2016 sets area’s market up for outstanding new year

The Portland-Vancouver housing market was among the hottest in the country in 2016, and it will continue to be solid in 2017.

Terrie Cox, RE/MAX’s top broker in Oregon and Washington, has observed positive trends and momentum in the area’s luxury real estate landscape. Her assessment? Now is a great time to purchase or sell a house, condo or land.

Portland and Vancouver, as well as their surrounding areas, are sustaining fantastic real estate activity. Buyers are submitting competitive offers, and the average property spent less time on the market in 2016 than it did in 2015 — both good signs for sellers.

Meanwhile, home prices are steadily increasing, signaling strength and stability. Prices in Portland’s market went up 10.9 percent year-over-year in 2016, putting it just behind national leader Seattle, which saw an 11 percent increase.

Terrie also notes that while the Federal Reserve plans to bump up mortgage interest rates in 2017, the move likely will have minimal impact on the market. Many prospective buyers — particularly growing numbers of foreign investors — plan to pay cash and won’t be affected by higher borrowing costs.

Terrie is an expert at navigating the area’s luxury real estate market, as well as advising both buyers and sellers. If you’re planning a move in the Pacific Northwest in 2017, call or text Terrie Cox directly at (360) 607-4100 or email terrie@terriecox.net.