Portland one of the “best places for home buyers” now through early 2019
In the next few months, mortgage rates are expected to go up for Portland homebuyers, but at the current moment prices are stable and falling in many areas. Meanwhile, inventory is better than it has been in three years and some sellers are motivated to move before year-end.
Zillow researchers released a list of “best places for home buyers” this fall and Portland made the top-ten, along with our neighbor metro Seattle.
Here are some of the other reasons Portland is a prime place to buy a home this winter:
- Great city, tight rental market. Have you been frustrated by throwing your money away on rent for a Portland home or apartment? Zillow predicts a 3.6% rent increase when mortgage rates go up next year, barring more potential home buyers from leaving the rental market. Meanwhile, population growth is steady (not the boom it used to be) as people from around the globe move to the city with excellent access to the outdoors, opportunities in tech, healthcare and manufacturing, and an urban attitude that is both laid-back and cutting-edge.
- Sellers are slashing prices. Okay, not all sellers, but some will be willing to negotiate after months with no movement. According to the most recent RMLS report, the average number of days on market for a Portland home is now up to 53. That’s 10 days more than the 2017 average.
- Portland is first-time and low-income homebuyer friendly. Need down payment assistance? ongoing mortgage assistance? Reduced interest rate? Believe it or not, all of these options are on the table for qualified homebuyers — and some programs are Oregon-wide (not just for Portland). Whether in the city or in a surrounding community, there’s a home for just about everyone. You just don’t know until you ask, so check out our blog post outlining the options.
- Redevelopment opens Portland to the future. Newcomers to Portland are quick to notice the fast pace of change around the city. We’re just getting started. A new downtown urban center in the works, an Innovation Quadrant to connect the Silicon Forest to Oregon Health and Science University, and many other projects are planned to keep Portland at the forefront of the Pacific Northwest.
- New homes in the pipeline. Portland is not seeing much outward growth these days, but just unveiled an innovative strategy to add housing within city limits through infill. Meanwhile, new developments are adding homes in the Portland suburbs, with transit options to keep people moving into, out of and around the Metro area.
- Outstanding service, even over the holidays. Ready to buy a Portland home this winter? Don’t let the reports fool you – it’s still important to move fast when your dream home comes on the real estate market. To know that you’ll be prepared, pick the right agent! The Stephen FitzMaurice Team loves the holidays as much as anyone, but we promise that our top 1% buyer’s agent will be ready to make an offer when your dream home comes on the Portland real estate market.