The number of homes for sale in Portland, Oregon continues to dwindle at an alarming rate, prompting the local renters’ rights group to declare a state of emergency in 2015. To-date, real estate analysts are predicting that the shortage of homes for sale will continue for the next few years. The reasoning behind this conclusion is the fact that there is hardly any new home construction happening in the state.
So real estate agents all agree that the continuously rising prices of homes for sale as a result of an ever-plummeting inventory will continue to persist. In other words, buying a home in Portland will continue to be stressful, particularly for families with pets, according to Luke Hammill from The Oregonian. So if you ask why the market is selling the way it is, the simplest explanation is the utter lack of available house supply exacerbated by the absence of new home construction. In this kind of market, you have to be ready to be rejected three to five times before you find a suitable dwelling. This is what Matthew Brennan says, based on the experience of Redfin, the real estate brokerage firm that Brennan represents. The firm also reveals that properties with the highest increases in price on an annual basis are those located in the suburbs.
The hottest deals in town used to be the metro Portland area, but since most of the for sale properties had already been plucked like cherries, desperate buyers are settling for further locations. The types of homes that seem to sell like hotcakes are bungalows and semi-detached properties. However, since the buying spree has been comparable to picking apples, the buyers increasingly have no choice but be less choosy. It’s quite clear from everybody’s viewpoint that there will be no upcoming market correction. And that it’s as good as it gets as far as the Portland real estate situation is concerned. Clearly, there is no real estate bubble as far as the city is concerned. As of the moment, the average listing lasts only for five days before the sold sign is staked on property soil. Amidst the ongoing scenario, buyers are apparently not even concerned about the type of interiors that they’d like to see. So it’s safe to conclude that so long as the foundations are strong and the house is relatively new–it’s a fair game. Also, according to Zillow, the average price of a Portland home is 390,500.
Realtor Alexander Herrera is with Oregon First, and he has been used to working twelve hours a day as a matter of habit and likewise in response to the existing crazy demand for properties for sale. Thus, he could be easily reached through httpalexherrera.realtor.On the other hand, you have a real estate company like the Stephen FitzMaurice Real Estate Team offering lucrative commissions to agents who might be interested in joining the firm.
With the feverish pitch of the buying situation in the city, real estate agents, buyers, and sellers just can’t take the prevailing conditions sitting down. All of them must pitch in and must demonstrate extreme responsiveness in keeping with the desperate times.