It IS still possible to buy a house in Portland. I promise. Here’s some photographic evidence that normal people are STILL getting houses. That being said, it is more important than EVER right now, to align yourself with the right Real Estate professional. It’s hard out there. The things buyers are having to do (and are willing to do) to get their slice of PDX is starting to rival what we’re seeing in the bigger markets (like Seattle and New York). Buyers are waiving their appraisal and inspection contingencies, and in many cases, homes are selling for 15-20% over what they are being listed for…and no that was not a typo. Understandably it’s hard to navigate these waters if you’re not neck deep in the market day in and day out (like your busy Real Estate Professional is).
Growth of any kind can be so hard when you’re in it, but staying stagnant and continuing to rent isn’t necessarily the best option right now, either. Low interest rates are keeping the monthly mortgage payments very competitive compared to how much rental prices are climbing. But how does one know this isn’t a bubble? Well…we can’t be sure and no crystal ball will tell us, but this new boom is indicative of a significant leap forward in value to our young city. That kind of growth is potentially VERY different than just straight up inflation…Portland is a very hot destination right now and the job infrastructure supports this growth. This doesn’t mean the market won’t fluctuate up and down, but it does mean it’s probably worth your best shot to buy here sooner than later if you’re looking to plant roots.
So, chin’s up okay?! If you’re willing to dig in, and maybe write a couple offers that don’t get accepted you will find a home. Look at the faces of these REAL hardworking people that have found their home in Portland this year with me in this crazy market. (And oh my, look at all these babies I get to hold along the home buying journey…how cute are my buyers for taking these photos and sharing them with me…had to share, just had to). This job is stressful, you can imagine, but the human side of things keeps my heart warm and my soul persistently dedicated to your cause.
And yes, these people can afford their mortgage, that is quite literally, cheaper than their rent was.