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Market Update  |  October 2024
Fall is Here: Embracing the Changing Season in Portland's Real Estate Market
 
As we welcome the arrival of fall, I can’t help but admire the beautiful colors we are experiencing of the season. The vibrant colors of the trees are absolutely stunning. That said, I'm still getting used to the darker mornings! While the season brings a natural shift in our routines, it also marks a pivotal moment in the real estate world.
 
With the leaves turning and the air crisp, fall provides unique opportunities for homeowners and potential buyers alike. If you’re thinking about selling, autumn can present the perfect moment to highlight your home’s charm with seasonal curb appeal—think of warm lighting, cozy interiors, and well-maintained landscapes full of fall foliage.
 
For current homeowners, it’s also a good time to ensure your property is well-prepped for the cooler months ahead. Fall maintenance is key in protecting your investment—whether it’s cleaning gutters, checking your heating system, or adding energy-efficient features that can increase your home’s value.
 
In this edition, I’ll be sharing tips for selling and maintaining your home during this season. Plus, we’ll dive into the current real estate trends that can help you make informed decisions as the market shifts during these cooler months.
 
Stay tuned for more insights, and let’s make the most of this beautiful fall season.
Meg Barrett

Market Update
This Could Cost You $27,022!
 
In the last month, a couple of things happened in the housing market. The Federal Reserve dropped interest rates by .5%. Contrary to what many people think this rate drop does not have a direct impact on mortgage rates, but in practice did impact them slightly.
 
Secondly, Goldman Sachs now predicts that by year end, home prices will have gone up 4.5% this year. At the average price point of $600,500 in Portland, that means an extra cost of $27,022 in 2024. Prices are projected to rise yet an additional 4.4% by the end of 2025!
 
Considering the projected home price increases alone, waiting to buy a house will likely cost a buyer thousands of dollars more - even with a drop in mortgage rates. If you or someone you know would like analyze the cost of waiting to purchase vs acting now, and strategize for the best purchasing position, we should talk soon!
ADDITIONAL HOUSING MARKET RESOURCES
September Statistics for the Portland Metro Area - RMLS Market Action Report
September Statistics by Zip Code - By the Numbers Report
 
Housing & Economic Update
Insights Into the 9/18 Interest Rate Cut

Windermere Principal Economist Jeff Tucker takes a look at the numbers in the October. 4 jobs report, how these numbers impacted mortgage rates, and his prediction for rates in the coming months.
 

 
 
 
 
 

 
Fall Events Around Portland
 
 

 
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The Flying Fish Company
A huge shout-out to The Flying Fish Co for doing an incredible job catering the birthday celebration for my October birthday friends! If you're looking for an excellent catering service for an upcoming holiday party or special event, I highly recommend reaching out to them—delicious food and top-notch service! Be sure to ask for Lyf and mention that I sent you!
 

The Art of Downsizing
with the help from your trusted Real Estate Broker
 
Has the thought of a retirement community crosses your mind for yourself and or a loved one? I'm thrilled to connect you with wonderful resources tailored to your needs and preferences. Exploring retirement living options can be an exciting journey, and having access to the right information makes all the difference.
 
Check out this fantastic resource to guide you on this path!
 
 
My work in real estate is about helping people optimize their lives. Sometimes this takes more than knowing the market. When clients are downsizing, my experience with the emotional and logistical aspects of the transition makes for a more seamless move.
 
When a house holds the memories of a lifetime, and clients feel connected to a neighborhood and a community but need a fresh start in a new place, the transition can be emotional and challenging. I love to be present with my people. It brings me joy to honor the history and life of a client’s home, let the home shine, and support my client in all aspects of the move.
 

 
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