Inventory Low and Homes Selling Fast in Portland

It’s an intriguing time in the world of Portland-area home sales. Sales prices are rising, inventory is relatively low and many properties are selling fast.

  • Jason Waugh, president and CEO of Prudential Northwest Properties, notes that plenty of buyers are now paying cash. At Prudential’s office in Florence, 86 percent of August’s transactions were all-cash deals.
  • Brian Houston, principal managing broker at Coldwell Banker Seal Properties, said there’s a shortage of good-quality homes on the market.

He doesn’t see that changing soon. If you remove sellers stuck in foreclosure or conducting short sales, it eliminates a good percentage of for-sale homes.

  • Brian Carlson, president of Oregon services for Windermere Real Estate, said the usual drop off in sales prices toward the end of the year doesn’t seem so likely for 2012. “We’re kind of bullish on the rest of the year.”

Separately, guest columnist Gary Duffy, a production manager for Umpqua Bank’s home lending division, says that now is a fine time to consider buying a house and renting it out. Rent payments can form a nice stream of income for retirees, one that takes inflation into account.

Source: Robert Goldfield Special sections editor ~ Portland Business Journal

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