Existing home sales came in at a whopping 6,850,000, beating estimates with the highest print since 2006. Days on market fell from 36 days to 21 days on a year-over-year basis. Cash buyers remain at
Buying A House In Portland In 2014 What To Expect In Real Estate
Dated: January 28 2014
Last New Year’s Day, there was still some question about whether the housing market was solidly in a recovery mode. As the year played out, the questions became less frequent.
Home prices made record gains, moving faster than most economists had predicted. Mortgage rates near record lows brought out buyers whose biggest problem was finding a home to buy -- and beating out competing bids. Foreclosures and the percentage of underwater mortgage holders dropped.
The new year may bring some surprises of its own, too, but already we know there are some changes coming that are likely to shape the metro area’s real estate market in 2014.
Early 2013 shopping wasn’t for the faint of heart. Multiple offers on homes and even bidding wars were common, especially in Portland’s central neighborhoods.
The first part of this year may look similar, said Brian Allen, owner of Windermere Cronin & Caplan Realty Group in Portland. Buyers know prices and interest rates are going up, while the supply of homes on the market is staying relatively low.
“We're still in a strong seller's market,” Allen said. “And when really serious buyers see prices rising and interest rates rising, it really motivates them to make a move.”
Investors -- cash buyers who are buying to rent or flip the home for a profit -- are still active in Portland. They’ll start to drop out of the market as prices rise, but in the meantime they’re still competing with traditional homebuyers, especially on the lowest-priced homes.
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For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....
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