Home buying in the Portland metro area remains fast and competitive. Most buyers have learned from their agent or from experience that there really is no time to “sleep on it” once they find a home they like. Sellers continue to receive multiple offers within a day or two of hitting the market. I sometimes tell my buyers to wear slip on shoes during our tours because they won’t have time to tie laces!
It’s a wild ride for sure. There does not seem to be a major slowing on the horizon. Low inventory and big demand continues as people from out of the state and country continue to move here, many flush with cash. The urban growth boundary also will continue to limit new construction of homes and apartments.
In case you have been traveling the outer galaxy and didn’t know…prices have escalated quickly. First time buyers under $300k price point ($200k for condo & townhomes) are struggling and being forced to sacrifice from their original wish list. Many are needing to push their search further out (more commute time) than they had hoped. They are also considering homes that are smaller, have fewer features or are in less desirable condition.
It’s definitely not a piece of cake out there for buyers, sellers or real estate professionals. It’s extremely fast paced, demanding and emotional for us all.. That said, it still continues to be one of the best times to buy in Portland metro for two main reasons. (2) Home values are projected to continue to increase due to supply and demand. (1) Low interest rates. Real estate is a long term investment, and 10 years from now, homeowners will be grateful that they battled this market and bought a home at under 4% interest rates… and in one of the most beautiful places in the world.
Okay, that’s it for now … gotta run!
Kevin G. KevinGormanSells.com