Experienced and beginner residential property investors are coming out to play in the local market. Homes below $200k are selling quickly, and in many cases after multiple offers have been presented to sellers. First-time buyers are also trying to stake their claims. The low interest rates, low prices and higher rental rates have created the beginning stages of a housing shortage in that price range.
I am currently working with first time buyers and investors in that price range. What we have discovered is that it is important to react immediately to new listings on the market.
Here is a link to a recent Oregonian article by Elliot Njus about rental vacancy rates in our area: Metro Area’sRental Vacancy 2nd Lowest in U.S.