While home sales across the nation dip, Portland suburbs Lake Oswego, West Linn and Forest Grove and Aloha are showing significant growth. By any standards, these area’s real estate trends are remarkable, namely because as mortgage rates spike, Portland maintains its hot streak as the “next great place to buy a home.”
Elliot Njus at The Oregonian reports; “The month’s sales represent deals struck in the waning months of 2017 and early 2018, as 30-year mortgage rates inched closer to 4 percent. They crossed that threshold in January and have risen steadily since, according to the government-backed mortgage buyer Freddie Mac, landing at 4.44 percent last week.”
Despite a nearly 10% increase in home values in these areas over the past year, close to 2000 homes were sold in February alone.
As these areas experience a real estate renaissance, it should still be noted that Portland hovers precipitously close to a housing crisis, as investors and potential family buyers are often competing for the same properties, something that can result in a spring and summer buying season characterized by a slim inventory.
Stonebridge Mortgage Group can help you with your real estate loans and other mortgage solutions, both residential and commercial. We serve the greater Portland area and are located in Gresham, Oregon. Call us today at 503.661.5580
IMG SRC: James Bachleda