The real estate market is changing, as more first time buyers are able to enter the market. As home values increase, more people are able to upgrade to a larger home, creating entry-level homes. People who live in Portland or are looking to move into the city will have more options as the market moves. The other big change in Portland property is that baby boomers are downsizing and moving into 55+ communities and other retirement-oriented housing. This is another change that is making room for first-time home buyers to find starter houses.
New construction is increasing, as developers are better able to get financing. This increasing inventory for first time home buyers, as well as baby boomers. A fair share of new construction is for age-specific communities. While some baby boomers are downsizing, many are looking for homes that are not necessarily smaller but are better set up to accommodate their lifestyles. Proximity to friends and activities is a premium for these buyers.
Going into 2016, we’re excited about a real estate market that is looking strong, fueled by a stronger economy over all. If you’d like to live in Portland, whether it’s your first time buying a house, you’re looking to expand, downsize, or just find something that works better for your life, get in touch with our office. We’re happy to help you find the right home for you.