According to an article in Forbes.com written by Matt Woolsey on December 16, 2008, the Portland OR area which includes the Vancouver, WA area is the 9th best bet. The #1 Best Bet is Seattle, WA. Why? According to Woolsey, the top 10 best bets are such because they grew in value and avoided large swings of excess and stress, meaning these cities did not overbuild....were less volatile. Supply and demand was governed/managed. In some cities, the geography helped govern the supply, as he states of Seattle. In Portland, the areas' conservative building patterns and vacancy fluctuations make it a steady market, a kind of stability.
Job growth and construction rates are important determinants of an area's future health, he also states. For Portland/Vancouver area from Moody's Economy.com, the projected job growth for 2008-2017 will be 1%. As I read this article, it reinforced a document I read by John Burns that showed this areas' growth as steady with no large swings as is often seen in our Southern border state, California.
Woolsey states in the article that prices are likely to continue falling nationwide for at least a year as the mortgage and housing markets shake out of their hangovers. He further states that the cities on the best bet list possess the strongest fundamentals for when the market settles. If you want to read the full article go to http://www.forbes.com/2008/12/16/cities-ten-homes-forbeslife-cx_mw_1216realestate_print.html. In the article, click on In Depth: America's Best Long-Term Housing Bets to get the details on the 10 cities.
So buyers, the Vancouver/Portland area is a great area to buy and now is the time to buy before the Shake Out is complete. Look for a great home within your budget. There are numerous such homes...affordability is real. Do you have some savings, 3-5% of the sales price; have you reduced your debt,and have you been paying your bills on time, (those old fundamentals)? There are loans available. I invite you to attend the Home Buying Seminar scheduled for January 24, 2008 from 9 AM-2 PM. Call/email me for details.
And Sellers, it just might be a great time to move up, move on, or get more space or luxury. As long as those same fundamentals are in place, you can be set to make that move. If you have equity in your home and are willing to forget what the home sold for at the height of the boom...rather look at the unusal appreciation of approximately 5%. I'd be happy to work up some numbers for you.
Your thoughts?
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