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Buying a Portland home? Search all homes for sale
Portland's market is still going strong as we wrap up the summer season. Today, we take a quick look at what current conditions mean for you and the future of our market.
Right now, it's still very common to see multiple offers on
any given properties. In fact, some
buyers are even willing to waive appraisals and look for ways to leverage
themselves against the buyers they are competing with. It's very competitive
these days, and it can be difficult to get into a home unless you get creative.
When multiple offers are as common as they are now, I like
to look at the S&P/Case-Schiller Home Price Indices. This is a national
report that we get every month and the one we got at the end of July showed
that, nationally, single-family homes
were at a 4-5% appreciation rate. That's a much better rate than we saw in
2013. Over the next two years, we're expecting home prices to slow a bit, as
they've been rising rapidly over the last few years.
Portland has seen an appreciation level of about 7.4% over
the last year or so. Because home prices keep rising, many people in our area
have asked if this is a bubble. Frankly, I don't think so; there's a difference between the makeup of the buyer today and the
buyer leading up to the crash. Back then, you didn't need much of a down
payment or any at all, and generally people weren't as qualified. Today, the
buyers are highly qualified and ready to go!
If you have any questions about where our market is
heading, don't hesitate to give me a call or shoot me and email. I would love
to hear from you!
