Red Hot Housing Marketing in Portland Oregon
The past 7 years have been great for the housing market in the Pacific Northwest. While home prices have plummeted in the rest of the country, the Pacific Northwest has led the nation in sales activity since about 2009. That’s because of the great environment, a solid job market and high quality home. This has been particularly true for Washington and Oregon. In 2011 home sales rose about 14% percent over 2010. Since then the market has continued to see consistent expansion. The streamlining of the short sales process has also helped. While there have been some market frictions that still need be addressed, the home sales market has been good overall.
The surge in home sales in March 2010 has led to a continued uptick in sales. The federal tax credits for first-time buyers and move-up buyers have helped. According to figures released by the Regional Multiple Listing Service sales have risen significantly in the region as have new listings. The inventory of unsold homes, on the other hand, has fallen by more than 5%. The length of time it has taken homes to sell has also gone down. Local real estate agents say the changes were due to higher demand as both move-up and first-time buyers looked to take advantage of the lower interest rates as well as the tax credits being offered. Local Portland painting companies are said to not even be able to keep up with the demand of work for painting newly purchased homes.
Interest in purchasing homes in Oregon, Washington and Vancouver has continued to rise. Although this increased interest has not always resulted in sales, it is a good sign for real estate sales in the region over time. Home prices have also begun to tick upward slightly. That’s good news for home owners considering putting their homes on the market. The entire scenario has created some excitement in an industry that has taken a beating since the housing crisis exploded in the early 2000s. Home prices are now showing signs of reversing the trend of falling prices and have begun to stabilize, particularly in the Portland-Vancouver area.
While nationally home prices have fallen, in cities like Portland and Seattle there has been incremental growth. While the housing market in the Pacific Northwest has not been as robust as in the years prior to 2008, the signs of stabilization in home prices have given some reason for optimism. Some are even predicting modest growth over the next few years. In fact, a report released in early July 2016 showed that while home prices across the nation are trending upward, home prices in Washington State are skyrocketing and are now growing much faster than anywhere else in the country.
Seattle has seen a dramatic rise in the prices of not only freestanding homes and condos, even rents have risen significantly. Seattle Mayor Ed Murray is proposing an affordable housing plan to ensure too many people are not priced out of the downtown housing market. Skyrocketing home prices are threatening to become a trend throughout the Pacific Northwest as a growing number people enamored by the quality of life the region offers try to find homes there. Some say it’s leading to a bidding war and further driving up the cost of the region’s homes. That’s great for sellers, but not so good for buyers.
The rapid rise in the cost of homes in the Pacific Northwest has led some to warn an unsustainable housing bubble is being created while the rest of the country is just now recovering from the last one. Still, the Pacific Northwest has the fastest growing housing prices in the nation. While Washington leads the way, the entire region is outpacing the rest of the country. People living in the region have a dilemma. They appreciate the quality of life the region offers, they like the fact the regional economy is strong, however, the rising cost of home ownership is making it near impossible for the average resident to afford to purchase a home.
New Home Buyers:
Remember one thing if you are a new home buyer, especially in the pacific northwest, if you are purchasing an older of victorian house which the northwest is known for, be SURE to get a proper asbestos testing and remediation done by a professional. These older victorian homes are known for having a high amount of asbestos siding and ceiling tiles in the homes. Be safe, not sorry!