Like many in Oregon, Rick Hawley looks to Portland as an important signpost of various economic and real estate trends. Recently, people were asking him whether he thought that the city would be the hot spot for real estate in 2022 again, in spite of economic troubles and pandemic concerns. Thankfully, he feels confident that it will be a much stronger and healthier place to buy this year.
Why Rick Hawley of Oregon Trusts in Portland Real Estate
Over the years, Rick Hawley has watched Portland grow and understands why it is such an important part of the state. Its unique presence helps to fuel so much economic development in the area and is critical to understand if you want to improve your overall real estate health. But is this area as hot as it has been in the past? Yes: in fact, it doesn’t show any signs of slowing down any time soon.
For example, sales in 2021 were on par or even higher than they were over the past four years, a common indication that the market is going to stay strong and healthy. In September alone, there were 3,100 different home deals, which is one of the highest rates in recent members. This increase came in spite of the fact that real estate prices are still high and likely to remain high throughout the area.
Rick Hawley of Oregon knows that many people may look at home prices of $510,000 and feel unable to save up for a purchase. That’s understandable, as it is a 17.6% increase from previous years and is a hard pill to swallow. However, people trying to sell homes will find that they will basically fly off the shelves, in spite of these increasing prices and the higher level of economic uncertainty.
What is particularly interesting is the fact that competing offers are becoming rare on the market, as more and more people find their homes in the area. These lower competing markets are due to the fact that fewer listings are coming up, which means it might be both easier and harder to find a home. For instance, with fewer people buying, buyers may find it easier to seal a deal and get a great price.
However, Rick Hawley also knows that this kind of lower inventory drives up prices as well. That higher price is great for sellers but not so good for buyers. In some situations, increasing prices can create a real estate standstill, where nobody is buying or selling. The market doesn’t seem to have reached that point yet and seems to be looking at a sky-high potential for those willing to invest.
The danger here is that this balance point between price growth and buyer willingness could come in the next few years. Even more troubling for sellers is the idea that prices will go down, which is always inevitable when the market ends up growing too big. Such booms and busts are a major part of a healthy economy, so try to pay attention to the best time to buy and sell in Portland to avoid getting burned on a bad deal.
Laila Azzahra is a professional writer and blogger that loves to write about technology, business, entertainment, science, and health.