Standard and Poor's has reported that Portland Oregon has the 2nd highest increase in home value as reported in the Portland Business Journal. While an increase of 8.7% isn't exactly setting records, it is much better then most of the rest of the nation. Nationally, according to the report, our 20 largest markets have seen a decrease of .2%.
Interestingly enough, our RMLS system shows Feb 06 to Feb 07 numbers at 12.8% appreciation. I asked fellow blogger Ron Ares to help me with this as he has a breakdown that shows numbers during this time period at 6.5% and median price appreciation at 5.9%. According to Ron the RMLS uses a 12 month rolling average. He disputes the validity of those numbers as he feels that a median number is more accurate. Here's a link to his blog with a breakdown of area numbers.
Bottom Line: If you're looking at real estate as a long term investment and as a place to live, Portland is still a great place to buy. But, if you're expecting 10%-20% appreciation with a quick flip, you might be in for a surprise when you sell.
Larry Morris is a Certified Mortgage Planning Specialist with American Nationwide Mortgage Company in Newberg, Oregon. He specializes in USDA Guaranteed Rural Home Loans, FHA Purchase and Refinance, FHA 203k Rehab loans, Sect 184 Native American loans, Hobby Farm loans and conforming purchase and refinances in the states of Oregon and Washington.
He can be reached at 503-421-0096, or larry@PDX-Mortgage.com.
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