Portland Real Estate Update (2022)
With the ever-changing state of the real estate market, staying up to date with it all can be challenging. Portland, Ore., is no exception to this changing market, as the whole country faces similar difficulties finding homes and selling them at an affordable price.
The housing market is difficult, regardless of whether it is a seller’s or buyer’s market. However, partnering with the right people and following best practices will help you navigate the market efficiently and effectively.
Let’s look at how one market on one side of the United States stacks up to the competition for the same price on the opposite corner of the site.
The Portland Market
Portland, Ore., is a competitive housing environment with incredible views, culture, and diversity. Taking a deeper look into the Portland housing market, here are some of the statistics from the New York Times on a particular home and how it will stack against two competitors for the same amount of money.
With a 1931 Tudor Style home with 1,584 sq. ft. on 0.1 acres of land and housing four bedrooms and two bathrooms, you are expected to pay $625,000 or about $395 per sq. ft. For the taxes, you should expect to pay an estimated $5,784.
The house is surrounded by a quiet neighborhood located roughly 15 minutes from downtown Portland. Within the home, you will find an updated kitchen right behind the dining room, with a hallway from the kitchen leading to a full bathroom and a guest room. Heading up the stairs, you will find yourself with two more bedrooms, with the primary room having a sloped ceiling.
How a Portland Home Stacks Up To Some Competition
After looking at what to expect in Portland, our next stops are Baton Rouge, La and Savannah, Ga. These homes are surrounded by a rich and diverse culture, unique housing to match the landscape, and various entertainment options. Here are the statistics of this home courtesy of the New York Times.
In Baton Rouge, you can find a 1927 built bungalow with 1,869 sq. ft on 0.2 acres of land, and houses three bedrooms and two bathrooms, and expect to pay the same price as in Portland, $625,000, but $334 per sq. ft. However, the anticipated taxes are estimated to be roughly $3,204 for the home.
While in Savannah, you can find the same-priced home, but built-in 1920 with 2,232 sq. ft. of space between two units on 0.1 acres of land, or about $280 per sq. ft. The house has two bedrooms and one bathroom in one unit and has three bedrooms and one bath in the other unit. Taxes are estimated to be $4,776.
Both homes are within a short distance of their capitols, each surrounded by their city’s culture and neighborhoods of families enjoying life. Interiors for both homes feature updates to rooms within the homes, along with unique living spaces inside and outside the property, sure to draw in buyers.
Tips on Buying in a Seller’s Market
With how crazy the market is, it can be challenging to find the right home for the right price and time. Here are some best practices and tips for getting into that new home.
- Understand Your Budget: Know when what you need is truly a want, and know what deal breakers or makers are for you. Figuring that out can help give you a clearer picture of what you can begin to budget for.
- Have a Verified Pre-Approved Loan: The last thing you want when buying your dream home is to have the loan fall through or not be enough money for what you want. Ensuring your loan is 100% safe and secure will allow that step to go smoothly.
- Always Work with a Real Estate Agent: They are there to help ensure you know what to fill out, help narrow down a home choice, and help you secure that dream home.
- Be Careful with Making Demands: Being overly demanding or pushy can backfire on you and put you in between a rock and a hard place as you try to negotiate out of it. Stay level-headed, keep your options loose as you negotiate, and find the right fit.
Following these best practices will help guide you to the right home smoothly and have you feeling more confident as you head into the wild world of a buyer in a seller’s market.
Whether you are looking in any of the three markets we shared insights with you today or want a better idea of what to expect. The housing market is still a difficult one to go into alone. That’s why our standard practices are the best in helping people and families get into a home regardless of whether it is a buyer’s or seller’s market.
Working with your local real estate agents, knowing your budget and loan status, along with keeping your headspace strong yet flexible, will help guide you and your family and agent to the right home that will meet your needs and wants. We hope that it becomes a walk in the park for you heading into your next housing journey.