Recently there has been a lot of suggestion that the red hot Portland real estate market may be cooling down a bit. People feel like they are seeing less activity on the market, more houses available, etc. Is this true? Is the market finally levelling off? Or is this all just rumors?
Lucky for us, the May 2016 RMLS market action just released, and rather than take a blind guess at what’s actually going on in the market we can look at facts and data to find out, so let’s take a look at the data after the jump.
If you’ve spent any time in Portland in the last couple of years, you’ve probably seen the abundance of construction happening. Portland is booming, and there seems like there’s a new project popping up every single day.
Taking inspiration from Next Portland’s extensive map of upcoming and ongoing construction projects, we’ve gone through and selected a few of the more interesting projects that are under construction or soon to be that are helping to shape the future of an ever expanding Portland.
After you’ve gotten your offer accepted on a home, the next step most buyers take is going through the different home inspections that you need to make sure the home is truly the dream home you’re hoping it is.
Inspections are entirely voluntary though, and with the market as hot as it has been recently, some buyers are choosing to waive inspections entirely, and are prepared to deal with any issues that may come up on their own.
For the vast majority of buyers, taking the risk of not knowing what issues might come up before you sign the paperwork is not feasible. There are so many inspections available though, and it’s hard to know which inspections to do and how much this might set you back.
Every home is different and the home inspections you should do vary depending on a number of variables (You’re not going to need an underground sprinkler inspection on a new construction condo.)
If you’ve been looking to buy a home in the Portland Real Estate market in the last few months, you may have had first hand experience with a home with multiple offers. If you’re one of the many people with an offer on a house, it can be a nervous period for you, worrying that your offer may not get accepted and you’re going to have to end up looking at more homes and working with your agent to write more offers. You don’t want to do that, you want to be able to move into your new house now, not wait to find another house. Follow along below as we take a look at a few tips for getting your offer accepted so you can get a new home without writing 100 offers.
The Portland Market Action report from RMLS for April 2016 was just released, and may be a little early to speculate, but it could be quite the summer for real estate in the Portland Metro area if the market continues to trend like it has been. On the sales side, all of the numbers are up and the Portland market continues to be one of the hottest markets in the nation.
We’ve talked about walk scores in the past on the blog, but what if your preferred method of transportation is via bike?
Using your bike as your primary mode of transportation certainly isn’t something Portlanders are unfamiliar with. According to Forbes, Portland is the 3rd most bike friendly city in the US, and you’ve surely seen plenty of cyclists all around as you’ve traveled around the city.
Experts are turning in more in depth analysis and issuing predictions for the US housing market for the rest of the year. The Portland home market is one of the fastest-growing in the nation. January 2016 was the fourth straight month where the price gains of metro Portland real estate led the rest of the country. Between January 2015 and January 2016, Portland home prices gained 11.8 percent. Seattle and San Francisco held the second and third place, with gains of 10.7 percent and 10.5 percent, respectively.
Come out to see how those who live in Portland have restored historic homes to fit into today’s modern standard. The Old House Revival Tour will take place on Saturday, April 9th 2016 from 10 a.m. until 4 p.m. Guests can explore eight historic homes and also visit with homeowners and contractors who have been through the process of working on such properties. There are many who feel overwhelmed with the thought of purchasing a historic Portland property, but there are many rewards in saving these gems from demolition and bringing them back to their once grand state.
The National Association of Realtors has just released the Pending Home Sales Index for February. The PHSI is based on contract signings and is a sign of how the market will perform in the coming months. February’s PHSI was 109.1, which is 3.5% higher than January’s 105.4. It’s also 0.7% higher than February 2015. Anyone on the market for a Portland home this spring should pay attention to what these numbers mean. Experts believe that two factors are driving the increase in the PHSI. The first is low interest rates, which have reached their lowest level in about a year. A small increase in housing inventory is the second factor.
Increased Inventory of Metro Portland Real Estate Driving Home Sales
If these trends continue, people on the market for metro Portland real estate might have an easier time negotiating a favorable price. More inventory means buyers can check out another Portland home if a seller won’t work with them on the price. Less competition makes for a less stressful buying experience and may lure people to the market who are waiting for prices to come down a bit and for bidding wars to subside. Real estate experts agree that for spring sales to increase over last year, inventory must increase, which it is expected to do.
Call our office to find out about the latest trends in Portland neighborhoods and get advice on buying and selling Portland real estate.
The Oregon Rail Heritage Center is an interesting place for all who live in Portland to visit. This can be an especially great place for families with little ones who love trains. Come often to see the changing exhibits about the history of the railroad in Oregon. In addition to the exhibits, guests are able to go on a guided tour of the big engines, shop at the giftshop, and even take a short train ride. The Oregon Rail Heritage Center is home to three locomotives, two of which have been restored after sitting out in the weather for many years. The third locomotive is currently being restored and will join this group of operating locomotives upon completion. All who live in Portland are invited to come visit on a Saturday and enjoy a short trip on the Oregon Pacific Railroad to the Oaks Bottom Wildlife Refuge. Call 503-233-1156 to inquire about this train ride.
Portland Property Owners Explore Trains and Rail History
The Oregon Rail Heritage Center is located at 2250 SE Water Ave. in Portland and is open from 1 until 5 p.m. Thursdays through Sundays. Admission is free, but donations are greatly appreciated so that this facility can continue to be open to the public. The ORHC is also a great option for holding a child’s birthday party. Prices begin at just $100 and this is a fun way to hold a party away from your Portland property. Visit Oregon Rail Heritage Center to learn more and to plan a visit.