Living in Portland

Coming off a somewhat slow 2007, I see 2008 shaping up just like any other year.  We usually start getting busy by the end of February and are in full swing by March.  As a Buyer Agent my business this year is right on track if not a bit ahead.  I talk to other Agents all the time and have found that they are experiencing the same up-tick in business.  I’m beginning to think that we have hit bottom as far as the slow down and are now on our way back to a normal market.

As everyone knows, Portland was one of only three major cities to show real estate appreciation in 2007 (Seattle and Charlotte, NC).  Even though our values held, we saw fewer homes sell.  Our inventory is at an all time high of twelve months, making this a Buyers Market.  You may want to know how Portland can be appreciating with so many homes on the market?  The answer is quite simple.  First, Portland did not experience the huge jumps in appreciation that other areas did.  We tend to be conservative and keep a sense of ‘normal’ when it comes to real estate.  The second reason is, what is selling is the ‘good stuff’.  By that I mean great houses in great condition, priced at market.  Buyers are willing to pay a fair price for a great property.  What isn’t selling is the overpriced properties and those that are frankly in bad shape.  No one whats to buy garbage.  The third reason is the fact that Portland has an urban growth boundary.  We have and always will have a limited supply of homes.  Match that with the fact that our population is still growing and you have a recipe for a health real estate market.