This blog entry is a bit longer than usual, but it touches on quite an important subject going into the New Year, that I find it worthwhile, specifically for Portland residents.
Pat Stone, President and CEO of Williston Financial Group (WFG) and WFG National Title Insurance Company gave a presentation on the Economic Forecast relative to Portland’s Real Estate Market. I asked Brian Allen, the owner of Windermere CCRG to reflect on Pat’s speech and respond with his opinions.
“Here are a few of my take-a-ways: Unemployment is falling and business opportunities are rising in Oregon. Our real estate market is posting increased sales activity and rising prices in many areas. There is likely to be continuing limitations to new inventory (homes for sale). Therefore demand for housing will probably outpace supply for the next couple of years which will probably lead to continued increase in home prices. There are still thousands of distressed homes that will be coming to market in Oregon the next few years, but not enough to dampen housing prices.”