You may have heard rumors lately that Portland home values are crumbling. The National Association of Mortgage Brokers just came out with a list of the top 10 most overvalued markets in the country, and two Oregon markets made the list. These markets were Medford and Portland/Southwest Washington.
So, is our local market about to crash?
Before thinking about that, there’s something else I want you to ask yourself. If you’re buying a home, why? If you’re purchasing property so that you can turn around and sell it in two years, you’ve probably missed the boat a little bit.
However, we aren’t in the same market freefall we were years ago. If we see depreciation soon, it will be very slow. Around the time of the crash in 2007, interest rates were at 6.5%. These days, we’re at a 4.45% interest rate. That’s a significant difference in terms of affordability.
In short, I do not see our market crumbling at all. We can expect a slowdown, but Portland is still one of the most popular areas to move to in the US. Buying a home is still cheaper than renting. So, if you have plans to purchase a home it is still advisable to do so. And if you are thinking of selling, it’s still a great time to do so.
At the end of the day, don’t buy into the scare tactics coming from the TV or radio. Buying a home is still cheaper than renting. So, if you have plans to purchase a home it is still advisable to do so. And if you are thinking of selling, it’s still a great time to do so. I’m here to bring you facts, not fear.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.