Clare Trapasso, Realtor.com‘s senior news editor published a piece this week on the market trends and how Portland is landing among these shifts. With home prices continuing to soar alongside the improving economy, Pacific Northwest home prices are rising several times faster than inflation.
The problem is, people aren’t putting their homes on the market for fear that they won’t be able to afford or find a nicer, larger home. The supply of houses is low when compared to the desire to buy, and there is not much new construction, says David Blitzer.
Living Room Realty’s Amanda Haworth weighed in on the balance, noting lots of frustration for buyers who are often putting in up to 10 offers before they land a house, while sellers benefit with result of getting at least 10% over asking.
Current sellers are feeling more secure in their employment (as compared with the last recession), but the sellers Haworth sees are either moving out of state or at least to a more rural area to get more bang for their buck. There is a low inventory of homes for sale in Portland as more people flock to the city that “put(s) a bird on it.”
Haworth doesn’t expect the prices to level off anytime soon, but compared to California, the prices in Portland seem to be put in perspective. Blitzer gives it at least a year before things return to less shocking numbers for buyers (sorry, sellers).
For the article as written by Trapasso, click here!