PORTLAND, Ore. – There’s no denying that Portland Real Estate has been a HOT commodity in the last year and with the start of summer it’s looking like rising home prices and demand for real estate isn’t going to stop any time soon.
Thanks to a recent article on multifamilybiz.com we know that Portland Oregon is one of the three hottest Real Estate markets in the United States along with Seattle and Denver.
What’s Driving Up Portland Real Estate Prices?
There are many reasons we can attribute to rising home prices in Portland but two of the biggest are low mortgage interest rates and high demand for real estate across the Portland area and both of these factors are responsible for creating a hot sellers market where the median home price is now $400,000.
Why Portland Oregon Real Estate?
Here in Portland it’s easy to see why our city literally become a “magnet” for home buyers over the last year because homes here are still about $90,000 less than they are in San Francisco and other cities across the United States.
With a “white hot” demand for Real Estate in Portland Oregon agents here have been literally working overtime over the last year to keep up with buyer demand and the same is true for the Denver area where busy agents are dealing with busy weekends and multiple offers on properties they are showing.
In Denver, it is not unusual for a home to have more than 100 showings in a single weekend, with sellers having their pick of up to 30 offers, reports Redfin agent Karla Kirkpatrick Adams.
“The market is moving so quickly that I can no longer use recent sales as a guide for what my clients should offer on a home. Instead, I call listing agents of similar homes that are under contract but haven’t yet sold. I ask them the contract price, which is a more up-to-date reflection of the current market than the prices of homes that have already sold. That way, I can advise my clients accurately,” said Kirkpatrick Adams.
Source – Multifamilybiz.com