meanwhile, 48% believe one will hit by 2023 or the end of 2022. What happens to real estate during a recession? Today I’ll use past experience and data to explain the answer.&lt;/p&gt;
  194.  
  195. &lt;p&gt;During COVID, many people thought we were heading into a prolonged recession. However, the economy held on fairly strongly. In fact, many sectors of the economy experienced a boost during the height of the pandemic. &lt;/p&gt;
  196.  
  197. &lt;p&gt;This means we have to head back to 2008 to look at the last recession. This recession was caused in part by the housing market crash, so it makes sense that prices plummeted during this time. In some areas, prices fell by as much as 20%. &lt;/p&gt;
  198.  
  199. &lt;p&gt;However, 2008 was a bit of an anomaly. If we look at the previous recession in 2001, we see that housing prices increased by 6.6%. In 1991, home values only decreased by 1.9%. In 1980, prices appreciated by 4.4%. &lt;/p&gt;
  200.  
  201. &lt;p&gt;&lt;a href=&quot;https://twitter.com/home/?status=Supply is low, and many buyers are trying to purchase a house before rates rise any further. %20portlandrealestatejournal.com/will-a-recession-cause-our-market-to-crash.html%20via%40&quot; target=&quot;_blank&quot; class=&quot;pullquote&quot;&gt;“Supply is low, and many buyers are trying to purchase a house before rates rise any further. ”&lt;/a&gt;&lt;/p&gt;
  202.  
  203. &lt;p&gt;Why do prices usually remain stable during a recession? &lt;strong&gt;When the economy is in flux, people put their money into hard assets like real estate.&lt;/strong&gt; I’m not saying the real estate market won’t be affected by a recession at all, but things should remain relatively stable. &lt;/p&gt;
  204.  
  205. &lt;p&gt;We aren’t technically in a recession yet, but the market is already starting to slow slightly due to rising interest rates. Many buyers have had to leave the market because they can no longer afford homes. That being said, &lt;strong&gt;the market is still very strong.&lt;/strong&gt; Supply is low, and many buyers are trying to purchase a house before rates rise any further. &lt;/p&gt;
  206.  
  207. &lt;p&gt;In the first week of May in Metro Portland, inventory was down 7%. Pendings were about even, but closed sales were down 7%. In Southwest Washington, active listings were down 3.8%, pendings were down 6.3%, and closed sales were down 2.8%. In Salem, active listings were down 2%, pendings were down 1.4%, and closed sales were up 5.8%. &lt;/p&gt;
  208.  
  209. &lt;p&gt;&lt;strong&gt;The truth is that when demand is this high and supply is this low, a crash can’t happen.&lt;/strong&gt; If rates increased to 11% or 12%, that would be a different story, but I don’t see that happening. Instead, our crazy-fast market will slow down slightly. &lt;/p&gt;
  210.  
  211. &lt;p&gt;If you have questions about today’s topic or anything else, please call or email me. I am always willing to help!&lt;/p&gt;
  212. </description>
  213.        <pubDate>Fri, 20 May 2022 14:55:00 +0000</pubDate>
  214.        <link>portlandrealestatejournal.com/will-a-recession-cause-our-market-to-crash.html</link>
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  216.        
  217.        <category>Market Update</category>
  218.        
  219.        
  220.      </item>
  221.    
  222.      <item>
  223.        <title>Is the Market Still Strong?</title>
  224.        <description>&lt;iframe width=&quot;560&quot; height=&quot;315&quot; src=&quot;https://www.youtube.com/embed/mu3rTY0K6WI?rel=0&quot; frameborder=&quot;0&quot; allowfullscreen=&quot;&quot;&gt;&lt;/iframe&gt;
  225.  
  226. &lt;p style=&quot;text-align:center; font-style:italic;&quot;&gt;Here are the latest numbers from the market and what they mean for you.&lt;/p&gt;
  227.  
  228. &lt;p&gt;Today we’re going to once again dive deep into the numbers from the Oregon and Southwest Washington real estate markets to get a better understanding of what’s happening.&lt;/p&gt;
  229.  
  230. &lt;p&gt;First, &lt;strong&gt;the Wells Fargo Home Builder Index, which shows the confidence level of new construction home builders, has been down five months in a row.&lt;/strong&gt; Five months ago, the index was at 91%, showing that the market was phenomenal. Now, the index is only at 84%. However, historically speaking, builder confidence is still excellent.&lt;/p&gt;
  231.  
  232. &lt;p&gt;According to the National Association of Realtors, sales have dropped year over year nationwide for five months in a row. During Q1 in the Portland metro, active listings were down 1.3% for the year, pending listings were down 3.7%, and closed sales were up 1.2%. Specifically for April, active listings fell by 16%, pendings dropped 2%, and sold listings decreased 7%.&lt;/p&gt;
  233.  
  234. &lt;p&gt;For the year in Clark County, active listings rose 1.5%, pending sales dropped 2.5%, and closed sales fell by 3%. In April, active listings were down 17%, pendings fell 2%, and closed sales dropped by 9%.&lt;/p&gt;
  235.  
  236. &lt;p&gt;&lt;a href=&quot;https://twitter.com/home/?status=I don’t see anything that would suggest we’re going through a housing crisis.%20portlandrealestatejournal.com/is-the-market-still-strong.html%20via%40&quot; target=&quot;_blank&quot; class=&quot;pullquote&quot;&gt;“I don’t see anything that would suggest we’re going through a housing crisis.”&lt;/a&gt;&lt;/p&gt;
  237.  
  238. &lt;p&gt;&lt;strong&gt;Mortgage interest rates are the highest they’ve been since 2009&lt;/strong&gt;, having risen by almost 2% since the beginning of the year. Remember that just a 1% increase in rates equals a 10% decrease in buyers’ purchasing power. Does that mean that homes are going to start depreciating? Fortunately, no. Inventory is still extremely low, which offsets the decrease in value that would normally come as rates rose. We’ll probably see a slowdown in the spring and summer markets, especially if the Federal Reserve keeps raising interest rates.&lt;/p&gt;
  239.  
  240. &lt;p&gt;What’s the overall outlook for the housing market? Right now, it’s strong. &lt;strong&gt;Buyer demand is still high&lt;/strong&gt; because interest rates are going up, and they want to lock in as low of a rate as possible. Supply, on the other hand, is still low. Since buyers are scrambling to find homes, sellers will also want to list quickly to take advantage of the demand and rising prices.&lt;/p&gt;
  241.  
  242. &lt;p&gt;On the whole, I don’t see anything on the horizon that would suggest we’re going through a housing crisis, but I’ll continue to keep an eye on the data as the year progresses. If you have any questions about the market or need to buy or sell a home, give me a call or send me an email. I’d love to hear from you.&lt;/p&gt;
  243. </description>
  244.        <pubDate>Tue, 03 May 2022 14:31:07 +0000</pubDate>
  245.        <link>portlandrealestatejournal.com/is-the-market-still-strong.html</link>
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  247.        
  248.        <category>Market Update</category>
  249.        
  250.        
  251.      </item>
  252.    
  253.      <item>
  254.        <title>Is Our Market Heading for a Crash?</title>
  255.        <description>&lt;iframe width=&quot;560&quot; height=&quot;315&quot; src=&quot;https://www.youtube.com/embed/LeuJMMrYxxM?rel=0&quot; frameborder=&quot;0&quot; allowfullscreen=&quot;&quot;&gt;&lt;/iframe&gt;
  256.  
  257. &lt;p style=&quot;text-align:center; font-style:italic;&quot;&gt;Is our market heading for a crash? I’ll explain why I don’t think it is.&lt;/p&gt;
  258.  
  259. &lt;p&gt;I saw a recent headline on CNN that went something like, “A Housing Bubble Is Brewing.” It sounds scary, but is it true? There’s a lot of volatility in the market, so let’s take a deep dive into what’s happening and find out if a bubble is right around the corner.&lt;/p&gt;
  260.  
  261. &lt;p&gt;&lt;strong&gt;One of the biggest issues with our market is that affordability is disappearing.&lt;/strong&gt; When interest rates were only 3%, it didn’t matter that home prices were skyrocketing because monthly payments remained low. Now, rates are in the high fours and low fives. If you could have afforded a $500,000 home at 3%, now you can only afford a $400,000 property. &lt;/p&gt;
  262.  
  263. &lt;p&gt;Despite the recent hit to affordability, prices have not gone down. Across the country, we’re seeing record prices, and it’s because supply is at an all-time low. Despite this, demand remains strong. Why is that?&lt;/p&gt;
  264.  
  265. &lt;p&gt;&lt;a href=&quot;https://twitter.com/home/?status=Rising interest rates spurred our market in the short term, but they’ll slow things down in the long run.%20portlandrealestatejournal.com/is-our-market-heading-for-a-crash.html%20via%40&quot; target=&quot;_blank&quot; class=&quot;pullquote&quot;&gt;“Rising interest rates spurred our market in the short term, but they’ll slow things down in the long run.”&lt;/a&gt;&lt;/p&gt;
  266.  
  267. &lt;p&gt;Historically, when interest rates rise, buyer demand initially increases. This is due to basic FOMO, or the fear of missing out. &lt;strong&gt;The Federal Reserve plans to increase rates further, so buyers want to purchase a home at a lower rate while they still can.&lt;/strong&gt; While rising rates may speed up the market in the short term, they will slow things down in the long run. For example, many buyers who were looking to make a small upgrade may settle for a remodel. &lt;/p&gt;
  268.  
  269. &lt;p&gt;Does this mean we’re heading for a bubble? I don’t think so, and there are a couple of key reasons why. First, most homeowners have tons of equity. 40% of all homeowners own their houses outright, while another 32% have at least 50% equity. Another reason why we won’t see a crash is our historically low supply. 33% of all homes purchased in the U.S. are purchased by investors right now, and investors pay with cash.&lt;/p&gt;
  270.  
  271. &lt;p&gt;In the fourth quarter of 2022, we might see the market flatline, depending on what happens with interest rates. However, a crash is very unlikely. Things will certainly slow down, but I don’t believe there is any reason to panic. &lt;strong&gt;If you’re going to sell this year, I recommend you do so while we’re still in a crazy-hot market. &lt;/strong&gt;&lt;/p&gt;
  272.  
  273. &lt;p&gt;If you have questions about today’s topic or anything else, please call or email me. I am always willing to help. &lt;/p&gt;
  274. </description>
  275.        <pubDate>Mon, 11 Apr 2022 16:15:20 +0000</pubDate>
  276.        <link>portlandrealestatejournal.com/is-our-market-heading-for-a-crash.html</link>
  277.        <guid isPermaLink="true">portlandrealestatejournal.com/is-our-market-heading-for-a-crash.html</guid>
  278.        
  279.        <category>Market Update</category>
  280.        
  281.        
  282.      </item>
  283.    
  284.      <item>
  285.        <title>What's Going On in Our Oregon and SW Washington Market?</title>
  286.        <description>&lt;iframe width=&quot;560&quot; height=&quot;315&quot; src=&quot;https://www.youtube.com/embed/2r5OEXC8VK8?rel=0&quot; frameborder=&quot;0&quot; allowfullscreen=&quot;&quot;&gt;&lt;/iframe&gt;
  287.  
  288. &lt;p style=&quot;text-align:center; font-style:italic;&quot;&gt;How supply, inflation, interest rates, and more affect our market.&lt;/p&gt;
  289.  
  290. &lt;p&gt;It’s time for another real estate market update, and there is a lot to discuss. We’re nearing the end of the first quarter, and we have to cover how the war in Ukraine, inflation, supply and demand issues, interest rates, and more affect our market. We’re going to unpack all of those so you can understand where the market is right now.&lt;/p&gt;
  291.  
  292. &lt;p&gt;We’ll start with the numbers for February. For Clark County, active listings were down 2%. There were 5.8% fewer pendings and 7.4% fewer solds. For Marion and Polk counties, everything is up, and I’ll talk about why later. In the Portland Metro, active listings are down 3.6%, pendings are up about 1%, and solds are down 1%.&lt;/p&gt;
  293.  
  294. &lt;p&gt;Our March numbers aren’t complete yet, but here’s where we stand so far. Active listings are down 14%, pendings are down about 1%, and solds are down 15%. In Clark County, actives are down 1.9%, pendings are up 14.11%, and solds are up 24.9%.&lt;/p&gt;
  295.  
  296. &lt;p&gt;Why is there such a discrepancy between active listings and pendings or solds? &lt;strong&gt;Clark County has a bunch of new construction because it’s easier to build up there.&lt;/strong&gt; The land is cheaper, and the local government makes it easy. A lot of those properties never go to the market; they’re already sold. Marion County is also improving because it’s easier to build there than in Multnomah County. If you want affordable homes, you have to relax the zoning a little bit.&lt;/p&gt;
  297.  
  298. &lt;p&gt;&lt;a href=&quot;https://twitter.com/home/?status=The market is going to stay hot.%20portlandrealestatejournal.com/whats-going-on-in-our-oregon-market.html%20via%40&quot; target=&quot;_blank&quot; class=&quot;pullquote&quot;&gt;“The market is going to stay hot.”&lt;/a&gt;&lt;/p&gt;
  299.  
  300. &lt;p&gt;What will the war in Ukraine do to the real estate market? It will keep gas prices high, fuel inflation, and disrupt our supply chains. That’ll raise both material and construction costs.&lt;/p&gt;
  301.  
  302. &lt;p&gt;&lt;strong&gt;Some people out there think we’re going to see a housing crash, but it’s not going to happen.&lt;/strong&gt; Interest rates have risen almost 2% in the last few months because the Federal Reserve is trying to slow inflation, but that will not crash our market. Why? Supply and demand. Nationwide, we are five million homes short of what we need.&lt;/p&gt;
  303.  
  304. &lt;p&gt;&lt;strong&gt;Instead of a crash, affordability will become an issue.&lt;/strong&gt; The interest rates went up almost 2%, which decreases your purchasing power by about 20%. If you could afford a $400,000 home, now you can only afford a $320,000 property. That’s why you’re seeing more sales in Marion and Polk counties. Their median sales price is only $418,000 compared to $519,000 in the Portland Metro and $506,000 in Clark County.&lt;/p&gt;
  305.  
  306. &lt;p&gt;If you’re a seller, the market is still crazy, and you can expect multiple offers. If you’re a buyer, it’s a tough game, but you want to get in soon. Interest rates will continue to climb unless something major happens with the war in Ukraine.&lt;/p&gt;
  307.  
  308. &lt;p&gt;Overall, the market is going to stay hot. If you have any questions about buying, selling, or real estate in general, feel free to call or email us. We’d love to hear from you.&lt;/p&gt;
  309. </description>
  310.        <pubDate>Mon, 21 Mar 2022 15:00:31 +0000</pubDate>
  311.        <link>portlandrealestatejournal.com/whats-going-on-in-our-oregon-market.html</link>
  312.        <guid isPermaLink="true">portlandrealestatejournal.com/whats-going-on-in-our-oregon-market.html</guid>
  313.        
  314.        <category>Real Estate</category>
  315.        
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  317.      </item>
  318.    
  319.      <item>
  320.        <title>What Is Happening in Our Market?</title>
  321.        <description>&lt;iframe width=&quot;560&quot; height=&quot;315&quot; src=&quot;https://www.youtube.com/embed/G9MPCAHEoZQ?rel=0&quot; frameborder=&quot;0&quot; allowfullscreen=&quot;&quot;&gt;&lt;/iframe&gt;
  322.  
  323. &lt;p style=&quot;text-align:center; font-style:italic;&quot;&gt;A February update on our national and local real estate markets.&lt;/p&gt;
  324.  
  325. &lt;p&gt;What in the world is happening in the real estate market? Let’s take some big picture ideas, boil them down into specifics, and look at all the news we have. &lt;/p&gt;
  326.  
  327. &lt;p&gt;In January 2021, there were about 1 million homes for sale nationwide. This year, that’s down to 847,000. Not only do we have a supply shortage locally, but the whole country is seeing the same. &lt;/p&gt;
  328.  
  329. &lt;p&gt;You might say that we have a demand shortage, too, since interest rates are rising. However, from January 2021 to January 2022, &lt;strong&gt;we only saw a 6% decrease in mortgage applications.&lt;/strong&gt; The demand is still there, and that’s why I don’t think we’ll see any sort of downturn this year.&lt;/p&gt;
  330.  
  331. &lt;p&gt;Let’s talk about our local market, starting with Clark County. In January, we were down 18.6% for listings. In the last three to four weeks, our active listings are up 17.3% compared to this time last year. Pendings are up 14.4%, and solds are down 35.3%. &lt;/p&gt;
  332.  
  333. &lt;p&gt;Why is there that gap? Remember that the solds are back from early January, so we’re seeing the trend from back then. Our pendings and listings are up, so they will reverse that trend in about two or three weeks.&lt;/p&gt;
  334.  
  335. &lt;p&gt;&lt;a href=&quot;https://twitter.com/home/?status=We have a supply shortage across the whole country.%20portlandrealestatejournal.com/what-is-happening-in-our-market.html%20via%40&quot; target=&quot;_blank&quot; class=&quot;pullquote&quot;&gt;“We have a supply shortage across the whole country.”&lt;/a&gt;&lt;/p&gt;
  336.  
  337. &lt;p&gt;In Portland, we were down 11% for active listings in January. In the last three to four weeks, Portland is up 7.3% in active listings, 15.6% in pendings, and down 15.1% in solds. &lt;/p&gt;
  338.  
  339. &lt;p&gt;More properties are hitting the market, but we do have some volatility. People are asking me what’s going on in Russia and if that’ll affect our market. If I could answer all of that correctly, I’d be on a jet, giving advice to foreign leaders. &lt;/p&gt;
  340.  
  341. &lt;p&gt;&lt;strong&gt;However, what I do see happening is some slowdown in appreciation.&lt;/strong&gt; We can’t keep going at the pace we’re going; we are starting to see affordability issues. When our crazy market started, we were at 2% for interest rates, and now they have risen to around 4%. &lt;/p&gt;
  342.  
  343. &lt;p&gt;Don’t get me wrong; our inflation is really high, and these rates are still very low. &lt;strong&gt;However, these increases will affect your buying power.&lt;/strong&gt; A 1% increase in rates means a 10% decrease in buying power. If you could afford a $500,000 last year at 3%, now you can only a ford at $450,000 at 4%, and prices don’t look like they will go down this year.&lt;/p&gt;
  344.  
  345. &lt;p&gt;If you have any questions, don’t hesitate to call or email us. We would love to hear from you.&lt;/p&gt;
  346. </description>
  347.        <pubDate>Tue, 01 Mar 2022 15:50:27 +0000</pubDate>
  348.        <link>portlandrealestatejournal.com/what-is-happening-in-our-market.html</link>
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  350.        
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