Real Estate Broker, Licensed in the State of Oregon
Visit Jason on his broker webpage to view listings.
Five Predictions for the Real Estate Market for the Remainder of 2018
Home ownership, once a staple of the “American Dream” has hit a resurgence the past several years. Favorable market conditions, such as low interest rates, increased housing starts and a generally strong economy have spurred robust interest in the real estate market. As we continue into 2018, forecasters point to several factors which may negatively impact decision-making. Most recently, fluctuations in the stock market, signs of higher interest rates, along with a change to the allowable mortgage interest deduction, could all play a significant role.
The market throughout the Pacific Northwest, specifically the Portland, Oregon region, has been extremely active in the last few years. Unfortunately, that growth is expected to slow in 2018, down 3-5%. Much will be dependent on affordability of a neighborhood and some are showing lower appreciation growth than in previous years. Factors predicted to affect Portland home buyers and sellers are low inventory, slow economic growth and rising mortgage rates. In other areas, such as the resort town of Bend, located in Central Oregon, brokerage firms such as Cascade Sotheby’s International Realty, have experienced record growth. In fact, as part of their expansion strategy, the firm has concentrated efforts throughout Portland, the Oregon Coast and SW Washington.
Take a look at several possible scenarios that could have consequence on the market.
1) Affordability pressure plagues slower market growth. Available inventory of homes, actually considered affordable on a median income, has been in steady decline. Experts predict that inventory will recover slightly, up 1.7% year over year, after falling about 3.4% in 2016. Predictions also suggest that median home sale prices will increase 5.3% year over year while existing home sales are forecast to increase 2.8% in 2018.
2) The average number of days a home spends on the market will be the lowest on record. In 2016, the average home spent only 52 days on the market, the shortest since 2009. Due to low home inventory over the last several years, in particular, with entry level homes in certain markets, homes have had offers within only 6 days of being listed. In addition, transactions have become less time consuming and drastically more efficient due to new technologies, resulting in making the home buying process easier.
3) Anticipate a minimal increase in mortgage rates. Industry experts predict that 30-year-fixed mortgage rates will rise to 4.3% next year. The 30-year-fixed mortgage rate has already increased from 3.5% at the end of 2017 to just above 4%. Wall Street’s optimism is said to be in response to the economic proposals from the White House and the Federal Reserve’s interest rate hike earlier this year.
4) Everyone can get a home loan – for now. A positive credit score will go a long way in this market. Some financial institutions have introduced mortgage down payments of as little as 1-3% of the home’s purchase price. However, an immaculate credit history is often necessary to be eligible. Last year, government-sponsored Fannie Mae and Freddie Mac awarded considerable larger mortgages for the first time since the 2006 financial crisis. In fact, loan limits saw an increase from $417,000 to $424,1000 in many regions.
5) There’s still an ongoing housing shortage in many regions. It’s no secret that in 2018 there is a serious shortage of affordable housing across the entire country. It’s a combination of construction slow-downs, mortgage rate increases, and so much more. Little is predicted to change in the near future. Population growth has dramatically outpaced new construction and the industry is having difficulty in keeping up with demand. Ironic, considering new home building remains has encountered a slowdown.
What does this all equate to when influencing our decision-making regarding the market? Mortgage rates should remain for the immediate future and continue to promote confidence in the home buying sector. The advice of most industry professionals, though, is to act now, to capitalize on advantageous conditions before inevitable changes in the market climate begins to take effect.
Recently Sold Listings | Jason Mendell, Luxury Real Estate
1239 SW OPHELIA ST – PORTLAND WEST
SOLD AT $940,000
Courtesy of Hasson Company.
3,880 SQ FT | 5 BEDS | 4 BATHS
Exceptional Homes by Andre brings yet another home with attention to the smallest details. People are going to love the master suite on the main floor, the three car oversized garage and the high ceiling daylight basement. Walking distance to Tryon Creek State Park with walking trails, paved bike paths and horse trails. Minutes to Lake Oswego and Portland.
MORE SOLD LISTINGS
Are You Ready to Fall in Love?
Prepare to be dazzled by this stunning home on Ophelia Street in Raleigh Hills. With striking modern lines and architectural design, this new construction home is a superb masterpiece.
Extra care was taken in construction of this property, with quality craftsmanship and high-end finishes, any onlooker will fall head over heels.
The bold interior is spacious, with five bedrooms and four bathrooms, lending space for all inhabitants, large and small.
The kitchen is a cook’s dream with quartz countertops, glass tile accents and backsplashes, and alluring oak hardwood floors.
Accessorized with an oversized two-car garage with plenty of storage, you’ll have the extra space when you need it. And just minutes from Portland and Lake Oswego, any city dweller would be happy to call this home.
Begin your SE Portland love journey.
3 Essential Tips to Networking at Real Estate Events
Realtors know better than anyone: The real estate business is all about networking. Success can be largely determined by who you know. How thick is your rolodex?
Your clients will depend on you having a dense network, and not just friends on Facebook, but real people who you’ve met and worked with. When your clients are looking for a contractor, a housekeeper, a lender, a window cleaner, or even a dog walker, you must be ready with a reputable name in hand. Someone you trust to represent your brand.
How do meet the people in your community providing these services? If you haven’t followed Jason on Facebook or LinkedIn yet, it’s time that you do. He’s famous for his events, where he brings brokers in contact with everyone from bankers and lenders, to lawyers and business leaders.
You know where to go to meet influential people in the community (attend Jason’s free events – keep updated on when and where the next networking event is taking place by following Jason on Facebook and LinkedIn), now learn how to work the room once you’re there.
Here are three essential tips to networking at a real estate event:
1. Bring your business cards. As a broker, you’ll want to collect more cards than you hand out. Your two greatest assets are your business cards and your smile. Make sure you bring both.
2. Meet influential people. You’re there to meet influential people, right? Make sure that you introduce yourself to at least 5-6 influential people at the event. How do you know they are influential? Scan the room for people who seem to be centers of groups and conversations. Make sure that you not just introduce yourself but smile and ask engaging questions that will help you get to know them on a personal level. Start with questions like “What attracted you to the business?” and “How is your product/service different from your competitors?”.
3. Follow up with your contacts. There are so many reasons to follow up with someone. Take the initiative and thank them for attending the event, invite them to happy hour or offer to buy them a coffee. Make sure that you organize your contacts (potential customers, referrals, mentors, etc.) and save them in CRM program. Touch base with them in-person, via email or even text if you have something short and sweet to say.
The art of networking takes some practice. You’ll not always know what to say or how to approach every personality type. Practice makes perfect. Attend networking events as often as you can. Become a familiar face in your industry. Set yourself apart. Stand out in the crowd. Position yourself as an expert in your field. Shake hands and have fun.
We’ll see you at the next real estate networking event!
Party Leads to Pending!
Portland always shuts down when snow arrives – even in trace amounts – but this is not the case when Jason Mendell hosts a private event!
Last Tuesday, over 30 neighbors from the SW Hills Canterbury community trekked on foot through 6-8 inches of snow to attend Jason’s listing party.
Guests in attendance enjoyed a private wine tasting by winemaker Jared Etzel from Domaine Roy et Fils. Linen and Thyme staged the home in comfort, creating a warm, relaxing atmosphere on a rare freezing winter night. While visitors mingled and admired the beautiful home, Amber Russell – a top finger-pick guitarist, strummed her guitar for the guests.
Music, wine, atmosphere, and great company ended well after temperatures dropped below freezing for the night. The home at 2915 Canterbury Lane was listed at $1,150,000. Within two days of the listing party the house went pending with multiple offers.
Don’t miss Jason’s next event! Visit his website, submit your information, get notified when he hosts another awesome event!
Are You Influential? (Yes) Do You Love Wine? (Yes)
You are influential and like wine, like me. Which is why I invite you to join me at the social event, Wine-Fluencers!
Take the opportunity to meet like-minded people, enjoy the evening and drink great wines! The Wine-Fluencers social event is an opportunity for you to expand your centers of influence. You’re an important part of your community. Come share the evening with food, friends and fun!
Wine-Fluencers is hosted by Cascade Sotheby’s International Realty Broker, Jason Mendell. There is no charge for the event, but all guests must be 21 and over.
BRIX Tavern Pearl District
1338 NW Hoyt Street
February 27, 2018
5:00 – 8:00 pm
This is not a sales or auction event. Come for the wine! Stay for the fun and the people!
Request more information by submitting the form below: