Is it still a buyer’s market today in Portland? As local experts, we get asked this question a lot.
Unfortunately, the answer is not a simple yes or no.
First and foremost, it really depends on the property type and location.
Single-family homes in great locations that are priced well have been flying off the shelves. On one hand, there is a high demand for properties in certain areas of the city; whereas there are others that can seem like ghost towns.
Buyers are often looking for the same thing – good neighborhood, easy access to transportation, shopping, great schools, proximity to work, etc. Homes that deliver all these factors are definitely a hot commodity and therefore, sellers with highly desirable properties are in control of the market.
For condos and townhouses however… – especially those that are in a little off the beaten path, or with some funky features – it can be another story. Prices were down in certain areas of Portland, but seem to be rebounding as the rental market gains strong momentum.
Investment properties are in high demand. The massive amounts of foreign cash flooding in to invest in US real estate have significantly impacted the Portland market in unique ways.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors usually walk away from deals that don’t pencil out.
The bottom line is, those people in a position to pay cash for properties have been picking up the best deals in the marketplace.
Financing is still one of the major obstacles for buyers. Banks are being incredibly strict, from requiring lots of money down to changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow (though it is getting better than it was just a couple of years ago).
Overall the market remains incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.
Sounds confusing? It is. But We Can Help.
There is a lot of shakeup still taking place in the US economy. The market is moving in many directions all at once at a fast pace and has yet to stabilize.
We are investing in Portland because we are living in it and we believe in the community and the people here.
If you need to sell a property near Portland, we can help you.
We buy properties like yours from people who need to sell fast.