Portland Real Estate Trends to Look for in 2016
Portland is a place like no other. As cities go, it’s not among the largest in the nation, and perhaps that’s why residents still have the unfailing friendliness that is more often found in much smaller towns. It’s a city of hipsters and foodies, with every conceivable niche diet richly represented. It’s a city that loves art and outdoor living. You’ll be hard-pressed to find Portland neighborhoods that don’t have their own special flair and flavor. Why it has remained on the peripheral by outsiders for so long is anyone’s guess, but the “Rose City” is definitely on the nation’s radar of late, and there has been a decided impact on the housing market.
Competition Is On The Rise
This is unfortunate for residents interested in purchasing anything from classic Victorians to Portland modern homes. The competition to buy homes, especially in older, established neighborhoods, has become fierce, and naturally, prices are on the rise as a result. Whether you’re a first-time homebuyer seeking a place to start a family, you’re looking to upgrade to something larger, or you want to invest in a rental property such as Portland lofts as a means of bringing in passive income, you’ll find that the prices are getting more steep every month. Not only that, but you’re likely to come up against a trend that’s hard to beat: cash buyers.
Some are first-time buyers that spent the recession saving their dough. Many more are buyers for investment firms, developers, or flippers that are posing as private homebuyers. The result is the same, though – highly competitive marketplaces in which housing prices are going up and up, causing some to fear another crash.
A Shift In Thinking
What does this mean for buyers eager to trade up their Portland condos or homes? It means a shift in thinking. The tiny house movement, for example, has allowed buyers with limited budgets to get in on the ownership game without having to pony up half a million or more for a fixer-upper in a nice neighborhood.
Also popular is the prospect of moving into lesser-known neighborhoods outside the inner parts of the city. While there is still some competition, even in these far-flung markets, Portlander’s willing to make a longer commute can still get into a single-family home at an affordable price by expanding their criteria to an ever-expanding ring around the city. This is not very encouraging to Portland natives looking to buy into their favorite close-in neighborhoods, but with construction on the rise and outsiders flooding in, Portland housing looks to be a stable investment for many years to come.