NOTE: This was written in 2017 and it’s prediction was true. In fact it is rare to find a $300,000.
A $250,000 home price will not exist in summer of 2018!
Does that sound alarmist? Well, many people think it’s true.
Now, to be fair, were not talking about townhouses or condos, which certainly are homes. It’s the $250,000 single family, detached home that’s on the edge of extinction. Already, in Portland city limits homes in that range are rare and almost always fixer uppers or repossessions. Gresham, Vancouver, Forest Grove and Oregon City still have a few homes as low as $250,000, for now.
Even $300,000 homes are fast disappearing and may not be here a year from now.
Deeply compounding the effect of this price jump are rising interest rates. What does this mean for sellers and buyers? It’s all about the rates! By summer of 2018 the Feds will likely raised rates 3 more times. Whether selling or buying, you can easily save hundreds off your monthly payments by moving now. Call me and let me help!