“Those who have knowledge, don’t predict. Those who predict, don’t have knowledge”
Lao Tzu, 6th Century BC Chinese Poet
Every November I attend The First American Economic Forecast with Mr. John Mitchell at the Hilton in downtown Portland. For 1 1/2 hours, this guy spews forth numbers and predictions that would put most to sleep in 3 minutes in an engaging, applicable and entertaining manner. I admit that I am a statistics geek. I also believe that knowledge is a powerful tool against fear and procrastination. Part of my job is to arm my clients with stats and real estate know-how to empower them.
Here are some of the gems, insights, facts and predictions shared by the respected Mr. Mitchell.
Oregon, Washington and Portland Metro Area are expected to continue to grow in 2019 but more slowly as we test the limits
What Will Interest Rates Do in 2019? We are expecting a total of 4 Increases in Funds Rates in 2018 and 3 are expected in 2019 (depending on data). Interest rates are finally on the rise which means less buying power so its time to get off of the fence!!!
What is Driving Affordability Issues in the PNW: Prices are up 13.6% from 2016. Mortgage Rates are up from 3.42% in 9/16 to 4.7% in 9/18.
With 10% down this mortgage payment difference means:
Where Does Oregon Stand in Job Growth?: 9th in the Nation STRONG
Is another recession around the corner? Historically we experience a downturn of the market every 8-10 years. 2018 is year 10 and 2019 is year 11! Will we break a record?
Mr. Mitchell says that we are “concerned happy campers at the moment!!!” If you are thinking about selling now might be the perfect time for that conversation to see what it means to you. We would love to share our knowledge and experience to help you make the best decision for you!!!