Portland, OR has a growing economy and an impressive real estate market as of December, 2016. Homeowners in the area can add value to their properties with some small alterations, and those looking to buy have a wide variety of properties and homes to choose from. If you're considering selling your PDX home or if you want to buy in the area, read on.
The PDX housing market is hot
According to Zillow, Portland home values have increased around 17 percent in the last year. The real estate company estimates another 6.4 percent growth in the coming year. The median home value is $405,500, with an average cost of $295 per square foot. People are heading to the outer edges of the city despite the cheaper metro square footage price of around $208. Popular neighborhoods include Irvington, Alameda, Laurelhurst, Grant Park, Buckman, Sabin, Kerns, Eliot and Sullivan's Gulch.
Dustin Miller, a broker with Realty Trust Group, told Oregon Live that there is a low supply of houses on the market which led to a price raise that reached $354,500 in May 2016. High rental prices are likely a factor in the growing demand to own property. The average rent in Portland is around $1,800, a number that may be more expensive than paying for a mortgage for many young PNW residents.
Increase the value of your property in Portland
If you already own a home in Portland, you may consider selling it to take advantage of the seller's market. While you're already in a good position simply because of the current demand, you can really improve your chances of a house sale by adding these extra features:
Portland gets a lot of rain. That means many lawns never get the chance to fully dry out and therefor die off or just never quite get to that perfect fluffy green texture. If your lawn is a muddy mess, consider adding artificial turf instead. This low-maintenance surface features excellent drainage and will look the same all year-round. It's a great way to address dead spots caused by pets or bad weather, and you won't have to constantly mow the lawn.
Because Portland is known for its rainy days, many people don't realize how nice the weather can be when it's summertime. That dry heat is ideal for spending time outdoors. Entice buyers by adding a custom patio to your yard. Pavers make a beautiful pattern, from a circular arrangement to center your furniture over to winding paths that lead guests throughout the yard, you're sure to make the top of potential buyers' lists!
U.S. Climate Data noted that the annual high temperature in Portland is 63.3 degrees Fahrenheit, with a typical low of 45.7 degrees. It only snows an inch or two most winters, and the temperature is always bearable. Many families love to spend as much time outdoors as possible when the weather is good, so why not encourage this by installing a fire pit in your yard? They provide a place to warm up a bit when the temperature dips and are the perfect spot to congregate to talk about the Portland Timbers soccer games or plan your next outdoor outing. Consider having a fire going when potential buyers attend a showing at your home. They'll appreciate seeing it in action and likely fall in love with the ambiance the fire provides.
If you're considering purchasing a home in Portland, look for some of the above features or the potential to add them to your new property. Homeowners can get a jump on the market and make their houses even more appealing with a few extra touches. Plus, you can enjoy these additions yourself between now and your closing date!