Finally a more optimistic take on Portland’s housing market!

April 7, 2008

How refreshing to finally read a feature article that accurately portrays Portland’s position in the current housing market. Portland Monthly Magazine’s April issue (on newsstands now) backs up my position that Portland is suffering far less than the rest of the nation and is still a great place to invest in real estate.

In the article, Oregon economist Tom Potiowsky says, “We’ll likely be spared the deep shocks affecting the rest of the nation, in part because of our long history of slow, steady growth.”  He adds, “We’re not immune to what’s happening with the national economy but where others are going to require major surgery, we’re probably just going to need aspirin.”

The article also supports my position that Portland remains a great place to buy, “The bottom line for buyers in 2008: With interest rates relatively low and the number of homes on the market high, now is a good time to buy, if you can afford the market.”

In the past 20 years, house prices in Portland have continued to rise, leaving us in one of the strongest markets in the country today. If we were to examine a graph of Portland’s housing market and home values over the last 20 years, we would see a rise in the year-over-year growth in home prices and values in the Portland area.

Hopefully, one day soon, Oregonians will realize that the principals of our market are all in place and this is truly an unbelievable time to invest in real estate.  When they look back on this time a year or two from now and see the equity that they gained by not listening to the “Chicken Littles”, they won’t be needing aspirin – they will be treating themselves to champagne.

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