Portland Housing market off to a running start in 2015
Since the housing market began its recovery in late 2012 here in Portland, we have seen buyers out in droves beginning New Year’s Day, and the markets have remained robust all year. Last year, we saw a slowdown at the end of the year, but there were still more houses sold in 2014 than in 2013, and home values continued to rise for the entire year.
It’s only January 8th, and again the buyers are back out in huge numbers. Homes are selling in a matter of days already this year, some even with multiple offers. Buyers are snapping up all kinds of properties including new construction, remodeled homes and even fixers. This is very likely due, in large part, to the very low mortgage rates that are predicted to rise later this year. (Wall Street pundits predict that we will begin to see rates rising by June or July 2015, though very likely not too quickly.) Still, if Wall Street goes back into bull market mode, rates will rise off the great rates we are seeing today.
It’s just the first full week of January 2015, but already it’s appearing that the Mortgage Bankers Association prediction for a very active housing market this year was right on target.