Portland Short Sale Listings
Spring of 2014 and home values in the Portland Metro area are definitely on the rise. Short sales still come into play but to a lesser degree than in the heart of the Great Recession. In general, Realtors note that there is very low inventory of homes available for sale and despite the fact that buyers are eager prices seem to be edging up conservatively. Certain areas such as Inner SE Portland real estate listings buck this trend in appreciation but many of these areas have undergone heavy gentrification and are fundamentally transformed. Outside of these trendy “hot markets” within Portland, prices are increasing but not to the degree that many struggling home owners had hoped. In one sense, if homes were overpriced in 2008 because buyers could not or would not pay that much, then prices cannot immediately return to those levels now without another bubble being formed. The open floodgate supply of Portland foreclosure and short sale listings may be drying up as the market stabilizes. Whether this reduction in available distressed property listings will cause a pricing plateau or dip remains to be seen. Factors like bulk corporate buying of residential homes combined with an influx of foreign money may be contributing to the unbelievably low inventory of available properties.
As a Portland Short Sale Specialist, I witnessed the housing crash first hand. One thing I noticed as a silver-lining to the downturn was that homes became affordable again. Take a trip to the grocery store, go shop for a car, pay for your kid’s college or school clothes and one thing becomes apparent: costs are increasing much faster than wages. The good news of the recession is that at least houses became reasonably priced again. And, homes being the largest purchase most of will ever make this has real, positive implications for millions of Americans. For those caught on the flip side of this coin: you may consider obtaining debt forgiveness by selling your home as a short sale.