How The Real Estate Market In Portland Has Changed Over The Past Few Years
In the United States, the housing market is still a real area of concern in several parts of the country. After the recession in 2008, many areas struggled to find new home owners willing to put their money into locations that they might have felt were not worth the money required. One place where the opposite problem has been occurring is the city of Portland, Oregon. The area enjoyed the benefits of being one of the hottest areas for real estate within the country last year, and things seem to be on track for another massive turnout in 2017 and going forward.
While many areas struggle to find prospective home owners, Portland can be choosy about whom gets to live in the area as so many people are trying to get in. This has created the opposite problem of supply being outstripped by demand. At the very least it has done wonders for the local economy. So what exactly is Portland doing right that other areas of the country could learn from. There must be a few reasons why the region has enjoyed such prosperity within its housing market recently. Keep on reading below to find out what is really going on.
Rising Home Prices
Unlike some other hot spots for realty within the country, such as Denver, Portland’s economic success with real estate is a relatively recent phenomenon. It was a huge deal however, as the boom in people who wanted a piece of the Portland pie helped to propel the area to being one of the profitable of 2016. There does seem to be a limit to buyer interest however.
With so many people wanting to obtain a home within the area, prices have naturally risen. Part of the appeal of Portland initially for many was the relatively low prices required of homes in the area. This was seen as a big plus for those looking for the next place of residence after the recession. Portland offered the unique opportunity of living in a large metropolitan area without having to pay the exorbitant prices that are often associated with such privilege.
This has changed as of late however. With the supply of homes available being eclipsed by the demand of prospective home owners, prices have been increasing steadily for the better part of a year.
The Slowing Market
The beginning of the rainy season in 2016 marked a slowing of the demand for real estate within the Portland area. This is not uncommon as summer is often seen by many buyers as the ideal time to move into a new home. However, despite the dwindling demand for homes, prices for property within the area have continued to rise. Why is this and how could it possibly be a smart idea? The reason why housing prices continue to climb is because even with less people interested in Portland real estate, there is still not enough housing to go around.
This has created the unique situation of home prices climbing even as demand slowly falls. It can happen because those people who still want a house in the area are still finding it relatively difficult to do so.
If you are currently living in the Portland area then you no doubt are aware of the demand for housing. You can capitalize on this by working with the people at sell my house fast Portland.
Now is the perfect time to get the most for your Portland real estate if you want to move somewhere else. Due to high demand and low supply, you will have no problem selling your house.