Home Prices are on the Rise in Portland
According to Oregon Live powered by the Oregonian, home prices have picked up over the last couple of months in the Portland real estate market. The Standard & Poor’s home price index jumped 9.3% during the month of February alone across 20 major Metro US cities, Portland being one of them. This is been the highest gain since 2006 and prices show and over 9% increase from just a year ago.
This is great news for all sellers of Portland real estate especially those that are concerned about a short sale or foreclosure in their future. Selling before the home reaches that crucial turning point has never been more obtainable. We feel that March of last year was one of the lowest points in Portland real estate history with prices down nearly 29%. But they have rebounded at a remarkable rate and are just 23% lower than where home prices were at the top of their game just several years prior.
What does this mean for homeowners drowning in a pile of mortgage debt? Instead of surrendering the home to foreclosure or even going to the long and painful process of a short sale, sellers may have the opportunity of selling their home to cover any mortgage debt free and clear.
We’ve often talked with buyers about taking advantage of the low interest rates and below market values but this certainly won’t last long. Bidding wars are starting to surface and sellers have the unusual opportunity to be selective on competitive offers. Mentally, things start changing and buyers feel that they may need to get on the ball if they plan on owning a home or purchasing any new properties within the next six months.
As we headed to spring and summer, the majority of homes will hit the market within the next 2 to 3 months. Buyers on the fence about purchasing should make a decision soon on whether or not now is the best time. Projectively, prices will only continue to rise and while that may be in sellers best interests, buyers may find themselves paying more for property and what they could have just six months earlier.
Call me today and let’s get started looking at properties, homes and any real estate in Portland. From Tigard to Beaverton and everywhere in between, let your Portland buyer’s agent help you make the smart move today.
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