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All the latest events, awards, or other news from your local Realtor® Association! Media inquiries may be directed to PMAR Chief Executive Officer Kathy Querin at 503-459-2161.Thursday, March 6, 2008
Embracing Portland's Housing Market
The Portland metro housing market currently offers a strong opportunity for potential home buyers to take advantage of the area’s unique combination of continued price gains and high inventory and turn it into a solid long-term investment. Portland is one of only three markets in the nation to see continued growth in home prices
FOR IMMEDIATE RELEASE
Contact: Joel Weiler
Direct:(503) 872-8151
E-mail: joel.w@rmls.com
Embracing Portland’s Housing Market
PORTLAND, Ore. – The Portland metro housing market currently offers a strong opportunity for potential home buyers to take advantage of the area’s unique combination of continued price gains and high inventory and turn it into a solid long-term investment.
Portland is one of only three markets in the nation to see continued growth in home prices – ranked second behind only Charlotte, N.C., according to the most recent S&P/Case-Shiller® Home Price Indices. Data from Portland-based Regional Multiple Listing Service (RMLS™), a trusted source for local real estate information, backs this up, as the average sale price in the Portland metro area appreciated 6.1% compared to a year ago in January.
“You’ve heard it before, but I’ll say it again – now is a fantastic time to buy,” said John Van Loo, Chairman of the RMLS™ board of directors.
While the area continues to see price gains, there is also a record-high amount of homes on the market. According to the January 2008 edition of the RMLS™ Market Action report, residential inventory reached a record level of 12.8 months with more than 14,000 homes on the market.
What does this mean for potential buyers? “Lots to choose from at fair market prices, plus, great opportunities for making a smart long-term investment,” said Van Loo.
While now seems to be an ideal time to buy, statistics suggest that potential buyers are waiting, due in large part to a lack of consumer confidence. “The biggest enemies of the market and the economy are pessimism and uncertainty,” said Van Loo.
Facts to consider for uncertain Portlanders:
- Oregon unemployment remains stable, 5.5% in January
- Nationally, 4.3 million jobs have been added over the last two years
- Over the last two years average wages have risen by 8% nationally
- January interest rates were the lowest since September 2005 according to Freddie Mac.
Van Loo also said that the economic stimulus package recently signed into law will help expand the availability of affordable and safe home financing options. This is because it increased the limits on FHA-insured loans, as well as those purchased by Fannie Mae and Freddie Mac.
The National Association of Realtors projects that the increase in loan limits will help as many as 500,000 people refinance their loans and it could help reduce foreclosures by as much as 210,000. Plus, more than 300,000 additional home sales could be generated.
While now may be a good time to invest, Van Loo added that homeownership is not just about making a good investment. “It’s about the American Dream of having a place that you can truly call home; you have to live somewhere, so why not a place that you own,” he said.
“I encourage anyone who’s on the fence to get their feet wet and talk to their Realtor; I think they’ll be pleasantly surprised.”
About RMLS™
Regional Multiple Listing Service (RMLS™) is the Northwest’s largest Realtor-owned Multiple Listing Service, serving almost 14,000 subscribers in Oregon and Washington. RMLS™ is the primary MLS in more than 21 counties in Oregon and Southwest Washington. RMLS™ also serves subscribers in more than 20 additional counties across the Northwest. With more than 970,000 total listings in its database, RMLS™ is a trusted source for real estate information in the areas that it serves.
Portland Metropolitan Association of Realtors®
5331 SW Macadam Avenue, Suite 207 | Portland, Oregon 97239 | P: 503-228-6595 F: 503-228-4170
