What is happening to this Market?
Is it getting better? Well in many many ways it has. Look at these current trends that Todd and I are finding to be true in most regions in the Tri-County area.
- Rates are the lowest they have been in decades with 2.85 to 4.75% available depending on your term.
- Many Neighborhoods have few if any homes for sale. Just drive around and look for yourself.
- In some of the hottest areas like close in SE, NE,SW, and NW in Portland you will be hard pressed to find much new housing coming on the market.
- In areas like Bethany and Orenco on the West Side the market is picking way up, there is nothing being built, and homes are going off the market quickly.
- New Employment like the expansion of Solar World and the new Intel Fab which is the largest of its kind in the world are spurning on new interest in the Region as well.
- Home building has been at a standstill for 2 or 3 years now. That means it could take 2-3 years to crank up the New Home Building machine again.
- The values has fallen between 20 and 35% depending what area of Portland you live in. But the worst appears to be over. And we are no doubt in a trough meaning to us that this is the buying opportunity. This is the time that we see our customers could be buying at all time great interest rates and at superb values.
- Nervousness over the economy, the coming election, and general world wide economic conditions are keeping the values down. But any positive news in the economy is going to heat this market up.
What we believe is that if you need a home now is the time to buy. There has not been a better time to buy during our 3 Decades in the Industry.
Also many investors are grabbing up entry level homes and renting them at nice profits. The returns are quite excellent and appear to be very stable as rentals are a hit commodity right now in the Portland Market.Call Dirk Or Todd at 503-906-1422 7 days a week to discuss selling or buying Homes, Land, Commercial, or investment property in the greater Portland Metro Region!