A report was released last week by Zillow, predicting that Portland would be one of the top 10 housing markets for 2016 in the United States. Zillow’s Chief Economist, Dr. Svenja Gudell, said that the strongest markets would be “those that managed to find a balance between strong income growth, low unemployment, and solid home value appreciation.”
Though Portland still has a relatively high unemployment rate of 5%, its income growth for 2016 is expected to reach 1%, while its home value appreciation is predicted at 5%. Not to mention the big shiny tech companies (like Google and Airbnb) who are continuing to move in, creating job growth and exposure for the city. Portland Metro was also deemed a good place for retirees (who bring their disposable income) and young talent (who attract more jobs)!
These reasons all contribute to the lower inventory level and higher competition between buyers, which means it’s a hot seller’s market. If you’re a seller, it’s a good time to leverage your home equity to buy an investment rental, or “move up” into a better home.