Foreclosure Inventory Driving Sales in Portland Real Estate Market According ...
Online PR News – 14-July-2011 –Portland, Oregon – The high inventory of foreclosures in the Portland market, including pre-foreclosure short sales and bank owned homes, is driving prices and sales according to local REALTOR David Somerville.
"Prices are at historic lows right now, and the large inventory of bank owned Portland real estate seems to be the biggest factor."
Somerville, who has been listing Portland homes for sale for 10+ years, says that sellers have a lot of competition from banks whose primary goal is to sell their inventory fast.
"In analyzing the real estate market, many times people make the mistake of focusing only on the demand for homes, not the supply. What they're missing in this case is a fantastic buying opportunity due to oversupply."
According to Somerville, supply will dwindle and buyers will become financially ready to buy a home again.
"The time to have bought a Portland home is obviously before the prices and demand return to boom levels. In my opinion, that means buying from the banks right now."
He says that with each passing year of the housing market instability, the inventory of Portland foreclosures will have less impact on the overall market because banks will eventually close out their bad loans.
"I believe that when the foreclosure inventory is bought up, we're going to see significant price increases again."
He says that in the meantime, investing in this market may turn out to be the best financial decision some people make in their entire lifetime.
Mls Listings In Portland Oregon - News
"Prices are at historic lows right now, and the large inventory of bank owned Portland real estate seems to be the biggest factor." Somerville, who has been listing Portland homes for sale for 10+ years, says that sellers have a lot of competition from
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ZipRealty has never offered buyer rebates in Portland, because Oregon is one of 10 states that ban the practice. The decision to eliminate buyer rebates also takes into account feedback from ZipRealty agents, who until 2010 were typically employees but
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Friday Portland | Real Estate Facts | Portland Real Estate ...
There are 1291 pending sales there are 249 active listing priced under at or under $100,000 there are 149 homes for sale priced at or over $1,000,000 the most expensive home in Portland is listed at $6,900,000 the most expensive condo listed for sale is $3,750,000 (the entire penthouse floor of the Envoy Condominiums) there a no dome houses for sale but there are two log homes ($349,000 and $927,000) there are 13 properties, two of which are condos, for sale with at least a 6 car garage
Note: unless specified this includes all properties listed as “residential” in RMLS in “Portland” when searched through Prudential Northwest Properties Client Connect system. Manufactured homes, including those in parks, floating homes, condos and detached houses are included.
Mls Listings In Portland Oregon - Bookshelf
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