Portland Housing Inventory is at Record Lows 2013
Can’t find a home? You’re not alone. Believe it or not, there are half as many (about 6,000) homes for sale in Portland this spring of 2013 verses the Portland housing inventory in spring 2011 (about 12,000 homes for sale).
Multiple offers are becoming the norm in hot areas for any home that is priced at previous market prices. Across the board, homes are selling faster and for more in Portland. Now more than ever, you need a great Portland listing agent that can maximize the multiple offer situation or a Portland buyer’s agent who knows how to win in a multiple offer situation.
Why are we seeing record low inventory in Portland?
1. Home builders in Portland have been shutting their doors since 2008. Very few new homes have hit the market in the last 5 years. Only now is building getting back into full swing.
2. Foreclosures and short sales are slowing down. Overall “shadow” inventory in Portland real estate is significantly down. The banks have worked through the bulk of the inventory from homes that started foreclosing in 2008.
3. Portland home owners are still underwater. For those Portland home owners who bought or refinanced in 2005-2010, they may still be underwater today. Generally speaking those who bought or refinanced in Portland before 2005 or after 2010 can sell today.
4. For those who have enough equity to sell, they may be waiting until they can earn enough equity to trade up and not simply escape their homes. Portland home sellers know now that the market is rising and if they don’t need to sell, it may be a good idea to hold onto their homes until prices rise higher.
Need more help? Talk with your local Portland real estate agent.