What Type of Market are We Seeing in Portland?

Greater Portland Real Estate Video Blog with Steve Schwab

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A lot of our clients here in Portland have been asking us whether we're in a buyer's market or a seller's market. The short answer is that we are in the midst of a seller's market right now.

However, there are some fundamental differences between this market and the one we had in 2006. Asking price is absolutely critical in our market. You cannot ask too much or it will sit and go stale. Presentation is also key because buyers expect the best, and if you don't deliver curb appeal you could miss out on a sale.

Another factor in our market right now is that we only have a 2.3 month supply of inventory. Keep in mind that this is an average, so this isn't true for all neighborhoods and price points. Also consider that the average home price in Portland is up to $332,000, and a year ago that price was at $310,000. These prices are impacted by supply and demand, so a low inventory with a high demand will eventually raise prices up. We're also seeing multiple offers on some homes, and that tends to push prices up as well.

In the last 12 months, we've seen a 6.2% appreciation in prices and home values.

Interest rates are also at historic lows, so now is the time to take action and get on the market whether you're a buyer or a seller. If you're a buyer, you'll probably find that you'll pay less on a mortgage than what you pay monthly for rent.

Please don't hesitate to contact us if you're thinking about buying or selling your home in Portland. We're always willing to help you in any way possible!