Is the housing recovery still on track? Learn more about the 2014 Oregon housing market
By Jason Boone
Thanks to the 2014 Oregon Housing Market Report we know that the housing market still continues to remain on the right track with the rest of the country.
Home prices have increased by 33.6 percent across the state and combined with low mortgage interest rates plus great job opportunities in Oregon we can expect to see a continued demand for homes in cities like Bend, Redmond, Prineville and Portland for the remainder of 2014 and beyond.
Did you know the housing market in Oregon is growing specifically because Oregon has experienced the fastest job growth pace that seen since 2006?
It’s not just Portland which has experienced robust job growth, 4 out of 5 counties in the state of Oregon have seen job growth gains and this is one of the main reasons why Oregon has continued to be a state people want to migrate to, instead of away from, especially if they want the opportunity to own affordable multifamily homes.
What’s also encouraging about the growth of the housing market in Oregon is that the huge spike in our rental market is now considered to be over as there were over 14,000 homes built across Oregon last year and there is expected to be over 20,000 homes built in 2014.
Will The Growth Continue?
Many Real Estate experts predict Oregon will continue growing for the remainder of 2014 especially since home supply across the state still remains low and with gradually increasing mortgage interest rates the Real Estate market here has developed into a very strong sellers’ market.
One interesting trend we can expect to see decline in 2014-2015 is Real Estate investors who have been buying and flipping Oregon housing for profit.
As mortgage interest rates continue to rise investors who have been targeting the lower end of Oregon Real Estate will begin to look elsewhere for homes across the United States to buy, fix and flip but this will be good for the traditional home buyer because, traditional buyers won’t have to contend with investors who can pay all cash for homes.
Is Now The Right Time For You To Buy Or Sell?
With summer winding down in Bend many people will be thinking about buying and selling homes.
If you’re thinking about buying a home for sale in Bend or elsewhere across Oregon now is the right time to buy because waiting to buy a home for another year could cost you $200 or more per month in mortgage payments.
For sellers now is the perfect time to sell because, you will have the opportunity to capitalize on the demand for homes in Bend plus take advantage of low mortgage interest rates to purchase a bigger home in Central Oregon or maybe invest in a rental home or investment property.
Regardless if you plan on buying or selling in 2014 I would love to help you accomplish your Real Estate goals contact me, Jason Boone, Principal Broker at Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or by emailing me at email@example.com.