Portland Real Estate Market 2014 Prediction
Portland should have a banner year in real estate in 2014. Portland’s “underwater” mortgage rate is among the nation’s lowest. Corelogic is reporting only 6.6% of the Portland real estate market has mortgages higher than what the property is worth. This is way down from what Zillow reported in the Portland market in early 2012, a whopping 16.9% of Portland homes were underwater.
So what does that mean for 2014 home sales? Basically it means that Portland homes are worth more and not a significantly larger number of home owners will be able to sell their homes come 2014. More homes will hit the market and sell, and those same sellers who likely have been waiting years for the opportunity, will primarily move in town to purchase another property in Portland to “up-size” or downsize. This will be a shot in the arm to Portland real estate market activity.
2012 saw the first increase in prices year over year in the Portland market. 2013 saw significant increases, typically over 10% appreciation depending on the Portland neighborhood. Things are indeed looking up!
Contact your local Portland real estate agent to find out more insider information on the coming 2014 Portland real estate market.
Let a Portland buyer’s agent or a Portland listing agent guide you in 2014.December 30, 2013