Ok, I don’t have a crystal ball, but I can make some predictions about what Portland real estate is going to be like this year – and provide a quick heads up for anyone hoping to buy or sell in 2018.
Let’s get started.
What’s the haps with the Portland/Vancouver housing market?
Almost all housing markets experience a slowdown during the winter months, but Portland and the surrounding cities like Hillsboro and Vancouver are still booming away. Buyers are braving the rain, wind, and occasional snow to find their perfect house.
So, it’s definitely still a seller’s market.
You’ll read some articles that say there’s a low inventory here in Portland, but that’s not totally true. The inventory has grown and keeps growing – but so does the demand for homes. And, with businesses like Amazon looking for more local employees while startups populate our “silicon forest,” it’s no wonder the demand to buy is high. Heck, Portland made it to the #1 spot in the Forbes list of “Best Places for Business and Careers 2017.”
So, what’s really happening is the homes that second or third time home buyers traditionally move up to have flooded the market, leaving fewer homes for first-time buyers. Additionally, development of new homes and condos is still pretty slow.
Luckily, this is a self-correcting problem. Buyers looking to get bigger homes now have plenty to choose from. These buyers become sellers of their smaller homes, increasing the inventory for first time home buyers.
We are already seeing this shift happen!
So, if you’re looking to buy or sell your first home, now is an awesome time to get on it!
Real estate requirements you need to know about
One cool change is just going into effect that can affect your decision to go with one house over the other. Portland is now providing an energy score for newly listed houses. This score will tell you approximately how much energy a house uses.
This is such an advantage for sellers who have made green updates like solar panels, high-efficiency furnaces, metal roofing, etc, etc. All of these updates will add up to concrete proof that your green home is going to make a big impact on a buyer’s wallet.
It’s an advantage for buyers too. The energy scoring system gives you more upfront info on the house you’re planning to buy- so you don’t get stuck paying a massive monthly energy bill you didn’t know about once you take ownership.
That’s your quick and dirty market update for the new year! Comments? Questions? Ready to buy or sell? Lemme know!