Unless you’re living under a rock, you’re aware Portland’s housing market is on fire.
Zillow and other housing websites have consistently named the Rose City as one of the hottest buying markets in the city. It’s great news for sellers, but buyers are feeling the pain.
Lindsey Stier said she has searched diligently for a home in Portland. She placed a bid $20,000 over the asking price for a home in Southeast, but was shocked to find she was outbid by 18 other hopeful buyers.
She says she has been searching for months, with little luck. “It was on the market for less than a day when we went to go see it and yet by the time we got there, there were three other couples already touring the property. That gives you an idea of what it’s like when there is something really good on the market that’s fairly priced,” Stier said.
Zillow says the hottest neighborhoods are Woodlawn, Parkrose and St. Johns.
What this Means for You
Portland real estate is on fire. Buyers may want to be careful if they are afraid of getting burnt. Still, there are less obvious districts and cities within Multnomah County that may hold a lot of potential for an investment. Contact your local real estate professionals for what’s probably a free consultation, and good luck!